Advocacy RESEARCH EDUCATION

NCPERS 2013 Annual Conference and Exhibition May 19 – 23, 2013 Honolulu, Hawaii

Coming Together in a Changing Environment

ON-SITE PROGRAM Thank you to the generous sponsors of the annual conference Who We Are

WHO ARE WE?

The National Conference on Public Employee Retirement Systems (NCPERS) is the biggest trade association for public-sector pension funds, representing more than 550 funds throughout the United States and Canada. We are a unique TABLE OF CONTENTS network of public trustees, administrators, public officials, and investment professionals From the NCPERS President . 2 who collectively manage nearly $3 trillion in pension assets held in trusts for approximately 21 Index of Speakers . 4 million public employees and retirees – including firefighters, law enforcement officers, teachers, and Schedule of Events. 5 other public servants. Exhibitor Directory . 15 Founded in 1941, NCPERS is the principal trade association working to promote and protect Speaker Biographies . 31 pensions by focusing on Advocacy, Research and Education for the benefit of public sector pension NCPERS Executive Board . 48 stakeholders…It’s who we ARE.

NCPERS Leadership . 49

WHO DO WE BENEFIT? 2012–2013 National Committee List. . . . .58

Nearly $3 trillion in public pension assets is Past NCPERS Annual Conference managed on behalf of six million public retirees Sites and NCPERS Presidents...... 59 and 14 million active public servants who provide vital services, such as law enforcement, fire and Conference Resolutions. 61 rescue, education, health care, and more, to our communities. Currently, NCPERS’ member pension funds provide a modest retirement benefit – an average of $25,000 per year – that helps our public servants and heroes afford a secure retirement.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 1 FROM THE NCPERS PRESIDENT

Dear Colleagues: May 2013

This is my first full year of leading this great organization and I’m pleased to say it has had its share of successes.

The first Secure Choice legislation was enacted in California last September. As you may recall, the Secure Choice Pension (SCP) is a proposal designed to provide retirement security for workers in the private sector through access to a pension. The SCP is envisioned as a public-private partnership to provide retirement security for American workers, particularly those who work for small businesses and who don’t currently have a defined-benefit pension. The plan draws on the documented performance and efficiencies of public-sector pension management and extends it to those in the private sector who face what is becoming a national retirement crisis.

The concept is that the states – individually or, possibly, in groups – would enact enabling legislation to establish SCPs. These would be multiple-employer hybrid defined-benefit pension plans. Each SCP would have a board of trustees composed of state, private employer, and private employee representatives. The board would hire a chief executive officer and administrative staff to administer the SCP. The board and staff would have fiduciary duty to the SCP trust.

On September 28, 2012, California enacted SB 1234, the California Secure Choice Retirement Savings Trust. NCPERS worked closely with SB 1234 sponsors to ensure the bill was enacted. SB 1234 has many of the features that we espouse in SCP. It creates a board of trustees who would commission a study to determine the feasibility of a voluntary retirement savings plan for private-sector workers that is funded entirely through employee contributions. SB 1234 would be a retirement plan option for employers who do not provide one to their workers via payroll deductions. Workers would have the ability to opt out of the plan if they choose. The accounts would be portable and would follow employees from job to job. At retirement, SB 1234 envisions a platform whereby employees participating in the plan would be guaranteed an income for life – an income immune to stock market fluctuations and sudden economic downturns.

Second, we’ve built upon the momentum of California and have engaged a number of other states to consider a public-private partnership for retirement security. At this time, Maryland seems to have the most likelihood of enacting legislation. The Maryland Private Sector Employees Pension Plan and Trust (SB 1051) is the latest state legislation in which NCPERS is actively involved. The bill, introduced by Senator Jim Rosapepe (D), would establish a state- sponsored public-private partnership to bring retirement security to Marylanders. The plan would establish a board that has representation for all stakeholders of the plan and trust. NCPERS worked with Sen. Rosapepe during the inception, development, and legislative drafting of SB 1051. We are working feverishly to enact this legislation before the Maryland legislative session ends in mid-April.

Last, we are hard at work to fight for and preserve public-sector pension plans for our members. Retirement security for all and SCP are critical elements of protecting public pensions. The other is to directly engage at the state and local levels to defeat legislation that would close public plans. For the most part, we have been successful in these efforts.

We recognize that challenging times are still ahead of us. But NCPERS will be leading the charge and working side by side with each of you in your local jurisdiction and state. We are committed to our industry’s defense and helping to expand retirement security to all Americans.

I want to thank and honor you for your commitment to America’s public retirees. Your job is an important one, and by joining us here for education and training, you have shown that you take it seriously.

Melvyn Aaronson NCPERS President

2 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition CONFERENCE GENERAL INFORMATION

REGISTRATION HOURS RECOMMENDED DRESS Registration services are available during the We recommend that you wear layers to all educational following hours: sessions as the temperature in meeting rooms is difficult to regulate at times, and personal comfort can vary Sunday, May 19 2:00 p.m.–5:30 p.m. widely. Monday, May 20 6:30 a.m.–2:00 p.m. Tuesday, May 21 7:00 a.m.–2:00 p.m. Wednesday, May 22 7:30 a.m.–12:00 p.m. CELL PHONES/PDAs Please remember to respect your neighbors and turn off your cell phones, pagers, and other electronic devices (or EXHIBIT HALL HOURS put them on vibrate) while in sessions. The exhibit hall will be open during the following hours:

Sunday, May 19 4:00 p.m.–6:00 p.m. SECURITY/MEDICAL EMERGENCIES Monday, May 20 8:00 a.m.–2:00 p.m. Tuesday, May 21 8:00 a.m.–2:00 p.m. To reach the Hilton Hawaiian Village’s security department for nonemergency situations, dial ext. 45 from any hotel house phone. For fire and police emergencies, dial 911. REGISTRATION BADGES Please wear your name badge at all times. Your badge serves as your passport to NCPERS activities, including the educational sessions, exhibit hall, and social events. Attendees without name badges will not be admitted.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 3 INDEX OF SPEAKERS

SPEAKER COMPANY PAGE Ackerman, Melissa Aon Hewitt 11, 32 Appel, Matthew State Street Global Advisors 9, 32 Ausman, Michelle Tegrit Technologies 7, 32 Barnett, Thomas WikiStrat 6, 32 Bein, Dennis Analytic Investors, LLC 13, 32 Borkon, Peter Hagens Berman Sobol Shapiro, LLP 7, 33 Byers, Rick Borealis 8, 33 Chattergy, Vijoy State of Hawaii Employees’ Retirement System (HIERS) 8, 33 Check, Darren Kessler Topaz Meltzer & Check, LLP 10, 34 Clark, David Arkansas Local Police and Fire Retirement System 7, 34 Cripps, Alasdair Mesirow Financial 7, 34 Drachman, Jordan Credit Suisse 7, 35 Driscoll, David Buck Consultants 11, 35 Fann, David TorreyCove Capital Partners 12, 35 Flynn, Andrew William Blair & Company 9, 35 Frost, Marcie Washington State Department of Retirement Systems 7, 35 Goldsticker, Ralph BNY Mellon 12, 36 Harris, Richard Denver Employees Retirement Plan & GFOA’S Standing Committee on Retirement and Benefits Administration 6, 36 Hartt, Steve Meketa Investment Group 9, 36 Hood, Michael J.P. Morgan 8, 36 Johnson, Matthew UBS Global Asset Management 7, 37 Jones, Lewis BNP Paribas Investment Partners 10, 37 Katz, Rebecca Motley Rice, LLC 8, 37 Kausch, David Gabriel, Roeder, Smith & Company 11, 38 Kenney, Stephen Hancock Natural Resource Group 10, 38 Kim, Hank NCPERS 10, 38 Klausner, Robert Klausner, Kaufman, Jensen & Levinson 8, 38 Kovel, David Kirby McInerney, LLP 10, 39 Lee, Lydia Lieff, Cabraser, Heimann & Bernstein, LLP 7, 39 Leviton, Jason Block & Leviton, LLP 13, 39 McBride, James Regions Timberland Group 10, 39 McCormick, Christian INTECH 13, 40 McDonald, Jim Northern Trust 8, 40 Minerd, Scott Guggenheim Investments 8, 40 Moran, Michael Goldman Sachs Asset Management 9, 40 Musikavanhu, Tendai Old Mutual Global Index Trackers 10, 40 Nelsen, Steve Law Enforcement Officers’ and Fire Fighters’ Plan 2 (LEOFF2) 7, 41 Padilla, Tina Chicago Teachers’ Pension Fund 12, 41 Park, Soonyong Janus Capital Group 12, 41 Peters, Nick CommCore Consulting 13, 41 Petersen, Kai Buck Consultants 11, 42 Peterson, Philip Aon Hewitt 11, 42 Ramamurthy, Pradeep The Abraaj Group 12, 42 Rehak, Jay Chicago Teachers’ Pension Fund 12, 42 Reilly, Patricia Teachers’ Retirement System of the City of New York 11, 42 Robin, Henry Invesco 12, 43 Roda, Anthony Williams & Jensen 11, 43 Ruddick, Valerie Pathway Capital Management 12, 44 Ruhmann, Sean NEPC, LLC 7, 44 Ruiter, Don City of Daytona Beach Police and Fire Pension Fund 8, 44 Shin, Sunghwan Hongik University 8, 44 Smith, Edward Ullico, Inc. 9, 44 Smith, Jeffrey Eastspring Investments, Inc. 12, 45 Tikellis, Pamela Chimicles & Tikellis, LLP 10, 45 Wohl, Raymond Chicago Teachers’ Pension Fund 12, 45

4 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition SCHEDULE OF EVENTS

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 5 SUNDAY / MONDAY

9:00 a.m. SUNDAY, MAY 19 Keynote Address CONFERENCE REGISTRATION Globalization: Past, Present, and Future 2:00 p.m.–5:30 p.m. | Coral Lounge Ballroom Thomas P.M. Barnett, Chief Analyst, WikiStrat EXHIBITION One of the most important 4:00 p.m.–6:00 p.m. | Coral Ballroom 4–5 strategic thinkers of our time – national security expert and WELCOMING RECEPTION best-selling author Thomas P.M. Barnett – will explain how climate change will 4:00 p.m.–6:00 p.m. | Coral Ballroom 4–5 remake every part of the globe and how those changes Sponsored by Robbins Geller Rudman & Dowd, LLP will determine where pensions should be investing their money in the coming decades. Barnett is in high demand within government circles as a forecaster of global conflict and an expert on the forces that are MONDAY, MAY 20 reshaping the planet. 10:00 a.m. BREAKFAST Empowering Decision Makers to Fill the 6:30 a.m.–8:00 a.m. | Coral Ballroom 1–2 GASB Funding Void Sponsored by William Blair & Company Richard Harris, Denver Employees Retirement Plan and Vice-Chair of GFOA’s Standing Committee on CONFERENCE REGISTRATION Retirement and Benefits Administration The very future, the ongoing sustainability of state and 6:30 a.m.–2:00 p.m. | Coral Lounge Ballroom local DB plans, depends on systematic and adequate levels of funding. And with what GASB has done, that EXHIBITION will be much more difficult than before. Harris will cover the void created by GASB and the initiatives undertaken 8:00 a.m.–2:00 p.m. | Coral Ballroom 4–5 by the GFOA and other national organizations that are advocates for state and local DB plans. Decision FIRST GENERAL SESSION makers have to be empowered with the knowledge and understanding of actuarial information they need 8:00 a.m.–10:30 a.m. | Coral Ballroom 3 for the critical job of funding their plans. It boils down to three things that every state and local pension plan has 8:00 a.m. to do to remain sustainable. The better-funded plans Opening Ceremony and Annual Report have done those three things. The plans in trouble have Honolulu Fire Department Honor Guard and not. If we don’t “raise the bar” on decision makers’ NCPERS President understanding of actuarial information, then there is no assurance that some mistakes of the past will not be 8:30 a.m. repeated in the future. Welcome Remarks Neil Abercrombie, Governor of Hawaii EXHIBIT BREAK 10:30 a.m.–11:00 a.m. | Coral Ballroom 4–5 Sponsored by Ullico, Inc.

6 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition MONDAY

11:00 a.m.–12:00 p.m. 12:15 p.m.–1:15 p.m. Session A Session A How Does the Changing Demographic Affect Avoiding a Front-Page Scandal at Your Pension Commercial Real Estate? Fund: Learning by Example Location South Pacific Ballroom 1 Location South Pacific Ballroom 1 Moderator Stacy Birdwell Moderator John Niemiec Speakers Alasdair Cripps, Mesirow Financial Speakers Lydia Lee, Lieff, Cabraser, Heimann & Sean Ruhmann, NEPC, LLC Bernstein, LLP Matthew Johnson, UBS Global Asset Peter Borkon, Hagens Berman Sobol Management Shapiro, LLP In this presentation, attendees will gain a dynamic This presentation dives into recent hot-button issues understanding of the real estate market from the faced by some retirement board trustees and staff, perspective of a public fund trustee, a consultant, and including kickback claims, pay-to-play allegations, and manager while learning how they can take advantage of insider deals. Identification of these issues can avert the changing investment landscape. front-page headlines and embarrassment for fund officials. Real-life examples will be discussed, and there Session B will be commentary from fiduciary responsibility experts How Do We Transform the Way People Think, Talk, and advice on how to avoid these difficult ethical issues. and Act about Pensions? Session B Location South Pacific Ballroom 2 Hedge Fund Investing: How to Optimize Your Moderator Mel Aaronson Portfolio Speakers Steve Nelsen, Law Enforcement Officers’ and Fire Fighters’ Plan 2 Location South Pacific Ballroom 2 Moderator Dan Fortuna Marcie Frost, Washington State Department of Retirement Systems Speaker Jordan Drachman, Credit Suisse The presentation will address questions such as, The emergence of liquid alternative strategies has “How do we create and maintain public confidence helped investors access the benefits of hedge fund in our retirement plans?” and “How do we improve exposure while improving overall liquidity. But how can plan funding?” It will use examples from the state of investors use this increased liquidity to further optimize Washington and around the country to illustrate practical their portfolios? In this discussion, we investigate answers to these questions. We will discuss what we new ways investors are thinking about liquidity and call “advanced best practices” and the importance of explore how they are using liquid alternative strategies programs such as Secure Choice and Pensionomics. to capitalize on investment opportunities and better manage risk. Session C Improving Retirement System Administration Session C through Technology Administrators’ Open Forum Location South Pacific Ballroom 3 Location South Pacific Ballroom 3 Moderator Mike Taylor Moderator Don Rohan Speakers David Clark, Arkansas Local Police and Fire Retirement System (LOPFI) In response to the need for administrators of small plans Michelle Ausman, Tegrit Technologies to meet and discuss issues with peers who have similar The presenters of this session will discuss how LOPFI challenges, this session will be devoted to municipal and has used technology in the administration of benefits for county public plan administrators and staff members to nearly 18,000 active and retired participants and 500 ask questions and discuss mutual concerns. participating employer groups of its pension system, with a staff of only eight members.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 7 MONDAY / TUESDAY

Session D Implications of Corporate Governance in the TUESDAY, MAY 21 New Millennium BREAKFAST Location South Pacific Ballroom 4 6:30 a.m.–8:00 a.m. | Coral Ballroom 1–2 Moderator Dale Chase Sponsored by William Blair & Company Speakers Rebecca Katz, Motley Rice, LLC Don Ruiter, City of Daytona Beach Police and Fire Pension Fund CONFERENCE REGISTRATION Corporate governance refers to a framework that 7:00 a.m.–2:00 p.m. | Coral Ballroom Lounge determines the leadership, organization, and direction of a company. New developments in corporate EXHIBITION governance have appeared since the financial crisis in the first decade of the 21st century. This presentation 8:00 a.m.–2:00 p.m. | Coral Ballroom 4–5 will discuss the resultant transfer of power in corporate America from management to boards, as required by SECOND GENERAL SESSION Sarbanes-Oxley and the Dodd-Frank Act, and the shift 8:00 a.m.–10:30 a.m. | Coral Ballroom 3 in power from boards to shareholders, recognizing developments such as shareholders’ say on pay, 8:00 a.m. minority voting, proxy access, erosion of antitakeover measures, withhold-vote campaigns, and whistleblower Economic Forecast: 2013 & Beyond laws, among other initiatives. Moderator Hank Kim, NCPERS Panelists Jim McDonald, Northern Trust LUNCH & LECTURE SERIES Michael Hood, J.P. Morgan Scott Minerd, Guggenheim Investments 1:30 p.m.–2:30 p.m. | Coral Ballroom 1–2 Looking beyond immediate economic concerns, the Don’t Take the Lava Rocks: Old Legends and United States appears to be positioned for favorable New Challenges economic growth in the next decade. This panel will Robert Klausner, Klausner, Kaufman, Jensen & Levinson discuss US and global markets, emerging investment There is a long-standing legend that anyone who trends, and recent developments in US fiscal policy. takes a lava rock from Hawaii will suffer bad fortune for 9:00 a.m. stealing a piece of the state’s sacred heritage. Pension funds that fail to guard their own heritage likewise will Panel Discussion on Investing in the suffer the anger of the members and plan sponsors. Infrastructure Asset Class Traditional notions of member rights to retirement Moderator Rick Miller, Ontario Municipal Employees benefits earned are under attack. This session will Retirement System (OMERS) examine the cutting-edge battles in courthouses Panelists Vijoy Chattergy, Chief Investment throughout America. Find out which strategies have Officer, State of Hawaii Employees’ worked and which have failed as we explore solutions to Retirement System (HIERS) the issues they present. Rick Byers, Executive Vice President, Sponsored by BNY Mellon Investment Management Borealis Sunghwan Shin, Hongik University Infrastructure is an asset class that’s gaining attention NATIONAL COMMITTEE ELECTION and popularity. From the Clinton Global Initiative and the 2:30 p.m.–3:00 p.m. | Coral Ballroom 3 Better Buildings Challenge of the AFL-CIO to international efforts by OMERS, infrastructure is an attractive asset class sought for its quality, stable, risk-adjusted returns and job creation potential. This session will explore the concept of infrastructure investing and touch on topics a new investor should consider, such as: (1) how investments in infrastructure create direct and indirect jobs and positive social, environmental, and economic impacts, and (2) how smaller pension plans can participate with large pension plans in this asset class.

