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(209) 525-6393 Employees' Retirement STANISLAUS COUNTY Phone (209) 525-6393 EMPLOYEES’ RETIREMENT ASSOCIATION Fax (209) 558-5976 832 12th Street, Suite 600 www.stancera.org Modesto, CA 95354 e-mail: [email protected] MAIL: P.O. Box 3150 Modesto 95353-3150 AGENDA BOARD OF RETIREMENT September 23, 2014 832 12th Street, Suite 600 – Wesley W. Hall Board Room 2:00 p.m. Modesto, CA 95354 The Board of Retirement welcomes you to its meetings, which are regularly held on the second Wednesday and the fourth Tuesday of each month. Your interest is encouraged and appreciated. CONSENT ITEMS: These matters include routine administrative actions and are identified under the Consent Items heading. PUBLIC COMMENT: Matters under jurisdiction of the Board, may be addressed by the general public before or during the regular agenda. However, California law prohibits the Board from taking action on any matter which is not on the posted agenda unless it is determined an emergency by the Board of Retirement. Any member of the public wishing to address the Board during the “Public Comment,” period shall be permitted to be heard once up to three minutes. Please complete a Public Comment Form and give it to the Chair of the Board. Any person wishing to make a presentation to the Board must submit the presentation in written form, with copies furnished to all Board members. Presentations are limited to three minutes. BOARD AGENDAS & MINUTES: Board agendas, Minutes and copies of items to be considered by the Board of Retirement are customarily posted on the Internet by Friday afternoon preceding a meeting at the following website: www.stancera.org. Materials related to an item on this Agenda submitted to the Board after distribution of the agenda packet are available for public inspection at StanCERA, 832 12th Street, Suite 600, Modesto, CA 95354, during normal business hours. AUDIO: All Board of Retirement regular meetings are audio recorded. Audio recordings of the meetings are available after the meetings at http://www.stancera.org/sections/aboutus/agendas. NOTICE REGARDING NON-ENGLISH SPEAKERS: Board of Retirement meetings are conducted in English and translation to other languages is not provided. Please make arrangements for an interpreter if necessary. REASONABLE ACCOMMODATIONS: In compliance with the Americans with Disabilities Act, if you need special assistance to participate in this meeting, please contact the Board Secretary at (209) 525-6393. Notification 72 hours prior to the meeting will enable StanCERA to make reasonable arrangements to ensure accessibility to this meeting. 1. Meeting Called to Order 2. Roll Call 3. Announcements 4. Public Comment 5. Consent Items a. Approval of the September 10, 2014 Investment Meeting Minutes View Board of Retirement Agenda September 23, 2014 Page 2 5. Consent Items (Cont.) b. SACRS Legislative Proposal View 6. Annual Update and Review – Dodge & Cox Fixed Income / Equities View a. Quarterly Value Added Report View 7. Strategic Investment Solutions (SIS), Inc. a. Monthly Performance Review for the Month Ending August 31, 2014 View b. Report on “Top 10 Holdings” by StanCERA Investment Managers as of August 31, 2014 View 8. Executive Director a. Infrastructure Investment Option Presentation View i. Morgan Stanley Investment Partners (MSIM) View ii. Kohlberg Kravis Roberts (KKR) View 9. Closed Session a. Discussion and Action Regarding Allocation of StanCERA’s Infrastructure Assets Government Code Section 54956.81 b. Conference with Legal Counsel – Pending Litigation – One Case: Stanislaus County Employees’ Retirement Association v. Buck Consultants, LLC, Mediation Pursuant to Evidence Code Sections 1115, 1119, 1152 Government Code Section 54956.9(d)(4) c. Conference with Legal Counsel – Pending Litigation – One Case: O’Neal et al v. Stanislaus County Employees’ Retirement Association Stanislaus County Superior Court Case No. 648469 Government Code Section 54956.9(d)(1) d. Conference with Legal Counsel – Pending Litigation – One Case: Nasrawi et al v. Buck Consultants, LLC, et.al, Santa Clara County Superior Court Case No. 1-11-CV202224; Court of Appeal, Sixth Appellate District, Case No. H038894 Government Code Section 54956.9(d)(1) Board of Retirement Agenda September 23, 2014 Page 3 10. Members’ Forum (Information and Future Agenda Requests Only) 11. Adjournment 9/23/14 Item#5.b SACRS LEGISLATIVE PROPOSAL Title of Issue: Service Retirement Pending Disability Determination Association: Los Angeles County Employees Retirement Association Contact Person: Robert S. Van Der Volgen, Jr. Phone No.: 626-564-2340 Fax No.: 626-564-2336 1. Description of problem: Under existing Government Code Section 31725.7, a member who files for disability retirement may, if eligible, retire for service while their disability