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These minutes are a draft subject to approval by the Retirement Board

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Learn all about the services we offer
6 Pages
English

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PUBLIC EMPLOYEES’ RETIREMENT BOARD MEETING MINUTES FOR Wednesday, November 15, 2006 The agenda for this meeting was mailed to every public employer, the news media, and other groups and individuals as requested. November 15, 2006 Board Meeting The Board meeting of the Public Employees’ Retirement Board was called to order by Chariman Silvestri at 8:00 a.m., November 15, 2006, in the PERS’ Board room, 693 West Nye Lane, Carson City. Members present: Charles Silvestri, Susan DeFrancesco, Elizabeth Fretwell, Purisimo Hernandez, David Kallas, George Stevens and Warren Wish. Members absent: None. I. DISABILITIES A. On motion of David Kallas, the Board voted unanimously to: 1. Approve permanent and total disability retirement for: Robert Burris, Joseph Cushing, Mary Kate Domenick, Suzanne Donohew, Terri Grey, Barbara Fallaw, Mary Horner, Sharon Irvine, Darlene Larsen, Helen LaVoie, Mark Leonard, Joyce McCord, Jill Melone, Mary Montoya, Katherine Musgrove-Goins, Martha Pearson, Judy Porter, Ralph Rodriguez, Renee Snyder, Charles Tigrett, Linda Washington, and Paul Winter. 2. Approve reemployment requests by disability recipients: Carol Allen, Sharon Arizmendi, Eva Cole, Keith Flory, Kurt Fristed, Andrew Marjie, Michael McGee, Ray Olds, Pam Penrose, and Eugene Trombetti. II. INVESTMENTS A. Staff provided the results of their fixed income benchmark analysis. Discussions included manager search time horizon, ...

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PUBLIC EMPLOYEES’ RETIREMENT BOARD
MEETING MINUTES FOR
Wednesday, November 15, 2006
The agenda for this meeting was mailed to every public employer, the news media, and other
groups and individuals as requested.
November 15, 2006
Board Meeting
The Board meeting of the Public Employees’ Retirement Board was called to order by Chariman
Silvestri at 8:00 a.m., November 15, 2006, in the PERS’ Board room, 693 West Nye Lane,
Carson City.
Members present: Charles Silvestri, Susan DeFrancesco, Elizabeth Fretwell,
Purisimo Hernandez, David Kallas, George Stevens and Warren Wish.
Members absent: None.
I.
DISABILITIES
A.
On motion of David Kallas, the Board voted unanimously to:
1.
Approve permanent and total disability retirement for: Robert
Burris, Joseph Cushing, Mary Kate Domenick, Suzanne
Donohew, Terri Grey, Barbara Fallaw, Mary Horner, Sharon
Irvine, Darlene Larsen, Helen LaVoie, Mark Leonard, Joyce
McCord, Jill Melone, Mary Montoya, Katherine Musgrove-
Goins, Martha Pearson, Judy Porter, Ralph Rodriguez, Renee
Snyder, Charles Tigrett, Linda Washington, and Paul Winter.
2.
Approve reemployment requests by disability recipients:
Carol Allen, Sharon Arizmendi, Eva Cole, Keith Flory, Kurt
Fristed, Andrew Marjie, Michael McGee, Ray Olds, Pam
Penrose, and Eugene Trombetti.
II.
INVESTMENTS
A.
Staff provided the results of their fixed income benchmark analysis.
Discussions
included manager search time horizon, performance evaluation period, broad bond
market objective, and fixed income performance premiums.
On motion of Warren
Wish the Board voted unanimously to:
1.
Approve the modification to the Investment Objectives and Policies for the
PERS’ fund, as submitted.
2.
Authorize staff to modify the Performance Guidelines for the active U.S.
bond and active international bond managers, as submitted.
Retirement Board Meeting
November 15 2006
Page 2
B.
Staff reviewed the current and past six years of performance for Rogge Global Partners
which manages an active international bond portfolio for the PERS’ fund.
