ࡱ> %` &bjbjNN 8X,, x x x x x x x  ;;;8T;l;T  < < < < <<<<  $xht/x B<<BB/x x < <DHEEEB|x <x < EB EErXx x v << L[;^Cs(l#tT DlTPvvJTx vQ<VQ>EE? @<<<//vEX<<<BBBB  TD' T' x x x x x x  Regular Meeting Board of Administration Tacoma Employes Retirement System 1:00 p.m., Friday, November 21, 2008 Tacoma Public Utilities Administration Building North Conference Room 308A (LT1) 3628 S 35th Street Tacoma, Washington 98409 Minutes Call to Order Mayor Baarsma, Chairman of the Retirement Board, called the meeting to order on Friday, November 21, 2008. Roll Call Members Present: Mayor Baarsma, Rey Arellano, Bob Biles, Rodney Croston, Jim Curley, Dave Peterson, Tim Ross, Ken Turner, Chris Webster and Diane Wetzel Others Present: Maggie Coleman, Patricia Pabst, and Kathleen Mason Absent: Tim Ross Consultants: Andrew Junkin, Wilshire Consulting Tom Toth, Wilshire Consulting Mark Olleman, Milliman Citizen Comments No comments. Suspend Rules to Change the Order of Business Upon motion by Rey Arellano, seconded by Chris Webster, the Retirement Board moved to Suspend the Rules to continue Asset Allocation discussions and the New Business, Item A, Funding Policy. Asset Allocation Index Funds Management Upon motion by Bob Biles, seconded by Chris Webster, the Retirement Board moved to select The Northern Trust as Index Fund Manager for the Russell 1000 Growth, MSCI EAFE (US$ hedged) and MSCI Emerging Markets. Regular Meeting Board of Administration Tacoma Employes Retirement System 1:00 p.m., Friday, November 21, 2008 Page Two Asset Allocation (continued) Transition Fund Management Upon motion by Chris Webster, seconded by Dave Peterson, the Retirement Board moved to obtain updated bids for Transition Management from BlackRock, Global Transitions, BNY ConvergEx, and BGI with current dollar amounts and holds. Upon motion by Chris Webster, seconded by Dave Peterson, the Retirement Board authorized the Retirement Director to select the Transition Manager based upon the lowest average rank of the final bids to be implemented by the end of the year. New Business Funding Policy Mark Olleman from Milliman and Andrew Junkin from Wilshire Consulting were present to discuss the investment return funding ratio, and the funding policy. The Retirement Board received the investment return information from Wilshire Consulting as of September 30, 2008 and preliminary returns for October 31, 2008. In addition, the Retirement Board received a November 17, 2008 Early Warning Projections letter from Milliman on the funding status. It was noted that the Board of Administration reviews the funding status on an on-going basis in conjunction with the funding policy to ensure the financial and actuarial soundness of the plan. It was noted that the investment return as of the year ending September 30, 2008 was a -17.21% resulting in a funding ratio of 111.8%. The preliminary number investment return numbers as of October 31, 2008 reflected that the funding ratio would be below 95% necessitating the Boards consideration of increasing retirement contributions. Upon motion by Rey Arellano, seconded by Chris Webster, the Retirement Board moved to hold a special Retirement Board meeting on December 4, 2008 to discuss a 2% contribution increase (54/46 split between the employer and employee) resulting in an increase in the employer contribution from 7.56% to 8.64% and increasing the employee contribution from 6.44% to 7.36% amending Section 1.30.340, Section 1.30.350 and Section 1.30.360 of the Tacoma Municipal Code; as well as consider limiting employee contributions over 6.44% of pay for the 150% refund of contributions and interest under Section 1.30.550, 200% of accumulated contributions under Section 1.30.580 (C) and death benefit having the same value as the normal contributions and interest matched by the City under Section 1.30.670 of the Tacoma Municipal Code. The meeting will be held in the City Council Chambers in the Tacoma Municipal Building and plan participants will be invited to attend. Regular Meeting Board of Administration Tacoma Employes Retirement System 1:00 