8 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition TUESDAY

10:00 a.m. Session B The Future of Retirement Security Opportunities in Small Cap Equities Edward Smith, Ullico, Inc. Location South Pacific Ballroom 2 Public pensions, often vilified as unfunded liabilities, Moderator Pat McElligott are crucial to providing financial security to retirees. Speaker Andrew Flynn, William Blair & Company With the likely reduction in retiree benefits due to future Global equity strategies have slowly begun to gain Social Security reforms, pensions are worth the fight traction in the United States after years of tepid in order to secure the stability of the middle class. Far demand. These strategies are typically large cap from a liability, pension investments spur growth in local developed and market-oriented in nature, with economies and attract America’s most talented workers. significant weightings in big multinational corporations, overlooking the relatively attractive global small cap opportunity set. While the trend toward more globalized EXHIBIT BREAK allocations is positive, investors should be mindful of 10:30 a.m.–11:00 a.m. | Coral Ballroom 4–5 the potential for unintended large cap biased exposure Sponsored by Ullico, Inc. in their portfolios. The inclusion of dedicated small cap mandates helps to offset this bias, but the traditional approach of regionalized small cap exposure is less than optimal. Adding geographically unconstrained small cap 11:00 a.m.–12:00 p.m. exposure is the better solution to enhancing the risk- adjusted return profile of the overall asset allocation. In Session A advocating for a global approach to small cap investing, Alternative Investments: Measuring the Risks this presentation reviews the current global equity investment landscape and addresses some of the key Location South Pacific Ballroom 1 benefits of global small cap. Moderator Cedric Cook Speakers Steve Hartt, Meketa Investment Group Session C Matthew Appel, State Street Global Advisors Shifting GASB Rules Highlight the Changing Environment for Public DB Plans The increasing allocation by institutions to alternative investments has made the task of measuring risk more Location South Pacific Ballroom 3 difficult. Institutional investors are looking for models and Moderator Jeff Briggs tools to measure volatility, liquidity, and exposures on Speaker Michael Moran, Goldman Sachs Asset their alternative investments. During this presentation, Management we will discuss the various methods for measuring risk New rules issued in 2012 by the Governmental on alternative investments and assimilating them with Accounting Standards Board (GASB) represent a “sea core assets. change” in financial reporting for public defined benefit pension plans. The changes will result in balance sheet recognition of the net pension liability, increased volatility across a number of pension-related metrics, and a disconnect between expense recognition and contributions. In addition, changes to the way discount rates will be calculated could place downward pressure on some already strained funded ratios. As a result, the GASB changes may add yet another layer of stress, if not complexity, for some public plan sponsors. This presentation will highlight key issues that will likely require public plan sponsor attention in 2013.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 9 TUESDAY

12:15 p.m.–1:15 p.m. route to effecting change and protecting or recouping plan assets. The presentation will take the audience Session A through two case studies, one in which plaintiffs opted to pursue derivative litigation and one in which they Emerging Markets: Are They the Answer opted to pursue class litigation, highlighting the different Investors Crave? variables at play in both instances. The discussion will Location South Pacific Ballroom 1 explore the frequent focus on corporate governance and Moderator Will Pryor shareholder rights by derivative plaintiffs. Speakers Lewis Jones, BNP Paribas Investment Partners LUNCH & LECTURE SERIES Tendai Musikavanhu, Old Mutual Global 1:30 p.m.–2:30 p.m. | Coral Ballroom 1–2 Index Trackers This presentation will look at the structural differences Update on Secure Choice Pension between developed and emerging markets, how Hank Kim, NCPERS developed market situations such as the Euro zone In this session, Hank Kim will discuss the Secure Choice crisis or the sluggish US economy have impacted Pension (SCP) proposal as well as the latest update on emerging markets, how much plans should allocate to state activities. SCP is a proposal designed to provide emerging markets, and how this differs based on the retirement security for workers in the private sector plan’s current allocation. through access to a defined-benefit pension. The SCP is envisioned as a public-private partnership to provide Session B retirement security for American workers, particularly Fundamentals of Timber and Farmland those who work for small businesses, who don’t currently have a defined-benefit pension. The SCP is Location South Pacific Ballroom 2 a viable proposal to bring back pensions to the private Moderator Kathy Harrell sector and achieve retirement security for all American Speakers James McBride, Regions Timberland workers. It leverages the success of public-sector Group pensions and incorporates the flexibility and portability Stephen Kenney, Hancock Natural that is needed in the private sector. Given the retirement Resource Group security crisis facing America and threatening its future The presentation will focus on the fundamental economic performance, the SCP is a concept whose characteristics that make timberland and agriculture time is now. attractive asset classes for institutional Investors. Sponsored by Guggenheim Investments

Session C NATIONAL COMMITTEE EXECUTIVE Fiduciary Litigation: Derivative versus Class Action BOARD ELECTIONS Location South Pacific Ballroom 3 2:30 p.m.–3:00 p.m. | Sea Pearl Ballroom 1–3 Moderator Kelly Fox Speakers Pamela Tikellis, Chimicles & Tikellis, LLP Darren Check, Kessler Topaz Meltzer & Check, LLP David Kovel, Kirby McInerney, LLP As public fund trustees strive to best protect the assets of their plans, they must consider all their tools and options. While many plans currently make use of security class-action or opt-out litigation, or have done so in the past, derivative litigation – wherein a shareholder brings litigation on behalf of the corporation against a third party, usually an officer or director, when the corporation itself has failed to do so – is a lesser-employed technique that is sometimes the best

10 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition WEDNESDAY

9:30 a.m. WEDNESDAY, MAY 22 Disaster Planning for Pension Funds: Lessons Learned from Hurricane Sandy BREAKFAST Patricia Reilly, Teachers’ Retirement System of the City 6:30 a.m.–8:00 a.m. | Coral Ballroom 1–2 of New York Sponsored by William Blair & Company Disaster planning and emergency preparedness is an important tool every organization should have. These CONFERENCE REGISTRATION guidelines offer points an organization needs to think about in order to prepare its own disaster recovery plan 7:30 a.m.–12:00 p.m. | Coral Ballroom Lounge so that, should an interruption occur, it is able to resume operations. During this presentation, Patricia Reilly, THIRD GENERAL SESSION deputy executive director for the Teachers’ Retirement System of the City of New York, will discuss her 8:00 a.m.–10:30 a.m. | Coral Ballroom 3 experience during 2012’s Hurricane Sandy, explaining what worked and the changes that will be made going 8:00 a.m. forward. Justifying Your Actuarial Assumptions Moderator William Lundy, Little Rock Fire Fighters, 10:00 a.m. Local 34 Legislative & Regulatory Update Panelists David Driscoll, Buck Consultants Anthony Roda, Williams & Jensen Kai Petersen, Buck Consultants This presentation will include a discussion of current David Kausch, Gabriel, Roeder, federal legislative and regulatory issues that relate Smith & Company to state and local governmental pension plans. The Perhaps the most important actuarial assumption legislative report will include a discussion of the recently trustees need to understand is the rate-of-return enacted law relating to Roth conversions, the Public assumption which has garnered a lot of focus in the Employee Pension Transparency Act, legislation pending press and across the country as PERS trustees are to modify the pickup rule under the Internal Revenue lowering rate-of-return assumptions. Find out what’s Code, the status of comprehensive tax reform and its behind this trend and get an understanding of the potential impact on retirement plans, and eligibility of assumption-setting process. This session will give state and local employees for Medicare. the actuary’s view of setting the assumption; discuss On the regulatory front, topics that will be discussed what questions trustees should ask the actuary and include pending revisions to the regulations related to investment consultants; and better prepare trustees normal retirement age, the Securities and Exchange for communicating the rate-of-return assumption to Commission’s effort to define municipal adviser, the members, the press, and other interested parties. definition of governmental plan under federal tax law, any new regulatory developments on the pickup rule, 8:45 a.m. IRS guidance on the new Roth conversion law, and efforts by the Municipal Securities Rulemaking Board in Helping Participants Improve Financial Security the public pension area. Melissa Ackerman, Aon Hewitt Philip Peterson, Aon Hewitt REFRESHMENT BREAK The term financial wellness has come to describe 10:30 a.m.–11:00 a.m. | Coral Ballroom Lounge the state of individuals’ current wealth, their financial Sponsored by Ullico, Inc. plans for the future, and their ability to use appropriate resources to create that future. Financial wellness extends beyond retirement planning to prudently managing individual investments, planning for financial needs in all aspects and stages of life, and managing the debt that most individuals take on in order to build wealth.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 11 WEDNESDAY

11:00 a.m.–12:00 p.m. Session C Hit the Reset Button! Improving Diversification Session A Location South Pacific Ballroom 3 The Growth of Emerging Markets Moderator Tina Fazendine Location South Pacific Ballroom 1 Speakers Soonyong Park, Janus Capital Group Moderator Richard Wachsman Ralph Goldsticker, BNY Mellon Speakers Pradeep Ramamurthy, The Abraaj It is often said that diversification is the only free Group lunch available in financial markets; however, based Jeffrey Smith, Eastspring on the 2008 global financial crisis, when supposedly Investments, Inc. uncorrelated asset classes fell simultaneously, some This session will provide an overview of the long-term have openly questioned the benefits of portfolio factors driving growth in Asia, Africa, Latin America, and diversification. Does diversification no longer work in the Middle East; the similarities and differences between this dynamic and uncertain market environment? In our these regions; and the sectors that are likely to benefit. view, it is not that diversification no longer works; rather, In addition, it will touch on the role of private equity in most institutional portfolios were not properly diversified these markets and the risks that need to be managed leading up to the 2008 financial crisis. Join us as we when investing in them. examine risks inherent in most institutional portfolios; the unintended consequences of current institutional Session B trends on portfolio risk; and proposed solutions such as low volatility, risk parity, and risk premia strategies in the Reframing the Public Pension Funding Debate marketplace for improving plan‑level diversification. Location South Pacific Ballroom 2 Moderator Mona Romain Speakers Jay Rehak, Chicago Teachers’ 12:15 p.m.–1:15 p.m. Pension Fund Tina Padilla, Chicago Teachers’ Session A Pension Fund Private Equity: What Pension Trustees Need to Know Raymond Wohl, Chicago Teachers’ Location South Pacific Ballroom 1 Pension Fund Moderator Dan Givens Founded in 1895, the $10 billion Chicago Teachers’ Speakers Henry Robin, Invesco Pension Fund (CTPF) is the oldest public teacher Valerie Ruddick, Pathway Capital pension fund in the country. With more than 55,000 Management active and retired members, the CTPF has traditionally been one of the best-managed and most well-funded David Fann, TorreyCove Capital Partners public pension funds in the nation. Negatively impacted This panel will highlight and discuss some of the key by years of both legislative neglect and deliberate issues facing plan trustees as they evaluate investments undercutting, the CTPF has seen its funding level in the private equity asset class. Valerie Ruddick will drop more than 40 percent in the past 15 years to outline and elaborate best practices relating to due its current level of 56 percent. The panel will examine diligence, investment selection, and monitoring of the immediate dire situation of underfunded pension private equity portfolios. David Fann will focus on the funds and will provide reasonable alternatives to the fee structure of private equity partnerships, including limited options currently being promoted by lawmakers some of the latest trends and their potential impacts, around the country. Join us as we discuss, problem as well as some of TorreyCove’s findings regarding solve, and provide action steps that other severely the relationship between fund performance and underfunded public pensions can use to navigate management fee levels. Henry Robin will delve into forward. The audience will receive CTPF’s new Pension the funding gap that exists in the lower-and middle- Fund Ambassador Program kit, which includes CTPF’s market buyout spaces, with particular emphasis on how newest educational tool: “The Buck Stays Here.” managers build value in that market and how fund size is related to performance.

12 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition WEDNESDAY / THURSDAY

Session B LUNCH & LECTURE SERIES Defining Volatility Management and 1:30 p.m.–2:30 p.m. | Coral Ballroom 1–2 Why It’s Important Public Pensions and the Media: A Tale of Two Views Location South Pacific Ballroom 2 Nick Peters, CommCore Consulting Moderator Peter Carozza, Jr. Speakers Christian McCormick, INTECH This presentation reviews the basic principles of effective media relations and explains how directors and trustees Dennis Bein, Analytic Investors, LLC can put their pension funds in the best light. This session will introduce and develop the concept Sponsored by State Street of low volatility and minimum variance investing. The presenters will review various approaches available to investors and discuss the pitfalls and opportunities CLOSING RECEPTION faced while considering exposure to such strategies. 6:00 p.m.–7:00 p.m. | Coral Ballroom Lounge The session will also examine how portfolios can be Sponsored by Entrust Capital built, where low-volatility strategies fit within the overall plan structure, and what returns and risk avoidance metrics one might expect by adopting such investment CLOSING DINNER & SHOW approaches. 7:00 p.m.–9:00 p.m. | Coral Ballroom 3 Session C Sponsored by Permal Group Entertainment will feature Paradise & Co. Google, Inc., and Its Proposed Recapitalization: A Case Study of Hidden Threats to Corporate Explosive ... exciting ... energetic ... Just a few words to Governance describe Hawaii’s most popular show group. Paradise & Co. gives you more than you could ever imagine. Location South Pacific Ballroom 3 With an array of dazzling costume changes and fancy Moderator John Niemiec footwork set to an undeniable groove, it won’t be Speaker Jason Leviton, Block & Leviton, LLP long untill you realize that you are a big part of this In April 2012, just eight years after going public, Google, memorable, fun-filled dance extravaganza. Inc., announced a recapitalization plan pursuant to which the Company proposed to issue nonvoting stock to all current shareholders in the form of a two-for-one stock split. For example, if an investor owned 1,000 shares of Google’s Class A voting stock before the recapitalization plan, then immediately following the recapitalization, the investor would own 500 shares of Class A voting stock and 500 shares of (newly created) Class C nonvoting stock. This type of transaction, which we anticipate will be embraced by an increasing number of companies, poses a myriad of concerns for public- sector pension funds, many of which are prohibited from owning nonvoting stock. Drawing on experience in litigating the Google matter, this presentation will provide trustees with the types of questions, considerations, and solutions they need to address issues that may arise with nonvoting stock and THURSDAY, MAY 23 controlled companies more generally. ANNUAL BUSINESS MEETING 9:00 a.m.–12:00 p.m. | Kahili Ballroom 2

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 13 NOTES

______

14 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition EXHIBITOR DIRECTORY 2013 EXHIBITOR LIST

This list includes only those exhibitors registered as of April 11, 2013. Not all exhibitors have submitted a directory entry.

EXHIBITING COMPANY BOOTH EXHIBITING COMPANY BOOTH

American Realty Advisors 41 Loomis, Sayles & Company, L.P. 35

Analytic Investors 23 Marco Consulting Group 10

Argent Capital Management, LLC 25 Morgan Stanley Alternative Investment Partners 49

Berman DeValerio 24 Motley Rice, LLC 19

Bernstein Liebhard, LLP 42 Munder Capital Management 50

Bernstein Litowitz Berger & Grossmann 5 Nationwide Retirement Solutions 7

Block & Leviton, LLP 36 New Amsterdam Partners 46

BlueCross BlueShield Association – Newton Capital Management 28 National Labor Office 6 Northern Trust 33 BMO Global Asset Management 2 Old Mutual Global Index Trackers 43 BNP Paribas Investment Partners 39 Pathway Capital Management 48 Capital Dynamics, Inc. 27 PineBridge Investments 26 Chimicles & Tikellis, LLP 32 Pioneer Investments 17 Columbia Management Investment Advisers, LLC 14 Pomerantz Grossman Hufford Cushing MLP Asset Management 13 Dahlstrom & Gross, LLP 34

FIS Group 16 Robbins Geller Rudman & Dowd 30

Gallagher Benefit Services, Inc. 4 Rothschild Asset Management, Inc. 37

Girard Gibbs, LLP 12 S&P Dow Jones Indices 44

Grand Hyatt San Antonio 1 Spector Roseman Kodroff & Willis 11

Great Lakes Advisors 47 Standish 18

Hagens Berman Sobol Shapiro, LLP 22 State Street Global Advisors 29

Hancock Natural Resource Group 3 Tegrit Group 20

ING Investment Management 40 Transamerica Affinity Services 8

Investec Asset Management 9 Ullico, Inc. 31

Janus Capital Group 21 Vitech Systems Group 45

Lazard Asset Management 38 William Blair & Company 15

16 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition MAP OF THE EXHIBIT FLOOR

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 17 AMERICAN REALTY ADVISORS Booth 41

Jennifer S. Lundmark Director, Marketing & Client Service 150 N. Wacker Drive, Suite 1300 Chicago, IL 60606 Phone: 312-905-2004 [email protected] www.americanreal.com

American is an investment adviser registered with the to institutional investors for more than 24 years utilizing US Securities and Exchange Commission under the core and value-added commingled funds and separate Investment Advisers Act of 1940, as amended, and a accounts. The firm’s portfolios include office, industrial, leading provider of real estate investment management multifamily, retail, and other properties nationwide, all of services to institutional investors. With more than which are managed on behalf of American’s clients and $5 billion in assets under management, American has investors. Information regarding American can be found provided real estate investment management services online at www.americanreal.com.

ARGENT CAPITAL MANAGEMENT, LLC Booth 25

Mike Hoover Director of Institutional Sales 100 S. Brentwood Boulevard, Suite 110 St. Louis, MO 63105 Phone: 317-816-9191 [email protected]

Argent Capital Management provides domestic large cap maintaining the highest level of data integrity and growth and small cap core equity portfolio management compliance expected by its clients. Argent is proud of its services to institutional clients including endowments, team and remains committed to continued investment in foundations, corporate and public pension plans, Taft- its people and infrastructure. Hartley plans, and high-net-worth individuals. The investment team firmly believes that companies Argent is a boutique firm that is performance driven, with (1) favorable valuation, (2) management teams combining employee ownership and objective, that understand capital allocation, and (3) catalysts that investment-performance-based compensation systems drive acceleration and growth offer unique investment to align its team’s interests with clients’ success. opportunities. Argent works to create long-term wealth Argent has assembled a team of talented professionals for its clients while minimizing risk through well-seasoned to provide superior investment performance while and disciplined investment processes.

18 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition BERMAN DEVALERIO Booth 24

1 Liberty Square Boston, MA 02109 Phone: 617-542-8300 Fax: 617-542-1194 www.bermandevalerio.com

For more than 30 years, Berman DeValerio has building a reputation for thoughtful analysis, sound represented plaintiffs in complex litigation, chiefly class counsel, and strong advocacy. Institutional investors actions alleging violations of state and federal securities around the country, including many of the nation’s and antitrust laws. Founded in 1982 by a handful of largest public pension funds, have selected the firm as attorneys dedicated to providing justice to the wronged, securities litigation counsel. The firm has 38 attorneys in the firm has become a powerful player in its field while offices in Boston, San Francisco, and South Florida.

BMO GLOBAL ASSET MANAGEMENT Booth 2

Jennifer M. Pedigo CFA Managing Director – Head of Institutional Sales 115 S. LaSalle Street, 11th Floor Chicago, IL 60603 Phone: 312-461-5044 [email protected]

BMO Global Asset Management is a global asset Taplin, Canida & Habacht for domestic fixed-income and management business with over $125 billion in combined custom strategies. assets under management as of January 31, 2013. BMO Global Asset Management comprises two multidisciplined BMO Global Asset Management provides services to managers, BMO Asset Management (Canada)® corporations, not-for-profit organizations, Taft-Hartley and BMO Asset Management U.S., along with four funds, government entities, and individuals. Its clients investment boutiques: Lloyd George Management for are served through a variety of investment vehicles emerging and frontier markets, Monegy® for high-yield including separate accounts, commingled vehicles, and fixed income, Pyrford International for global equities, and publically traded mutual funds.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 19 CAPITAL DYNAMICS, INC. Booth 27

Jack Foster Vice President 645 Madison Avenue, 19th Floor New York, NY 10022 Phone: 212-798-3419 [email protected]

Capital Dynamics is an independent, global asset Its experience and culture of innovation give the firm manager, investing in private equity and clean energy superior insight and help it deliver returns for its clients. infrastructure. It is client focused, tailoring solutions to It invests locally while operating globally from its London; meet investor requirements. It manages investments New York; Zug; Tokyo; Hong Kong; Silicon Valley; Sao through a broad range of products and opportunities Paulo; Munich; Birmingham, United Kingdom; and including separate account solutions, investment Brisbane offices. funds, and structured private equity products. Capital Dynamics currently has $17 billion in assets under 1. Capital Dynamics comprises Capital Dynamics management.1 Holding AG and its affiliates; assets under management include assets under discretionary management as well The firm’s investment history dates back to 1988. Its as advisory assets of all Capital Dynamics affiliates. senior investment professionals average over 20 years of Investments are primarily on behalf of funds managed investing experience across the private equity spectrum. by Capital Dynamics.

COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLC Booth 14

225 Franklin Street Boston, MA 02110 Phone: 800-225-2365

Backed by more than 100 years of experience, operate independently while being held accountable Columbia Management is a leading asset manager with by a rigorous risk management oversight process. $300.2 billion in assets under management.* The firm Columbia Management provides investors with a broad is responsible for managing the assets of some of the range of investment solutions with an equally balanced most prominent corporations, unions, endowments, suite of products that encompasses both traditional and sovereign wealth funds, and foundations. The firm alternative asset classes through separately managed believes that strong investment performance is driven accounts and pooled investments. The firm seeks to by rigorous in-house, proprietary research, and it invests provide strong results for its clients through consistency in in the technology and talent necessary to deliver timely its applied processes that focus on both return and risk. insights and deep, thoughtful analysis. Its specialized investment teams are encouraged to be innovative and *Information as of December 31, 2012.

