ࡱ> '` bjbj"9"9 3P@S@S#fffzB;B;B;8z;d;\zyF<F<(n<n<n<L>L>L>9y;y;y;y;y;y;y${h~_yfC&>"H>CC_yn<n<tyEEECvn<fn<9yEC9yEEnX06frn<:< B;Co(xy0yp~D<~Prr4~fIrLL>j?E6@@BL>L>L>_y_yPE^L>L>L>yCCCCzzz#Dzzz#zzz BOARD OF RETIREMENT FRESNO COUNTY EMPLOYEES RETIREMENT ASSOCIATION BOARD OFF-SITE EDUCATIONAL REGULAR MEETING October 17 - 18, 2012 - 9:00 AM October 17, 2012 Trustees Present: Marion Austin Laura P. Basua Judith G. Case Dr. Rod Coburn Franz Criego Vicki Crow Eulalio Gomez John Souza Trustees Absent: Steve Jolly Others Present: Ron Madsen, FCERA Member Paul Angelo, Segal Company Beth Bandy, Deputy Director of Personnel Services Paul Nerland, Employee Benefits Manager DeAnn VonBerg, Personnel Services Art Wille, Deputy County Counsel Phillip Kapler, Retirement Administrator Becky Van Wyk, Assistant Retirement Administrator Pat Srisukwatana, Systems & Procedures Analyst Elizabeth Avalos, Administrative Secretary Elizabeth Cervantes, Office Assistant Call to Order Vice Chair Souza called the meeting to order at 9:23 AM. Public Presentations None. Consent Agenda/Opportunity for Public Comment A motion was made by Trustee Criego, seconded by Trustee Coburn, to Approve Consent Items 3-7 as presented. VOTE: Unanimous (Absent Gomez, Jolly) *3. Approval of the September 19, 2012 Retirement Board Regular Meeting Minutes RECEIVED AND FILED; APPROVED *4. Approval of the October 3, 2012 Retirement Board Regular Meeting Minutes RECEIVED AND FILED; APPROVED *5. Recommended Board of Retirement Regular Meeting Schedule for Calendar Year 2013 RECEIVED AND FILED; APPROVED *6. Summary of monthly statistics from the Retirement Association Office on buybacks, retirement benefit estimates, public service, age adjustments, final compensation calculations and disability retirement applications for September 2012 RECEIVED AND FILED *7. Quarterly Trustee Travel Report and Anticipated Trustee Travel RECEIVED AND FILED EDUCATIONAL PRESENTATIONS A. Actuarial FUN damentals - presented by Paul Angelo, Segal Company See Item 8.B. Morning Recess 10:30 AM ~ 10:50 AM B. Actuarial FUN damentals (continued) The Board heard from and engaged in discussion with Paul Angelo, Segal Company, on presentation on actuarial fundamentals. RECEIVED AND FILED Lunch Recess 12:00 PM ~ 1:00 PM EDUCATIONAL PRESENTATIONS CONTINUTED C. PEPRA Summary ~ What we know - What we dont know yet - presented by Phillip Kapler, Retirement Administrator The Board heard from and engaged in discussion with Phillip Kapler, Retirement Administrator, on the Public Employees Pension Reform Act. RECEIVED AND FILED Afternoon Recess 2:30 PM ~ 2:50 PM Beta & Transition Management Overview - presented by Neil Steingrube, Vice President Sales & Marketing, and Jon Platt, Portfolio Manager, BNY Mellon Asset Services The Board heard from and engaged in discussion with Neil Steingrube and Jon Platt, BNY Mellon Asset Services, on Beta & Transition Management. RECEIVED AND FILED The Board recessed at 4:23 PM. Recess from 4:30 PM October 17, 2012 to 8:30 AM Thursday, October 18, 2012, at the Golden Gate Room October 18, 2012 Trustees Present: Marion Austin Laura P. Basua Dr. Rod Coburn Franz Criego Vicki Crow Eulalio Gomez John Souza Trustees Absent: Judy Case Steve Jolly Others Present: Regina Wheeler, Alternate Trustee Jeffrey MacLean, Wurts & Associates Jeffrey Meeker, Hamilton Lane Jeff Pelletier, Yucaipa Companies Norice Rice, Yucaipa Companies Thomas Wilhelm, Yucaipa Companies Tom Dahlen, Yucaipa Companies Art Wille, Deputy County Counsel Phillip Kapler, Retirement Administrator Becky Van Wyk, Assistant Retirement Administrator Pat Srisukwatana, Systems & Procedures Analyst Elizabeth Avalos, Administrative Secretary Elizabeth Cervantes, Office Assistant Call to Order Chair Gomez called the meeting to order at 8:39 AM. 9. EDUCATIONAL PRESENTATIONS Portfolio Risk and Actuarial Implications - presented by Jeffrey MacLean, Wurts & Associates The Board heard from and engaged in discussion with Jeffrey MacLean, Wurts & Associates, on Portfolio Risk and Actuarial Implications. RECEIVED AND FILED International Equity Search - presented by Jeffrey MacLean, Wurts & Associates The Board heard from and engaged in discussion with Jeffrey MacLean, Wurts & Associates, on the International Equity Search. The Board directed Administration to work with Wurts & Associates to invite William Blair and Artisan Partners to present their International Equity strategies and to agendize a discussion regarding the costs related to indexing this particular investment. RECEIVED AND FILED Morning Recess 10:30 AM ~ 10:50 AM Fixed Income Structure Review and recommendation to terminate Standish Mellon - presented by Jeffrey MacLean, Wurts & Associates The Board heard from and engaged in discussion with Jeffrey MacLean, Wurts & Associates, on the Fixed Income Structure. RECEIVED AND FILED Lunch Recess 12:00 PM ~ 1:00 PM EDUCATIONAL PRESENTATIONS CONTINUTED Private Equity Overview - presented by Jeff Meeker, Managing Director and Global Head of Product Management, Hamilton Lane The Board heard from and engaged in discussion with Jeff Meeker, Hamilton Lane, on Private Equity. RECEIVED AND FILED Private Equity ~ Introductory Investor - presented by Jeff Pelletier, Norice Rice, and Thomas Wilhelm of The Yucaipa Companies The Board heard from and engaged in discussion with the Yucaipa team on Private Equity. RECEIVED AND FILED Report from FCERA Administration Administration had nothing to report. Report from County Counsel County Counsel had nothing to report. Board Member Announcements or Reports The Board had nothing to report. There being no further business, the meeting adjourned at 3:25 PM.  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