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Pension and Retirement Information System (PARIS) Implementation Project (Project No

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Pension and Retirement Information System (PARIS) Implementation Project (Project No AGENDA BOARD OF FIRE AND POLICE PENSION COMMISSIONERS October 19, 2017 8:30 a.m. Sam Diannitto Boardroom Los Angeles Fire and Police Pensions Building 701 East 3rd Street, Suite 400 Los Angeles, CA 90013 An opportunity for the public to address the Board or Committee about any item on today’s agenda for which there has been no previous opportunity for public comment will be provided before or during consideration of the item. Members of the public who wish to speak on any item on today’s agenda are requested to complete a speaker card for each item they wish to address, and present the completed card(s) to the commission executive assistant. Speaker cards are available at the commission executive assistant’s desk. In compliance with Government Code Section 54957.5, non-exempt writings that are distributed to a majority or all of the Board or applicable Committee of the Board in advance of their meetings may be viewed at the office of the Los Angeles Fire and Police Pension System (LAFPP), located at 701 East 3rd Street, 2nd Floor, Los Angeles, California 90013, or by clicking on LAFPP’s website at www.lafpp.com, or at the scheduled meeting. Non-exempt writings that are distributed to the Board or Committee at a scheduled meeting may be viewed at that meeting. In addition, if you would like a copy of any record related to an item on the agenda, please contact the commission executive assistant, at (213) 279-3038 or by e-mail at [email protected]. Sign language interpreters, communication access real-time transcription, assistive listening devices, or other auxiliary aids and/or services may be provided upon request. To ensure availability, you are advised to make your request at least 72 hours prior to the meeting you wish to attend. Due to difficulties in securing sign language interpreters, five or more business days notice is strongly recommended. For additional information, please contact the Department of Fire and Police Pensions, (213) 279-3000 voice or (213) 628-7713 TDD. A ITEMS FOR BOARD ACTION 1. FIRST QUARTER UPDATE FOR THE 2017-18 BUSINESS PLAN AND POSSIBLE BOARD ACTION 2. CONSENT OF ASSIGNMENT OF TOWNSEND HOLDINGS LLC’S CONTRACT AND POSSIBLE BOARD ACTION 3. AMENDMENTS TO BOARD POLICY SECTION 3.3.1: AUTHORITY OF GENERAL MANAGER TO ADJUST THE EFFECTIVE DATE OF A DECLARATION OF DOMESTIC PARTNERSHIP AND POSSIBLE BOARD ACTION 4. PRESENTATIONS BY FINALIST CANDIDATES FOR THE REAL ESTATE SEPARATE ACCOUNT SEARCH AND POSSIBLE BOARD ACTION ➢ AEW ➢ CBRE ➢ Heitman ➢ L&B ➢ Sentinel ➢ Stockbridge B. REPORTS TO THE BOARD 1. GOVERNMENTAL ACCOUNTING STANDARDS (GAS) 68 ACTUARIAL VALUATION BASED ON JUNE 30, 2016 MEASUREMENT DATE FOR EMPLOYER REPORTING AS OF JUNE 30, 2017; GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 68 REPORT AS OF JUNE 30, 2016 FOR EMPLOYER REPORTING AS OF JUNE 30, 2017 2. UPDATE FROM THE AD HOC COMMITTEE ON RETIREE HEALTH PLANS 3. QUARTERLY TRAVEL REPORT FOR COMMISSIONERS AND STAFF 4. Miscellaneous correspondence from money managers, consultants, etc. – Received and Filed. 5. General Manager’s Report a. Monthly Report b. Marketing Cessation Information c. Benefits Actions approved by General Manager on October 5, 2017 d. Other business relating to Department operations C. CONSENT ITEM 1. Approval of Minutes a. Minutes of the Special Board Meeting of May 11, 2017 2. Findings of Fact a. Debbie Y. Matsuda – Tier 4 D. CONSIDERATION OF FUTURE AGENDA ITEMS October 19, 2017 2 E. GENERAL PUBLIC COMMENT ON MATTERS WITHIN THE BOARD’S JURISDICTION F. DISABILITY CASES Alternative 1 Sergeant II Sunil Dutta. Sergeant Dutta will be represented by Corina Lee of the Los Angeles Police Protective League. October 19, 2017 3 DEPARTMENT OF FIRE AND POLICE PENSIONS 701 E. 3rd Street, Suite 200 Los Angeles, CA 90013 (213) 279-3000 REPORT TO THE BOARD OF FIRE AND POLICE PENSION COMMISSIONERS DATE: OCTOBER 19, 2017 ITEM: A.1 FROM: RAYMOND P. CIRANNA, GENERAL MANAGER SUBJECT: FIRST QUARTER UPDATE FOR THE 2017-18 BUSINESS PLAN AND POSSIBLE BOARD ACTION RECOMMENDATION That the Board: 1) Authorize a revision to the December 31, 2017 milestones date to March 31, 2018 for Project No. 1 – Portfolio Risk Analysis; and, 2) Authorize a revision to the December 31, 2017 milestones date to June 30, 2018 for Project No. 2 - Private Equity Investment Fee Disclosure. DISCUSSION Staff is providing a first quarter update on the status and progress of the projects that were approved in the 2017-18 Business Plan. The 2017-18 Business Plan (Attachment II) was approved by the Board on June 15, 2017 and includes a total of 10 projects that fit within five goal areas: 1) Ensure a Financially Sound Retirement System; 2) Manage Risk Throughout the Organization; 3) Enhance Customer Service to our Members; 4) Pursue Operational Efficiencies; and 5) Enhance Communication Efforts and Outreach. These primary goals help keep the