20 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition FIS GROUP Booth 16

Annette J. Allison Assistant Vice President 1818 Market Street, Suite 3205 Philadelphia, PA 19103 Phone: 215-567-1100 [email protected]

FIS Group is an asset management and investment decision to maintain a flat organizational structure that advisory firm that seeks to generate alpha for its clients invites professional insight from the bottom up and (2) by investing in domestic and global equities. Founded the intellectual rigor applied to cutting-edge research in 1996, FIS Group offers entrepreneurial (or emerging) produced by FIS Group’s investment strategy team, led manager strategies to an institutional market: public by founder and CIO Tina Byles Williams. funds, corporations, endowments, and foundations. The firm has $3.4 billion in assets under management and *Assets under management (AUM) are assets for which investment advisory assets.* FIS Group has full discretion to hire and terminate submanagers ($2.6 billion as of February 28, 2013). FIS Group mines alpha through proprietary manager Additionally, the firm’s AUM includes directly managed selection and portfolio construction processes that non-fee-paying assets of $1.3 billion as of February reflect its macro-based investment strategy. The firm’s 28, 2013. Investment advisory assets are all assets for portfolios are tailored to meet its clients’ investment which FIS Group has less than full discretion to hire or objectives while observing their risk tolerance bands. terminate submanagers but provides portfolio structure, manager recommendations, and performance reporting The firm’s culture encourages and cultivates thought ($787 million as of February 28, 2013). leadership, which is expressed through (1) the strategic

GALLAGHER BENEFIT SERVICES, INC. Booth 4

William F. Robinson, Jr. Area Senior Vice President 6399 South Fiddler’s Green Circle, Suite 200 Greenwood Village, CO 80111-4949 Phone: 303-220-7575 [email protected] www.ajg.com

Gallagher Benefit Services, Inc. (GBS), a subsidiary Voluntary Life Insurance Plan, a plan GBS designed of Arthur J. Gallagher & Co., is one of the largest in 1969. It also created and now markets the new worldwide insurance consultants/brokers. The Colorado NCPERS Family Protection Plus Group Voluntary Life GBS office specializes in large public-sector health Plan, which does not require payroll deductions, for consulting. Areas of specialization include self-funding, public safety retirement systems. cafeteria plans, CDHPs, healthcare reform compliance, and health actuarial services, including Governmental Beginning in 2012, Gallagher Risk Management Accounting Standards Board 45. For many years, Services, Inc., began offering the NCPERS Fiduciary GBS has managed and marketed the NCPERS Group Liability Insurance Program for member plan trustees.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 21 GIRARD GIBBS LLP Booth 12

John Kehoe 601 California Street, 14th Floor San Francisco, CA 94108 Telephone: 415-981-4800 [email protected]

Girard Gibbs, LLP, is a national litigation firm Journal named Girard Gibbs to its elite Plaintiffs’ Hot representing plaintiffs in class and collective actions List for 2012, a selection of top U.S. plaintiffs’ firms in state and federal courts and in arbitration matters recognized for achievements in high-profile cases. worldwide. The firm serves institutional investors and The firm’s senior partners, Daniel C. Girard and Eric H. individuals in securities, antitrust, consumer protection, Gibbs, have additionally been recognized as two of the and employment cases. Our clients include public Top 100 Super Lawyers in Northern California and were pension funds, Fortune 100 corporations, and individual selected by their peers for inclusion in The Best Lawyers investors, and it has recovered over a billion dollars on in America 2012–2013. Best Lawyers also designated behalf of its clients in class actions and nonclass cases. Girard as the 2013 Lawyer of the Year in San Francisco In addition to litigation, the firm also provides consulting for class-action litigation. Girard and Gibbs have both and strategic counseling services to institutional clients earned AV-Preeminent ratings from Martindale-Hubbell, and professionals in securities litigation, corporate recognizing them in the highest class of attorneys for governance, and international business matters. professional ethics and legal skills, and were featured in the 2012 edition of San Francisco’s Top AV-Preeminent Girard Gibbs was distinguished as a Tier 1 law firm Rated Lawyers. Five of the firm’s attorneys have also for plaintiffs’ class-action litigation in the 2013 Best been selected as Northern California Super Lawyers, Law Firms list, an annual survey published in the U.S. and three have been recognized as Northern California News & World Report Money Issue. The National Law Rising Stars.

GRAND HYATT SAN ANTONIO Booth 1

Claudia Hill, CMP Senior Sales Manager 600 East Market Street San Antonio, TX 78205 Phone: 830-228-5760 [email protected]

The only hotel adjacent to the convention center and on function space, a 5,200-square-foot balcony, abundant the San Antonio Riverwalk offers world-class catering, guest rooms, expansive facilities, and impeccable expert meeting planners, multilingual staff, and modern, services make every meeting a success. stylish facilities. A total of 115,000 square feet of flexible

22 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition HAGENS BERMAN SOBOL SHAPIRO, LLP Booth 22

715 Hearst Avenue, Suite 202 Berkeley, CA 94710 Phone: 510-725-3000 Fax: 510-725-3001 www.hbsslaw.com

Hagens Berman Sobol Shapiro, LLP (Hagens Berman) the sixth year, Hagens Berman is known for its adept is a nationwide law firm that advises institutional representation of plaintiffs in securities, investment investors on issues related to corporate governance, fraud, product liability, tort, antitrust, consumer fraud, shareholder rights, and securities litigation. It provides employment, environmental, intellectual property, and comprehensive asset protection services, including Employee Retirement Income Security Act (ERISA) portfolio monitoring, fraud detection, and securities cases. Its team of securities attorneys strives to protect litigation, to institutional investors across the country. its clients’ funds against corporate malfeasance. Since its founding in 1993, Hagens Berman has obtained over $260 billion in recovery for investors As a result of its skill and reputation, Hagens Berman and achieved precedent-setting corporate governance is currently serving and has served as lead counsel in reforms on behalf of its institutional investor clients. many of the nation’s highest-profile cases, including cases such as Toyota unintended acceleration litigation, Hagens Berman has consistently been recognized Charles Schwab Yield Plus Fund litigation, Reserve Yield by peer-reviewed journals and industry experts as Plus Fund litigation, Enron ERISA litigation, Bank of being at the top of the profession. Recently named America litigation, and LIBOR litigation. to the National Law Journal’s Plaintiffs’ Hot List for

JANUS CAPITAL GROUP Booth 21

Susan Oh Senior Vice President 151 Detroit Street Denver, CO 80206 Phone: 800-227-0486

Janus Capital Group is an asset management firm solutions for clients and investment expertise to founded in 1969. Headquartered in Denver, Colorado, specific market segments, including corporate plans, with offices in 14 countries, Janus Capital Group endowments and foundations, Taft-Hartley funds, and provides clients globally with a diverse range of public funds. In addition, the consultant relations team research-driven equity, fixed-income, alternative, is focused on providing information and services to mathematical-equity, and value-equity solutions for consultants in both US and non-US markets. Assets clients managed by Janus, INTECH, and Perkins under management as of December 31, 2012, totaled Investment Management. In the United States, its $156.8 billion, including $38.5 billion for US institutional dedicated institutional team provides specialized clients.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 23 MOTLEY RICE, LLC Booth 19

Rebecca Katz (NY) 275 Seventh Avenue, 2nd Floor New York, NY 10001 Phone: 212-577-0041 [email protected]

With a tradition of pursuing socially conscious causes The firm understands the responsibilities and interests and a history of working hard to improve the lives of of institutional investors who have a financial stake in those harmed by corporate wrongdoing, Motley Rice US markets, and its attorneys are committed to finding is one of the nation’s largest plaintiffs’ litigation firms. innovative and effective ways to protect plan assets and Motley Rice’s securities and consumer fraud team foster the integrity of America’s capital markets. With handles complex securities investment fraud, corporate more than 70 attorneys, eight offices, and hundreds merger and acquisition, shareholder derivative, and of staff, the firm has extensive experience in individual diverse investment-related matters on behalf of state cases, consolidated trials, multidistrict litigation, and and municipal retirement systems, multiemployer and class actions. Motley Rice proudly supports numerous union plans, and other institutional investors. Through professional associations such as NCPERS. the civil justice system, the firm seeks to improve corporate governance, ensure market fairness, promote To learn more about the firm, its practice areas, and its openness in mergers and acquisitions, and recover people, visit www.motleyrice.com. damages caused by corporate fiduciaries’ wrongdoing.

OLD MUTUAL GLOBAL INDEX TRACKERS Booth 43

Tendai Musikavanhu 225 Franklin Street, 26th Floor Boston, MA 02110 Phone: 617-482-1005

Old Mutual Global Index Trackers (OMGxT) was formed Mutual Investment Group South Africa, which allows it to in South Africa in 2001 and is currently Africa’s largest provide its clients with niched management experience index tracker house with $6.6 billion in assets under and world-class governance standards. management as of December 31, 2012. OMGxT’s vision is to build a world-class index tracking business OMGxT believes that passive fund management gives by providing clients, both locally and internationally, with low-cost access to the world’s least liquid markets cost-effective access to niched markets – vanilla or that typically are more costly for higher-volume trading customized through index tracking. OMGxT is able to strategies. The firm is able to assist clients in obtaining service its global client base through offices in Boston access to the world’s emerging and frontier markets, as well as Johannesburg and Cape Town, South Africa. which have a relatively low correlation to the developed The firm’s experience in managing funds in less liquid markets. The firm believes that cost-effective tracking markets offers a unique opportunity for clients to gain solutions can add significant value to a client’s overall access to emerging, frontier, and African markets. investment portfolio. OMGxT is housed within the Old Mutual Group via Old

24 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition PIONEER INVESTMENTS Booth 17

Craig DeGiacomo Vice President, Institutional Sales & Consultant Relations Phone: 617-422-4205 [email protected]

Pioneer Investments is an investment management Institutional clients include corporate and public pension firm established in 1928 by founder Phillip Carret. plans, defined contribution plans, endowments, Carret helped originate the value style of investing, foundations, Taft-Hartley, family office, insurance, which remains the pillar of Pioneer’s investment culture subadvisory, and healthcare plans. Institutional today. In 2006, Pioneer Investments formed Pioneer investment vehicles include separate accounts, Institutional Asset Management, Inc., as a separate collective investment trusts, LLCs, and institutional US-registered investment advisor focused solely on the mutual fund shares. Pioneer Investments currently has institutional asset management business. a presence in over 25 countries around the world, with global investment offices in Boston, Dublin, and London, Today, Pioneer offers equity and fixed-income products and manages assets valued at over US$208 billion as of to a broad range of retail and institutional clients. December 31, 2012.

ROBBINS GELLER RUDMAN & DOWD, LLP Booth 30

Meredy Atwood Institutional Investor Relations 655 W. Broadway, Suite 1900 San Diego, CA 92101 Phone: 619-231-1058 [email protected]

Robbins Geller Rudman & Dowd, LLP (Robbins Geller) Netherlands; Paris, France; Rome, Italy; and Melbourne, has repeatedly been recognized as the world’s largest Australia. Over the years, Robbins Geller attorneys and most successful plaintiffs’ securities fraud litigation have served as lead counsel to institutional clients in firm. With nearly 200 lawyers (many of whom are hundreds of securities cases and have recovered tens former federal and state prosecutors or ex–Securities of billions of dollars for defrauded shareholders. These and Exchange Commission lawyers) and more than representations have resulted in the largest securities 450 total employees, including forensic accountants, class-action recovery in history (Enron – over $7.3 economists, damage analysts, investigators, paralegals, billion recovery), the largest-ever options backdating database programmers, and computer security experts, recovery (UnitedHealth – $925 million recovery), the Robbins Geller currently advises more than 800 largest opt-out recovery (WorldCom – $657 million institutional investors, including public and multiemployer recovery), the largest Section 11 credit crisis recovery pension funds, fund managers, banks, and insurance (Wachovia – $627 million recovery), and the largest companies. Robbins Geller has offices in San Diego; corporate takeover recovery (Kinder Morgan – $200 San Francisco; Washington, D.C.; New York; Chicago; million recovery) and have secured a historic jury verdict Philadelphia; Atlanta; Boca Raton; and London resulting in $2.25 billion in claims for the shareholder and also has attorneys and advisers in Amsterdam, class in Household Int’l, Inc.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 25 STANDISH Booth 18

Dan Lass Phone: 415-722-2279 [email protected]

Headquartered in Boston, Massachusetts, Standish and requires both strong risk controls and a high level of is a dedicated fixed-income manager with more than dedicated client service. $166.8 billion in assets under management as of January 1, 2013. Standish traces its roots back to 1933, Standish is organized into four divisions: Active Fixed when its predecessor firm, Standish, Ayer & Wood, Income, Cash, Stable Value, and Tax-sensitive Fixed Inc., began managing fixed-income portfolios for US Income. The management team of each division includes financial institutions, banks, and insurance companies. members of Standish’s Senior Management Committee Standish currently offers a wide range of credit-based led by Chairman and Chief Executive Officer Desmond and specialty bond strategies, including structured Mac Intyre, who reports to Mitchell Harris, president of product workout solutions for pension funds, sovereign investment management for Bank of New York. wealth funds, central banks, endowments, foundations, insurance companies, and other institutions. As a wholly Standish’s fixed-income product lineup spans the entire owned subsidiary of the Bank of New York Mellon fixed-income spectrum with expertise in short duration, Corporation, Standish enjoys the support and backing stable value, global fixed income, emerging markets of a well-capitalized parent company with a strong debt (local currency and US dollar denominated), US balance sheet. Standish emphasizes fundamental core/core plus, interest rate products, US municipals, research and quantitative models in an attempt to and distressed debt. These products are managed outperform agreed-upon client benchmarks. This by discrete sector teams that report to the respective combination permits highly customized client solutions division heads.

STATE STREET GLOBAL ADVISORS Booth 29

Gregory Balewicz Phone: 617-664-3768 [email protected]

State Street Global Advisors (SSgA) is a global leader with advanced research capabilities to manage client- in asset management, entrusted with more than $2.1 focused solutions, including broad-based to highly trillion* in assets from corporations, endowments and specialized passive and active strategies. SSgA has also foundations, third-party asset gatherers, pension funds, attained ETF industry leadership, with SPDR®, including and sovereign wealth funds.** These sophisticated first-to-market launches with gold, international real institutions rely on SSgA’s disciplined, precise estate, and fixed-income and sector ETFs. investment process, combined with a powerful global investment platform, to give them access to every major *As of December 31, 2012. asset class, capitalization range, and style. As the asset **This asset under management includes the assets management business of State Street Corporation, one of the SPDR Gold Trust (approximately $72 billion of the world’s leading providers of financial services as of December 31, 2012), for which State Street to institutional investors, SSgA’s global reach extends Global Markets, LLC, an affiliate of State Street Global to 10 global investor centers and offices in 29 cities Advisors, serves as the marketing agent. worldwide.* SSgA combines a depth of expertise

26 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition TEGRIT GROUP Booth 20

Michelle Palatas Director Phone: 734-402-8932 [email protected]

Tegrit Group provides software solutions, actuarial tailored to the specific needs of end users. consulting, and administrative services for defined benefit and defined contribution plans. The technologies OnBase® is the industry-leading document division provides products and services enabling management solution from Hyland Software. Tegrit is an any size public pension fund to effectively serve its authorized reseller of this powerful electronic content- members. Tegrit Group comprises more than analysts, management solution. It can help your fund manage programmers, and software designers – it comprises its pension records effectively while securing your public-sector benefit specialists delivering top-notch documents from loss or theft. products and superior customer service. Tegrit understands your business is unique, so it Tegrit Arrivos® is a powerful and user-friendly suite recruits and develops teams of technical and business of web-based software tools for pension systems. consultants who focus on pension funds. It brings Arrivos can be fully integrated with workflow, imaging, to each project experience developing software for and accounting packages. The parameter-driven pension-administration systems, employer-reporting architecture provides both an agile and a versatile portals, member self-service portals, imaging software, environment, allowing each implementation to be and actuarial valuation software.

TRANSAMERICA AFFINITY SERVICES Booth 8

Keith Schaub RVP, Business Development 100 Light Street, Floor B1, MS3239 Baltimore, MD 21202-2559 Phone: 800-229-6565, ext. 1505298

Envision a team whose foundation, for over four managing general underwriters to design cobranded decades, has been serving its partners. The and highly valuable insurance solutions to affinity Transamerica Affinity Services team is dedicated to markets. It offers a customized experience tailored servicing, selling, and managing an extensive national to meet the needs of your organization. It focuses portfolio of group life and supplemental health insurance on serving consumers with leading-edge products, products developed by the Transamerica company services, administration, and distribution solutions carriers. Its team combines leading-edge products, that address multiple consumer needs during specific services, administration, and distribution with state- life stages. It will partner with you to build and deliver of-the-art database technologies and direct response solutions that utilize targeted, cobranded, multichannel expertise to help you bridge the distance between marketing. where you are today and where your organization wants to go tomorrow. Transamerica Affinity Services is a business unit of the Transamerica companies. Transamerica has key offices Transamerica Affinity Services partners with leading throughout the United States and Canada and around brokers, consultants, third-party administrators, and the world.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 27 VITECH SYSTEMS GROUP Booth 45

Mr. James Vitiello 401 Park Avenue South New York, NY 10016 Phone: 212-868-0900 [email protected] www.vitechinc.com

Vitech Systems Group is the nation’s leading provider of center, workflow, and imaging capabilities allow you to web-based enterprise software solutions for mid- and transform the way you do business. large-size multiemployer public pension funds. Its V3 software is a proven solution designed specifically for V3 includes uniquely powerful features for the rule- the needs of public retirement systems. The V3 system based definition of contribution formulas, benefit is unrivaled in the marketplace. It is uniquely powerful structures, pension calculations, payment and billing and tremendously flexible. It provides vast out-of-the- procedures, and business processes. V3 can handle box functionality yet can be customized and configured an unlimited number of contribution rules, pension to meet your most specific needs and requirements. It is plans, pension types, and pension options in a single a proven product that helps ensure stability and provides integrated solution. Vitech has unparalleled experience ongoing vendor support, a valuable user community, and a unique position in the benefits administration and ongoing product enhancements and upgrades that community. We have been working with pension fund do not require reintegration or a new implementation. organizations for almost 20 years, and this is the prime V3’s powerful benefits-processing features improve the focus of our business. V3 is used to administer benefits accuracy and timeliness of your operations. Its unique for more than 12 million participants nationwide, and integrated approach and transparent processing design with a staff of over 700 service professionals, Vitech is empower your organization and dramatically improve ready to help you meet any challenge. customer service. V3’s fully integrated CRM, call

WILLIAM BLAIR & COMPANY Booth 15

John McLaughlin, CFA Partner 222 West Adams Street Chicago, IL 60606 Phone: 312-364-8194 [email protected]

William Blair & Company is a Chicago-based, 100 uses a fundamentally driven investment approach percent active, employee-owned investment firm and oversees over $52 billion in assets (as of March founded by William McCormick Blair in 1935. The firm 31, 2013). The majority of its client assets have been has always been conservatively managed; it has a entrusted to the firm by financial institutions and strong balance sheet with no third-party debt, and all institutional plan sponsors including corporations, equity comes from the capital investment of the 174 foundations, endowments, public entities, and Taft- partner-owners. Its investment management group Hartley plans.

28 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition NOTES

______

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 29 NOTES

______

30 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition SPEAKER BIOGRAPHIES SPEAKER BIOGRAPHIES

MELISSA ACKERMAN THOMAS P. M. BARNETT

Melissa Ackerman is a vice president with Aon Hewitt Thomas P. M. Barnett is a strategic planner who has and is responsible for developing administration solutions worked in national security affairs since the end of the for clients’ defined benefit programs. She is known for Cold War and has operated his own consulting practice creative solutions that consider the unique needs of both (Barnett Consulting) since 1998. He currently serves as public and private plans. chief analyst for WikiStrat, a strategic advisory Internet Prior to her current role, Ackerman was a leader firm, and he writes for World Politics Review and Esquire. in several roles within Aon Hewitt’s defined benefits He is a fellow at the Oakridge Strategy Group. practice. She managed delivery for a segment of A New York Times–bestselling author and a administration clients. She also led administration nationally known public speaker who has been profiled service implementations, specializing in organizations on the front page of the Wall Street Journal, Barnett is in with highly complex plans and cultures. Ackerman high demand within government circles as a forecaster was and continues to be a champion of best-practice of global conflict and an expert on globalization, as well development and technology solutions that serve as the as within corporate circles as a management consultant foundation for Aon Hewitt’s benefits delivery. and conference presenter. An award-winning professor, She is an advocate of retirement education and Barnett has written for Wired, Good, National Review, planning. She recently spoke at the 2012 SALGBA and the Washington Post, and has been interviewed by annual conference about pension web applications and Rolling Stone, Economist.com, Time.com, BBC World diversity impact on healthy retirement behaviors. Service, CNN, Fox News, and Nihon Keizai Shimbun Ackerman has been with Aon Hewitt since 1996. (Japan’s Nikkei News). Having granted numerous She holds a bachelor of arts in mathematics from interviews since 9/11, Barnett has been described by Northwestern University. U.S. News & World Report’s Michael Barone as “one of the most important strategic thinkers of our time.” Barnett has a BA (honors) from the University of MATTHEW D. APPEL Wisconsin with a double major in Russian language and literature and international relations (emphasis—US Since joining State Street in 2004, Matt Appel has held foreign policy). Following Wisconsin, Barnett earned an various positions, including vice president in the Private AM in regional studies (Russia, Eastern Europe, and Edge Group and alternative assets strategist in State Central Asia) and a PhD in political science (major— Street Global Advisors’ Strategy Group. Currently, international relations; minor—comparative politics) from he is a member of the Risk Advisory Team of State Harvard University. Street’s Risk Services unit, which provides risk tools and solutions to more than 100 clients. Prior to State Street, Appel worked at two private equity firms as well as in Dennis Bein the investment departments for Keyport Life Insurance Company and First Variable Life. Dennis Bein is chief investment officer and portfolio Appel earned a bachelor in business administration manager of Analytic Investors. As CIO, he oversees the at the University of Massachusetts–Amherst and an MFS implementation of the firm’s investment strategies. He at the Carroll School of Management at Boston College. is a major contributor to the firm’s ongoing research He has been a member of the Chartered Financial efforts as well as new product development and strategy Analysts Institute since 1998. applications. As a portfolio manager, Dennis focuses on day-to-day portfolio management and research related to equity-based investment strategies. MICHELLE AUSMAN Prior to joining Analytic Investors, Dennis was a senior consultant for Analysis Group, Inc., where he Michelle Ausman is the senior manager of client provided investment consulting services for institutional support and training for Tegrit Group and serves on the investors and plan sponsors. He advised pension leadership team. Her career spans 20-plus years with fund managers on topics such as investment objective an emphasis on client relations in various industries, definition, asset allocation analysis, manager selection including owning her own business. She is in her and manager performance evaluation. fifth year with Tegrit, and her team is responsible for Dennis earned his BA in business administration postimplementation client support, including application and MBA in finance from the University of California, support, application training, special projects, and Riverside. ultimately client satisfaction. Ausman also has had her hand in various other Tegrit special projects as requested. She earned a bachelor of science from Eastern Michigan University and holds various other certifications and licenses.

