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VENTURA COUNTY EMPLOYEES' RETIREMENT ASSOCIATION BOARD of RETIREMENT BUSINESS MEETING May 19, 2014 AGENDA

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VENTURA COUNTY EMPLOYEES' RETIREMENT ASSOCIATION BOARD of RETIREMENT BUSINESS MEETING May 19, 2014 AGENDA VENTURA COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION BOARD OF RETIREMENT BUSINESS MEETING May 19, 2014 AGENDA PLACE: Ventura County Employees' Retirement Association Second Floor Boardroom 1190 South Victoria Avenue Ventura, CA 93003 TIME: 9:00 a.m. ITEM: I. CALL TO ORDER Master Page No. II. APPROVAL OF AGENDA 1 – 4 III. APPROVAL OF MINUTES A. Disability Meeting of May 5, 2014. 5 – 13 IV. CONSENT AGENDA A. Approve Regular and Deferred Retirements and 14 – 15 Survivors Continuances for the Month of April 2014. B. Receive and File Report of Checks Disbursed in April 16 – 25 2014. C. Receive and File Budget Summary for FY 2013-14 26 Month Ending April 2014. D. Receive and File Statements of Fiduciary Net Position, 27 – 38 Statements of Changes in Fiduciary Net Position, Investments & Cash Equivalents, and Schedules of Investment Management Fees for the Periods Ending March 31, 2014, and April 30, 2014. MASTER PAGE NO. 1 BOARD OF RETIREMENT May 19, 2014 AGENDA BUSINESS MEETING PAGE 2 V. STANDING ITEM A. Receive an Oral Update on Pensionable Compensation and PEPRA. VI. ANNUAL INVESTMENT PRESENTATIONS A. Receive Annual Investment Presentation, Bridgewater 39 – 91 Associates LP, Joel Whidden, Senior Relationship Manager, and David Greely, Senior Research Associate (30 Minutes). B. Receive Annual Investment Presentation, Tortoise 92 – 117 Capital Advisors LLC, Ken Malvey, Managing Director, and Andy Goldsmith, Head of Institutional Sales and Consultant Relations (30 Minutes). VII. INVESTMENT INFORMATION A. NEPC – Don Stracke, Senior Consultant, Chris Hill, Research Consultant. 1. Receive and File Performance Report Month 118 – 124 Ending April 30, 2014. 2. Receive and File Investment Summary – Quarter 125 – 176 Ending March 31, 2014. 3. Receive and File PIMCO Watch Status Update. 177 4. Receive and File RREEF America III Quarterly 178 – 179 Conference Call – Report from Staff. 5. VCERA Liquidity Study 180 – 202 RECOMMENDED ACTION: Receive and File. 6. Credit Overview – Direct Lending/Private Debt 203 – 218 Review. RECOMMENDED ACTION: Receive and File. 7. Private Equity Program Review & 2014 Strategic 219 – 264 Investment Plan RECOMMENDED ACTION: Approve. MASTER PAGE NO. 2 BOARD OF RETIREMENT May 19, 2014 AGENDA BUSINESS MEETING PAGE 3 VIII. VCERIS (Pension Administration Project) A. V-3 System Presentation – Nicholas Christoffersen, Douglas Arnett, Tim Thonis B. Interim Retirement Administrator Quarterly Project Risk Assessment- Oral Report C. VCERIS Project Summary – Linea Solutions 1. Recommendation from Linea Solutions and Staff. 263 – 267 a. Attachment A.- VCERIS Quarterly Status 268 – 276 Report b. Attachment B.- Vitech Change Order #4 – 277 – 278 PEPRA c. Attachment C.- Linea Change Order #5 – 279 Vitech/PEPRA d. Attachment D.- Vitech Change Order #5 – 280 – 281 Interfaces e. Attachment E.- Linea Change Order #6 – 282 Project Resources RECOMMENDED ACTION: Approve. IX. NEW BUSINESS A. Authorization to Attend 2014 Public Funds Forum- The Future of Corporate Reform Conference, September 2nd – 4th, 2014, San Diego RECOMMENDED ACTION: Approve. 1. Letter from Staff. 283 – 288 B. 2014/15 Business Plan. 289 – 296 RECOMMENDED ACTION: Approve. C. Review and Adoption of the Fiscal Year 2014/15 297 – 328 Proposed Budget. RECOMMENDED ACTION: Approve. MASTER PAGE NO. 3 BOARD OF RETIREMENT May 19, 2014 AGENDA BUSINESS MEETING PAGE 4 X. INFORMATIONAL A. Opal Financial Group – Investment Trends Summit, 329 – 333 September 8th – 10th, 2014, Santa Barbara B. SACRS Public Pension Investment Manager Program 334 – 345 2014 – Modern Investment Theory & Practice for Retirement Systems, July 20th – 23rd, 2014, UC Berkeley C. Adams Street Partners- 2014 Client Conference, June 346 – 347 4th – 5th, Chicago, IL D. Letter from Grand Jury 348 XI. PUBLIC COMMENT XII. STAFF COMMENT XIII. BOARD MEMBER COMMENT XIV. ADJOURNMENT MASTER PAGE NO. 4 VENTURA COUNTY EMPLOYEES' RETIREMENT ASSOCIATION BOARD OF RETIREMENT DISABILITY MEETING May 5, 2014 MINUTES DIRECTORS Tracy Towner, Chair, Safety Employee Member PRESENT: William W. Wilson, Vice Chair, Public Member Steven Hintz, Treasurer-Tax Collector Joseph Henderson, Public Member Mike Sedell, Public Member Tom Johnston, General Employee Member Deanna McCormick, General Employee Member Arthur E. Goulet, Retiree Member Will Hoag, Alternate Retiree Member Chris Johnston, Alternate Safety Employee Member DIRECTORS Peter C. Foy, Public Member ABSENT: STAFF Tim Thonis, Interim Retirement Administrator PRESENT: Lori Nemiroff, Assistant County Counsel Henry Solis, Chief Financial Officer Donna Edwards, Retirement Benefits Specialist Chantell Garcia, Retirement Benefits