p.m., Friday, November 21, 2008 Page Three Resume the Order of Business Upon motion by Jim Curley, seconded by Dave Peterson, the Retirement Board resumed the Order of Business. Consent Agenda Upon motion by Rey Arellano, seconded by Jim Curley, the Retirement Board moved to adopt the Consent agenda consisting of the draft October 9, 2008 Retirement Board Meeting Minutes; the Retirement Transactions; and the Fund Activity Reports, noting no rebalancing was required in accordance with the memorandum Wilshire Consulting dated November 10, 2008. Old Business SKY Resources Group, Inc Cancelled Due to the Boards focus on the financial markets and the Retirement Board meeting full agenda, Gretel Sloan from SKY Resources Group, Inc. will present a revised timeline to the Retirement Board for facilitating the performance appraisal process for the Retirement System Director at the January 8, 2009 Retirement Board meeting. Retirement Directors Report The Retirement Directors Report serves as an addendum to the Retirement Board Meeting minutes. New Business Retirement Board Meeting Dates/ Location December 11, 2008 Retirement Board Meeting It was noted that the Retirement Board at the Quarterly Managers meeting moved to interview Private Equity Fund Management firms the morning of December 11, 2008. The Board recommended the December 11, 2008 Retirement Board meeting be held at the Tacoma Public Utilities Administration Building. The Board will review the location of future Board meetings at the December 11th meeting. Regular Meeting Board of Administration Tacoma Employes Retirement System 1:00 p.m., Friday, November 21, 2008 Page Four New Business (continued) February 2009 Quarterly Managers Meeting The Retirement Board reviewed the 2009 Retirement Board meeting dates and Quarterly Managers meeting dates at the October 9th Retirement Board meeting. Andrew Junkin from Wilshire Consulting contacted the Retirement Office and asked that the February 19, 2009 Quarterly Managers meeting be changed to February 20, 2009. Upon motion by Jim Curley, seconded by Rey Arellano, the Retirement Board moved to reschedule the Thursday, February 19, 2009 Quarterly Managers meeting to Friday, February 20, 2009. Good of the Order Fiduciary Liability Insurance It was noted on the agenda that the Fiduciary Liability Insurance policy has been renewed for the period 10/5/08 to 10/5/09 and that the policy now includes a Waiver of Recourse endorsement. The policy has been issued at $15,000,000 Annual Aggregate with a sublimit of $5,000,000 for the Deferred Compensation Plan, subject to a $25,000 deductible. The annual premium net of commission is $51,623 of which $43,880 is paid for by Tacoma Employes' Retirement System and $ 7,743 is for by the Deferred Compensation Plan. By-Laws Discussion clarifying the quorum requirements was tabled. Plan Participant Benefit Dental Plan Human Resources has announced that they will be notifying retirees of a retiree dental plan through Washington Dental Services. Section 401(a)(17) There was a request to place this item on the September 11th agenda to review limiting the employee contribution for those individuals whose would reach the compensation maximum under 401(a)(17). Regular Meeting Board of Administration Tacoma Employes Retirement System 1:00 p.m., Friday, November 21, 2008 Page Five Good of the Order (continued) Investment Advisory Committee As a reminder, Mayor Baarsma, the Board Chairman, asked the Retirement Board to provide names of individuals interested in serving on the Investment Advisory Committee. Debriefing No discussion. Adjourn Upon motion by Diane Wetzel, seconded by Dave Peterson, the Retirement Board moved to adjourn. Patricia F. Pabst Robert K. Biles Retirement System Director Secretary to the Retirement Board Kathleen Mason Recording Secretary     JKW\_pw   * 4 m[m["h;OJQJfHq "hIp;OJQJfHq h.CJfHq h.fHq h.fHq h>fHq hlLfCJ hFhFh.6CJaJhchc5H* h2K5h 'hcCJaJ hc5 h25 h:5h. h.CJ h.5#(KLq v w h^hgdTc 8d1$gdTc HdgdTcgdTcgdF $da$gdTc gdTcgdTc&&4 : [ a c t v w    ! 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