ࡱ> OQLMN'` Ebjbj 3=Zvvvv2 2 2 F ttt8uuF t'HRxRx(zxzxzxyyy&&&&&&&$)h$,'2 y"y'vvzxzx_.'vzx2 zx&&62 zxFx YTCFt{\< D'0t',̄,@,2 #y61|}D yyy''^yyyt'F F F B L(F F F LF F F vvvvvv BOARD OF RETIREMENT FRESNO COUNTY EMPLOYEES RETIREMENT ASSOCIATION April 3, 2013 Trustees Present: Marion Austin Laura P. Basua Alan Cade, Jr. Judith G. Case Dr. Rod Coburn, III Vicki Crow Eulalio Gomez Steven Jolly Regina Wheeler, Alt. Trustees Absent: John Souza Others Present: Jeffrey MacLean, Wurts & Associates Michael Kammel, Wurts & Associates via teleconference Andy Yeung, Segal Company via teleconference Jeffrey Rieger, Reed Smith via teleconference Mark Romano, Pacific Investment Management Company (PIMCO) Michael Gomez, Pacific Investment Management Company (PIMCO) Mark Weiller, Ashmore Investment Management Limited Alexis de Mones, Ashmore Investment Management Limited Robert Ernst, Northern Trust Les Jorgensen, REFCO Kevin Smith, SEIU 521 Doreen Perkins, FCERA Member - Fresno County Court Reporter Phillip Kapler, Retirement Administrator Becky Van Wyk, Assistant Retirement Administrator Elizabeth Avalos, Administrative Secretary Call to Order Chair Coburn called the meeting to order at 8:33 AM. Pledge of Allegiance Recited. Public Presentations None. Consent Agenda/Opportunity for Public Comment Trustee Case pulled Consent Item 9 for discussion. Trustee Jolly pulled Consent Item 16 for discussion. Chair Coburn pulled Consent Item 12 noting that Robert Ernst of Northern Trust was present to address the Board. Item 12 was moved to follow Item 19 on the Regular Agenda. A motion was made by Trustee Gomez, seconded by Trustee Basua, to Approve/Accept Consent Items 4-8, 10, 11, and 13-15. VOTE: Unanimous *4. Approve the March 20, 2013 Retirement Board Regular Meeting Minutes RECEIVED AND FILED; APPROVED *5. Retirements RECEIVED AND FILED; APPROVED Leticia A. AllenFresno County Schools, Deferred16.25Juanita A. AranazPersonnel Services, Deferred18.68Walter L. Arnold, Jr.Public Works & Planning8.97John A. AvilaSheriff30.24Julie BeltranDept of Social Services22.61Ernest P. BorjasGeneral Services20.62Daniel E. BrehmPublic Works & Planning24.72Sandra L. BrockLibrary11.05Janet L. Bryner-CardozaCommunity Health13.02Katherine J. BuckovetzDept of Social Services, Deferred4.46Albert CanizalezDept of Social Services35.42Monica C. ChhayDept of Social Services25.44Kathlene K. ConeDept of Social Services23.38Samuel G. CortezPublic Works & Planning10.93Franz A. CriegoPublic Defender23.23Janis CullinsDept of Social Services11.88Lawrence A. DaluzSheriff22.04Milagros D. DasallaCommunity Health12.91Juan C. DiazPublic Work & Planning25.56Susan DicksonCommunity Health17.43Jeannette M. Di GesuBehavioral Health24.34John J. ErnstITSD21.10Alicia D. ExciniaProbation32.24Glenn FallsSheriff34.20Helene C. FisekCounty Counsel, Deferred7.28Patricia J. FlahertyGeneral Services37.44Mike C. FloresSheriff30.67Jackie L. FoxSheriff33.62Mary K. GahaganAssessor-Recorder10.12Susan GalindoProbation33.10Delphina GarciaDept of Social Services32.97Stella GonzalezDept of Social Services31.69Henry GuerraAssessor-Recorder18.62Gerald R. HernandezPublic Works & Planning24.37Roxana KillianVMC, Deferred0.99Donna LangaChild Support Services23.45Aurelia Maria LangfordDept of Social Services32.42Mary R. MataDept of Social Services17.59Stephen W. MathiasSheriff30.16Kathryn J. MayDept of Social Services11.58Michael J. McKayITSD38.42Michael V. MendozaSheriff32.69Ralph W. MendozaProbation30.36Pricilla MillerCommunity Health12.68Robert G. MillerSheriff22.80Karen NephewCooperative Extension37.28Tony NicolasGeneral Services28.44Lovern ParksDept of Social Services26.06Irene V. PeelerPublic Health33.13Lynne M. PurkeyBehavioral Health, Deferred10.66Marta C. RodriquezDept of Social Services33.31Barbara F. RuizCommunity Health14.26Patricia J. SchalkCommunity Health26.02Martha SearsBehavioral Health13.85Barbara L. ShubinAssessor-Recorder24.41Jennifer L. SimmonsCalifornia Superior Court26.63Rick L. SkipperPublic Works & Planning31.48Deborah A. SouzaCommunity Health24.99Jeanne H. StarksProbation35.13Mark W. StithSheriff18.59Vicki WajdakCounty Administrative Office29.38Sandra WhitneySheriff19.28Jacob C. WilliamsChild Support Services, Deferred8.30Timothy L. WoodyAgriculture32.24Baron ZerahianPublic Works & Planning19.61*6. Public Records Requests and/or Retirement Related Correspondence from Kevin Smith, SEIU 521 RECEIVED AND FILED *7. Educational Reading Materials RECEIVED AND FILED March 26, 2013 Bloomberg article Saving Cyprus Means Nobody Safe as Europe Breaks Taboo *8. Report from Trustee Jolly on the 18th Annual Public Funds Summit RECEIVED AND FILED *9. February 2013 Debit Card Account Statements Trustee Case expressed concerns regarding the risks associated with using the debit cards for normal operating expenses noting that it was her understanding that the debit cards would be used for emergency purchases only. Phillip Kapler, Retirement Administrator, commented on prior discussions of the Board and its decision to adopt the use of the Debit Cards. In addition, Mr. Kapler reminded and referred the Board to the FCERA Limited Use Expense