Specialist Stephanie Caiazza, Program Assistant PLACE: Ventura County Employees' Retirement Association Second Floor Boardroom 1190 South Victoria Avenue Ventura, CA 93003 TIME: 9:00 a.m. ITEM: I. CALL TO ORDER Chairman Towner called the Disability Meeting of May 5, 2014, to order at 9:02 a.m. MASTER PAGE NO. 5 BOARD OF RETIREMENT May 5, 2014 MINUTES DISABILITY MEETING PAGE2 II. APPROVAL OF AGENDA MOTION: Approve the Agenda. Moved by Hintz, seconded by Wilson. Vote: Motion carried Yes: Goulet, Hintz, T. Johnston, Henderson, McCormick, Wilson, Sedell, Towner No: Absent: Foy Ill. APPROVAL OF MINUTES A. Business Meeting of April21, 2014. MOTION: Approve the Minutes. Moved by Goulet, seconded by Hintz. Vote: Motion carried Yes: Goulet, Hintz, T. Johnston, Henderson, McCormick, Wilson, Sedell, Towner No: Absent: Foy IV. RECEIVE AND FILE PENDING DISABILITY APPLICATION STATUS REPORT MOTION: Receive and file the Report. Moved by Goulet, seconded by Wilson. Vote: Motion carried Yes: Goulet, Hintz, T. Johnston, Henderson, McCormick, Wilson, Sedell, Towner No: Absent: Foy Mr. Goulet offered his congratulations to Ms. Nemiroff regarding VCERA's successful defense of the Gallagher appeal. V. APPLICATIONS FOR DISABILITY RETIREMENT A. Application for Non-Service Connected Disability Retirement; Brinda K. Marinis; Case No. 12-044. MASTER PAGE NO. 6 BOARD OF RETIREMENT May 5, 2014 MINUTES DISABILITY MEETING PAGE3 Paul Hilbun and B. Derek Straatsma, Attorney at Law, were present representing the County of Ventura Risk Management. Applicant was not present. Risk Management declined to make a statement. MOTION: Adopt the Hearing Officer's recommendation and deny the applicant, Brinda K. Marinis, a non-service connected disability retirement. Moved by Wilson, seconded by Henderson. Vote: Motion carried Yes: Goulet, Hintz, T. Johnston, Henderson, McCormick, Wilson, Sedell, Towner No: Absent: Foy B. Application for Service Connected and Non-Service Connected Disability Retirement; Jorge Sotelo; Case No. 12-024. Paul Hilbun was present representing the County of Ventura Risk Management. The applicant, Jorge Sotelo, was present. After statements by both parties and discussion by the Board, the following Motion was made: MOTION: Adopt the Hearing Officer's recommendation and deny the applicant, Jorge Sotelo, a non-service connected disability retirement. Moved by Sedell, seconded by Wilson. Vote: Motion carried Yes: Goulet, Hintz, T. Johnston, Henderson, McCormick, Wilson, Sedell, Towner No: Absent: Foy C. Application for Service Connected Disability Retirement; Sylvia Torres; Case No. 13-008. Paul Hilbun and B. Derek Straatsma, Attorney at Law, were present representing the County of Ventura Risk Management. The applicant, Sylvia Torres, was not present. Risk Management declined to make a statement. The following Motion was made: MASTER PAGE NO. 7 BOARD OF RETIREMENT May 5, 2014 MINUTES DISABILITY MEETING PAGE4 MOTION: Adopt the Hearing Officer's recommendation and deny the applicant, Sylvia Torres, a service connected disability retirement. Moved by Wilson, seconded by Henderson. Vote: Motion carried Yes: Goulet, Hintz, T. Johnston, Henderson, McCormick, Wilson, Sedell, Towner No: Absent: Foy D. Application for Service Connected Disability Retirement; Susan A. Chavez; Case No. 13-009. Paul Hilbun and Stephen D. Roberson, Attorney at Law, were present representing the County of Ventura Risk Management. The applicant, Susan A. Chavez, was not present. Staff provided background information and recommended that the Board consider the Service Connected Disability Application withdrawn, without prejudice. Following a statement by Mr. Roberson and discussion by the Board, the following Motion was made: MOTION: Adopt Staffs recommendation and consider the Service Connected Disability Application withdrawn, without prejudice. Moved by Goulet, seconded by T. Johnston. Vote: Motion carried Yes: Goulet, Hintz, T. Johnston, Henderson, McCormick, Wilson, Sed ell, Towner No: Absent: Foy E. Application for Service Connected Disability Retirement; Lillian Thomas, Case No. 04-051. Paul Hilbun and John I. Gilman, Attorney at Law, and were present representing the County of Ventura Risk Management. Laurence D. Grossman, Attorney at Law, was present representing the applicant. Both parties stated that they had no objection to the recommendation that the Board consider the Service Connected Disability Application withdrawn, MASTER PAGE NO. 8 BOARD OF RETIREMENT May 5, 2014 MINUTES DISABILITY MEETING PAGES with prejudice. After discussion by the Board, the following Motion was made: MOTION: Adopt the Hearing Officer's recommendation and recommendation from Staff to consider service connected disability retirement application withdrawn, with prejudice. Moved by Goulet, seconded by Henderson. Vote: Motion carried Yes: Goulet, Hintz, T. Johnston, Henderson, McCormick, Wilson, Sedell, Towner No: Absent:
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