Fire & police - City of Pasadena

PASADENA

FIRE &

POLICE

RETIREMENT SYSTEM

PASADENA FIRE & POLICE RETIREMENT SYSTEM

RETIREMENT BOARD - REGULAR MEETING

Wednesday, September 21, 2016 City Council Chambers, 100 N. Garfield Ave., #5249

10:15 a.m.

AGENDA

1. Call to Order 2. Public Comment 3. Minutes: July 20, 2016 (Regular Meeting) and August 17, 2016 (Cancelled

Meeting)

CONSENT CALENDAR

4. Approve the monthly retirement allowance roll of $1,113,678.65 for July 2016

and $1,114,712.51 for August 2016.

5. Approve additions/removals of the following members/beneficiaries to/from the

monthl1y aIIowance roII:

Effective Add/

Pension

Pension

Name

Date

Remove Continuance Amount

a. R. Lighter

07/15/16 remove

No

$4,393.85

b. L. Quinn

08/19/16 remove

No

$2,821.51

6. Rece1ve and f1le the 2na Quarter 2016 Asset Manager Performance Reports from

the following asset managers:

a. Atlanta Capital Investment Managers

b. Capital Group, American Funds EuroPacific Growth Fund

c. Dodge & Cox International Stock Fund

d. Dodge & Cox Stock Fund

e. lnvesco Core Real Estate, USA- LP

f.

PIMCO All Asset Fund

g. TCW MetWest Fixed Income Review

h. Vanguard Inflation-Protected Securities Fund

i.

Vanguard Growth Index Fund

j.

Voya Senior Loan Trust Fund Review

7. Schedule the hearing on the CaiPERS Industrial Disability Retirement application

for Gabriel Valadez, Police Officer, for the October 19, 2016 regular meeting of

the FPRS Board.

8. Receive and file the Death Check Verification conducted by The Berwyn Group.

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ACTION ITEMS - The Board may discuss and take action on the following items: 9. Review, discuss and approve the June 30, 2016 Actuarial Valuation Report and

the June 30, 2016 GASB 67 Plan Actuarial Information Report, as prepared and submitted by System Actuary, Bartel Associates. 10. Adoption of Resolution No. 323, setting forth the actuarial assumptions for the fiscal year ending June 30, 2016. 11. Discuss and possibly take action on the following investment reports submitted by Verus Investments: a. Receive and file, 2nd Quarter 2016 Investment Performance Review b. Receive and file, August 2016 Performance Update c. Receive and file, Transaction Summary (pooled cash recommendation) d. Receive and file, Investment Manager and Custody Fee Analysis e. Receive and file, Voya Investment Management Organization Update

Memorandum

INFORMATION ITEMS 12. Staff Report

a. August 2016 Budget/Expense Report 13. Counsel Report 14. Articles/Newsletters/Conferences

COMMENTS FROM BOARD MEMBERS

ADJOURN

POSTING STATEMENT: I HEREBY CERTIFY that this Agenda was posted in its entirety at the City Kiosk and on the City Council Chamber bulletin board, Room S249, on September 14, 2016 at 5:00p.m., and a copy was sent to the Central Library for posting.

Iman rator/Secretary to the Board

In compliance with the Americans with Disabilities Act of1990, listening assistive devices are available from the City Clerk's Office with a 24-hour advance notice. Please call (626) 744-4320 to request use ofa listening device.

Any documents distributed to a majority of the Pasadena Fire & Police Retirement Board regarding any item on this agenda will be made available at the office of the Fire & Police Retirement System, located at 100 N. Garfield Avenue, #N204, Pasadena, CA 91101. To make arrangements to view items, during normal business hours, please contact the Retirement office at (626)744-4320.

DISTRIBUTION

Board Members Bartel Associates A. Taylor, Verus I. Safie, City Atty

Police Dept (Admin Srv) Fire Chief Director of Finance City Treasurer

P. Fuleihan S. Lebovitz A. Snitzer

T. Phillips, CPA D. Barba, AdminSure D. Sullivan, Admin Sure R. Lennon, AdminSure

W. Boyer, PIO Library, NIS City Controller

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PASADENA FIRE & POLICE RETIREMENT SYSTEM RETIREMENT BOARD - REGULAR MEETING

Wednesday, July 20, 2016 City Council Chambers S249 Pasadena City Hall, 100 N. Garfield Avenue

10:15 a.m.