System resources focused on the most critical areas to ensure we successfully fulfill our Mission: “To advance the health and retirement security of those who dedicate their careers and risk their lives to protect the people of Los Angeles” The Plan has been updated to reflect new project leads due to staffing changes (e.g. employees who have left the department, promoted, and/or rotated Section assignments). The 2017-18 Business Plan first quarterly update is summarized in Attachment I. This Attachment reflects project information in a “Dashboard” format to concisely provide the Board with the status of each project. The Dashboard includes the overall project duration, the current status of meeting the 2017-18 milestones, the current status of meeting the overall project schedule, and the status of the project budget. The Dashboard legend has been modified this Fiscal Year to mirror a street light to provide a more intuitive interface. As presented in Attachment I, the table can be summarized as follows: • Seven out of the ten projects are on schedule and on budget; • The Portfolio Risk Analysis (Project No. 1) will be conducted in the first quarter of the calendar year; • The Private Equity Investment Fee Disclosure (Project No. 2) will be modified due to the reporting requirements as stipulated in AB 2833 (Government Code Section 7514.7) to focus on private equity fund performance in 2016-17; and, • The Pension and Retirement Information System (PARIS) Implementation Project (Project No. 5) is at risk of falling behind schedule for the reasons explained below. Portfolio Risk Analysis Project (Project No. 1) Staff had originally anticipated that this analysis would be completed and presented to the Board by December 31, 2017. Due to other investment priorities (small cap managers, separate real estate managers, REIT managers, etc.), this analysis and presentation by RVK was deferred until the first quarter of 2018 (March 31, 2018). While the original milestone will not be met, the project will be completed by June 30, 2018, so the overall project schedule remains on schedule. There is no impact to the budget due to the deferment. Private Equity Investment Fee Disclosure Project (Project No. 2) The scope of this project is being modified due to the final language codified in the Government Code. Originally, when this project was envisioned, Staff anticipated that LAFPP would need to report on private equity fees, per AB2833, for commitments made in calendar year 2016. However, the final language codified in the Government Code (Section 7514.7) instructs all plans within California to report on their respective fees based on calendar year 2017. Consequently, the 2017 fee information will not be available by June 30, 2018, so Staff and Portfolio Advisors now anticipate that LAFPP’s first AB2833 fee report will be completed in summer 2018. In the interim, Portfolio Advisors and Staff will provide the Board with a voluntary report that includes some of the private equity fund information that is required per AB2833. This report will reflect information through June 30, 2017 and will be presented to the Board by June 30, 2018, which meets the overall project schedule. There is no impact on the budget due to this delay. Pension and Retirement Information System (PARIS) Implementation Project (Project No. 5) The first milestone is not due until December 31, 2017. However, the project team has identified three areas of concern which may result in pushing back project milestones and ultimately the “go- live” date: 1. Build Testing Discrepancies – The latest defect-repair build delivered in mid-September lacked some of the expected functionality. Staff’s testing revealed calculation issues related to DROP Exits, Qualified Domestic Relations Orders, and processes related to Active Payroll and system generated correspondences. Consequently, receiving this functionality in a future build will be delayed by at least one month. While these issues will be addressed in future builds, there is a Board Report Page 2 October 19, 2017 risk they will not be repaired in time for the January 2018 user-acceptance testing (UAT), which could complicate moving the core functionality of PARIS into production. 2. Airport Police Integration – A Change Order was required to integrate Airport Police into PARIS, as this was not contemplated in the original project scope of work. This change is expected to add at least four weeks to the overall project schedule. The cost associated with this Change Order will be reimbursed by the Los Angeles World Airports. 3. Reports – The project intended to incorporate 20 system generated reports. Currently, there are over 100 reports that have been identified as “must-have” reports. Depending on the complexity of these reports, it may take more time to develop and deliver these reports. Staff plans to provide the Board with a comprehensive project report on November 2, 2017 that will include the project status, a plan to mitigate project delays, and funding request from the authorized Project Contingency amount.
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