The Board met in regular session and was called to order at 8:37 a.m. Present: Trustees Benson, Holliday, Kraus, Lewis, Oleson,
St. Aubin, Wood 7. Others: Karen E. Williams, Finance Department; Paul Novak, Blair Renfro, Clark Hill Law Office (representing the Law Department); Rob Hecksel, Fire Department. It was moved by Trustee Wood and supported by Trustee Lewis to approve the Official Minutes of the Police and Fire Meeting of August 19, 2008with corrections Adopted by the following vote: 7-0. It was moved by Trustee Wood and supported by Trustee Lewis to approve the Official Minutes of the Joint Police and Fire and the Employees Retirement System Board Meeting of August 19, 2008. Adopted by the following vote: 7 0. Secretary's Report. 0 new fire member(s), 0 new police members, 0 reinstatement(s), 1 refund(s), 0 transfers, 3 retired. Total: Active membership: 473. 1 death(s) Mr. Henry B. Houghtaling, Fire, died, 9/4/2008, age 71, no surviving beneficiary. Refunds made since the last reg¬ular meeting amounted to $ 16,548.06. Retirement allowances paid for the month of August, 2008 amounted to $1,832,355.87. Total retirement checks printed for the P&F System: 627. Total retirement checks printed for both systems: 1414. Domestic relations order received: 0. Domestic relations orders pending: 1. Eligible domestic relations orders certified: 0. It was moved by Trustee St. Aubin and supported by Trustee Kraus to approve the application for regular age and service for the following member: Michael Lewis, Fire Department, 25 years, age 49, effective September 17, 2008. Adopted by the following vote: 6 0, 1 abstained. Trustee Holliday requested an update for the Duty Disability requests. Karen Williams informed the Board that Mr. Edward Bedecs had seen the Medical Director August 15, 2008 and the Retirement Office was waiting for the report. Mr. Vargas saw Dr. Margolis for an independent evaluation and the report had been forwarded to the Medical Director. Karen Williams updated the Board regarding the 2008 Retirement and Health Care conference. There were approximately 350 registrants. Ms. Williams reviewed the set-up for the dinner, workshop rooms and parking arrangements. Ms. Williams also reviewed the list of speakers, audio visual arrangements and Lifeline Screening. Trustee Wood suggested that the phone number request be placed on the survey to call winners for the prizes. The next planning meeting was Wednesday, September 17 and the Folder stuffing meeting will be Friday, September 19. Parking passes will be available for Trustees. Karen Williams distributed registrations material for MAPERS to Trustees. Trustee Holliday distributed publications Benefits Compensation from the Internal Foundation of Education and Benefits (IFEBP) Organizations for the trustees to review regarding travel expenses. Attorney Paul Novak, representing the City Attorneys Office, suggested a process to proceed with a comprehensive review of the Qualified Plan Documents. The process would include a work plan proposal to be presented to the Board and City Council. The proposal would include 1) review of all various collective bargaining units, 2) review of all existing ordinances, 3) determination of tax qualifications, 4) determination of VEBA of federal tax law, 5) policies and procedure changes with recommendation that investment managers present their investment recommendations in writing, 6) reviewing of pending issues with Doug Rubley, 7) implement securities fraud monitoring, 8) cost structure. Trustee Wood informed the Board that there was a draft ordinance in the City Attorneys Office. Trustee Oleson requested that the City Attorneys Office address the Board regarding the progress on the Qualified Plan Documents. Attorney Novak will discuss these issues with the City Attorneys Office. The Board requested that the Gabriel, Roeder, Smith and Company actuarial fee approval be moved to the Joint meeting. Attorney Novak announced that this meeting would be his
last because he was leaving to join a securities litigation firm. Karen Williams announced that Dr. Victor Roth would be at the next meeting. Trustee Holliday informed the Board that Dr. Roth will be taken first when he arrives. Karen Williams reported to the Board that she had contacted Brad Armstrong regarding the EDRO fee increase. Ms Williams was waiting information from Mr. Armstrong. Karen Williams informed the Board that the actuarial fees for the Gabriel, Roeder, Smith and Company had not been approved for the Fiscal Year 2008/2009. It was moved by Trustee Kraus and supported by Trustee Wood to approve the actuarial fees for Gabriel, Roeder, Smith and Company for the Fiscal Year 2008/2009. Adopted by the following vote: 7 0. Attorney Novak, representing the City Attorneys Office, updated the board regarding the Mondarian Investment. Attorney Novak was awaiting a dollar amount from Asset Consulting and he would meet with the chairperson to complete the investment. Trustee Holliday distributed information on Frequently Asked Question in Payroll Auditing for the trustees to review. Trustee Wood requested that item E, Beneficiary Nomination Form be completed by Clark Hill. Karen Williams informed the Board that the August Investment Securities Lending Account Report was not available due to the early meetings. Karen Williams announced Asset Consulting suggested that the Boards need to update its Commission Recapture with its Investment firms. Ms. Williams has received the information from Northern Trust to change the securities lending to non-lending. Ms. Williams will prepare the paperwork for the chairpersons signature. Trustee Oleson inquired about the election for Trustee Lewis. Trustee Holliday informed the Board that Trustee Lewis term ended December 31, 2008. Trustee Holliday suggested that the Board may consider just running one election instead of two. The Board discussed the logistics of implementing the election procedure to replace Trustee Lewis. Trustee Lewis stated that it had been a pleasure and honor to serve on the Police and Fire Retirement System Board. Trustee Lewis stated that his goal was to leave investment over $300 million. Trustee Lewis thanked the Trustee and invited members to his retirement party September 18. It was moved by Trustee St. Aubin and supported by Trustee Kraus to adjourn the meeting. Adopted by the following vote: 7 0. The meeting adjourned at 9:32 a.m. |