32 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition SPEAKER BIOGRAPHIES

PETER BORKON RICK BYERS

Peter Borkon is a partner at Hagens Berman’s San Rick Byers joined Borealis in January 2008 and is Francisco office, where he has worked since 2007. His responsible for leading Borealis’ capital raise efforts in practice focuses on representing institutional investors in conjunction with OMERS Strategic Investments. With 16 complex civil litigation, particularly securities class actions years’ experience in investment banking with BMO Capital and shareholder derivative suits. He has also worked Markets, he has transaction and advisory experience as an adjunct professor at the University of California on infrastructure investments as diverse as Toronto’s Hastings College of the Law and is trained to serve as international airport, a major toll highway, and assets a judge pro tem in San Mateo County, California. He owned by federal government corporations in such sectors regularly speaks and publishes on issues of securities as civil air navigation service, postal service, passenger fraud, portfolio monitoring, and fiduciary obligations. rail service and atomic energy. His background includes Borkon was a key team member in In re Homestore service with the Minister of Finance in Ottawa. Securities Litigation, resulting in settlements valued at Byers received his bachelor degree in communication more than $100 million. At Hagens Berman, he has from the University of Toronto and his MBA from the been a team member in several securities class actions University of Ottawa. He is also a chartered accountant. including In re Northwest Biotherapeutics Securities Litigation, In re BigBand Networks Securities Litigation, In re Charles Schwab Corp. Securities Litigation, In re VIJOY PAUL CHATTERGY Reserve YieldPlus Fund Securities Litigation, and In re PG&E Derivative Litigation. Vijoy Paul Chattergy is the chief investment officer for Borkon is a member of the State Association of the State of Hawai‘i Employees Retirement System County Retirement Systems, the Michigan Association (HIERS), and reports directly to the board of trustees and of Public Employee Retirement Systems, the California the administrator. His role involves investment policy Association of Public Retirement Systems, and the construction, portfolio management, asset allocation, National Association of Public Pension Attorneys. He and strategic development of the investment office. is also a member of the International Foundation of Additionally, Mr. Chattergy oversees monitoring HIERS Employee Benefit Plans and the National Conference on investments and evaluation of risk/return opportunities. Public Employee Retirement Systems. He interacts very closely with outside consultants to Borkon was named a “Northern California rising star” enhance the investment program under the direction of in the August 2010 and 2011 issues and a “super lawyer” the board of trustees. in the 2012 issue of Super Lawyer magazine. He served Prior to joining HIERS, Mr. Chattergy worked for as the co-chair of the board of directors of the AIDS the East-West Center and FG Energy as a consultant. Legal Referral Panel and serves as a co-chair of the Bay Previously, Mr. Chattergy was a senior level analyst with Area Lawyers for Individual Freedoms, Judicial Review the fund of hedge fund group at SPARX International Committee. He was also a Steinberg Leadership Fellow Limited based in Hong Kong and Tokyo. with the Anti-Defamation League. Borkon graduated Before relocating to Asia, Mr. Chattergy worked from DePauw University in 1992 with a bachelor of arts in New York City for Andrew Kalotay Associates, a degree. He earned his law degree from Southern Illinois boutique debt advisory and analytics firm, and at The University at Carbondale in 1996. Since that time, he has Bond Market Association, a trade group for fixed-income actively engaged in the practice of law at the trial and broker/dealers. His financial industry career began at the appellate levels. Borkon clerked for the chief judge of the Federal Reserve Bank of New York, which included work Southern District of Illinois as well as for the Ninth Circuit on the foreign exchange trading desk, foreign reserves Court of Appeals. operations, and Treasury auctions. Borkon is admitted to practice law in Illinois and Mr. Chattergy is a board member of the Hawaii California as well as numerous federal courts in California, Council of Economic Education and a member of the New Illinois, Wisconsin, Colorado, and the Supreme Court of York Society of Securities Analysts and CAIA Association. the United States. He was recently recognized as a 2013 Rising Star of Public Funds by Money Management Intelligence. He is a co-founder of the Truman Scholars Association, and served as its president in 2000. Mr. Chattergy was a charter corps member of Teach For America. Mr. Chattergy holds an MBA from Cornell University and an MSc from the London School of Economics. He graduated Phi Beta Kappa and Cum Laude from the College of the Holy Cross, where he was a Truman Scholar and a Dana Scholar. He holds a charter from the Chartered Alternative Investment Analyst Association (CAIA).

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 33 SPEAKER BIOGRAPHIES

DARREN CHECK DAVID CLARK

Darren J. Check, a partner at Kessler Topaz Meltzer & David Clark joined the staff of the Arkansas Local Check, concentrates his practice in the area of securities Police and Fire Retirement System and the Arkansas litigation and institutional investor relations. He is a Fire and Police Pension Review Board in July 1999 as graduate of Franklin and Marshall College and received the assistant director. In December 2004, the board of his law degree from Temple University School of Law. trustees moved him to the executive director position, Check is licensed to practice in Pennsylvania and New which is the role he continues to serve in. Through Jersey. the combined efforts of a skilled and dedicated staff Currently, Check concentrates his time as the coupled with a highly supportive board of trustees, Clark firm’s director of institutional relations and heads up the implemented a series of technological improvements that firm’s Portfolio Monitoring and Business Development have significantly streamlined the administrative functions departments. He consults with institutional investors of the retirement system. from around the world regarding their rights and Prior to joining the retirement system he served as responsibilities with respect to their investments and a police officer in northwest Arkansas. Clark graduated taking an active role in shareholder litigation. Check magna cum laude from Walden University with a assists clients in evaluating what systems they have in bachelor of science in business administration. He enjoys place to identify and monitor shareholder and consumer volunteering at his church as well as having fun with a litigation that has an effect on their funds, and also new pastime of motorcycle riding. He lives in Little Rock, assists them in evaluating the strength of such cases Arkansas, and may be reached at [email protected]. and to what extent they may be affected by the conduct that has been alleged. He currently works with clients in the United States, Canada, the Netherlands, United ALASDAIR CRIPPS Kingdom, France, Italy, Sweden, Denmark, Finland, Norway, Germany, Austria, Switzerland, and Australia. Alasdair Cripps joined Mesirow Financial in September Check regularly speaks on the subjects of 2007. He is responsible for leading the direct equity shareholder litigation, corporate governance, investor real estate investment business and participates in all activism, and recovery of investment losses. He aspects of the investment process. Cripps is a member has spoken at or participated in panel sessions of the Mesirow Financial Institutional Real Estate–Direct at conferences around the world, including the Investment Committee. He is a well-known and highly Corporate Governance and Responsible Investment regarded professional in the industry with more than 24 Summit, the Public Funds Roundtable, the National years of experience. Conference on Public Employee Retirement Systems, Most recently, he was a partner and a portfolio the International Corporate Governance Network, the manager at Capri Capital Partners, where he oversaw International Foundation for Employee Benefit Plans a portfolio of more than $3.5 billion in real estate Annual Conference, the Florida Public Pension Trustees assets. Cripps has completed more than $3 billion in Association Annual Conference, the Pennsylvania transactions (acquisitions and divestitures), and was Association of Public Employees Retirement Systems, directly responsible for portfolios with a gross market the Georgia Association of Public Pension Trustees, value of more than $4 billion. At Capri, Cripps was the European Pension Symposium, the Public Funds active in all parts of equity real estate, which included Summit, the European Investment Roundtable, and the asset management, financing, acquisition, dispositions, Australian Investment Management Summit. repositioning/renovations, budgeting, valuations, client In addition, for the past several years Check has reporting, and portfolio strategy. Prior to that, he worked organized and programmed two major shareholder at JMB Realty Corporation from 1989 to 1993. conferences in the United States and Europe: the Cripps is an active member of the Pension Real Evolving Fiduciary Obligations of Pension Plans in Estate Association, the Urban Land Institute, the Washington, D.C., and the Rights and Responsibilities International Council of Shopping Centers, and the of Institutional Investors in Amsterdam, Netherlands. National Association of Industrial and Office Properties, These conferences have grown into two of the most and is a board member of the National Multi-Housing respected events for shareholders and draw some of the Council. Cripps is a board member of Over the most respected speakers and attendees from around the Rainbow, an Illinois not-for-profit organization with a globe. goal of building and maintaining apartments specifically Check has also been actively involved in the designed to help severely disabled people realize their precedent-setting Shell settlement, direct actions against dreams of independent living. Cripps received his Vivendi and Merck, and the class action against Bank of bachelor of business administration from the University of America related to its merger with Merrill Lynch. Wisconsin–Madison.

34 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition SPEAKER BIOGRAPHIES

JORDAN DRACHMAN He was also the president and co-CEO of three affiliated business development companies. Fann served on US Jordan Drachman is a director and head of Credit Trust’s Strategy Review, Special Fiduciary, and Portfolio Suisse’s Alternative Beta Strategies group focusing on Policy Committees, which directed firmwide investment the creation of new alternative beta products. He joined strategy, policy, and asset allocation. Credit Suisse in 2007 from Banc of America Securities, Earlier in his career, Fann was a vice president of where he developed options strategies and other Citicorp Venture Capital, Ltd. (and various affiliated mathematical models for the Equity Financial Products entities including Citibank/Citicorp NA, Court Square Group in New York. Prior to that, Drachman was a Capital, Ltd., and Citibank/Citicorp Investments, quantitative researcher for Jemmco Capital, where he Inc.). Fann has served on the board of directors of led a team that produced statistical models and trading 11 companies, as a board observer for seven, as strategies. He has also worked at J.P. Morgan & Co. in chairman of the board of directors for two companies, the Quantitative Trading Group and the Corporate Risk and currently serves on the board of directors for Management Group, where he developed trading models the Robert H. Toigo Foundation and the Association and risk management techniques. Drachman received of Asian American Investment Managers. He holds a BS in mathematics from the Massachusetts Institute dual bachelor’s degrees in industrial engineering and of Technology and a PhD in mathematics from Stanford economics from Stanford University. University. ANDREW FLYNN DAVID DRISCOLL Andy Flynn joined the International Growth team in David Driscoll is a principal and consulting actuary at 2007 and conducts research on small-cap technology, Buck Consultants, where he serves as national public- media, and telecom services stocks. Prior to joining the sector consulting leader. He consults to a wide variety International team, Flynn focused on domestic consumer of public-sector clients. He qualified as a fellow of the and industrial companies at William Blair for two years. Society of Actuaries in 1994 and an enrolled actuary Before joining the firm, Flynn was employed as a senior under ERISA in 1989. He holds a baccalaureate degree equity analyst and portfolio manager at Northern Trust from Indiana University and a master’s degree from specializing in mid- and small-capitalization growth the University of Rochester. From 2003 through 2006, companies. Prior to that he worked as a senior equity Driscoll served as a member of the Pension Committee analyst at Scudder Kemper Investments and began his of the Actuarial Standards Board, which develops and career at Fidelity Investments as a research assistant. maintains the Actuarial Standards of Practice applicable He is a Chartered Financial Analyst and a member to pension actuarial work in the United States. In 2011, of the CFA Institute and the CFA Society of Chicago. he was elected to the Pension Section Council of the He received his BA in economics from the University Society of Actuaries. of Kansas and an MBA, finance emphasis, from the University of North Carolina at Chapel Hill. DAVID FANN MARCIE FROST David Fann manages the day-to-day business activities of TorreyCove Capital Partners and is a member of Governor Jay Inslee appointed Marcie Frost director of TorreyCove’s board of directors and Executive and the state Department of Retirement Systems in January Investment Committees. With 27 years of experience in 2013. She also serves as an ex officio member of the the private equity industry, Fann has invested in more Washington State Investment Board, the Pension Funding than 25 leveraged buyout, private equity, and venture Council, and the Select Committee on Pension Policy. capital investments as a lead investor or co-investor, of As DRS director, Frost leads an organization of more which 10 became publicly traded through successful than 200 team members who administer one of the initial public offerings and a number were acquired by most complex public retirement systems in the country. Fortune 500 companies. In addition, he has managed DRS serves nearly 700,000 current and former public organizations that invested more than $15 billion in employees at both the state and local government levels. private equity, distressed debt, and venture capital funds, Retirement benefits earned by these employees result and direct and co-investments. in more than $3.5 billion in payments each year, most of Prior to founding TorreyCove, Fann was the which is distributed in the state of Washington. president and CEO of PCG Asset Management, LLC. Frost’s career has spanned three primary Before that he was the founder and general partner professions: public pension administration, human of Inflection Equity Partners, a buyout firm focused on resources, and information technology. In all three areas, technology companies. He was a managing director at she has held executive-level roles where she brought the United States Trust Company (US Trust of New York), a high degree of results orientation through effective and founder and co-head of its Private Equity Division. teaming and collaboration.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 35 SPEAKER BIOGRAPHIES

Frost began her career with the state Department of STEVE HARTT Labor and Industries, where she advanced to a leadership role in benefits administration. In 2000, she was selected Steve Hartt joined Meketa Investment Group in 2010 and as a senior project administrator at DRS, and has since has been in the financial services industry for 25 years. A held a variety of leadership positions, including human senior vice president of the firm, Hartt works in the Private resource director, chief information officer, senior assistant Markets Group, where he focuses on client service and director for operations, and, most recently, deputy marketing, as well as performing due diligence on private director. markets managers. As DRS director, Frost continues to lead a Prior to joining the firm, Hartt was a senior vice comprehensive program of organizational and cultural president at Amalgamated Bank, where he was in charge change to strengthen agency performance, with emphasis of alternative investments. While at Amalgamated Bank, on customer satisfaction, team member engagement, Hartt managed the discretionary portfolios of private application of lean principles, process mapping, and equity, debt, and infrastructure funds, in addition to the workflow improvements. development, marketing, and management of a private Frost is a native Washingtonian and makes her home equity fund of funds. Prior to that, he spent 11 years at in Olympia. Citigroup in financial advisory, marketing, and investment positions. He was also a senior member of Citigroup Alternative Investments, where he was responsible for RALPH GOLDSTICKER originating, evaluating, and managing private equity fund and direct investments. Hartt was also a summer Ralph P. Goldsticker III is a senior investment strategist associate at Dean Witter Reynolds and an assistant trader within the Investment Strategies and Solutions Group at Morgan Guaranty Bank. at BNY Mellon Investment Management, working with Hartt received a master’s of business administration large institutional clients on issues related to investment from Columbia Business School, and a bachelor of science policy and asset allocation. With more than 30 years of degree, cum laude, from the University of Colorado, Boulder. investment experience, Goldsticker most recently was He holds the Chartered Alternative Investment Analyst managing director of strategic investments at Mellon designation and is a member of the CAIA Association. Capital Management. He was responsible for research, product development, and implementation of strategic investment strategies. Previously he was managing MICHAEL HOOD director of research, responsible for investment research relating to refining current investment strategies and Michael Hood is global markets strategist within the developing new strategies. institutional business at J.P. Morgan Asset Management. In Prior to joining Mellon Capital, Goldsticker was this capacity, he provides analysis of and commentary on director of research for Vestek Systems, responsible the economy and asset allocation to institutional investors of for quantitative research and product development. all types. He writes frequent “Global View” commentaries as Previously he held the position of director of equity well as stand-alone publications on economic and market research at Van Kampen American Capital, responsible topics. He also maintains forecasts for global growth, for both fundamental and quantitative research. inflation, and policy interest rates, and contributes to the He earned his MBA with a concentration in finance firm’s long-term capital markets assumptions process. from the University of California at Berkeley. Hood came to JPMAM in October 2011 from Traxis Partners, a $1 billion–plus macro hedge fund based in New York. There, he served as chief economist from 2007 to RICHARD HARRIS 2011, maintaining detailed forecasts for global variables. He produced a monthly global outlook publication and frequent Richard Harris is the finance and compliance officer stand-alone pieces on a range of developed and emerging- for the Denver Employees Retirement Plan and vice market economic issues. chair of Government Finance Officers Association’s Previously, Hood worked as an economist and market (GFOA) Standing Committee on Retirement and Benefits strategist at Barclays Capital (within the emerging-markets Administration. Harris has full responsibility for the research department) and the J.P. Morgan investment relationship with DERP’s actuary and is charged with the bank (within the economic research department). At J.P. task of promoting a higher level of understanding of the Morgan, he began, in 1994, as an economist for several plan’s actuarial liabilities to relevant stakeholder groups Latin American countries. Later, he oversaw J.P. Morgan’s including the DERP board, the Denver city administration, Latin American economic research effort and helped and the Denver City Council. coordinate the department’s global views. He contributed Prior to joining DERP in 2004, Harris spent 18 years to and helped edit many J.P. Morgan publications, including at Coors Brewing Company in Golden, Colorado, where the weekly Global Data Watch and quarterly World Financial he was responsible for all finance, accounting, and Markets. He also created and edited the quarterly Latin investments for the Coors Retirement Plan. American Economic Outlook publication. At Barclays Capital, where he worked from 2004 to 2007, he worked

36 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition SPEAKER BIOGRAPHIES on a combination of economic and market-strategy topics REBECCA KATZ within emerging markets, again writing for and helping edit a variety of publications. While at J.P. Morgan and Barclays Rebecca Katz brings to Motley Rice’s Securities and Capital, he frequently traveled to Latin America and spoke Consumer Fraud team more than 20 years of complex to a wide range of clients, including institutional investors, litigation experience, including experience as a former corporations, and private equity sponsors. senior counsel for the US Securities and Exchange Hood began his career in the research department at Commission’s Enforcement Division and an extensive the Federal Reserve Bank of New York, where he worked background in both qui tam and SEC whistleblower from 1992 to 1994 on a variety of international-finance and cases. Katz represents individuals in SEC whistleblower developing-country topics. In this capacity, he wrote many litigation, as well as institutional investors in securities country-risk studies used by federal bank regulators. class and individual actions. She is the managing member of the firm’s New York office and leads its SEC whistleblower practice. MATTHEW JOHNSON Prior to joining Motley Rice, Katz was a partner at a large New York firm, where she played a central Matt Johnson joined UBS Global Asset Management management role in a number of major cases. She in May 2008 as the Americas portfolio manager for represented the Republic of Iraq and the Iraqi people the Global Real Estate Multi-Managers team. He is in Republic of Iraq v. ABB AG, et al., No. 08-CV-5951 responsible for investments and structuring portfolios (S.D.N.Y.), a case alleging corruption of the Oil-for-Food for the Global Multi-Manager mandates in the Americas, Programme that was established by the United Nations which includes the United States, Canada, and Brazil. in 1995 to help provide basic necessities to Iraqi citizens. In addition, Johnson is also involved in the marketing As a member of the plaintiffs’ executive committee of Global Multi-Managers products and services to the for In re Initial Public Offering Securities Litigation, No. client base in the Americas region. 21-MC-92 (S.D.N.Y.), which ultimately settled for $586 Prior to joining UBS Global Asset Management, million, she oversaw the hundreds of coordinated actions Johnson was a vice president at the Townsend Group involved in the litigation. In addition, Katz has represented (2004–2008), where he was a lead underwriter for the Public Employees Retirement Association of New Asian real estate investment opportunities and global Mexico and the New Mexico Educational Retirement real estate securities. Previously, he was an investment Board in individual securities cases against numerous counselor at Fisher Investments (2001–2004), where he defendants, including Wells Fargo & Company, for was responsible for managing relationships with high- their alleged breach of contract and fiduciary duty in net-worth clients and assisted in developing bespoke connection with certain investments in a securities portfolios. He also was a manager in KPMG Consulting’s lending program. Capital Markets practice and a financial analyst for an Katz is a regular guest speaker at legal conferences international architecture, engineering, and construction throughout the country, including public pension and management firm, where he was stationed in the Taft-Hartley fund conferences, and has presented on Philippines and United Arab Emirates. issues that include emerging developments in securities litigation and the SEC whistleblower provisions of the Dodd-Frank Act, as well as complex and class-action LEWIS JONES litigation. As a former faculty member at the Practicing Law Institute’s Securities Litigation and Enforcement Lewis Jones is a portfolio manager for the emerging- Institute, she explored a variety of issues affecting markets fixed-income team at Fischer Francis Trees & Watts securities law and lectured at the Fordham University (a partner of BNP Paribas Investment Partners) and has School of Law’s Eugene P. and Delia S. Murphy responsibility for researching alpha ideas for Latin America. Conference “Corporate Law—Corporations, Investors, He joined FFTW in 2012 and is based in Boston. and the Securities Markets.” Katz has published Prior to joining FFTW, Jones was a portfolio manager numerous articles, including “Plaintiffs’ Perspective: The responsible for Latin America with Rexiter Capital SEC’s Final Rules for Whistleblowers Offer a Balanced Management’s emerging-markets fixed-income team. Approach to an Important New Program,” Securities Prior to that he was a research analyst at Rexiter, a Litigation Report (with James M. Weir), July/August 2011; subsidiary of State Street Global Advisors, and also and “The Dodd-Frank Act: New Life for Whistleblowers developed risk and analytics tools for Rexiter’s fixed- and the SEC,” Securities Litigation Report (with David B. income team. He joined State Street Global Advisors Harrison), September 2010. as a portfolio/performance analyst for active and Katz earned a law degree from Hofstra University emerging-markets equity strategies in 2005. Before that School of Law, where she was a member of the Hofstra he worked for Morley Fund Management developing risk Law Review. She is a member of the New York City Bar and compliance systems. Jones earned a bachelor’s Association Securities Litigation Committee. of commerce degree in finance and management information systems from the University of Alberta in Canada. He is a current CFA charterholder.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 37 SPEAKER BIOGRAPHIES