MINUTES

1. Call to Order

The regular meeting of the Pasadena Fire & Police Retirement Board was called to order by the Chair, Mr. Keith Jones, on Wednesday, July 20, 2016 at 10:20 a.m. in the City Council Chambers at Pasadena City Hall.

(Audio recording of the meeting was incomplete due to technical difficulties with the City's sound system.)

Members - Present K. Jones, Chair P. Boyle, Vice Chair J. Milligan J. Brinsley T. Tomek

Not Present

Staff - Present J. Fosselman, Administrator/Secretary E. Wong, Tech. Assistant I. Safie, City Attorney Representative

Not Present

Others Present

A. Taylor (Verus Investments) - via teleconference

2. Public Comment None.

3. Minutes: Approve the minutes for the regular meeting of June 15, 2016.

MOTION by Mr. Milligan, seconded by Mr. Brinsley, to approve the Minutes for the regular meeting of June 15, 2016. (Motion carried 4-0-1, Mr. Boyle abstained)

Page 1 of 3

CONSENT CALENDAR

4. Approve the monthly retirement allowance roll of $1, 110, 123.41 for June 2016.

5. Approve additions/removals of the following members/beneficiaries to/from the

monthl1y aIIowance roII:

.

I

Effective

Add/

Pensio11

Pension

Name

Date

Remove Continuan1ce Amount

a. R. H. Mc Gowan

06/07/16

remove

Yes, 60%

$12,257.91

b. R. Mc Gowan

06/08/16

add

No

$7,354.75

MOTION by Mr. Boyle, seconded by Mr. Brinsley, to approve items 4-5 on the Consent Calendar. (Motion unanimously carried, 5-0)

ACTION ITEMS - The Board may discuss and take action on the following items:

6. Discuss and possibly take action on the following investment reports submitted by Verus Investments:

a. Receive and file, Preliminary June 2016 Performance Update

Annie Taylor reviewed the performance update reflecting performance without pooled cash. The total fund returned 0.5% net of fees (vs. the policy index of 0.1 %) for June, bringing the fiscal year-to-date return to 0.4% net of fees (vs. the policy index of 1.5%). Ms. Taylor noted the earnings for the month in Fixed Income (1.4%), Real Estate (3.3%), and Alternatives (3.3%) helped offset the negative earnings for the month in Equities, and continued the ov, rall recovery of year-to-date earnings in the portfolio. Total market value for th end of June was $126.5 million, including pooled cash with the City.

MOTION by Mr. Boyle, seconded by Mr. Milligan, to receive an~ file the June

2016 Performance Update, as recommended by Verus lnvestmeints. (Motion

;I

unanimously carried, 5-0)

?

I

b. Review and approve, Preliminary 3rd Quarter 2016 Rebalance and ! ithdrawal

Ms. Taylor reviewed the recommended rebalance for 3rd quarte~. benefits and administration. She noted the $3,450,000 withdrawal will be? ?redominantly funded from the $3 million redemption from real estate asset ma ger Invesco. Following the rebalance, a slight overweight in this asset class by pproximately 1.8% will remain. Verus anticipates the balance of the with awal will be funded from the liquid alternatives and core fixed income asset ?lasses. The final rebalance will be provided to staff closer to the scheduled wi hdrawal and transfer date.

tf'Ii

MOTION by Mr. Boyle, seconded by Mr. Brinsley, to approve the balance and withdrawal for pension benefits in the amount of $3,450,000, as r commended by Verus Investments. (Motion unanimously carried, 5-0)

Page 2 of 3

INFORMATION ITEMS

7. Staff Report - Ms. Fosselman provided a brief update on the status the 6-30-16 financial audit and valuation, Concord discussions, and the new FPRS o jce furniture. a. June 2016 Budget Expense Report- updated report distributed and r :iewed.

8. Counsel Report- none noted. 9. Articles/Newsletters/Conferences - none noted.

COMMENTS FROM BOARD MEMBERS

ADJOURNMENT

MOTION by Mr. Milligan, seconded by Mr. Brinsley, to adjourn the Bo1 d meeting at 10:42 a.m. (Motion unanimously carried, 5-0)

Respectfully submitted,

~u~.

JiiiOsselman Secretary to the Board/Administrator

I I I

I

Keith Jones Chair, Retirement Board

Details of this meeting are contained on a DVD recording of the meeting and ill be kept in

the archives for two years, per Board policy.

'

DISTRIBUTION: Board Members City Attorney Director of Finance

Fire & Police Retirees Assn. Police Chief Fire Chief

Workers Compensation A. Snitzer

S. Lebovitz

D. Barba

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