FRESNO COUNTY BOARD OF RETIREMENT by mikeholy

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									                     BOARD OF RETIREMENT
        FRESNO COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION
                                      January 4, 2006

Trustees Present:

       Michael Cardenas            Vicki Crow
       Vera Dominguez              Steven Jolly
       Phil Larson                 A. Papaleo
       Stephanie Savrnoch          John P. Souza
       William Storey

Trustees Absent:

       None

Others Present:

       Jeffrey MacLean, Wurts & Associates
       Ken Whitney, Blackstone Private Equity
       Michael Cunningham, Retired FCERA Member
       Barbara Booth Grunwald, Deputy County Counsel
       Roberto L. Peña, Retirement Administrator
       Becky Van Wyk, Chief Accountant
       Elizabeth Avalos, Administrative Secretary
       Sign in Sheet Attached

1.     Call to Order

       Chair Souza called the meeting to order at 9:06 AM.

2.     Public Presentations

       None.

3.     Introduction and welcome to Trustee, William Storey, newly elected by the
       Safety Members, and Trustees Michael Cardenas and A. Papaleo, re-appointed
       by the Board of Supervisors

       Trustee John P. Souza and Roberto L. Peña, Retirement Administrator introduced and
       welcomed to the Board, Trustee William Storey. Trustee Storey has worked for North
       Central Fire Protection District for 28 years and served on the Board of Retirement as
       an Alternate Safety Member from June 2002 through December 2003.

       Mr. Peña welcomed back Mr. Michael Cardenas and Mr. A. Papaleo who were re-
       appointed by the Board of Supervisors.


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                                             2
4.     Election of Chair and Vice Chair for Calendar Year 2006

       Chair Souza opened nominations for Chair and Vice Chair of the Board.

       Trustee Savrnoch nominated Steven J. Jolly to serve as Chair and Trustee Cardenas
       nominated Vera Dominguez to serve as Chair. The vote was 5-4 to appoint Steven
       Jolly as Chair of the Retirement Board for calendar year 2006.

       Trustee Cardenas nominated Vera Dominguez to serve as Vice Chair, seconded by
       Trustee Larson. The vote was unanimous to appoint Vera Dominguez as Vice Chair
       of the Retirement Board for calendar year 2006.

5.     Discussion and appropriate action on appointments to the Retirement Board
       Standing Committees: Actuarial, Audit, Budget, Disability and Personnel

       Mr. Peña explained that due to changes in the composition of the Board over the past
       year there are openings for some member and chair positions of the various
       Committees.

       The Board elected members to the Committees to fill vacant positions as follows (new
       member in bold):

       Actuarial Committee
             Michael Cardenas – Chair
             Steven Jolly
             Stephanie Savrnoch
             John P. Souza
             Phil Larson – Alternate 1
             Vicki Crow – Alternate 2

       Audit Committee
              Vicki Crow – Chair
              Vera Dominguez
              Steven Jolly
              Stephanie Savrnoch
              Michael Cardenas – Alternate

       Budget Committee
            Michael Cardenas – Chair
            Vera Dominguez
            Phil Larson
            A. Papaleo
            Vicki Crow – Alternate

       Personnel Committee
             Vera Dominguez – Chair
             Michael Cardenas
             John P. Souza
             William Storey
             A. Papaleo – Alternate

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                                           3
       Disability Committee
              Stephanie Savrnoch – Chair
              Vera Dominguez
              Steven Jolly
              John Souza
              William Storey – Alternate

A motion was made by Trustee Larson, seconded by Trustee Savrnoch to approve the
appointment of the members of the Board of Retirement Standing Committees. VOTE:
Unanimous

RECEIVED AND FILED; APPROVED

Consent Agenda/Opportunity for Public Comment

Michael Cunningham, Retired FCERA Member, pulled Consent Agenda item 12.

A motion was made by Trustee Dominguez, seconded by Trustee Larson to Approve
Consent Agenda items 6 –11. VOTE: Unanimous

*6.    Approval of the December 15, 2005 Retirement Board Special Meeting Minutes
       and the December 21, 2005 Retirement Board Regular Meeting Minutes

       RECEIVED AND FILED; APPROVED

*7.    Retirements

       RECEIVED AND FILED; APPROVED

       Nora Bazar                   VMC, Deferred                     6.88
       David Brown                  Public Works & Planning          31.98
       Timothy Cardenas             Behavioral Health                11.43
       Kathleen Dressel-Ferris      Superior Court                   17.21
       Ted S. Frazier               Community Health                  5.96
       George Jenkins               E&TA, Deferred                    2.65
       Glenn R. Johnson             Community Health                  6.09
       James V. Lee                 Sheriff                          13.46
       Adelina Marquez              E&TA                             15.32
       Steven Matenaer              Probation, Deferred               4.98
       Patricia A. McCarty          Assessor/Recorder                26.26
       Thomas B. McDonnell          E&TA                             29.46
       Vivian Miramontes            Community Health                 16.78
       Margaret Moore               E&TA                             15.76
       Thomas A. Nichols            VMC                              11.04
       Shirley Paganucci            Superior Court                   25.66
       Juanita S. Payne             Behavioral Health                36.05
       Gwyn C. Pedersen             Behavioral Health                31.06
       Frank X. Riojas              Public Defender                  13.83
       John T. Thompson             Agriculture                      32.37
       Donald M. Turner             Community Health                 15.91

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*8.    Disability Retirements