DAVID KAUSCH Prior to joining NCPERS, Kim served for six years as a governmental affairs representative for an international David Kausch is chief actuary at Gabriel, Roeder, Smith public-sector union, working on benefits, appropriations, & Company. He has 19 years of actuarial experience and homeland security, and healthcare issues. During this has been serving public employee retirement systems period, he helped draft and lobby for the passage of the since 2006. Kausch has considerable experience helping Staffing for Adequate Fire and Emergency Response retirement systems navigate through difficult times by (SAFER) Act (PL 108-136). He has intimate knowledge providing annual and supplemental actuarial valuations, of federal agencies and has served on several Federal funding projections, benefit design consulting, and client Advisory Committee Act (FACA) committees and working education presentations. groups. Prior to joining GRS, he taught in the actuarial Kim received his bachelor of arts degree in political mathematics program at the University of Michigan science from the University of Wisconsin–Madison and and spent nine years consulting for private-sector his doctor of jurisprudence from Indiana University– pension plans. Kausch volunteers with the Conference Bloomington Maurer School of Law. He is a member of of Consulting Actuaries Public Plan Community and the District of Columbia Bar. He currently serves on the the Society of Actuaries Retirement Plans Experience Fairfax County Uniform Retirement System, a $1 billion Committee. He is a fellow in the Society of Actuaries, public employee retirement system providing pension an enrolled actuary, and a member of the American coverage for the Fire and Rescue Department, Sheriff’s Academy of Actuaries. He has a PhD from the University Department, and certain other sworn employees of of Michigan and a BA from Kalamazoo College. Fairfax. Kim has also served on the Morningstar Pension Endowments and Foundations Steering Committee and the City of Virginia Beach Mayor’s Committee on STEPHEN KENNEY Employee Pensions.

Stephen Kenney is responsible for marketing and new business development for the Hancock Agricultural ROBERT KLAUSNER Investment Group. Previously, he assisted with portfolio management and investment analysis for HAIG’s Robert Klausner is the principal in the law firm Klausner, institutional farmland investment program. Prior to joining Kaufman, Jensen & Levinson. For 35 years, he has HAIG in 2005, Kenney was a business analyst for a been engaged in the practice of law, specializing in securities-processing institution responsible for credit the representation of public employee pension funds. risk management, and prior to that he held banking and The firm represents state and local retirement systems finance positions with Wells Fargo and Morgan Stanley. in more than 20 states. Klausner has assisted in the He is a member of the Boston Security Analysts Society drafting of many state and local laws on public employee and the chairman of the NCREIF Farmland Committee. retirement throughout the United States. He is a frequent Kenney holds a BS in finance from Iowa State University speaker on pension education programs and has also and an MS in finance from Brandeis University and is published numerous articles on fiduciary obligations of active in the family farming operation in Iowa. public employee pension trustees. He is co-author of the book State and Local Government Employment Liability (Thomson-West Publishers) and is the author of the first HANK KIM comprehensive book on the law of public employee retirement systems, State and Local Government Hank H. Kim is executive director and counsel for the Retirement Law: A Guide for Lawyers, Trustees, and Plan National Conference on Public Employee Retirement Administrators (April 2009; expanded version published Systems. He directs the day-to-day operation of the largest July 2011). public pension trade association in the United States. His Klausner graduated phi beta kappa from the responsibilities include strategic planning for NCPERS, University of Florida with a bachelor of arts and from promoting retirement security for all workers through access the University Florida College of Law with the degree of to defined benefit pension plans, and the expansion of juris doctor. For more than 10 years, Klausner has been NCPERS’ role in the continuing debate on health care. listed in the publication The Best Lawyers in America Kim brings strong experience in healthcare policy, and holds an “AV pre-eminent” rating, the highest having assisted in drafting the Healthcare Enhancement rating for competence and ethics, from the Martindale for Local Public Safety (HELPS) Retirees provision in Hubbell national lawyer rating service. In 2008, Klausner the recently passed Pension Protection Act (PL 109- successfully represented the Commonwealth of 280). He has worked for a hospital association where Kentucky and the Kentucky Retirement Systems in the he successfully advocated for passage of the Provider US Supreme Court in Kentucky Retirement Systems v. Sponsored Organizations legislation (PL 105-33). He Equal Employment Opportunity Commission, 128 S. Ct. began his career in the Office of Senator Bill Bradley (NJ) 2361 (2008). Klausner lives in Cooper City, Florida, with and assisted on the Newborns’ and Mothers’ Health his wife of 35 years, Kathy. They have four daughters and Protection Act (PL 104-204). two sons-in law, and two beautiful grandchildren.

38 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition SPEAKER BIOGRAPHIES

DAVID KOVEL Retirement Systems, the Missouri Association of Public Employee Retirement Systems, the Southern Conference David Kovel is a partner based in the New York office of on Teachers’ Retirement, and the National Association of Kirby McInerney, LLP. His practice focuses on representing State Retirement Administrators. plaintiffs in securities, derivative, whistleblower, antitrust, commodities, and corporate governance matters. Among other cases, he is acting as counsel for the lead plaintiff JASON LEVITON and other shareholders in a derivative action brought against members of the board of directors and senior Jason Leviton is a founding partner of Block & Leviton, executives of Pfizer, Inc. Kovel is admitted to the New LLP, and focuses his practice on shareholder rights York State Bar, the US District Courts for the Southern, matters. In 2011, he was named a “rising star,” an honor Eastern, and Western Districts of New York, the US Court given to only 3 percent of lawyers in Massachusetts. of Appeals for the First Circuit, and the Connecticut State Leviton also earned a master’s of law in securities Bar. He is a member of the New York City Bar Association and financial regulation from Georgetown. While Committee on Futures and Derivatives Regulation, and is attending Georgetown, he externed with the Securities a former member of the New York City Bar Association and Exchange Commission and is a member of the Antitrust Committee. He graduated from Yale University Association of SEC Alumni. (BA), Columbia University School of Law (JD), and Leviton has dedicated his practice to upholding Columbia University Graduate School of Business (MBA). shareholder rights. Currently, he represents the Ohio He is fluent in Spanish. Pension Funds against BP following the largest oil spill in US history (In re BP plc Securities Litigation). Leviton is also a key member of several other securities class- LYDIA LEE action cases, including In re Swisher Hygiene, Brockton Ret. Board v. Oppenheimer, and LMPERS v. Hesse Lydia Lee is an attorney in private practice in Oklahoma, (derivative action alleging that Sprint failed to pay more with a specialized legal practice focusing on providing than $100 million in taxes). Leviton also has experience legal services to trustees, administrators, and staff bringing claims arising from mergers and acquisitions, members of public retirement plans and governmental including In re MIPS, In re Cybex, In re Plains Exploration, entities. Specifically, Lee is “of counsel” to the nationally and In re Sunoco, Inc. Leviton has also served as recognized firm of Lieff, Cabraser, Heimann & Bernstein, counsel in the following securities class-action cases: assisting in the areas of securities fraud, governance, and Welmon v. Chicago Bridge & Iron (recovery of $10.5 fiduciary law. In addition, she serves as an administrative million); Ong v. Sears Roebuck & Co. (settled for $15.5 law judge for the Oklahoma Merit Protection Commission million); Rubin v. MF Global, LTD., et al. (settled for $90 and the Oklahoma Department of Labor. million); and In re VeriSign (settled for $78 million). Lee entered the private practice of law in 2005, after Moreover, Leviton is a frequent commentator on serving as the general counsel for the Oklahoma Public corporate law matters. For example, he was a guest Employees Retirement System for more than 19 years. on Rights Radio, including programs entitled “Stock She provided advice and legal services to the board and Fraud: How to Get a Portion of Your Money Back” administrative staff on all issues relating to two qualified and “Protecting Shareholder Rights Through Civil defined benefit pension plans, OPERS and the Uniform Prosecutorial Litigation.” Likewise, he was acknowledged Retirement System for Justices and Judges, for the in a Nebraska Law Review article entitled “After the Ball Oklahoma State Employees Deferred Compensation Is Over: Investor Remedies in the Wake of the Dot-Com Plan (a 457 savings plan), and for the Deferred Savings Crash and Recent Corporate Scandals.” Incentive Plan (a qualified defined contribution plan funded by the state as a match to the 457 plan), with combined assets of more than $6 billion. JAMES MCBRIDE Lee is an active member of the National Association of Public Pension Attorneys and, from 1998 to 2004, James McBride is senior vice president of business served as a member of its executive board. She was development for Regions Timberland Group. He has elected president of that organization for two terms 31 years of investment experience, both marketing and in 2002/03 and 2003/04. She is currently a member managing investment assets. McBride is based in the of the NAPPA Emeritus Board. She has achieved the Winston-Salem office. designation of certified retirement counselor and certified Prior to joining Regions Timberland Group in 2004, retirement administrator through the International he was with Columbia Management Group, focusing Foundation for Retirement Education with Texas Tech on large public fund institutional investors. He has 18 University and is an adviser and editor of the course years of experience in the natural resource area, most books for the program. She regularly attends and has recently directing marketing and sales for the Hancock spoken at numerous public fund conferences during Agricultural Investment Group. He has also held her 25-plus years in the profession. Lee is also an active marketing positions at CIGNA Corporation and was a member of the National Conference on Public Employee portfolio manager at Bankers Trust Company.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 39 SPEAKER BIOGRAPHIES

McBride received a BA from Tufts University and was responsible for the corporate bond, preferred stock, an MBA from the Amos Tuck School of Business money markets, US government agency and sovereign Administration at Dartmouth College, with concentrations debt, derivatives securities, structured debt, and interest in marketing and finance. rate swaps trading business units. Prior to that, Minerd was Morgan Stanley’s London- based European capital markets products trading and CHRISTIAN MCCORMICK risk manager responsible for Eurobonds, Euro-MTNs, domestic European bonds, FRNs, derivative securities, Christian McCormick, CFA, is managing director of and money market products in 12 European currencies INTECH. McCormick joined the firm in June 2006 and is and Asian markets. Minerd has also held capital markets responsible for providing investment expertise to current positions with Merrill Lynch and Continental Bank. Prior and prospective INTECH clients and consultants. to that, he was a certified public accountant and worked Prior to joining INTECH in June 2006, McCormick for the public accounting firm of Price Waterhouse. worked for Meketa Investment Group and Pacific Minerd holds a BS in economics from the Wharton Corporate Group in analyst and consulting roles, where School, University of Pennsylvania, Philadelphia, and has he focused on investment consulting, covering a variety completed graduate work at the University of Chicago of public funds and Taft-Hartley organizations, as well as Graduate School of Business and the Wharton School, providing research and due diligence on private equity University of Pennsylvania. Minerd is currently working and emerging-markets equity. McCormick began his with the Organization for Economic Cooperation and investment career with Janus Direct in 1999. Development advising on research and analysis of private- McCormick holds a BA in business administration sector infrastructure investment. He is a regularly featured and Russian studies from Principia College. He has guest on FOX Business News, Bloomberg Television, and earned the right to use the Chartered Financial Analyst CNBC sharing his insight on today’s financial climate. designation and is a former board member of the Financial Analyst Society of San Diego. He holds FINRA Series 7, 63, and 65 licenses. McCormick has 14 years MICHAEL MORAN of investment experience. Michael Moran is a pension strategist in Goldman Sachs Asset Management, where he produces original research JIM MCDONALD and thought leadership on issues pertaining to defined benefit, Taft-Hartley, and defined contribution pension Jim McDonald is senior vice president and chief plans. Prior to joining GSAM, Moran spent 12 years in investment strategist for Northern Trust. In addition, Global Investment Research as a member of the US he chairs the Tactical Asset Allocation Committee, is Portfolio Strategy group and the Global Markets Institute, a member of the Investment Policy and Private Equity advising corporate, government, and investing clients Investment Committees, and is trustee of the Northern on a wide range of issues related to financial reporting, Trust Alpha Strategies Hedge Fund. valuation, asset allocation, and regulatory matters. He Prior to joining Northern Trust as a senior vice joined Goldman Sachs as an associate in 1999 and was president in 2001, McDonald was director of research named managing director in 2012. at ABN AMRO in New York and Chicago (1994–2000) Prior to joining the firm, Moran worked at Ernst & and equity research analyst at ABN AMRO following the Young, LLP, in New York. environmental services industry (1990–1994). He started Moran earned a BS in accounting from Villanova his professional career in 1981 with Arthur Andersen & University in 1991 and an MBA in finance from New York Co. in Detroit. University’s Stern School of Business in 1999. He is a McDonald received a BBA from the University of CFA charterholder. Michigan and an MBA with high distinction from Babson College in Wellesley, Massachusetts. He is a member of the CFA Society of Chicago and a registered CPA in the TENDAI MUSIKAVANHU state of Michigan. Tendai Musikavanhu is co-founder of Old Mutual Global Index Trackers (Pty) Limited (OMGxT), reputedly the SCOTT MINERD largest private-sector index tracking fund manager on the African continent. He holds the CFA charter from the US- Scott Minerd joined Guggenheim in 1998. In his role based CFA Institute and a BCOMPT (accounting science as chief investment officer, Minerd guides the firm’s degree) from the University of South Africa. He has 22 investment strategies and oversees client accounts across years of work experience in financial services in southern a broad range of fixed-income and equity securities. Africa and the United Kingdom and was one of the first Previously he was a managing director with Credit Suisse black CFA charterholders in South Africa. First Boston in charge of trading and risk management for Prior to founding OMGxT, Musikavanhu was the the Fixed Income Credit Trading Group. In that position, he co-founder of Once Stone Capital, a former shareholder

40 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition of OMGxT. He also worked for Old Mutual (UK), Robert SOONYONG PARK Flemings (JPMorgan), BoE, and Southern Life Asset Management. He serves as group chief executive Soonyong Park is institutional client strategist for Janus officer for Old Mutual Global Index Trackers, and is also Capital Group. In that role, Park is responsible for chairman of One Stone Capital’s board, trustee for the providing thought leadership and portfolio strategy on Musikavanhu Investment Trust, founder and investment key issues to the institutional investors. Prior to joining committee member for the Inhlakanipho Education and Janus in 2012, he served as head of global portfolio Development Trust, and member of the Justice Alliance solutions and co-head of investment research for of South Africa. He served as a member of the FTSE- Rogerscasey in Darien, Connecticut. Past experience JSE advisory board for several years during the transition also includes conducting international equity manager of the JSE to the new globally recognized indices. research for Northern Trust Global Advisors, business He has performed market commentary for the acquisition and distressed loan investing for GE emerging markets, frontier markets, and Africa on CNN, Capital Services, pricing of weather derivatives for CNBC, Fox Business, CNBC Africa, BBC Radio, and Koch Industries, and public accounting for Deloitte & Moneyweb. Touche. Park received his bachelor of science degree in accounting, salutatorian award, from The King’s College and master of business administration degree in STEVE NELSEN analytic finance from the University of Chicago Graduate School of Business. Park is a CFA charterholder and Steve Nelsen is the executive director of the Washington a nonpracticing CPA. He has more than 20 years of State Law Enforcement Officers’ and Fire Fighters’ Plan financial services industry experience. 2 Retirement Board. He began his career as counsel to the Washington State Senate Committee Services during the 1990 and 1991 legislative sessions. His professional NICK PETERS experience has been focused solely in the area of public pensions since 1991, including five years with the Nick Peters is senior vice president of Washington-based Washington State Department of Retirement Systems, communications consultancy CommCore. He has been two years as staff to the Legislative Joint Committee both a national award-winning major market and network on Pension Policy, and another five years with the print and broadcast journalist and a senior executive in Department of Retirement Systems where he was the public relations and corporate communications. Peters manager of Legal and Legislative Services, until joining has experienced crises from both sides of the media: the LEOFF Plan 2 Retirement Board in 2003. As a journalist he covered the Three Mile Island nuclear accident in Harrisburg, Pennsylvania, in 1979. He was on the news desk at CBS News in New York coordinating TINA PADILLA coverage when the space shuttle Challenger exploded in 1986. On the corporate side in the 1990s he managed Tina Padilla has served as the financial secretary for the production and operations teams for Pepsi’s successful Chicago Teachers’ Pension Fund since 2011. Trustee crisis response to a nationwide copycat tampering hoax Padilla is a 24-year veteran high school mathematics involving cans of soda, and for General Motors’ response teacher with the Chicago Public Schools. She earned to an NBC News report about exploding trucks that National Board teacher certification in 2010. Padilla included a rigged demonstration. continues to be an active union member, serving as Currently he manages a campaign for the National district supervisor and on many committees such as the Conference on Public Employee Retirement Systems, pension and insurance committee, the political action and defending public-sector pensions from politically legislative committee, and the woman’s rights committee. motivated attacks at the state level nationwide. His Padilla is currently completing her second master’s, recent crisis-response clients include the International an MBA with a concentration in finance. She earned Foundation for Electoral Systems, which oversees her first master’s degree in mathematics from DePaul democratic processes in troubled emerging democracies University and a bachelor’s degree in mathematics from worldwide, and the Archdiocese of Washington. Northeastern Illinois University. In addition, she was a Peters was a producer and news writer at CBS licensed mortgage broker for more than 10 years, where News in New York for Dan Rather and Charles Osgood. she gained business and finance experience. Previously he was news director at WHYY-FM, the highly As a pension trustee her goal is to protect the regarded National Public Radio affiliate in Philadelphia, retirement savings and constitutional rights of all Chicago where his news department won a dozen national and teachers. She works with all constituent groups in state awards for excellence. He was also a multiple- Chicago as well as in Springfield, meeting with members award-winning print reporter for major daily newspapers of the Illinois General Assembly. Padilla is most proud in Indianapolis, Raleigh, and Philadelphia. A graduate of of her induction to the Hall of Fame of her high school the University of Pennsylvania, he is a Big Brother to a where she received the Life Time Achievement Award for nine-year-old via Big Brothers Big Sisters of the National Outstanding Performance and Dedication in Education. Capital Area.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 41 SPEAKER BIOGRAPHIES

