6
FRESNO COUNTY BOARD OF RETIREMENT
December 7, 2005
Trustees Present:
Michael Cardenas Vicki Crow
Vera Dominguez Steven Jolly
Phil Larson A. Papaleo
John P. Souza Michael Thobe
Trustees Absent:
Stephanie Savrnoch
Others Present:
Ronald S. Frye, Alternate Board Trustee
Barbara Booth Grunwald, Deputy County Counsel
Scott Garrett, Wurts & Associates
Lou Paletta, Lone Star Funds
Michael Cunningham, FCERA Retiree
Bill Storey, NCFPD
Conor Hinds, Senior Accountant
Roberto L. Peña, Retirement Administrator
Becky Van Wyk, Chief Accountant
Elizabeth Avalos, Administrative Secretary
1. Call to Order
Chair Souza called the meeting to order at 9:14 AM.
2. Presentation of Plaque to Michael Thobe for over 3 years of service as Trustee for the Board of Retirement of the Fresno County Employees’ Retirement Association
Mr. Peña thanked Trustee Thobe for his years of service and presented him with a plaque.
3. Public Presentations
None.
Consent Agenda/Opportunity for Public Comment:
Mr. Peña pulled items 4, 9, 10, 14, and 15.
Trustee Thobe pulled item 11.
A motion was made by Trustee Crow, seconded by Trustee Dominguez to approve
Consent Agenda items 5-8, 12 & 13. VOTE: Unanimous (Absent – Savrnoch, Larson)
*4. Approval of the November 16, 2005 Retirement Board Regular Meeting Minutes
Mr. Peña explained to the Board that Trustee Frye attended the November 16, 2005 Regular Board meeting, but had not been listed as present.
The Board directed Administration to correct the minutes to reflect Trustee Frye as present.
RECEIVED AND FILED; APPROVED
*5. Retirements
RECEIVED AND FILED; APPROVED
George L. Alaniz / VMC, Deferred / 5.23Cheryl N. Charter / Behavioral Health / 27.15
Gloria Coffland / FCOE / 30.96
Frank Escovedo / VMC, Deferred / 24.43
Linda Ann Guthrie / Sheriff / 23.21
Maureen Hernandez-Martinez / Probation, Deferred / 7.00
Betty Hodges / Child Support Services / 23.27
Lawrence Jones / Superior Court, Deferred / 11.57
Jack E. Jordan / Library, Deferred / 5.91
Michael Leonardo / Sheriff / 30.35
Susan Ann Leonardo / Sheriff / 28.93
Phillip F. Plettner / Community Health / 32.83
Betty L. Reitz / Sheriff / 19.24
Kathleen M. Rust / Child Support Services / 21.92
Josephine L. Son / Community Health / 16.94
Sadie Stanowski / General Services / 20.69
Kenneth C. Stuart / Community Health, Deferred / 3.47
Marjorie Torres / Child Support Services, Deferred / 14.41
Takashi Tsuda / E & TA Services, Deferred / 0.49
Alice Elaine Young / E & TA Services / 20.26
*6. Disability Retirements
RECEIVED AND FILED; APPROVED
Thelma B. Vasquez / Sheriff / 13.05Dave Henson / Fleet Services / 10.20
*7. Most recent investment returns, performance summaries and general investment information from investment managers
RECEIVED AND FILED
*8. Public Records Requests and/or Retirement Related Information Requests from Cynthia Ellis, Retired FCERA Member; Jake Petrosino, PERS Retirement Betterment Committee, Inc.; Betsy Lindegren, Retired FCERA Member; and Lisa Albrecht, Lipper, Inc.
RECEIVED AND FILED
*9. Report from Roberto L. Peña, Retirement Administrator on attendance at the SACRS 2005 Fall Conference
Mr. Peña provided the Trustees with material from the SACRS 2005 Fall Conference and informed them that additional information was available upon request.
RECEIVED AND FILED
*10. Final Actuarial Study on the impact of the Richman Proposal on the FCERA pension plan
Mr. Peña reminded the Board of a previous presentation by Ira Summer of Public Pension Professionals and stated that the final actuarial study would be provided to the Board of Supervisors.
RECEIVED AND FILED
*11. Communication from the Redevelopment Agency of the City of Fresno regarding the Chinatown Expanded Area Community Redevelopment Plan
Trustees Souza and Thobe commented on a second redevelopment project in the FCERA area and requested that Administration to gather information that may impact FCERA.
RECEIVED AND FILED
*12. Communications from John Lee, Wurts & Associates regarding the Independent Consultants Cooperative Universe (ICC)
RECEIVED AND FILED
*13. Correspondence and literature from Michael Ruge of Morgan Stanley regarding the October 5-6, 2005 Board Retreat presentation on Managed Futures
RECEIVED AND FILED
*14. Board of Retirement Regular Meeting schedule for 2006
Mr. Peña requested the Board’s input on rescheduling the October Retreat meeting. Administration will present the Trustees with optional dates for consideration and approval.
RECEIVED AND FILED; APPROVED
*15. Request by the Zoo Authority to install equipment necessary to provide streaming audio during Zoo Authority Board meetings
Ms. Van Wyk detailed the process necessary to provide streaming audio and informed the Board that it would also be available for Retirement Board meetings.
