StaffReport17-029
Approved Minutes Special Meeting of the AC TRANSIT RETIREMENT BOARD
November 10, 2016 ROLL CALL
Chair Jeffrey Lewis called the meeting to order at approximately 9:16 am
Members Present
Sue Lee, Davis Riemer, Joyce Willis, Vice Chair Yvonne Williams and Chair
Absentat RollCall MembersAbsent:
Jeffrey Lewis None None
Also Present: Hugo Wildmann, Retirement System Manager; Albert Yam, Retirement System Analyst; Bertha Ng, Retirement System Analyst; Russell Richeda, Legal Counsel; (the following individualswere at part of the meeting): H.E.Christian Peeples,District Board Presidentand Liaison;RalphMartini, ACTransit Controller. PUBLICCOMMENTS None
CONSENT CALENDAR
Chair Lewis requested a couple of revision to the minutes MOTION: WILLIAMS/LEEto adopt the Consent Calendar with the revisions noted above. (5-0 0-0) Ayes: Noes:
Abstain Absent
Members Lee, Riemer, and Willis, Vice Chair Williams, and Chair Lewis -- 5 None None None
APPROVED
A. Approval of Minutes for October 19, 2016 APPROVED
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Approvalof financials for September2016 APPROVED
C. Approvalof Invoicesfor$90,258.49 APPROVED D
Approvalof Retirement for November 2016: 1. Peter Davalos (November) 2. Danny Mcclain (July) 3. Raul Lopez -- Term Vested (November) 4. Lorrene Salazar --Term Vested (November) APPROVED
The Board congratulated Peter Davalosfor 35 years of service
REGULAR CALENDAR
E. Joint Meeting Recap Hugo provided a recap on the Joint Meeting and said from what he had heard everyone thought it went well. The Board asked Director Peeples for his feedback on the meeting, he too agreed that the meeting went well. F
Sandsand Dodge & Cox Presentation at the December Meeting Hugo talked to both managers and conveyed to them that the December meeting was more than just an annual investment update. He mentioned to them the concern some Board members have with active management and that the Board is especially concerned with investment managers that are lagging their benchmark. The Board also asked that Hugo mention to the managers that updated performance information would be appreciated. The Board felt Member Riemer's background in passive management and market efficiency would be beneficialin the conversations, and encouraged him to ask direct questions to the Investment Managers at next month's meeting. The Board also encouraged Hugo to ask questions at the meeting.
G. Investment Performance
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Hugo reported that we were up at about 6% YTD. This is slightly lower than last month's figure. Chair Lewis reminded Board members that the focus was on long-term performance, not monthly performance H. Draft Semi-Annual Report #2 The Board approved the Semi-Annual report as written 1. Calendarfor 2016 and 2017
The next meeting will be on December 8th. There will be a special meeting on December 16th,which willstart at liam, to discussthe Gardner case The Board suggested for revisions to the 2017 calendar. Hugo willcheck with Graham and Carolyn for their schedule, and would present the Board with the updated calendar in the next meeting. Chair Lewis requested staff send out Outlook appointments once the dates are finalized. J. Benefit statements and Letter All benefit statements were sent out last week. Hugo and Bertha would be going out to the divisionson Nov].4-18 for the orientation meetings.
K. Staffing Update Hugo introduced to the Boardthe two new staff for the Retirement Department. They are 1. Bertha Ng, who has 10 years of experience at ACERAworking in the benefits area.
2. Albert Yam, who has 16 years of experience as an actuary in employee benefits and Third Party Administrators. L.
Update on Calculations for Former Union Officers(Gardner)
Hugo reported that Staff had been making progress on this project. The purpose of the December 16" meeting was to present results to the Board. M. PlanAmendment Update Hugo mentioned that he and Russwere waiting to hear back from the District on the Plan Amendment. N. Retirement System Manager Report Hugo requested to the Board that he would like to go to the CALAPRSmeeting in Burbank on December 9th.
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MOTION: ROEMER/LEE to approve Hugo's request to go to CALAPRSmeeting.(5-0-0-0) Chair Lewiscalled a recess at 9:51 AM The meeting reconvened at 9:58 AM
O. Closed Session P. ResumeOpen Session Legalcounsel Russ Richedareported on Closed Session Agenda as follows:
1. With respectto the applicationfor Total and PermanentDisabilityby ReginaldWilson The Board unanimously granted an Occupational Disability effective April 1, 2016; but denied his request unanimously for Total& Permanent Disability. 2. With respect to the application for Occupational Disability by Tasha Williams - The Board unanimously granted the Occupational Disability application effective May 1, 2016
3. With respectto the applicationfor OccupationalDisabilityby DwightDawkins- The Board unanimously granted the Occupational Disability application effective July 1, 2016
ADJOURNMENT
MOTION: WILLIAMS/RIEMER to adjourn. (5-0-0-0) The Board adjourned its meeting at 10:52am
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