KAI PETERSEN PRADEEP RAMAMURTHY

Kai Petersen is a principal with Buck Global Investment Pradeep Ramamurthy joined the Abraaj Group in March Advisors, where he leads the asset–liability management 2012 after a career in public service at the United States services in the United States. He has consulted on Agency for International Development, the White House, retirement actuarial, design, investment, and risk and the Federal Bureau of Investigation. Immediately management issues for more than 25 years. Petersen is before joining Abraaj, Ramamurthy was deputy counselor a fellow of the Society of Actuaries, an enrolled actuary to the administrator at USAID, where he helped oversee under ERISA, a member of the American Academy of USAID’s partnerships with the private sector among Actuaries, and a charterholder with the CFA Institute. other efforts. From 2009 to 2011, he served as the He earned his bachelor’s degree in mathematics, with first-ever senior director for global engagement at the honors, from St. Olaf College. White House. In that position, he helped coordinate a number of the president’s national security and foreign policy priorities. Before being appointed to that position, PHILIP A. PETERSON Ramamurthy served as a director on the Homeland Security Council and as an adviser to President Bush’s Philip A. Peterson is senior vice president and a human homeland security adviser. Prior to his time at the White resource consultant and actuary for Aon Hewitt, House, he served in several senior roles at the FBI. specializing in stock option valuation, human capital Ramamurthy has a BSc in international politics from metrics development, and state and local government Georgetown University and an MA in social science from consulting issues. the University of Chicago. Peterson joined Aon in 1987 and has more than 30 years of employee benefit consulting experience, particularly in the areas of defined benefits, defined contribution, JAY REHAK postretirement health and welfare, and human capital risk. He formerly managed Aon’s retirement practice in Jay C. Rehak is the current president of the 118-year- Philadelphia and chaired the National Defined Benefit old, $10 billion Chicago Teachers’ Pension Fund, the Practice Council. Until recently he led Aon Hewitt’s national, oldest public teacher pension fund in the United States. state, and local government consulting practice. He is Rehak has served as CTPF president since 2011, and as currently consulting with Aon Hewitt’s clients on retirement a trustee of the fund since 2009. The former chairman of planning and finance issues in the private and public sectors. the CTPF Communications Committee, Rehak is current Peterson has expertise in strategic planning in all chairman of the LIBOR Committee looking into possible retirement-related areas, mergers and acquisitions, and litigation by the fund in that area. A 24year veteran plan design and administration for all types of retirement Chicago Public Schools teacher, Rehak is an English plans. He has experience in the areas of executive benefit teacher at Whitney M. Young Magnet High School. design and funding, employee stock option valuation, and He is the author of 27 comedic plays that have been international retirement plans. He also has expertise in the performed around the world and are published in three area of human capital risk, modeling the financial impacts volumes by One Act Depot, under the titles Little Guise, of human capital risk interventions, and in the valuation More Little Guise, and Funny Guise, and are available of employee stock options. He is currently leading Aon at http://oneactplays.net/castsize.html. His latest work, Hewitt’s efforts to help states build their health insurance 30 Days to Empathy, is the world’s first class-sourced exchanges under the healthcare reform law. novel ever published and is available on www.amazon. He is currently working and has recently worked with com. Rehak is married to award-winning children’s singer clients such as the states of Iowa, Kentucky, Tennessee, Susan Salidor. He has three children, Hope, Hannah, and and Texas to help them manage strategic change in their Ali. More information about Rehak can be found at www. employee benefits programs and exchanges. jaycrehak.com. Peterson is a frequent speaker at seminars and meetings, most recently speaking at the SALGBA annual conference on retirement program design and operation. PATRICIA REILLY He also regularly speaks on the operation of state exchanges and how organizations can optimally provide Born and raised on Staten Island, New York, Patricia health insurance, such as at the Public Sector Healthcare Reilly grew up with a passion for technology and public Roundtable. He also writes for national publications. service. She relocated to work for the town of Palm Phil has been a reviewer of the Pew Center report Beach, Florida, in the mid-1980s, where she pioneered Philadelphia’s Quiet Crisis: The Rising Cost of Employee leading-edge technologies to automate the town’s critical Benefits and provided input for the Pew Center report business processes. Her successful deployment of a Promises with a Price: Public Sector Retirement Benefits. police, fire, and EMS dispatch system and her efficient Peterson earned a bachelor of science in introduction of office automation brought her mathematics at Dickinson College. He is a fellow of the the favorable attention of the Office of the Mayor of Society of Actuaries and an enrolled actuary. New York City.

42 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition SPEAKER BIOGRAPHIES

From the late 1980s to the mid-1990s, Reilly served Robin currently serves on the advisory boards of as the director of information technology for the New Braemar Energy Ventures, KPS Capital Partners, and York City Mayor’s Office. Her accomplishments there Lovell Minnick Partners. included an infrastructure redesign and deployment that Robin holds a BS and an MM from Northwestern allowed the Mayor’s Office to establish satellite locations University and was named an F.C. Austin Scholar at throughout the city and the timely delivery of innovative the J. L. Kellogg Graduate School of Management. applications using newly introduced Internet-based He is also a holder of the Chartered Financial Analyst development tools. designation. Additionally, he served as the second In 1994 Reilly accepted the position of deputy chairman of the Institutional Limited Partners Association director of information technology with the Teachers’ (commonly known as the ILPA). Retirement System of the City of New York. Responsible for replacing the agency’s outdated, external computer system with a year-2000-compliant in-house application, ANTHONY RODA she exercised all her managerial skills to ensure that the new system was in production and supporting the Tony Roda has been actively involved in public policy and pension agency’s business units well before the year politics for more than 30 years. Today, he draws upon 2000 deadline. a depth of experience and contacts in the legislative, After being promoted to director and charged with regulatory, and political fields to assist his clients in creating a new division in TRS, the Business Solutions meeting their objectives in Washington. Group, she put together a highly effective unit focused on In 1982, Roda began his service in government as a managing projects that encompass the implementation research assistant in the House of Commons in London, of comprehensive solutions to all aspects of TRS’s England. Later that year, he began his service in the US business needs, including workflow redesign, system House of Representatives. In a 10-year period, Roda enhancement, training coordination, data correction progressed through the staff ranks from intern to director and creation, stakeholder communications, and of legislative strategy for the minority whip. He was organizational restructuring. promoted to legislative director at the age of 23. In 2010, Reilly was named deputy executive director In 1992, Roda joined the law and lobbying firm of and has brought her unique perspective and ideas to Williams & Jensen, which was founded in Washington, bear as a tireless champion of streamlining, efficiency, D.C., in 1970 and focuses primarily on the federal and delivery of higher-value services to TRS’s members. government. He has helped numerous clients on projects Her thorough grounding in the agency’s priorities, involving federal tax legislation and regulation, including operations, and systems positioned her extremely well work on behalf of the Houston Firefighters’ Relief and for leading TRS through the recent Hurricane Sandy Retirement Fund, the Ohio Police and Fire Pension disaster. Fund, and the National Conference on Public Employee Retirement Systems. Roda has managed projects that have successfully resulted in statutory changes to federal HENRY ROBIN law, including the Internal Revenue Code, and specific regulatory relief. Henry Robin, general partner at Invesco Private Capital, He is a frequent speaker at national conferences, co-heads the partnership fund team alongside Phil Shaw including the National Association of Public Pension and is actively involved in sourcing and evaluating US Attorneys’ winter legislative conference and annual legal private equity partnerships. education conference. He has been a member of NAPPA Robin joined Invesco Private Capital in 2010 and since 2008. has 21 years’ experience in private equity portfolio Roda earned his bachelor of arts degree in management. Most recently, he was a senior partner at government and politics from the University of Maryland, North Sea Capital, a Copenhagen-based private equity juris doctor from Catholic University Law School, and fund-of-funds manager, closely affiliated with Nordea, master’s in tax law from the Georgetown University Law Scandinavia’s largest financial institution. Prior to that, he Center. He is a member of the District of Columbia, was a founding partner of AlpInvest Partners’ New York Virginia, and US Supreme Court bars. office, where he was also named deputy head. Robin Originally from Stamford, Connecticut, Roda now was responsible for building AlpInvest’s initial footprint in lives in Alexandria, Virginia, with his wife Jennifer and the US market. Together with a team he led consisting their three children. of 10 investment professionals, AlpInvest made primary commitments of approximately $15 billion to more than 200 private equity firms. While at AlpInvest, Robin also served on the firm’s investment committee, making global investment decisions for all of the firm’s primary, secondary, and co-investment vehicles. He has also held senior positions at Credit Suisse First Boston and the MacArthur Foundation.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 43 SPEAKER BIOGRAPHIES

VALERIE RUDDICK SUNGHWAN SHIN

Valerie Ruddick joined Pathway Capital Management Dr. Sunghwan Shin is a professor at Hongik University in 1996 and is a director in the California office. She is and senior advisor at the Korea Fixed Income Research responsible for investment analysis and due diligence, Institute. Prior to his current position, he worked with negotiating and reviewing investment vehicle documents, PIMAC, a think tank in public private partnership (PPP) maintaining Pathway’s various databases, investment projects in Korea. Dr. Shin is a member of PPP’s dispute monitoring, performance analysis, client reporting, and conciliation committee at the Ministry of Strategy and client servicing. Additionally, Ruddick serves on the Finance (MOSF) and actively participates on several advisory boards of several private equity partnerships. other government committees, including the advisory Ruddick received a BA in economics, with a minor in committee at Financial Supervisory Service (FSS), the business management, from the University of California, asset management improvement committee at the Irvine, and an MBA from the Anderson School at the National Pension Service (NPS) of Korea, and the public University of California, Los Angeles. fund evaluation committee at the Ministry of Strategy and Finance (MOSF). In the past, he was a member of the steering committee at the Korea Investment Corp (KIC), SEAN RUHMANN and an independent board member of Woori Bank. Dr. Shin has publications in various areas in finance Sean Ruhmann joined NEPC in 2010 and is involved in including asset management, risk management, pension, the firm’s private-markets research and due diligence and public private partnerships in Korea. He has been activities, with a focus on real estate. In addition, he playing an important role in both public and private provides consulting services for the nontraditional asset pension markets in Korea. He is currently a president classes of various public, corporate, Taft-Hartley, and of Korea pension academic association, and a board endowment/foundation clients. member of several academic associations in Korea. Prior to joining NEPC, Ruhmann worked at He was a senior financial officer in the corporate Goldman, Sachs & Co. where he was a vice president finance department at the World Bank from 1998 to in the Real Estate Investment Banking Group. While at 2001 and a research fellow at the Korea Institute of Goldman, he advised real estate–focused clients on Finance from 1993 to 1995. mergers, acquisitions, divestitures, restructurings, debt Dr. Shin received a BA in economics from the Seoul capital raises, and public/private equity capital raises. He National University and a PhD in finance from the Sloan was also responsible for the execution, due diligence, School of Management at MIT. and sourcing of transactions. Prior to joining Goldman, Ruhmann was an associate at Banc of America Securities in the Real Estate and Lodging Investment EDWARD SMITH Banking Group. His previous experience also includes working for IBM Corp. and for Raytheon Company. On January 3, 2011, Edward M. Smith was elevated Ruhmann earned an MBA from the Tuck School of to chief executive officer of Ullico, Inc., after serving as Business at Dartmouth, an MS in mechanical engineering its president since May 2008. Founded in 1927, Ullico from Texas A&M University, and a BS in engineering from provides insurance and financial solutions for labor Trinity College. unions, union employers, union benefit funds, and union members. Prior to becoming president, Smith served as Ullico’s executive vice president from January 2007 until DON RUITER May 2008. Before joining Ullico, Smith had a long and Don Ruiter has been a trustee for the Daytona Beach distinguished career at the Laborers’ International Union Police and Fire Pension Fund since 2011. He is a of North America. After joining LiUNA at age 13, he was firefighter with the city of Daytona Beach. Prior to being elected business manager of Laborers’ Local 773 at age hired in 2001, he worked for Ford Motor in Michigan. 21. Smith later became International Union vice president Ruiter was born and raised in Cooper City, Florida. He and Midwest regional manager serving more than 58,000 attended his fire officer, instructor, and inspector classes members. He also served as assistant to the general at the Florida State Fire College. president. Smith formerly served as chairman of the Illinois State Board of Investment, chairman of the National Alliance for Fair Contracting, and a member of the Illinois Department of Labor Advisory Board. He has also been a key benefactor to the Therapy Center in Carterville, Illinois, which provides free services for children with disabilities. Smith was the first member of LiUNA to graduate from National Labor College with a bachelor’s degree. Smith went on to graduate from the Harvard University

44 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition SPEAKER BIOGRAPHIES

Trade Union Program. He is now an active board Inc. Shareholder Litigation (C.A. No. 6043-CS; Court member for the National Labor College, America’s of Chancery). In that case, she obtained $16 million in Agenda—Healthcare for All, Jobs with Justice, and the settlement funds for the class of J. Crew stockholders Council on Competitiveness, and a trustee for the AFL- and structural provisions to remedy a flawed sales CIO Staff Retirement Plan. process for J. Crew Group. Tikellis currently serves as co-lead counsel in the Court of Chancery derivative litigation arising from Barnes JEFFREY SMITH & Noble, Inc.’s acquisition of Barnes & Noble College Booksellers, Inc., In re Barnes & Noble Stockholder Jeffrey W. Smith is managing director, head of the Derivative Litigation, Civil Action No. 4813-CS. Americas, for Eastspring Investments, and is based in Tikellis has addressed numerous conferences, Chicago. including ALI-ABA, the Practising Law Institute, the Smith’s key responsibilities are to grow the American Bar Association, and the Delaware Bar institutional business in the United States and to develop Association, lecturing on developments in Delaware the firm’s expansion into the Americas. He focuses corporate law, including corporate governance, specifically on providing investment solutions for pension mergers and acquisitions, hostile takeovers, defense funds, endowments, foundations, and other institutions. mechanisms, and professional ethics. Smith has more than 30 years of financial services experience and was previously managing director at Performance Trust Investment Advisors, a specialty RAYMOND WOHL investment manager in distressed markets based in Chicago. Prior to that, he was with Pyramis Global Raymond Wohl is currently the recording secretary of Advisors (a unit of Fidelity Investments) and led a team the Chicago Teachers’ Pension Fund and was elected establishing and managing relationships with major US in 2011 by the active teachers of the Chicago Teachers institutional investors. Union. He spent his first year on the fund as chair of Smith had a leadership role in the Americas business the pension law and rules committee building support, of UBS Global Asset Management (formerly Brinson communication, and member education with all the Partners) as co-head of institutional, based in Chicago. CTPF stakeholder groups to advocate for improved state He holds an MBA in finance from the University of and local pension funding. Chicago and is a CFA charterholder. Wohl is a 19-year veteran arts and performing arts teacher for the Chicago Public Schools. He is a successful grant writer who has garnered more than PAMELA TIKELLIS $150,000 in donations for schools, arts organizations, and not-for-profits in which he has been affiliated. He Pamela S. Tikellis is a name partner and member of received a Competent Communicator award from the Chimicles & Tikellis Executive Committee. Upon Toastmasters International. Wohl comes from a family graduating from law school, she served as a law clerk of 12, and nearly 75 percent of his siblings participate in the nationally recognized Court of Chancery in in defined benefits pension plans in five states. He is a Wilmington, Delaware. Before joining the firm, Tikellis strong unionist and proud dues-paying member of CTU, engaged in significant shareholder litigation practice. In IFT, and AFT as well as the Screen Actor’s Guild, AFTRA, 1987, she opened the Delaware office of the firm, where and Actor’s Equity. she is a resident. Tikellis served as co-lead counsel in the class action challenging the $21 billion management-led buyout of Kinder Morgan, Inc., In re Kinder Morgan, Inc. Shareholders Litigation, Consol. C.A. No. 06-C-801 (Kan.). That action resulted in the creation of a $200 million settlement fund, the largest common fund in a merger and acquisition settlement. She served as lead counsel in the class action challenging Roche Holding’s buyout of Genentech, Inc., In re Genentech, Inc. Shareholders Litigation, Civil Action No. 3911-VCS. The litigation was settled shortly after the Court of Chancery held a hearing on plaintiffs’ motion for a preliminary injunction and prior to the closing of a transaction. The settlement provided for, among other things, the additional $4 billion in consideration paid to the minority shareholders in the transaction. Additionally, she was co-lead counsel in the successful class-action litigation In re J. Crew Group,

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 45 NOTES

______

46 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition NCPERS LEADERSHIP NCPERS LEADERSHIP

NCPERS officers

PRESIDENT SECRETARY IMMEDIATE PAST PRESIDENT Mel Aaronson Tina Fazendine Pat McElligott

FIRST VICE PRESIDENT TREASURER EXECUTIVE DIRECTOR AND Daniel A. Fortuna Richard Wachsman COUNSEL Hank H. Kim SECOND VICE PRESIDENT Kathy Harrell

NCPERS EXECUTIVE BOARD MEMBERS

Stacy Birdwell Aaron Hanson John R. Niemiec

Peter Carozza, Jr. Kenneth A. Hauser Will Pryor

Dale Chase Sharon Hendricks Mona Romain

Larry Curran Bill Lundy Carol G. Stukes-Baylor

Kelly L. Fox Rick Miller Richard Tettamant

Dan Givens

ADVISORS TO THE NCPERS EXECUTIVE BOARD

Sam Austin William Norris Richard G. Protasewich FIS Group Permal Group State Street Corporation

Jill Daschle Andrew Pataky Kelly Weller Entrust Capital Mesirow Financial Great Lake Advisors

John McLaughlin William Blair & Company

48 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS

MEL AARONSON

Mel Aaronson, president of NCPERS, is the treasurer of the United Federation of Teachers (UFT), Local 2, American Federation of Teachers (AFT). The UFT is the largest labor union local in the United States. Aaronson has been a trustee and member of the board of the Teachers’ Retirement System of New York City since 1980, and he is currently the chairman. He has served for more than 40 years as a pension consultant for the UFT. He is also chair of the Pension Committee and coordinator of the “Ready- or-Not” preretirement preparation program. Additionally, he has served as special representative for the Retired Teachers’ Chapter of the UFT. Among his many other activities related to retirement issues, he is a member of the Standing Committee on Retirees of the AFT, the Task Force on Retirees and the Pension Committee of the New York State United Teachers, and the Committee on Aging of the New York City Central Labor Council. He chairs the Pension Committee of the New York City Municipal Labor Committee (the umbrella group of New York City’s public employee unions). In 1981 Aaronson was a delegate to the New York and White House conferences on aging. In 1995 he again served as a delegate to the New York conference on aging and as an alternate delegate to the White House conference. In 1998 he served as a delegate to the White House conference on Social Security, and in 2002 he was a delegate to the National Summit on Retirement Savings. Aaronson is chair of the NCPERS advisers, credentials, and executive and legislative committees, and a member of the bylaws and resolutions committee. He is also an NCPERS representative to the Public Pension Coordination Council.

STACY BIRDWELL

Stacy Birdwell, a trustee and vice-chairman for Louisiana’s statewide Firefighters Retirement System, serves as chairman of the system’s investment committee, which oversees the billion-plus dollars in assets of the system. Birdwell also chairs the personnel committee for the system. He sits on both the board of directors and the investor advisory board for the Louisiana Sustainability Fund. He is an investor advisory board member with Sail Venture Partners. He is a retired captain and 33-year veteran of the Shreveport Fire Department. He is vice president of Shreveport Fire Fighters Association Local 514, having served in every elected position in the more than 24 years he has held office in his union local. Birdwell is secretary-treasurer of the Professional Fire Fighters Association of Louisiana and past secretary-treasurer and trustee of the Southern Federation of Professional Fire Fighters. As a registered state lobbyist, he has spent more than two decades promoting firefighter interests in Louisiana. For more than 22 years he has been the administrator of the Shreveport Fire Fighters Benevolent Fund. He is also a trustee for the Fire Fighter Cancer Foundation. Birdwell is a member of the NCPERS executive board, where he serves on the investment and audit committees.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 49 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS

PETER CAROZZA, JR.

Peter Carozza is a 33-year veteran of the Waterbury Connecticut Fire Department and currently serves as president of the Uniformed Professional Fire Fighters of Connecticut, representing 60 local affiliates and 4,000 career firefighters in Connecticut. He has extensive experience in labor relations and lobbying for firefighters on the local, state, and national levels. He serves on several national committees of the International Association of Fire Fighters and received the organization’s 2010 Local Leadership Award. He currently serves as chairman of the Federation of State and Provincial Fire Fighters, IAFF, which is composed of the leadership of each state and provincial association in the United States and Canada. Carozza currently serves as chairman of the State of Connecticut Fire Prevention and Control Commission, originally appointed by Governor O’Neill and reappointed by Governor Rowland, Governor Rell, and Governor Malloy. He serves as chairman of the Connecticut Jerry Lewis Telethon and vice president of the Connecticut State AFL-CIO and received that organization’s Public Sector Leadership Award for his tireless efforts and passionate commitment to Connecticut’s workers. In 2010 he was elected to the board of directors of The Hundred Club of Connecticut, and in 2011 he was inducted into the Connecticut State Fire Fighters Hall of Fame for his work on firefighter issues on the local, state, and national levels. He has served on the senior steering committees of many political campaigns on the state and national levels, the governor’s Public Safety Committee, the governor’s Two Storm Panel, the Anthem Blue Cross & Blue Shield Advisory Board, and the University of Connecticut Labor Education Center Advisory Board. In 2012 he was elected to the NCPERS executive board, where he serves on the audit and budget committees.