A motion was made by Trustee Dominguez, seconded by Trustee Thobe to approve Consent Agenda items 4, 9, 10, 14, & 15. VOTE: Unanimous (Absent – Savrnoch, Larson)
RECEIVED AND FILED; APPROVED
16. Performance and Economic Summary report presented by, Lou Paletta, Partner and Director of Investor Relations - Lone Star Funds – Private Market Manager
Mr. Paletta gave a presentation on the Performance and Economic Summary.
RECEIVED AND FILED
17. Presentation of the September 30, 2005 Investment Performance Review presented by Scott Garrett, Wurts & Associates
Mr. Garrett gave a presentation on the September 30, 2005 Investment Performance Review.
RECEIVED AND FILED
Trustee Larson joined the Board at 9:58.
18. Presentation of the September 30, 2005 Guideline Compliance Report presented by Scott Garrett, Wurts & Associates
Mr. Garrett gave a presentation on the September 30, 2005 Investment Guideline Compliance Report.
RECEIVED AND FILED
19. Discussion and appropriate action on the selection process for an actuarial firm to audit the June 30, 2005 actuarial valuation results
A motion was made by Trustee Cardenas, seconded by Trustee Thobe to select The Segal Company as the actuarial firm to audit the June 30, 2005 actuarial valuation results and to issue an RFP for actuarial audit services to be performed in conjunction with the tri-annual experience study. VOTE: Unanimous (Absent – Savrnoch)
RECEIVED AND FILED; APPROVED
20. Discussion and appropriate action on Board Governance Operations/Policies
A motion was made by Trustee Thobe, seconded by Trustee Dominguez to issue an RFP for Board Governance Operations/Policies and to form an Ad-Hoc Committee consisting of Trustee Dominguez as Chair, and Trustees Cardenas, Frye & Crow. VOTE: YES – Cardenas, Crow, Dominguez, Jolly, Souza, Thobe; NO- Larson, Papaleo (Absent – Savrnoch).
RECEIVED AND FILED; APPROVED
21. Discussion and appropriate action regarding request by Fresno Station Business Center tenant, Roy A. Norman, to provide on-site management services
A motion was made by Trustee Cardenas, seconded by Trustee Jolly to contract Roy A. Norman to provide on-site management services for the Fresno Station Business Center. VOTE: Unanimous (Absent – Savrnoch)
RECEIVED AND FILED; APPROVED
22. Discussion and appropriate action on the Senior Management Salary Adjustment – Chief Accountant
A motion was made by Trustee Thobe, seconded by Trustee Dominguez to approve a 2.75% salary increase for senior management – Chief Accountant. VOTE: Unanimous
RECEIVED AND FILED; APPROVED
23. Closed Session:
a. Personnel – pursuant to G.C. §54957 – Public Employee Performance Evaluation – Retirement Administrator
b. Conference with Legal Counsel – Actual Litigation - pursuant to G.C. §54956.9(a) - County of Fresno v. Board of Retirement
c. Disability Retirement Applications – Personnel Exception (G.C. §54957):
1. Randy Albright
24. Report from Closed Session
23.a. Nothing to Report
23.b. Nothing to Report
23.c1. Randy Albright – Decision – A motion was made and seconded to direct the Administrator to notify the applicant that the application will be denied unless the applicant requests a hearing. M – Dominguez, S – Jolly VOTE: YES – Dominguez, Jolly, Thobe, Souza; NO – Cardenas, Crow, Larson, Papaleo (Absent – Savrnoch).
25. Report from FCERA Administration
1. Mr. Peña will be attending a meeting with the Grand Jury to discuss various issues.
2. Mr. Peña will be meeting with the staff at the County Administrator’s office to discuss the Agenda for the joint meeting.
3. The International and Emerging Market Accounts were funded in November.
4. The Service Level Agreement with Fifth Third Bank is in the process of being finalized.
26. Report from County Counsel
Deputy County Counsel Barbara Booth Grunwald reported on three Brown Act cases: one holding that it is proper to shorten the allowed time for public input on agenda items to less than normally allowed, a second concluding that a task force organized by local police chiefs became a JPA subject to the Brown Act when it was ratified by city councils as a separate legal entity with the right to sue and be sued, and a third disallowing the efforts of a local agency to meet in closed session with another agency’s attorney, even though the other agency had asked the first agency to handle certain aspects of litigation for it.
27. Board Member Announcements or Reports
None.
NEXT MEETINGS:
December 15, 2005 – 9:00 AM (Thursday)
Special Meeting – Supplemental “Non-Vested” Health Benefit
FCERA Boardroom
1111 H Street, Fresno, CA 93721
December 21, 2005 – 9:00 AM (Wednesday)
Regular Meeting
FCERA Boardroom
1111 H Street, Fresno, CA 93721
January 4, 2006 – 9:00 AM (Wednesday)
Regular Meeting
FCERA Boardroom
1111 H Street, Fresno, CA 93721
There being no further business, the meeting was adjourned at 12:55 PM.
Roberto L. Peña
Secretary to the Retirement Board
12/07/05 Regular Meeting Minutes