Based on
staff’s analysis of current and historical performance results, staff believes it is
unreasonable to believe Rogge will capture their long-term performance objective.
John Graham and Olaf Rogge of Rogge Global Partners addressed the Board and
requested a deferral on this decision.
After discussion, on motion of David Kallas the
Board voted unanimously to:
1.
Terminate the relationship with Rogge Global Partners as soon as possible.
2.
Authorize the transfer of assets formerly managed by Rogge to UBS active
international bonds, UBS international index bonds, and Payden & Rygel
international index bonds, equally and on a temporary basis.
Staff and the Board thanked Rogge Global Partners for their six plus years of service to
the Public Employees’ Retirement System.
C.
Ruthann Moomy of
Callan Associates and Staff presented the quarterly performance
review for the PERS’, Legislators’, and Judicial Funds.
D.
Staff reviewed PERS’ annual investment cost report for Fiscal Year 2006.
On motion
of David Kallas, the Board voted unanimously to accept the 2006 Investment Cost
Report, as submitted.
E.
Staff highlighted the proposed revision to Exhibit A of Callan Associates’ Investment
Consulting Agreement.
On motion of Purisimo Hernandez, the Board voted
unanimously to approve the revision to Exhibit A of Callan Associates’ Investment
Consulting Agreement, as submitted.
F.
Staff presented the proposed changes to the Investment Objectives and Policies for the
Legislators’ and Judicial funds.
On motion of Elizabeth Fretwell, the Board voted
unanimously to approve the Investment Objectives and Policies for the Legislators’
and Judicial funds, as submitted.
G.
Staff reviewed the proposed modifications to the Interim Investment Directives for the
PERS’, Legislators’, and Judicial funds.
On motion of George Stevens, the Board
voted to approve the Interim Investment Directives for the PERS’ as amended and
approve the Interim Investment Directives for the Legislators’, and Judicial funds, as
submitted.
III.
BOARD
Retirement Board Meeting
November 15 2006
Page 3
A.
Staff presented the Annual Governance Compliance Report as prepared by Cortex
Applied Research, Inc.
On motion of David Kallas, the Board voted unanimously to
accept the Governance Report prepared by Cortex Applied Research Inc., as submitted.
B.
Staff reviewed the proposed revisions to the Retirement Board Charter and the
Executive Officer Charter.
On motion of Elizabeth Fretwell, the Board voted
unanimously to approve the revisions to the Charter of the Retirement Board and the
Executive Officer Charter, as submitted.
C.
On motion of Susan DeFrancesco, the Board voted unanimously to approve the minutes
of the Retirement Board Education Session and meeting held on October 24 and 25,
2006, as submitted.
D.
There were no changes to the Retirement Board meeting dates.
E.
On motion of George Stevens the Board voted unanimously to change the investment
education topic for December to Private Equity.
F.
Staff presented the proposed Retirement Board education curriculum calendar for 2007.
On motion of David Kallas, the Board voted unanimously to approve the proposed
Retirement Board education curriculum calendar for 2007, as submitted.
IV.
ADMINISTRATION
A.
Michael Moehle and Brad Ramirez of The Segal Company and Staff presented the
results of the fiscal year 2006 actuarial valuation for the PERS’ fund.
On motion of
Purisimo Hernandez, the Board voted unanimously to accept the June 30, 2006, PERS’
Actuarial Valuation Report as prepared by The Segal Company, the System’s
independent actuary.
B.
Staff reviewed the minutes of the Police and Firefighters Retirement Fund Advisory
Committee meeting held October 19, 2006.
On motion of Susan DeFracesco, the Board
voted unanimously to approve
the minutes and recommendations of the Police and
Firefighter’s Retirement Fund Advisory Committee meeting held October 19, 2006, as
submitted.
V.
LEGISLATION
A.
Staff presented an update on the Bill Draft Request list for the 2007 Legislative Session
that staff is currently tracking.
Retirement Board Meeting
November 15 2006
Page 4
B. Based on the results of the 2006 Actuarial Valuation and the Board’s funding policy,
Staff recommended that the Board not sponsor any fiscal legislation for the 2007
legislative session.