DALE CHASE

Dale Chase started his public service career in Howard County, Maryland, as a master electrician in 1985. Since 1994 Chase has served as the president of AFSCME Local 3085, Howard County Maryland Public Service Employees. Chase is currently the statewide president of AFSCME Council 67, representing well over 30,000 members in 21 separate political jurisdictions, including Baltimore City, throughout the state of Maryland. He serves as a trustee on the Howard County Retirement Board, which is responsible for administering over $600 million in the employees defined benefit pension plan. Chase serves on the AFSCME International Pension Advisory Board and is a strong advocate of corporate governance activism. He has over 25 years of experience in contract law, arbitration, and fiduciary responsibility for employee pension benefit plans. He also serves as a healthcare consultant for 49 public employee labor unions on healthcare plan design and cost containment measures. Chase is gaining national prominence for his unique approach and management style in negotiating labor agreements for public service, supervisory, and law enforcement employees. He was the labor representative appointed to serve on the Howard County GASB 45 Task Force. Chase is completely committed to his belief that public employees should continue to earn their deserved pensions for the dedicated service they provide to the citizens on a daily basis. Chase was elected to the NCPERS executive board in 2012 and serves as a member of the healthcare and legislative committees.

50 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS

LAWRENCE CURRAN

Larry Curran is a retired firefighter. He served 35 years on the Boston Fire Department. Curran also served as the legislative agent for the Boston Fire Fighters Local 718 for over 20 years. He was an executive board member of the Massachusetts Association of Contributory Retirement Systems. Curran is the former chairman of the Boston Retirement Board, where he served as one of two elected members for 15 years. He served on several IAFF committees over the years, and he is currently the public safety officer benefit coordinator for the International Association of Fire Fighters. Curran serves as the retiree representative on the health insurance committee for the City of Boston. He has a BS from the University of Massachusetts and a JD from the New England School of Law. Curran is a member of the NCPERS executive board, and he serves on the audit, and bylaws, policy, and resolutions committees.

TINA FAZENDINE

Tina Fazendine, NCPERS secretary, was the insurance and retirement services manager for the City of Tulsa. She has more than 30 years of service as a Tulsa public employee; she spent 21 of those years concentrating on the field of benefits management. In addition to managing the Municipal Employees’ Retirement Plan (MERP), she administered the city’s deferred compensation and insurance programs. Her responsibilities and experience include policy development, vendor negotiations and contract language development, cost-benefit analysis, implementation and communication of retirement and insurance plan improvements, and procedures, and computer enhancement development. Fazendine has considerable knowledge and experience in the methods, practices, and techniques used to administer and manage comprehensive retirement and insurance programs. She regularly speaks at local college and public pension fund seminars. Notable achievements include the development and implementation of a partial lump-sum distribution option for municipal employees and the city’s first comprehensive retirement statement. She is a member of the Tulsa Employee Benefits Group; the NCPERS executive board, where she serves as a member of the advisers, budget, credentials, executive, education, and healthcare committees; and of the NCPERS Task Force on Health Care Benefits.

DANIEL A. FORTUNA

Daniel Fortuna, first vice president of NCPERS, is a 30-year member of the Chicago Fire Fighters Union, IAFF Local 2. He has been an active member of the Chicago Fire Department since 1978 and is serving as the State of Illinois first district vice president of the Associated Fire Fighters of Illinois (AFFI). Fortuna is proud to have served three terms on the executive board of the Chicago Fire Fighters Union (CFFU) Local 2 as the director of public relations, where he resurrected the once-stale PR department and turned it into a vital, thriving component of the Local 2. He has worked diligently for several Illinois charitable organizations and raised money for the AFFI. Fortuna also has served on the transition team for the Illinois governor-elect. In 2005 the governor appointed Fortuna to the Firefighters Medal of Honor Committee. He also serves on the board of the Illinois Firefighter Memorial Foundation Committee, a position to which he was appointed by the Illinois state fire marshal. Fortuna is a member of the NCPERS executive board, where he serves as chair of the marketing and membership committee and is a member of the advisers, bylaws, policy and resolutions, credentials, executive, and legislative committees.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 51 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS

KELLY L. FOX

Kelly L. Fox has served on the Washington State Council of Fire Fighters (WSCFF) executive board since 1990 and has been its president since 1996. The WSCFF represents 135 local firefighter unions across the state of Washington. He is a registered lobbyist in Washington State and as the president of the WSCFF directs the WSCFF’s governmental relations team and oversees the educational program development and policy formulation for the organization. Fox has chaired the Law Enforcement Officers and Fire Fighters Plan 2 Retirement Board since its inception in 2003. He was appointed to the Washington State Investment Board by Governor Jay Inslee in 2013. Fox has worked with numerous public employee representatives to promote pension enhancement legislation and to facilitate greater plan member representation and participation. As an active member of the Olympia Fire Department, Fox serves his community as a fire lieutenant and continues to represent the local union in collective bargaining and labor management relations. He is a member of the NCPERS executive board, where he serves as a member of the budget, education, and legislative committees.

DAN GIVENS

Dan Givens is a retired fire captain and paramedic with the City of Miami Fire Department, having served with the department from 1973 to 2009. He comes from a family of Miami firefighters; his father and father-in-law retired from the City of Miami Fire Department and his son is also a City of Miami firefighter. All are IAFF Local 587 members. Givens served as an elected trustee and chairman of the Miami Firefighters’ Relief & Pension Fund from 1980 to 2006. In 2006, he took over as administrator for this fund. He continues to serve with the International Association of Fire Fighters (IAFF) and Professional Firefighters of Florida, dealing with pension matters including legislative changes to Florida Public Pension Law and federal tax law. He is a member of the Florida Public Pension Trustees Association (FPPTA) and has completed the Certified Public Pension Trustee program. Givens was a trustee during the creation of the Miami Association of Firefighters Retiree Health Trust. He also serves as regional representative for the IAFF Financial Corporation. Givens is an executive board member of NCPERS, fire classification. He serves with the NCPERS executive board and is a member of the NCPERS education, healthcare, investment and bylaws, and policy and resolutions committees. In 2002, NCPERS created a healthcare task force to study the devastating impact on retirement and propose solutions. Givens serves as the chairman of the healthcare committee.

AARON HANSON

Aaron Hanson has been employed as a police officer with the Omaha Nebraska Police Department since 1996. Since 2000, he has been assigned to the OPD Canine Squad, where his duties include handling a patrol service dog for purposes of criminal apprehension as well as criminal interdiction efforts on Interstate 80. Hanson served as an elected board member and secretary in the Omaha Police Officers Association from 2001 to 2005 and served as the elected president of the OPOA from 2005 to 2011. During Hanson’s presidency, he served as chief negotiator for the OPOA and led his organization through a major contract impasse arbitration hearing and ruling, numerous political and media battles, and the first pension reform in the City of Omaha’s history. Omaha’s pension reform efforts, which per local law had to be equally shared between the employee and the city, focused on maintaining a comparable police pension benefit for Omaha officers, resulted in the elimination of the highly politically charged practice of “pension spiking,” and secured an agreement from the city to contribute an additional 13.5 percent of payroll into the plan with

52 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS the long-term goal of eliminating the 40 percent funded pension plan’s nearly $600 million shortfall. In 2011, Hanson was elected to the Omaha Police and Fire Retirement System as a trustee. Hanson is a court- certified expert on police wages, benefits, and working conditions. Hanson also serves as an executive board member of NCPERS and is assigned to the legislative and marketing and membership committees.

KATHY HARRELL

Kathy Harrell is second vice president of NCPERS. Since 1987 Harrell has been a member of the Cincinnati Police Department, where she has served as a community beat cop on the west side of Cincinnati and as an undercover drug and major crime investigator. She was appointed to the Ohio Police & Fire Pension Fund (OP&F) board of trustees in October 2006. She is also currently serving as National FOP pension chairman. Harrell has experience representing and working for police officers through her position as union president of Fraternal Order of Police Queen City Lodge #69; she is the first woman to hold that position. Prior to joining the Cincinnati Police Department, Harrell served for four years as a military police officer in the US Army Reserves. Born and raised in Cincinnati, Harrell graduated from Our Lady of Angels High School in Saint Bernard and attended the University of Cincinnati. She is a member of the NCPERS executive board, where she is chair of the bylaws, policy, and resolutions committee and member of the advisers, credentials, executive, and insurance committees.

KENNETH A. HAUSER

Kenneth Hauser, trustee and chairman of the board of the Chicago Police Pension Fund, is a retired Chicago police detective of 37 years. He retired from the major accident investigation section. He is a member of the Fraternal Order of Police and has been elected to numerous terms as trustee of the state and city lodges. Hauser was also on the team that negotiated the first four contracts for Chicago police officers in the 1980s. He is an elected trustee on the board of the Chicago Patrolman’s Federal Credit Union and president of the Chicago Police Pension Fund, having been first elected as a trustee in 1993. He was also elected president of the Retired Chicago Police Association and is a member of numerous other police organizations, as well as a former member of the advisory board of the Dow Jones Indexes. Hauser is a member of the NCPERS executive board, where he chairs the investment committee and is a member of the healthcare and marketing and membership committees.

SHARON HENDRICKS

Sharon Hendricks is a speech professor at Los Angeles City College. She was elected in 2011 to the California State Teachers Retirement System (CalSTRS) board, where she serves as chair of the Benefits & Services and Legislative Committees and vice-chair of the Investment Committee. Hendricks is also president of the American Federation of Teachers (AFT) Local 1521 chapter at Los Angeles City College. In addition, she serves as retirement liaison for members of the Los Angeles College Faculty Guild – AFT, Local 1521, and on the Retirement Committee of the California Federation of Teachers (CFT). Hendricks was elected to the NCPERS executive board in 2012 and serves on the education and healthcare committees.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 53 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS

HANK H. KIM

Hank Kim is executive director and counsel for NCPERS. Kim directs the day-to-day operation of the largest public pension trade association in the United States. His responsibilities include strategic planning for NCPERS, promoting retirement security for all workers through access to defined benefit pension plans, and the expansion of NCPERS’ role in the continuing debate on health care. Kim brings strong experience in healthcare policy, having assisted in drafting the Healthcare Enhancement for Local Public Safety (HELPS) Retirees provision in the recently passed Pension Protection Act (PL 109-280). He has worked for a hospital association, where he successfully advocated for passage of the Provider Sponsored Organizations legislation (PL 105-33). He began his career in the office of Senator Bill Bradley (NJ) and assisted on the Newborns’ and Mothers’ Health Protection Act (PL 104-204). Prior to joining NCPERS, Kim served for six years as a governmental affairs representative for an international public-sector union, working on benefits, appropriations, homeland security, and healthcare issues. During this period, he helped draft and lobby for the passage of Staffing for Adequate Fire and Emergency Response (SAFER) Act (PL 108-136). He has intimate knowledge of federal agencies and has served on several Federal Advisory Committee Act (FACA) committees and working groups. Kim received his bachelor of arts degree in political science from the University of Wisconsin-Madison and his doctor of jurisprudence from Indiana University-Bloomington Maurer School of Law. He is a member of the District of Columbia Bar. He currently serves on the Fairfax County Uniform Retirement System, a $1 billion public employee retirement system, providing pension coverage for the Fire & Rescue Department, Sheriff’s Department, and certain other sworn employees of Fairfax. Kim has also served on the Morningstar Pension Endowments and Foundations Steering Committee and City of Virginia Beach Mayor’s Committee on Employee Pensions.

BILL LUNDY

Bill Lundy is a member of the Arkansas Fire and Police Pension Review Board, where he has served for more than 25 years. He joined the Little Rock Fire Department in 1971 and retired after 35 years with the rank of captain. He represented the fire department on the city’s health insurance task force and was the administrator of the Little Rock Fire Department Health Fund, Inc., a hospitalization supplement. He is past president of IAFF Local 34 and is president emeritus of the Arkansas Professional Fire Fighters (APFF). As president of the local, he negotiated the first collective bargaining agreement entered into by an Arkansas municipality and any employee group. He has served for 27 years as a lobbyist for the APFF and has played a major role in obtaining many benefit enhancements for the firefighters and police officers of Arkansas. Lundy is a member of the NCPERS executive board, where he serves as a member of the education, insurance, and investment committees.

PAT MCELLIGOTT

Pat McElligott, NCPERS immediate past president, is former president of the Tacoma Professional Fire Fighters Union, IAFF Local 31. He is a member of the Washington State Retirement Advisory Board and former chair of the Washington State Investment Board Private Markets Committee, which controls $80 billion in pension fund assets. He has more than 30 years of fire service experience and served 27 of those years with the Tacoma Fire Department. Since 1989 McElligott has served as Sixth District representative of the Washington State Council of Fire Fighters. In addition, he is a member of the Washington State Council of Fire Fighters Standing Pension Committee and the NCPERS advisers, credentials, and executive committees.

54 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS

RICK MILLER

Rick Miller has been a captain in the Windsor, Ontario, Fire and Rescue Services and a member of the Windsor Professional Fire Fighters Association for 28 years. He has been a member of the Ontario Professional Fire Fighters Association (OPFFA) Pension Committee since 1993, and served for several years as chairman. He has also served on the board of the Windsor City Centre Credit Union. Miller is the first member of the NCPERS executive board serving under the Canadian classification, and he is a member of the educational and marketing committees. Miller is currently chair of the Ontario Municipal Employees Retirement System (OMERS) Administration Corporation’s board of directors for 2013 and was also the chair in 2012. OMERS is one of Canada’s largest pension funds, managing $55 billion in net investment assets on behalf of more than 420,000 members. Miller was appointed to the OMERS board in 1997 and reappointed to the OMERS AC board in June 2009. He served as chair of the OMERS board in 2002 and was a member of the executive committee between 2000 and 2003. Miller also served as chair of the Investment Committee in 2004 and 2005, followed by three years as vice-chair. He received his chartered director designation from the Directors College in 2004 and graduated from the Human Resources Executive Compensation Program at the Directors College in 2009. In 2012, Miller was elected to the NCPERS executive board under the new Canadian classification. As a member of the executive board, he serves on the education and insurance committees.

JOHN R. NIEMIEC

Captain John Niemiec is a professional firefighter/paramedic with the Fairfax County, Virginia, Fire and Rescue Department with 27 years of experience. He is currently serving as president of the Fairfax County Professional Fire Fighters and Paramedics – International Association of Fire Fighters (IAFF) Local 2068. Local 2068 is a progressive union with approximately 1,800 active and retired members involved in all aspects of interest and concern to its membership. Prior to his election as president, he served as first vice president, a position that provides a supportive platform from which to address issues of health and safety for career firefighters, paramedics, and other public safety personnel. Much of Niemiec’s recent work on behalf of Local 2068 has targeted the preservation and enhancement of the well-deserved and hard-won benefits of career firefighters. He has worked diligently with union members, fire and rescue personnel, and other county managers to achieve the reduction of the Social Security disability offset. To date, this effort has reduced the offset from 64 percent to 25 percent. The goal is to eliminate the offset altogether. Additionally, Niemiec was instrumental in safeguarding the Deferred Retirement Option Plan (DROP) for all county employees. Niemiec continues to serve as a trustee on the Fairfax County Uniformed Retirement System board. One key element of this position is working with other board officers to oversee and protect a fund of over $1 billion in assets. Niemiec is a member of the NCPERS executive board, where he serves as a member of the investment, legislative, and membership and marketing committees.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 55 BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS

WILL PRYOR

Will Pryor is an active Los Angeles County captain working on a hazardous materials task force in East Los Angeles. Serving as a firefighter union board member since 1991, Pryor currently sits on the Los Angeles County Fire Fighters, IAFF Local 1014 board of directors. Pryor is an elected safety member of the Los Angeles County Employee Retirement Association (LACERA) elected to the board of investments and board of retirement. LACERA is a $34 billion county retirement system serving all employees of Los Angeles County. Pryor is chair of the disability procedures committee and a member of the insurance and legislative committees. He is also a member of the plan administrative committee for the County of Los Angeles, a $4 billion 457 plan for county employees. He is a member of the NCPERS executive board, where he chairs the budget committee and is a member of the audit and healthcare committees.

MONA ROMAIN

Mona Romain has served as an elected trustee of the New York City Teachers’ Retirement System since 1998. She shares with other board members the fiduciary responsibility of overseeing the policies, funding, and investments of the system. Romain is assistant treasurer of the United Federation of Teachers (UFT), a member of the UFT executive board, and a member of the pension and retirement committees of the UFT and New York State United Teachers. In her capacity as special representative of the UFT, she has been involved in training pension counselors, conducting pension workshops for in-service and retired members, and writing articles on retirement for the UFT pension publications. Romain was a teacher of mathematics at the secondary- school level for many years before her work in the pension arena. She holds a BS, an MS, and an advanced certificate in administration and supervision from the City University of New York. Romain also attended the Wharton School Executive Education Program and received a certificate in pension funds and money management. She is a member of the NCPERS executive board, where she chairs the audit committee and is a member of the budget and bylaws, policy, and resolutions committees.

CAROL G. STUKES-BAYLOR

Carol Stukes-Baylor is serving her fifth elected term as trustee of the Philadelphia Board of Pensions and Retirement (first elected in 1994). Stukes is a member of the personnel, deferred compensation, proxy, and travel policy committees, and medical panel (chairperson), real estate, and diversity subcommittees for the pension board. Stukes worked for the City of Philadelphia for 41 years in several positions, with the last 20 years as a budget analyst in the Office of Behavioral Health Services/Mental Retardation Services. During her employment with the city, she was elected to several union positions with AFSCME District Council 33 Local 1637 and AFSCME District Council 47 Local 2187. For both district councils and locals, she held such offices as shop steward, executive board member, and delegate. Under District Council 47, she was appointed co-chair of the pension and benefit committee and delegate to the AFL-CIO. Stukes was treasurer for Local 2187 until 2003. Stukes chairs the Mid-Atlantic Plan Sponsors (MAPS). She is the recipient of the Trustee of the Year Award (1998) and Pathfinder Award (2003) from the National Association of Security Professionals, and a Trailblazer Award (2003) from MAPS. She is a member of the NCPERS executive board, where she is chair of the insurance committee and serves on the audit and bylaws, policy, and resolutions committees.

56 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition BIOGRAPHIES OF NCPERS OFFICERS AND EXECUTIVE BOARD MEMBERS

RICHARD TETTAMANT

Richard Tettamant has been administrator of the Dallas Police and Fire Pension System since 1993. He also served as assistant administrator of the pension system for eight years. He joined the system in 1982. In addition, he has been an employee- elected trustee of the City of Dallas 401(k) board of trustees for more than 10 years. He served as the first president of the Society of Pension Professionals and holds the designation of CPE (chartered pension executive) from the organization. He is an active member of the Texas Association of Public Employee Retirement Systems and was a co-founder of Texas Pension Executives. He is a frequent speaker and panelist at pension conferences. Tettamant was a founder, charter trustee, and former secretary of the Earl Campbell Foundation in Austin. His civic involvement includes serving as director of the Children’s Hope Foundation in Dallas. He holds a BA from the State University of New York and an MBA from the University of Texas at Arlington. Tettamant is a member of the NCPERS executive board, where he serves as chair of the education committee, and is a member of the legislative and marketing and membership committees.