retirement application is pending. If the member is later found to be eligible for disability retirement benefits, appropriate adjustments are made to their retirement allowance retroactive to the effective date of his or her disability retirement. LACERA, as well as most other ’37 Act systems, would allow a retiree under the above scenario to change their retirement option if the Board grants a disability benefit. However, there appears to be a conflict between Government Code Section 31760, which precludes changes to a member’s retirement election after receipt of the first payment of retirement allowance, and Government Code Section 31725.7(d) which states that the optional or unmodified type of allowance selected by the member at the time of retirement for service shall not be binding as to the type of allowance the member receives if the member is awarded a disability retirement. When LACERA polled other ’37 Act systems as to their interpretation and application of Section 31725.7, many systems acknowledged that while they allow for the change of retirement option, that there was ambiguity in the law due to the conflict between the two sections. 2. Recommended solution: Seek legislation to amend Government Code Section 31760 to clarify that a member who retired for service and is later granted a disability retirement benefit may change their retirement option. The recommended amendment is as follows: Section 31760 is amended to read: (a) Until the first payment of any retirement allowance is made, a member or retired member, in lieu of the retirement allowance for his life alone, may elect to have the actuarial equivalent of his retirement allowance as of the date of retirement applied to a lesser retirement allowance payable throughout life in accordance with one of the optional settlements specified in this article. (b) Notwithstanding subdivision (a), the optional or unmodified type of allowance selected by the member at the time of retirement for service pursuant to Section 31725.7 shall not be binding as to the type of allowance the member receives if the member is later awarded a disability retirement. 3. Why should the proposed legislation be sponsored by SACRS rather than by your individual retirement association? If enacted, the proposed legislation would be applicable to all ‘37 Act systems. 4. Do you anticipate that the proposed legislation would create any major problems, such as conflicting with Proposition 162 or creating a problem with any of the other 19 SACRS retirement associations? No. 5. Who will support or oppose this proposed change in law? ’37 Act Systems will likely support this as it harmonizes the two sections of CERL. 6. Who will be available from your association to testify before the legislature? Chief Counsel, LACERA. 9/23/14 Item # 6 Investment Review I. Dodge & Cox Update II. Fixed Income Portfolio Review Stanislaus County III. Equity Portfolio Review IV. Supplemental Exhibits Employees’ Retirement Association September 23, 2014 Representing Dodge & Cox: Wendell W. Birkhofer, Vice President, Senior Portfolio Manager Deirdre A. Curry, Client and Consultant Service Robert B. Thompson, Vice President, Portfolio Manager This information was prepared at the above-named client’s request in connection with a review of the client’s account. Dodge & Cox does not guarantee the future performance of any account (including Dodge & Cox mutual funds) or any specific level of performance, the success of any investment decision or strategy that Dodge & Cox may use, or the success of Dodge & Cox's overall management of an account. Investment decisions made for a client's account by Dodge & Cox are subject to various market, currency, economic, political, and business risks (foreign investing, especially in developing countries, has special risks such as currency and market volatility and political and social instability), and those investment decisions will not always be profitable. While every effort is made to ensure accuracy, no representation is made that all information in this presentation is accurate or complete. Neither the information nor any opinion expressed in this presentation constitutes an offer to buy or sell the securities mentioned. This information is the confidential and proprietary product of Dodge & Cox. Any unauthorized use, reproduction, or disclosure is strictly prohibited. DODGE & COX Investment Managers | San Francisco E-1109-081010-080709 | Dodge & Cox Update DODGE & COX Investment Managers | San Francisco 1 Key Characteristics of Our Organization June 30, 2014 Over 80 Years of Investment Experience Dodge & Cox was founded in 1930. We have a stable and well-qualified team of investment professionals, most of whom have spent their entire careers at Dodge & Cox. Independent Organization
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