On motion of Warren Wish, the Board voted unanimously to accept
Staff’s recommendation for no Board-sponsored fiscal legislation for the 2007
legislative session.
VI.
RATIFICATION AGENDA
On motion of George Stevens, the Board voted unanimously to approve all items in the
Ratification Agenda, except item F.
In a separate motion by George Stevens the Board
voted 6-yeas and 1-abstention to approve item F. of the Ratification Agenda.
Purisimo
Hernandez abstained from this vote.
A. Approve the Administrative Fund disbursements.
B. Approve all personnel action taken since the last report.
C.
Retroactively approve out-of-state travel for one internal auditor to attend the
Association of Public Pension Fund Auditors (APPFA) annual conference November 6-
8, 2006, in Chicago, Illinois.
D.
Approve the Legislative Counsel Bureau’s request for a penalty waiver in the amount of
$541.40.
E.
Approve Elko County’s request for a penalty waiver in the amount of $1,253.59.
F.
Approve the Department of Transportation’s request for a penalty waiver in the amount
of $2,829.56.
G.
Approve an Independent Contract with the Nevada State Printing Office to print the
Comprehensive Annual Financial Report (CAFR) for fiscal year 2006 for an amount not
to exceed $6,000.00.
VII.
DENIALS
VIII. REPORTS
IX.
PUBLIC COMMENT
A.
There were no individual statements and/or requests by the members, retired employees
and/or the public.
Retirement Board Meeting
November 15 2006
Page 5
B.
The Deputy Attorney General had nothing to report.
C.
Administrative report by Staff.
Executive Officer:
1.
The Executive Officer reported that the Public
Relations Program has begun to be
implemented with approximately five speaking
presentations scheduled over the next few
months.
Staff is continuing to contact
associations to see if PERS could be placed on
their agendas for upcoming meetings.
2. The Executive Officer mentioned that she has
received phone calls and correspondence from
some legislators.
Staff from the Government
Affairs Committee will meet with the
Executive Officer on Monday, November 20
th
.
3. The Executive Officer will contact Andrew
Clinger, Director of the Department of
Administration to inform him of the results of
the actuarial valuation for 2006.
Staff will also
be contacting the Liaison Officers with the
same information.
4. The Executive Officer thanked all the staff that
planned, participated, and especially Kathi
Quilici, for arranging the 3
rd
Annual Liaison
Officer Conference.
Everyone did a great job.
5. The Executive Officer reported that her
appointment to the Social Security Advisory
Board is moving forward.
Operations Officer:
1. The Operations Officer thanked all the staff for
the wonderful job they did at the 3
rd
Annual
Liaison Officer Conference.
The presentations
were great and everyone participated in the
work sessions after lunch.
There were
approximately 190 attendees.
It was a huge
success.
D.
Questions and/or comments by members of the Retirement Board.
Charles Silvestri:
1.
On behalf of the Board and staff, Chairman Silvestri
congratulated Bob Auer, Senior Deputy Attorney
General on his newly elected position of Lyon
County DA.
Retirement Board Meeting
November 15 2006
Page 6
2.
Chairman Silvestri also thanked all the staff that
was involved with the Liaison Officer conference
for the great job they did.
Purisimo Hernandez:
1.
Mr. Hernandez thanked the staff for the wonderful
conference and said that the presentations were
awesome and very informational.
Susan DeFrancesco:
1.
Vice-Chairwoman DeFrancesco attended the
Liaison Officer conference and enjoyed it
immensely.
She also thanked the staff for the
wonderful job they did on the presentations and
answering questions from the audience.
The
materials provided make a great reference tool and
she looks forward to attending next year.
X. ADJOURNMENT – The meeting was adjourned by Chairman Silvestri at 1:30 p.m.
The following is the time schedule for the meeting:
The November 15, 2006, Board meeting was called to order at 8:00 a.m.
One break was taken
at 10:00 a.m. for approximately ten minutes.
The meeting was recessed at 11:55 a.m. for
approximately 30 minutes for lunch and adjourned at 1:30 p.m.