DRAFT MINUTES Special Joint Meeting AC Transit Board of Directors and Retirement Board Alameda-Contra Costa Transit District 2nd Floor Board Room 1600 Franklin Street Oakland, CA 94612 Wednesday, April 30, 2008 10:00 a.m. Board of Directors: Rebecca Kaplan, Vice President (Director At Large) Joe Wallace, Director Ward I Greg Harper, Director Ward II
H. E. Christian Peeples, President (Director at Large) Elsa Ortiz, Director Ward III Ryan “Rocky” Fernandez, Director Ward IV Jeff Davis, Director Ward V
Retirement Board Members: Rebecca Jones (Vice Chair) Yvonne Williams
Jeffrey Lewis, Chair Richard E. Winnie Kathleen Kelly
The Alameda-Contra Costa Transit District Board of Directors held a special joint meeting with the AC Transit Retirement Board on Wednesday, April 30, 2008. The meeting was called to order at 10:17 a.m. with President Peeples presiding. Upon call of the roll, the following members of the AC Transit Board of Directors responded with their names: Directors Wallace, Harper, Ortiz, Fernandez, Davis, President Peeples – 6 Directors Absent: Vice President Kaplan – 1 [Pursuant to Board Policy 114, Resolution No. 07-052, Vice President Kaplan was excused from attendance at the Board meeting. This is Vice President Kaplan’s first of two authorized absences this year.] Upon call of the roll, the following members of the AC Transit Retirement Board responded with their names: Members Williams (arrived at 10:23 a.m.), Winnie, Kelly, and Chairman Lewis – 4 Members Absent: Vice Chair Jones – 1 Public Comment No public comment was offered. Presentations on each of the agenda items outlined below included time for questions and answers by board members and staff. Introduction of Participants Introduction of board members, officers and Retirement Board staff.
Joint Meeting - AC Transit District Board of Directors and Retirement Board
April 30, 2008
Page 1 of 2
Discussion Items: Russ Richeda, Retirement Board Attorney:
1.
Proposition 162 and Retirement Department history.
Bob McCrory, EFI Actuaries, Retirement Board Actuary:
2.
Historical look at District contribution (funded ratio and breakdown of plan costs).
Bob McCrory, Retirement Board Actuary/Hugo Wildmann, Retirement System Manager
3.
Investments and how they impact the District contribution.
Bob McCrory, Retirement Board Actuary
4.
The District contribution going forward.
Hugo Wildmann, Retirement System Manager
5. 6.
Retirement system auditor transition (oral). Education of employees on retirement planning (oral).
Russ Richeda, Retirement Board Attorney
7.
Current events (oral).
All agenda items were presented as informational; no action was required. Board/Staff Comments (Government Code Section 54954.2) Adjournment There being no further business to come before the Board of Directors and the Retirement Board, the meeting adjourned at 12:19 p.m. Respectfully submitted, Linda A. Nemeroff District Secretary
Joint Meeting - AC Transit District Board of Directors and Retirement Board
April 30, 2008
Page 2 of 2
