Fresno County Board of Retirement s11

BOARD OF RETIREMENT FRESNO COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION

Wednesday, March 16, 2011 – 8:30 AM

FCERA Boardroom 1111 H Street Fresno, CA 93721

AGENDA

1. Call to Order

2. Pledge of Allegiance

3. Public Presentations – Any member of the public may address the Retirement Board on any topic within the jurisdiction of the Retirement Board. Individual presentations shall be limited to five (5) minutes. The Retirement Board is generally legally prohibited from taking any action on presentations until a subsequent meeting.

Consent Agenda/Opportunity for Public Comment: All items listed with an asterisk (*) are considered to be routine and non-controversial by staff and will be approved by one motion if no member of the Board or public wishes to comment or ask questions. If comment or discussion is desired by anyone, the item will be removed from the consent agenda and will be considered in the listed sequence with an opportunity for any member of the public to address the Board concerning the item before action is taken. Staff recommendations are shown in caps after each item.

*4. Approve the March 2, 2011 Retirement Board Regular Meeting Minutes – RECEIVE AND FILE; APPROVE

*5. Summary of monthly statistics from the Retirement Association Office on service credit purchases, retirement benefit estimates, public service, age adjustments, final compensation calculations, and disability retirement applications for February 2011 (Acrobat reader required) – RECEIVE AND FILE

*6. Public Records Requests and/or Retirement Related Correspondence from Cherith Merson, FCERA Member; Andrew Campbell, BlueBay Asset Management; Victoria Grissom, Aviva Investors; K. Reynold, Mendocino County; Susan O’Neill, FCERA Member; Skip Whitley, FCERA Member; and Franz Criego, Board Trustee – RECEIVE AND FILE

 PRA Campbell (Acrobat reader required)

 PRA Criego (Acrobat reader required)

 PRA Grissom (Acrobat reader required)

03/16/11 Regular Meeting 2  PRA Merson (Acrobat reader required)

 PRA ONeill (Acrobat reader required)

 PRA Reynold (Acrobat reader required)

 PRA Whitley (Acrobat reader required)

*7. Update of Board of Retirement directives to FCERA Administration – RECEIVE AND FILE

*8. Report by Roberto L. Peña on attendance at the CALAPRS 2011 General Assembly held on March 6-8, 2011 – RECEIVE AND FILE

 CALAPRS General Assembly Attachment I (Acrobat reader required)

 CALAPRS General Assembly Attachment II (Acrobat reader required)

 CALAPRS General Assembly Attachment III (Acrobat reader required)

*9. Educational Reading Materials – RECEIVE AND FILE

 February 21, 2011 Pension & Investments article – No so foreign anymore  February 21, 2011 Pension & Investments article – Flaw in time-weighting return  February 27, 2011 Asset International article – MassPRIM: Removing FoFs Moves Us Closer to Peers  February 28, 2011 Asset International article – Buried in Unforeseen Costs, BofA Settles Countrywide Suit  February 28, 2011 News Dash article – State Street Corp. has reported the Securities and Exchange Commission is continuing its investigation of the Boston- based company’s stock lending program  March 1, 2011 Forbes article – Why defined-Benefit Plans Are Safer Investments for State Governments and workers  March 3, 2011 Asset International article – NY Police Pension Finally Ventures Into HFs  March 6, 2011 McClatchy Washington Bureau article – Why employee pensions aren’t bankrupting states  March 7, 2011 Fresno Bee article – Pension reform is a key issue  March 7, 2011 Fresno Bee article – Pension 101: public vs. private  March 7, 2011 Fresno Bee article – Hearing raises interesting pension issues  March 7, 2011 Plan Sponsor article – Wilshire Consulting’s 2011 Report on State Retirement Systems shows a slight uptick in funded status of state pension systems  March 7, 2011 Asset International article – Severity of Nation’s Public Pension Crisis in Question  March 7, 2011 Pensions & Investments article – Many states look to ease pension funding with switch to DC plan

03/16/11 Regular Meeting 3  March 7, 2011 Pension Y Investments article – DB plans in cross hairs in state budget battles  March 8, 2011 Wall Street Journal article – Gates Says Benefit Costs Hit Schools  March 9, 2011 Top 1000 Funds article – Inside job: institutions shape the new hedge fund model  February 2011 Government Finance Review article – Setting the Record Straight About Public Pensions  February 2011 Government Finance Review article – Addressing Media Misconceptions about Public-Sector Pension and Bankruptcy  February 2011 Government Finance Review article – Adjusting Public Pension Benefits in Colorado A Fiduciary Process  February 2011 The Journal Newsletter  SACRS Public Pension Investment Management Program July 11-13, 2011 Berkeley, California

*10. Request from Wurts & Associates to amend the professional services billing cycle from a quarterly basis to a monthly basis (Acrobat reader required) – RECEIVE AND FILE; APPROPRIATE ACTION

11. Presentation on County Hiring Process presented by Beth Bandy, Deputy Director of Personnel Services – RECEIVE AND FILE

12. Presentation on FCERA Cash Flow process, historical and prospective, presented by Conor Hinds, Supervising Accountant – RECEIVE AND FILE

 Cash Flow Discussion Presentation

 FCERA Cash Flow Position Report

13. Discussion and appropriate action on SACRS Board of Directors Election Recommended Ballot (Acrobat reader required) – RECEIVE AND FILE; APPROPRIATE ACTION

14. Discussion and appropriate action on Voting Proxy for SACRS Spring 2011 Conference (Acrobat reader required) – RECEIVE AND FILE; APPROPRIATE ACTION

15. Closed Session:

A. Conference with Legal Counsel – Actual Litigation - pursuant to G.C. §54956.9(a)

1. Geraldine Chisom, et al. v. Board of Retirement, etc., et al., Fresno County Superior Court Case No. 10 CECG 02372

2. Lynn Adams v. Board of Retirement, etc., et al., Fresno County Superior Court Case No. 09 CECG 02928

03/16/11 Regular Meeting 4 3. Fresno County Employees’ Retirement Association v. Countrywide Financial Corporation, et al., United States District Court Central District of California Case No. CV11-0811-PA-SHX

4. Stephanie Mallen, Individually, and et al. v. Alphatec Holdings Inc., et al., United States District Court Southern District of California Case No. 3:10- CV-1673-BEN-JMA

B. Disability Retirement Applications – Personnel Exception (G.C. §54957):

1. Rosemary Rojas 2. Cathie Newell

16. Report from Closed Session

17. Report from FCERA Administration

18. Report from County Counsel

19. Board Member Announcements or Reports

NEXT MEETINGS:

April 6, 2011 – 8:30 AM (Wednesday) Regular Meeting FCERA Boardroom 1111 H Street, Fresno, CA 93721

Requests for disability-related modification or April 20, 2011 - 8:30 AM (Wednesday) accommodation needed in order to participate in Regular Meeting the meeting should be made to Elizabeth Avalos FCERA Boardroom at 457-0350 no later than Tuesday, 03/14/11 at 1111 H Street, Fresno, CA 93721 10AM.

03/16/11 Regular Meeting