Account Policy and summarized the administrative processes for purchasing and the statement review and reconciling. For the record, Trustee Case stated her opposition to the use of debit cards for normal operating expenses and requested that Administration follow-up on her written request regarding additional information on the current County credit card options/processes. A motion was made by Trustee Crow, seconded by Trustee Gomez, to Accept Consent Item 9 as presented. VOTE: Yes Austin, Basua, Cade, Coburn, Crow, Gomez, Jolly, Wheeler. No Case. RECEIVED AND FILED *10. Most recent investment returns, performance summaries and general investment information from investment managers RECEIVED AND FILED *11. FCERA Cash Flow position as of February 2013 RECEIVED AND FILED *12. Update on Northern Trust Custody and Securities Lending transition Please see discussion following Item 19. *13. Review of Artisan Transition & Funding RECEIVED AND FILED *14. Updates on Research Affiliates Process RECEIVED AND FILED *15. Update on Western Asset Management Company (WAMCO) Personnel Changes RECEIVED AND FILED *16. Travel Request from Trustees Basua and Jolly to attend the Pension Bridge Annual on April 16-17, 2013 in San Francisco, CA Trustees Basua and Jolly withdrew their requests for travel. A motion was made by Trustee Gomez, seconded by Trustee Case, to remove the travel request from the Consent Agenda. VOTE: Unanimous RECEIVED AND FILED; APPROVED Discussion and appropriate action on Asset Liability Study In anticipation of upcoming Asset Allocation discussions/decisions, Jeffrey MacLean of Wurts & Associates reviewed Part I of the Asset Liability Study presentation which included a historical view of the Plans assumed and actual investment returns, assumptions, and current baseline return projections assuming investment returns meet the current assumed rate of 7.75% (net of fees and administrative costs) each year, inflation is 3.5% each year, and actual contributions are in line with recommended contributions. Discussions ensued regarding investment risks and downturns, portfolio construction including limitations of Mean-Variance Optimization, new ways of analyzing risk in portfolios, and stochastic modeling. Mr. MacLean noted that, should the Board continue with the current Mean-Variance Optimization portfolio, future discussions of the asset allocation would include a review of the current portfolio relative to the 2013 assumptions and efficient frontier which would likely result in modest changes in allocations and potentially new asset classes. However, should the Board move towards a Risk-Diversified portfolio, Wurts proposes further education regarding how a risk-diversified approach works, with a particular emphasis on various tail risk hedging programs. The Board engaged in a comment and question & answer period that included topics such as investment risk, the impact of asset allocation on sponsor contribution rates, and actuarial assumptions. The Board directed Administration to agendize further discussion of the Asset Liability Study at the May 1, 2013 Regular meeting. NO ACTION TAKEN RECEIVED AND FILED Discussion and appropriate action on selection of Emerging Markets Debt manager The Board heard presentations from representatives of Pacific Investment Management Company (PIMCO) and Ashmore Investment Management Limited with each reviewing their organizational structures, investment strategies and processes, and fee structures. Detailed discussions ensued regarding the various investment strategies, approaches, and fees structures of each of the firms. In addition, the Board heard from Jeffrey MacLean, and Mike Kammel, of Wurts & Associates. A motion was made by Trustee Cade, seconded by Trustee Basua, to begin contract negotiations with PIMCO. VOTE: Yes Austin, Basua, Cade, Coburn, Crow, Jolly, Gomez. No Wheeler. Trustee Case Abstained. MOTION PASSED. RECEIVED AND FILED; APPROVED Discussion and appropriate action on Winslow Capital Management Watch recommendation Michael Kammel, Wurts & Associates, opened discussions with a brief review of organizational changes at Winslow Capital Management over the past few years and changes to come this year. Due to the organizational changes, Wurts & Associates recommended placing Winslow on Watch status. A motion was made by Trustee Jolly, seconded by Trustee Gomez, to Approve the recommendation as presented. VOTE: Unanimous RECEIVED AND FILED; APPROVED Due to timing issues, the Board heard Consent Item 12 at this time. *12. Update on Northern Trust Custody and Securities Lending transition Robert Ernst, Northern Trust, thanked the Board for its recent decision to select Northern Trust as FCERAs custodial and securities lending bank. Mr. Ernest gave a brief overview of the organizations history, philosophy, and capabilities. In addition, Mr. Ernst updated the Board on the status of the transition noting that the conversion was substantially completed on April 1, 2013. A motion was made by Trustee Basua, seconded by Trustee Gomez, to Accept Consent Item 12 as presented. VOTE: Unanimous RECEIVED AND FILED