RICHARD WACHSMAN

Richard Wachsman, NCPERS treasurer, had been with the Dallas fire department for 41 years when he retired as a battalion chief. During his firefighting career, he held offices on the board of the IAFF Local 58. He has been an officer on the Dallas Museum’s board since its formation in 1972. He currently serves as a trustee of the Dallas Police and Fire Pension Fund and has been extensively involved with the police and fire system for more than 35 years. Wachsman is currently treasurer of the NCPERS executive board, and he serves on the advisers, budget, credentials, and executive committees.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 57 NCPERS 2012–2013 NATIONAL COMMITTEE

ALABAMA LOUISIANA NEW YORK John Wilkerson Stacy Birdwell John Cahalin Ben Powell Richard Hampton Mona Romain

ARKANSAS MARYLAND OHIO Denise Reed Dale Chase Lawrence Petrick Bill Lundy Andrew Pantelis Kathy Harrell

CALIFORNIA MASSACHUSETTS OKLAHOMA Dave Gillotte James Riley Rena Hutton Herman Santos Kevin Regan Tina Fazendine

CANADA MICHIGAN PENNSYLVANIA Rick Miller Gregory Simmons Ron Stagliano Michael Grodi Carol Stukes-Baylor COLORADO Victoria Hale MINNESOTA TENNESSEE William Bell Aaron Johnston Terry Knowles Todd Williams Corliss Cooper CONNECTICUT Peter Carozza MISSOURI TEXAS Lou DiMici Charlie Hull Heidle Baskin Travis Williams Tony Harvey DISTRICT OF COLUMBIA Al Hagan NEBRASKA UTAH Bill Taylor Mike Henrich Marty Peterson Aaron Hanson Jim Judd FLORIDA Dan Givens NEVADA VIRGINIA Tim Lancaster Ryan Beaman John Niemiec Thomas Simcoe HAWAII NEW JERSEY Robert Lee George Borek WASHINGTON Celeste Nip Kelly Fox Greg Markley NEW MEXICO ILLINOIS Patricia French Mary Sharon Reilly Brian Wright

58 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition PAST ANNUAL CONFERENCE SITES AND NCPERS PRESIDENTS

SITE YEAR NCPERS PRESIDENT* SITE YEAR NCPERS PRESIDENT*

Chicago, IL 1942 John J. Goff San Diego, CA 1979 Jerome R. Landry Pittsburgh, PA 1943 John J. Goff Lake Buena Vista, FL 1980 Jerome R. Landry Cleveland, OH 1944 John J. Goff Maui, HI 1981 Jerome R. Landry Chicago, IL 1945 John J. Goff Washington, DC 1982 Harvey W. Schmidt Knoxville, TN 1946 John J. Goff San Antonio, TX 1983 Harvey W. Schmidt New York, NY 1947 Robert J. Adams Bal Harbour, FL 1984 Harvey W. Schmidt Denver, CO 1948 Raymond J. Heath Las Vegas, NV 1985 Sam Diannitto, Jr. Detroit, MI 1949 Raymond J. Heath Boston, MA 1986 Sam Diannitto, Jr. Burlington, VT 1950 Everett B. Downe Maui, HI 1987 Sam Diannitto, Jr. Dallas, TX 1951 John W. Donner Chicago, IL 1988 James W. McGurn Boston, MA 1952 John W. Donner San Francisco, CA 1989 James W. McGurn Miami, FL 1953 Newell B. Walters Lake Buena Vista, FL 1990 Ronald O. Usher Los Angeles, CA 1954 Newell B. Walters San Antonio, TX 1991 Ronald O. Usher Biloxi, MS 1955 Newell B. Walters Baltimore, MD 1992 Ronald O. Usher Washington, DC 1956 Carl C. Bare Nashville, TN 1993 William V. Taylor Minneapolis, MN 1957 Carl C. Bare Honolulu, HI 1994 William V. Taylor Milwaukee, WI 1958 Carl C. Bare Lake Buena Vista, FL 1995 William V. Taylor Montreal, Quebec 1959 Carl C. Bare San Diego, CA 1996 Terry L. Lantry Washington, DC 1960 John E. Coyne San Antonio, TX 1997 Terry L. Lantry Seattle, WA 1961 John E. Coyne Denver, CO 1998 Jay W. Bixby Boston, MA 1962 Ward Ashman Atlanta, GA 1999 Jay W. Bixby Detroit, MI 1963 Ward Ashman Honolulu, HI 2000 Jay W. Bixby Las Vegas, NV 1964 Ward Ashman Las Vegas, NV 2001 Jay W. Bixby Washington, DC 1965 Jack E. Kennedy Fort Lauderdale, FL 2002 Elmer J. Khal Hot Springs, AR 1966 Jack E. Kennedy Denver, CO 2003 Elmer J. Khal San Francisco, CA 1967 Jack E. Kennedy Anaheim, CA 2004 Elmer J. Khal Miami Beach, FL 1968 Jack E. Kennedy Las Vegas, NV 2005 Robert Podgorny Honolulu, HI 1969 Jack E. Kennedy Fort Lauderdale, FL 2006 Robert Podgorny New Orleans, LA 1970 Jack E. Kennedy Honolulu, HI 2007 Robert Podgorny Portland, OR 1971 Westford Robbins New Orleans, LA 2008 Robert Podgorny Boston, MA 1972 Westford Robbins Los Angeles, CA 2009 Patrick McElligott Las Vegas, NV 1973 Westford Robbins Las Vegas, NV 2010 Patrick McElligott Miami, FL 1974 Al S. Haase Miami, FL 2011 Patrick McElligott Honolulu, HI 1975 R.E. Wetherille, Jr. New York, NY 2012 Patrick McElligott Atlanta, GA 1976 R.E. Wetherille, Jr. Honolulu, HI 2013 Mel Aaronson Portland, OR 1977 R.E. Wetherille, Jr. *Position was chairman until 1959. New Orleans, LA 1978 R.E. Wetherille, Jr.

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 59 NOTES

______

60 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition NCPERS RESOLUTIONS

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 61 NCPERS RESOLUTIONS

NCPERS: RESOLUTION 1 TITLE: Retirement Benefits Submitted by: NCPERS Executive Board

Whereas, the constitutional and statutory protections afforded to retirement benefits are under attack by state and local government;

Whereas, public-sector retirees are losing their retirement benefits to the spiraling healthcare costs that are increasing faster than any cost-of-living adjustments or the Consumer Price Index; and

Whereas, the National Conference on Public Employee Retirement Systems has fought for more than 65 years to protect the pension benefits and plans of public-sector employees and retirees, and opposed all attempts by employers to raid these funds or delay making mandatory contributions; and

Whereas, the National Conference on Public Employee Retirement Systems believes it is vital to protect pension benefits by finding ways to help retirees and in-service employees pay for their healthcare costs and to guarantee these benefits during their retirement years.

Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems supports retirement benefits composed of a defined benefit plan, an add-on defined contribution plan, retiree healthcare benefits, life insurance coverage, and long-term care insurance protection to ensure that public-sector retirees can maintain their standard of living in their retirement years; and

Be it further resolved, that the National Conference on Public Employee Retirement Systems takes the lead in fighting to protect and ensure the retirement and health benefits of all retirees and in service employees through education of its membership and the education of elected government officials; and

Be it further resolved, that the National Conference on Public Employee Retirement Systems offers its member funds group life insurance and group long-term care insurance to help fulfill the retirement needs of their public employees.

CONFERENCE ACTION:

62 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition NCPERS RESOLUTIONS

NCPERS: RESOLUTION 2 TITLE: Support for Conventional Approaches to Valuing Public Pensions Submitted by: NCPERS Executive Board

Whereas, conventional approaches better reflect the underlying nature of the governments that sponsor the plans, as well as the goals of governmental accounting; and

Whereas, conventional approaches have succeeded in funding most public plans; and

Whereas, conventional approaches better reflect the underlying dynamics of public pension plans; and

Whereas, conventional approaches are more likely to provide for stable contribution rates; and

Whereas, conventional approaches are more likely to allocate pension costs evenly across current and future taxpayers; and

Whereas, conventional approaches are more likely to support better decisions related to public plan funding; and

Whereas, broad participation among pension funds, plan sponsors, and GASB will ensure stability in funding methodologies.

Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems supports conventional approaches to valuing public pensions; and

Be it further resolved, that the National Conference on Public Employee Retirement Systems will oppose using financial economics or market valuation of liabilities for public pensions.

CONFERENCE ACTION:

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 63 NCPERS RESOLUTIONS

NCPERS: RESOLUTION 3 TITLE: Oppose Mandatory Social Security Coverage Submitted by: NCPERS Executive Board

Whereas, the Social Security program provides coverage for virtually all segments of American society, including most, but not all, government employees; and

Whereas, all state and local government employees were initially excluded from Social Security; and

Whereas, some subsequently made a decision not to be included, instead developing their own retirement and benefit programs that, in many instances, predate the Social Security system, and are advance funded; and

Whereas, there have been numerous attempts over the years to force all state and local government employees into Social Security against their wishes; and

Whereas, there are serious jurisdictional questions concerning such contemplated mandatory coverage of state and local employees; and

Whereas, those state and local government employees who have chosen to participate, and continue to participate, in the Social Security system do not want their participation or their benefits to be jeopardized in any way by “quick-fix” inclusion of previously excluded employees, thus exacerbating the future unfunded liability of the Social Security system.

Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems reaffirms its opposition to all present and future efforts to require mandatory Social Security coverage of noncovered state and local government employees; and

Be it further resolved, that the National Conference on Public Employee Retirement Systems continues to be authorized to publicly oppose all attempts on the part of the United States Congress or federal administrative agencies to mandate Social Security coverage for all state and local government employees.

CONFERENCE ACTION:

64 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition NCPERS RESOLUTIONS

NCPERS: RESOLUTION 4 TITLE: Supporting Social Security Submitted by: NCPERS Executive Board

Whereas, private retirement accounts in Social Security place in jeopardy the guaranteed benefits promised those covered by the Social Security system; and

Whereas, diverting funds from the Social Security Trust Fund places the entire Social Security system in jeopardy by utilizing funds for transition costs that should be used for benefits; and

Whereas, private retirement accounts cannot guarantee benefits to participants and place their retirement income at the mercy of the fluctuations in the stock market and their ability to make investment decisions; and

Whereas, an accurate comparison of all the costs and returns of private savings plans with the costs and returns of the existing Social Security system shows that a mandated savings plan, in which retirees invest their money individually, would simply not generate higher retirement income than the present Social Security system; and

Whereas, Social Security pays the low-income worker an annual income equal to 56.7 percent of his or her final wage, the middle-income worker would receive 43.9 percent, and the high-income worker would get 31.4 percent; and

Whereas, Social Security provides payout in the form of a real valued annuity, a payment that continues for the life of the worker and is not diminished by inflation.

Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems goes on record in opposition to the establishment of private retirement accounts within the Social Security system; and

Be it further resolved, that the National Conference on Public Employee Retirement Systems publicly supports the continuation and stabilization of the Social Security system and reaffirms its support to improve the financial security of the Social Security system without the establishment of private retirement accounts.

CONFERENCE ACTION:

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 65 NCPERS RESOLUTIONS

NCPERS: RESOLUTION 5 TITLE: Support of Defined Benefit Pensions Submitted by: NCPERS Executive Board

Whereas, all workers want retirement security, with a reliable income that enables them to maintain their standard of living and not fall into poverty in old age; and

Whereas, Social Security provides a modest retirement income for most Americans, but it was never meant to be more than an income floor that would be complemented by an employer-sponsored pension and personal savings; and

Whereas, NCPERS members can expect to receive a public pension when they retire; and

Whereas, these plans are professionally managed in order to get maximum return on investment, are highly diversified – with investments in everything from stocks and bonds to alternative investments – in order to balance gains and losses, and place all financial risk on the employer rather than on workers and retirees; and

Whereas, opponents of pensions are attacking public pensions across the country to mandate 401(k)-style DC private accounts to replace traditional DB plans for public servants; and

Whereas, claims that DB plans are severely underfunded are also untrue, with asset growth outpacing growth in liabilities for most plans; DB plans that do show a large unfunded liability are generally in that predicament because the sponsoring government failed to fund them consistently and not because workers failed to make contributions.

Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems endeavors to promote DB plans for public employees and works to defeat efforts to establish 401(k)-style DC private accounts to replace traditional DB plans for public employees.

CONFERENCE ACTION:

66 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition NCPERS RESOLUTIONS

NCPERS: RESOLUTION 6 TITLE: Require Contributions from Employers and Employees Submitted by: NCPERS Executive Board

Whereas, full actuarial required contributions (ARCs) by both employers and employees are necessary to help ensure adequate funding of public pensions; and

Whereas, contributions by employees have consistently been made, regardless of economic or budgetary conditions; and

Whereas, there are employers that have not made their ARCs, some for a number of years; and

Whereas, employer contributions would help plans weather market volatility.

Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems calls on plan sponsors to make their ARCs; and

Be it further resolved, that the National Conference on Public Employee Retirement Systems will work with plans and plan sponsors during this economic crisis to ensure that public plans are well funded and will continue to thrive well into the future.

CONFERENCE ACTION:

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 67 NCPERS RESOLUTIONS

NCPERS: RESOLUTION 7 TITLE: Support for the Secure Choice Pension Submitted by: NCPERS Executive Board

Whereas, it is estimated that the private sector has a retirement saving underfunding of upward of $8.5 trillion due to lack of a defined benefit pension and sole reliance on Social Security and personal saving, like a 401(k); and

Whereas, approximately 75 million baby boomers are at retirement age currently or will reach retirement age over the next 15 years; and

Whereas, taken together the first twowhereas will most likely lead to seniors living in poverty and/or requiring greater dependence on social safety net programs rather than being productive and taxpaying seniors; and

Whereas, from a national perspective, retirement is a workforce management tool so that our nation can have an orderly and predictable workforce transition, thereby ensuring continued productivity and creating job opportunities for the younger generations; and

Whereas, public pensions have been proving retirement security to the currently estimated 22 million public employees and have been doing it for over a 100 years.

Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems will work to introduce and enact legislation to establish Secure Choice Pensions (SCP). The SCP is a proposal designed to provide retirement security for workers in the private sector through access to a defined benefit pension. It is envisioned as a public-private partnership to provide retirement security for American workers, particularly those who work for small businesses and who don’t currently have a defined benefit pension. The plan draws on the documented performance and efficiencies of public-sector pension management and extends it to those in the private sector who face what is becoming a national retirement crisis.

CONFERENCE ACTION:

68 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition NCPERS RESOLUTIONS

NCPERS: RESOLUTION 8 TITLE: Appropriate Role of Defined Contribution Plans Submitted by: NCPERS Executive Board

Whereas, the National Conference on Public Employee Retirement Systems has been aware of the introduction of defined contribution plans in the public sector over the past few years; and

Whereas, the National Conference on Public Employee Retirement Systems through its legislative monitoring is familiar with the variations of such plans either implemented or proposed at the state or local jurisdictional levels; and

Whereas, the National Conference on Public Employee Retirement Systems is also aware of the different reasons for which these defined contribution plans have been fashioned; and

Whereas, the National Conference on Public Employee Retirement Systems notes that defined benefit plans are the best way to ensure retirement security for all employees; and

Whereas, the recent decline in the capital markets and resulting losses experienced by individual investment accounts has demonstrated the unreliable nature of defined contribution plans as the primary source of retirement income; and

Whereas, the National Conference on Public Employee Retirement Systems also takes note that the popularity for new defined contribution plans has waned in recent months because of the downward fluctuations of the market and the uncertainty of the global marketplace as a whole; and

Whereas, the National Conference on Public Employee Retirement Systems takes the position that defined contribution plans add value in certain instances but do not in others.

Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems supports only those efforts whereby a defined contribution plan is an optional additional component to a defined benefit plan; and

Be it further resolved, that the National Conference on Public Employee Retirement Systems strongly opposes efforts to use a defined contribution plan as a replacement for a defined benefit plan for any reason and further opposes defined contribution plans that erode the assets of a defined benefit plan trust fund through conversions; and

Be it further resolved, that the National Conference on Public Employee Retirement Systems continues its efforts toward strengthening defined benefit plans, adequate and timely funding of such plans, the maintenance and improvement of benefit levels of defined benefit plans, and support of such defined contribution plans on a limited basis where used as an optional enhancement to a defined benefit arrangement.

CONFERENCE ACTION:

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 69 NCPERS RESOLUTIONS

NCPERS: RESOLUTION 9 TITLE: Corporate Responsibility & Governance Submitted by: NCPERS Executive Board

Whereas, the Department of Labor has issued a letter to plans covered by ERISA suggesting that support for social issues may not be consistent with fiduciary responsibility; and

Whereas, an essential part of good corporate governance is the maintenance of corporate policies consistent with the public welfare; and

Whereas, public employee retirement systems hold more than $2.8 trillion in capital assets; and

Whereas, that asset ownership creates a responsibility to make corporate governance consistent with the needs of our membership; and

Whereas, proxies are a valuable plan asset to be managed on the same basis as any other asset.

Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems encourages its member funds to exercise their proxy voting in a manner that is consistent with fiduciary responsibility, including the welfare of all Americans affected by corporate performance.

CONFERENCE ACTION:

70 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition NCPERS RESOLUTIONS

NCPERS: RESOLUTION 10 TITLE: Independence of States and Local Governments to Determine the Terms of Their Retirement Plans Submitted by: NCPERS Executive Board

Whereas, the Internal Revenue Service has issued public announcements and regulations applying private-sector tax provisions to public employee plans; and

Whereas, many of those regulations and announcements will interfere with the constitutionally protected property rights of public employee plan participants; and

Whereas, the US Constitution preserves the rights of state and local governments to enact legislation in matters of local concern, including the nature and structure of retirement benefits; and

Whereas, Congress expressly recognized that the application of ERISA principles to state and local government plans was inconsistent with the principles of federalism; and

Whereas, federal courts have, without exception, affirmed that independence; and

Whereas, due to job requirements and mandatory retirement regulations, many public employees are forced to retire prior to eligibility for Medicare.

Now therefore be it resolved, by the National Conference on Public Employee Retirement Systems, that member funds and their participants urge their members of Congress to approve corrective legislation to eliminate undue tax regulation and the application of ERISA principles that threaten constitutionally protected pension rights; and

Be it further resolved, that the National Conference on Public Employee Retirement Systems affirms its support for the right of state and local governments to self-determination in the design and administration of their retirement systems; and

Be it further resolved, that the National Conference on Public Employee Retirement Systems encourages all public plans make available to its participants information on their benefit and investment portfolios on a regular basis.

CONFERENCE ACTION:

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 71 NCPERS RESOLUTIONS

NCPERS: RESOLUTION 11 TITLE: Assurance of Health Care for All Americans Submitted by: NCPERS Executive Board

Whereas, Medicare is the primary health insurance provider for 99 percent of workers over age 65, including the vast majority of retired public employees, and additionally covers 5.2 million disabled Americans; and

Whereas, Medicare will encounter serious funding problems in 2019 if nothing is done to stop the spiraling costs of health care; and

Whereas, the federal fiscal policies, combined with the economic downturn and demands of our nation’s war on terror have drained the national treasure; and

Whereas, the Patient Protection and Affordability Act, popularly known as Healthcare Reform Law, that was enacted in 2010 is the first major reform of the American healthcare system since the enactment of Medicare; and

Whereas, Healthcare Reform Law provided a good first step, the American healthcare system still needs additional measures to provide universal and affordable healthcare coverage for all Americans.

Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems supports additional improvements to the healthcare system that encompass the following principles: health coverage for all citizens; cost containment; quality of care improvement; equitable financing; and simplified administration; and

Be it further resolved, that the National Conference on Public Employee Retirement Systems works with the National Coalition on Health Care and other organizations to achieve these principles through legislation; and

Be it further resolved, that the National Conference on Public Employee Retirement Systems supports Medicare, which has successfully provided health care to millions of seniors for over 40 years, to remain fundamentally unchanged.

CONFERENCE ACTION:

72 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition NCPERS RESOLUTIONS

NCPERS: RESOLUTION 12 TITLE: Funding for Retiree Medical Trusts Submitted by: NCPERS Executive Board

Whereas, healthcare costs for retirees continue to erode the pension benefit of our retired public employees; and

Whereas, employers and current employee groups across the nation have taken steps to develop pre-funding vehicles for the ever-expanding healthcare costs; and

Whereas, retirees and employees near retirement have little or no time to establish a meaningful savings vehicle for retiree health care; and

Whereas, EGTRRA 2001 authorized increased limits, portability, and efficiency through consolidating pension assets through transfers and rollovers between plans; and

Whereas, PPA 2006 provides for pretax payment of a portion of healthcare premiums for public safety officers; and

Whereas, dedicating a portion of a retiree’s savings for the sole purpose of health care in retirement is a fiscally and socially responsible position.

Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems supports allowing retirees and employees near retirement to roll assets from a governmental plan, such as a 401(a), 403(b), or 457(b) plan, into a qualified medical trust or VEBA, for the sole purpose of purchasing health care in retirement.

CONFERENCE ACTION:

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 73 NCPERS RESOLUTIONS

NCPERS: RESOLUTION 13 TITLE: Appreciation of Members, Speakers, Attendees, and Exhibitors Submitted by: NCPERS Executive Board

Whereas, the National Conference on Public Employee Retirement Systems is greatly indebted to its members for the financial commitment and support and appreciates the participation and support received from its exhibitors at the 2013 NCPERS Annual Conference and Exhibition; and

Whereas, the members, speakers and exhibitors have been loyal supporters of the National Conference on Public Employee Retirement Systems; and

Whereas, many NCPERS corporate members have generously contributed to the NCPERS Charitable Foundation, enabling NCPERS to improve the lives of the communities in which our members live and work.

Now therefore be it resolved, that the National Conference on Public Employee Retirement Systems publicly thanks all attendees, speakers, and exhibitors for their role in making this year’s annual conference and exhibition a success.

CONFERENCE ACTION:

74 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition NOTES

______

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 75 NOTES

______

76 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition NOTES

______

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 77 NOTES

______

78 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition NOTES

______

NCPERS 2013 Annual Conference and Exhibition | On-Site Program | 79 NOTES

______

80 | On-Site Program | NCPERS 2013 Annual Conference and Exhibition

We Look Forward to Seeing You Next Year in San Antonio

Trustee Educational Seminar (TEDS) April 26–27, 2014

Annual Conference and Exhibition April 27–May 1, 2014

National Conference on Public Employee Retirement Systems The Voice for Public Pensions 444 North Capitol Street, NW | Suite 630 | Washington, DC 20001 Phone: 1-877-202-5706 | Fax: 202-624-1439 | e-mail: [email protected] | Website: www.NCPERS.org