       RECEIVED AND FILED; APPROVED

       Georgia Davis                   E&TA                                18.75

*9.    Request to Purchase General Service as Safety Time

               1.     Jeffrey Dement

       RECEIVED AND FILED; APPROVED

*10.   Most recent investment returns, performance summaries and general
       investment information from investment managers

       RECEIVED AND FILED

*11.   Public Records Requests and/or Retirement Related Information Requests from
       Doug Hogel, Cooperative Research Services – Astec Consulting Group;
       Santiago Oceguera, Selma Regional Center and Elizabeth LeNguyen, San Mateo
       County Employees’ Retirement Association

       RECEIVED AND FILED

*12.   Board of Retirement Annual Attendance Report for 2005

       Michael Cunningham, Retired FCERA Member, noted that errors were made on the
       Annual Attendance Report for 2005. The Board directed Administration to present the
       Board with a corrected Annual Attendance Report.

       NO ACTION TAKEN

 13.   Performance and Economic Summary report presented by Ken Whitney, Senior
       Managing Director, Blackstone Private Equity

       Mr. Whitney gave a presentation on the Performance and Economic Summary.

       RECEIVED AND FILED

 14.   Presentation on Real Estate Investment Trusts (REITS) related to Private Real
       Estate and Public Real Estate presented by Jeffrey MacLean, Wurts &
       Associates

       Mr. MacLean gave a presentation on Real Estate Investment Trusts related to Private
       Real Estate and Public Real Estate.

       Mr. Peña reminded the Board of prior direction to allow Wurts & Associates to begin a
       search for real estate core investments.

       RECEIVED AND FILED


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 15.   Presentation on Transition Management related to the funding of the
       International and Emerging Market portfolios presented by Jeffrey MacLean,
       Wurts & Associates

       Mr. MacLean gave a presentation on Transition Management related to the funding of
       the International and Emerging Market portfolios.

       RECEIVED AND FILED

 16.   Presentation of the results of the R. V. Kuhn’s survey presented at the SACRS
       2005 Fall Conference presented by Jeffrey MacLean, Wurts & Associates

       Mr. MacLean gave a presentation of the results of the R. V. Kuhn’s survey presented
       at the SACRS 2005 Fall Conference.

       RECEIVED AND FILED

 17.   Discussion and appropriate action regarding the Service Level Agreement with
       Fifth Third Bank

       A motion was made by Trustee Souza, seconded by Trustee Papaleo to Approve the
       Service Level Agreement with Fifth Third Bank. VOTE: Unanimous

       RECEIVED AND FILED; APPROVED

       Mr. Peña pulled Closed Session item 18.a.

 18.   Closed Session:

       a.      Conference with Legal Counsel – Actual Litigation - pursuant to G.C.
               §54956.9(a) - County of Fresno v. Board of Retirement

       b.      Disability Retirement Applications – Personnel Exception (G.C. §54957):

               1.     Sherry Coelho
               2.     Mary Burgess
               3.     Michael Robison
               4.     Elaine Sapp

 19.   Report from Closed Session

       18.a.          PULLED.

       18.b.1.        Sherry Coelho – Decision – To approve the Findings of Fact and
                      Decision presented and grant Sherry Coelho’s service connected
                      disability. M- Dominguez, S – Souza. VOTE: YES – Crow, Dominguez,
                      Larson, Savrnoch, Storey, Souza. NO – Cardenas, Jolly, Papaleo.
                      ABSENT – None.
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       18.b.2.        Mary Burgess – Decision – To approve the Findings of Fact and
                      Decision presented and grant Mary Burgess’ service connected
                      disability. M – Dominguez, S – Souza. VOTE: YES – Dominguez,
                      Larson, Savrnoch, Storey, Souza. NO – Crow, Jolly, Papaleo. ABSTAIN
                      – Cardenas. ABSENT – None.

       18.b.3.        Michael Robison – 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 - Crow.
                      VOTE: Unanimous. ABSENT – None.

       18.b.4.        Elaine Sapp – Decision – To approve the Findings of Fact and Decision
                      presented and grant Elaine Sapp’s non-service connected disability. M –
                      Savrnoch, S – Souza. VOTE: Unanimous. ABSENT – None.

 20.   Report from FCERA Administration

       Mr. Peña gave a brief report on the following items:

       1.      Retiree Health Premiums were incorrectly deducted from the monthly benefits
               checks of approximately 300 retirees. A letter of apology was issued to the
               retirees and placed on the website. Refunds will be issued by Fifth Third Bank
               by January 18, 2006.
       2.      A conditional approval of the lot split was received from the City of Fresno.
               Greenwood & Associates is working with the City of Fresno for final approval.
       3.      An advertisement has been placed in the Grapevine for the Extra-Help Account
               Clerk II position.
       4.      A reminder to the Board that the January 11, 2006 joint meeting with the Board
               of Supervisors begins at 8:00 AM.
       5.      Administration will prepare a new procedure to stop direct deposit of benefit
               checks to members with excessive returned mail.
       6.      Actuarial Committee meeting will be held January 13, 2006.

 21.   Report from County Counsel

       1.      Counsel would like to have a meeting with the Disability Committee Members to
               review the process for Disability Hearings.

 22.   Board Member Announcements or Reports

       1.      Chair Jolly thanked Trustees Souza and Dominguez for their service this past
               year as Chair and Vice Chair.

There being no further business, the meeting adjourned at 12:24 PM.


Roberto L. Peña
Secretary to the Retirement Board
01/04/06 Regular Meeting Minutes

								
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