Discussion and appropriate action on status of implementation of the Pension Administration System (PAS) Becky Van Wyk, Assistant Retirement Administrator, gave a summary on the overall project status of the implementation of the Pension Administrator System highlighting the accomplishments and planned activities in addition to noting any risks or issues. There will be added costs associated with the new Tier V programs and possibly due to the relocation of the office. NO ACTION TAKEN Discussion and appropriate action on request for Optional Settlement 4 Calculation, Mark Stith In response to a question from Chair Coburn regarding whether the appropriate documents had been reviewed by Counsel, Becky Van Wyk, Assistant Retirement Administrator, stated that the information had been reviewed. A motion was made by Trustee Gomez, seconded by Trustee Crow to Approve Item 21 as presented. VOTE: Unanimous RECEIVED AND FILED; APPROVED Discussion and appropriate action on potential exclusion of Court Transcription fees from compensation earnable based on the recent amendments to Government Code section 31461 Attorney Jeffrey Rieger, Reed Smith, noted that the Board had received, as part of its agenda packet material, an Attorney-Client Privileged and Confidential communication from Reed Smith regarding the potential exclusion of Court Transcription fees from compensation earnable based on the recent amendments to Government Code section 31461. Attorney Rieger cautioned the Board against speaking about the contents of the communication until a time the Board decides whether and when to waive the Attorney-Client Privilege as it pertains to the correspondence. A brief discussion ensued regarding the importance of transparency. A motion was made by Trustee Gomez, seconded by Trustee Austin, to Waive the Attorney-Client Privilege as it pertains to the potential exclusion of Court Transcription fees from compensation earnable based on the recent amendments to Government Code section 31461. VOTE: Unanimous Attorney Rieger gave a brief summary of the factual and legal analysis leading Reed Smith to the conclusion that the Board should not exclude transcription fees from compensation earnable, but rather should (1) continue requiring the Fresno County Superior Court and its court reporters who are members of FCERA to make employer and employee contributions to FCERA based on court transcription fees, and (2) continue including court transcription fees in the calculation of compensation earnable for the purposes of calculating court reporters final compensation, upon which their retirement allowances are based. Based on all relevant information that is now before the Board, Attorney Rieger recommended that the Board continue to include court transcription fees in compensation earnable. Trustee Cade raised concerns regarding whether the Courts, as the employer, are in compliance with the California labor code that requires an individual to be paid at least a minimum wage rate when earning a piece rate in that if the Courts are not in compliance it could potentially understate the court reporters final compensation. Doreen Perkins, Fresno County Superior Court Reporter, stated that Court Reporters have a special exemption under the Fair Labor Standard Act (Government Code section 69950). Phillip Kapler, Retirement Administrator, informed the Board that the issue was forwarded to the Courts for its input. However, a response had not been received as of the today. A motion was made by Trustee Cade, seconded by Trustee Austin, to include Court Transcription fees as part of compensation earnable as recommended. VOTE: Unanimous RECEIVED AND FILED; APPROVED Discussion and appropriate action on FCERA Earn Code Resolutions Due to an error in the materials presented to the Board, the Chair Tabled the discussion until the April 17, 2013 Regular meeting. NO ACTION TAKEN Closed Session: A. Disability Retirement Applications Personnel Exception (G.C. 54957): 1. Susan Yepiz Report from Closed Session 24.A.1. Susan Yepiz Decision To direct the Administrator to notify the applicant that the service connected disability application will be denied unless the applicant requests a hearing in accordance with the Policy Re Administrative Proceedings and Appeals to the Board. M Austin. S Gomez. VOTE: Unanimous Report from FCERA Administration Phillip Kapler, Retirement Administrator, reported on the following: The completion of the Custody transition Thanked the Staff in their efforts in retiring 66 members in the month of March. Report from County Counsel Art Wille, Senior Deputy County Counsel, had nothing to report. Board/Committee Member Announcements and Reports Trustee Basua and Chair Coburn noted that they would not be attending the upcoming Colony Capital Partners meeting on April 9-10, 2013. Chair Coburn reminded the Trustee to begin considering topics for the Off-site Educational meeting in October 2013. Trustees Basua and Gomez thanked staff for a job well done. There being no further business, the meeting adjourned at 2:40 PM.  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