Min Ute S of the Board of Pension Commissioners

7(,';

MIN UTE S

OF THE

BOARD OF PENSION COMMISSIONERS MEETING OF DECEMBER 10, 1981

The Board of Pension Commissioners of the City of Los Angeles met in Room 155, City Hall South, on Thursday, December 10, 1981, at 9:23 a.m.

COMMISSIONERS: Arthur Burdorf, President Pro Tem Sam Diannitto Garo Minassian Karl L. Moody

DEPARTMENT OF PENSIONS: Wm. S. Hutchison, Acting Manager-Secretary James J. McGuigan, Assistant Manager-Fiscal Jerry Bardwell, Investment Officer

CITY ATTORNEY: Mary Jo Curwen, Deputy City Attorney

INVESTMENTS

Century Capital Associates

President Pro Tem Burdorf invited Mr. Richard Ehrman of Century Capital to come forward for presentation of investment recommendations.

STOCK PURCHASE RESOLUTION NO. 82108 2525 NEW SYSTEM GENERAL PENSION FUND

After discussion by the Board, it was moved by Commissioner Moody that upon the advice of investment counsel, the Manager-Secretary be authorized to purchase the following capital stock in an amount not to exceed:

SHARES ISSUE

40,000 INA Corporation 66,000 Marine Midland Banks, Incorporated 60,000 Mobil Corporation 40,000 Royal Dutch Petroleum Company at the market, plus commission and charges and that this authorization for the purchase be in effect for not to exceed 30 business days after this date, which motion was seconded by Commissioner Diannitto and adopted by the following vote: ayes, Commissioners Diannitto, Minassian, Moody and President Pro Tem Burdorf - 4; noes, none.

Chemical Bank

STOCK PURCHASE RESOLUTION NO. 82117 2525 NEW SYSTEM GENERAL PENSION FUND

After discussion by the Board, it was moved by Commissioner Diannitto that upon the advice of investment counsel, the Manager-Secretary and/or Chemical Bank Investment Management be authorized to purchase up to $3,500,000 capital stock in each of the following companies at the market, plus commission and charges:

Abbott Laboratories American Express Company Aetna Life & Gas Company American Home Products Corporation Air Products & Chemical Incorporated American Hospital Supply Allegheny International Incorporated American International Group Allied Corporation American Medical IntI. Incorporated Allied Stores Corporation American National Resource Company Aluminum Company America American Telephone & Tele Company Amax Incorporated AMF Incorporated American Broadcasting AMP Incorporated American Can Company Anheuser Busch Cos Incorporated American Cyanamid Company Apache Corporation American Electric Power Incorporated Archer Daniels Midland Arkla Incorporated Dana Corporation Armco Incorporated Dart & Kraft Incorporated Asarco Incorporated Dayton Hudson Corporation Ashland Oil Incorporated De Luxe Check Printers Atlantic Richfield Company Deere & Company Automatic Data Process Delta Air Lines Del Avnet Incorporated Disney Walt Productions Avon Products Incorporated Dover Corporation Bankamerica Corporation Dow Chemical Company Bankers Trust New York Corporation Dresser Industrial Incorporated Barnett Banks Florida Incorporated Du Pont E I De Nemours Baxter Travenol Laboratories Duke Power Company Beatrice Foods Company Dun & Bradstreet Corporation Beckman Instruments Incorporated Duriron Incorporated Becton Dickinson & Company E Systems Incorporated Belco Petroleum Corporation Eagle Picher Industrial Inc. Bell & Howell Company Eastern Gas & Fuel Association Betz Laboratories Incorporated Eastman Kodak Company Big Three Industries Company Eckerd Jack Corporation Black & Decker Manfacturing Company Edison Brothers Stores Inc. Blue Bell Incorporated Emerson Electric Company Boeing Company Emhart Corporation virginia Bristol Myers Company Engelhard Corporation Brown Forman Distillers Evans Products Company Bucyrus Erie Company Ex Cell 0 Corporation Burlington Industries Incorporated Exxon Corporation Burlington Northern Incorporated Burndy Corporation Federal Company Burroughs Corporation Federal Mogul Corporation Campbell Taggart Incorporated Federated Department Stores Capital Cities Community First Charter Finl Cp Carlisle Corporation First City Bancorp Texas Carolina Power & Light Company Florida Power & Light Company Carpenter Technology Fluor Corporation Caterpillar Tractor Company Ford Motor Company Del CBI Industrial Incorporated Fort Howard paper Company CBS Incorporated Foxboro Company Celanese Corporation Gannett Company Central & So West Corporation General Electric Company Central LA Energy Corporation General Foods Corporation Central Telephone & Utilities Cp General Instrument Corporation Cessna Aircraft Company General Mills Incorporated Champion International Corporation General Motors Corporation Chase Manhattan Corporation General Re Corporation Chemical Nuclear System Incorporated General Signal Corporation Chemical New York Corporation General Telephone & Electro Chesapeake Ponds Incorporated Genuine Parts Company Chubb Coporation Georgia Pacific Corporation Cincinnati Milacron Getty Oil Company Citicorp Goodyear Tire & Rubber Cities Service Company Gould Incorporated Cleveland Cliffs Iron Goulds Pumps Incorporated Coca Cola Company Grace W R & Company Colgate Palmolive Company Grainger W W Incorporated Collins & Aikman Corporation Greyhound Corporation Colonial Life & Accident Insurance Gulf CDA Limited Colt Industries Incorporated Del Gulf Oil Corporation Combined International Corporation Halliburton Company Combustion Engineering Incorporated Harris Corporation Delaware Community Psychiatric Hart Schaffner & Marx Connecticut General Corporation Harte Hanks Community Incorporated Consolidated Freightway Heinz H J Company Consolidated Natural Gas Helmerich & Payne Incorporated Continental Corporation Hercules Incorporated Continental Tel Corporation Hewlettt Packard Company Cooper Industries Incorporated Hilton Hotels Corporation Corning Glass Works Holiday Inns Incorporated Cox Broadcasting Corporation Homestake Manufacturing Company CPC International Incorporated Honeywell Incorporated Crane Company Hoover Universal Incorporated Cross A T Company Hospital Corporation American Crown zellerbach Corporation Houston Industries Incorporated Crum & Forster Houston Natural Gas Coporation CSX Corporation Hughes Tool Company Humana Incorporated Nippon Electrical Limited Imperial Oil Limited NL Industrial Incorporated INA Corporation Noble Affiliates Incorporated Inco Limited Northern Telecom Limited Ingersoll Rand Company Northern States Power Minnesoto Interco Incorporated Northrop Corporation International Business Machines Northwest Airlines Incorporated International Flavors & Fragrances Northwest Bancorp International Minerals & Chemicals Northwest Industries Incorporated International Paper Company Norton Company International Tel & Tele Interpace Corporation Norton Simon Incorporated Irving Bank Corporation Occidental Pete Coporation Jefferson Pilot Corporation Ocean Drilling & Exploration Jewel Cos Incorporated Ohio Gas Corporation Johnson & Johnson Owens Corning Fiberglass Joy Manfacturing Company Pacific Gas & Electric Company K Mart Corporation Pacific Lumber Company Kellogg Company Panhandle Eastern Corporation Kennametal Incorporated Parker Drilling Company Kerr McGee Corporation Payless Cashways Incorporated Keystone International Incorporated Penney J C Incorporated Kidde Incorporated Pennwalt Corporation Kimberly Clark Corporation Peoples Energy Corporation Kyoto Ceramic Limited Perkin Elmer Corporation Leaseway Transamerican Corporation Petrie Stores Corporation Lenox Incorporated Petrolane Incorporated Liberty National Insurance Building Pfizer Incorporated Lilly Eli & Company PHH Group Incorporated Litton Industries Incorporated Phibro Corporation Lone Star Industries Incorporated Philip Morris Incorporated Louisiana Land & Exploration Company Phillips Pete Company Louisiana Pacific Corporation Piedmont Aviation Company Lubrizol Corporation Pioneer Corporation Texas Macy R. H. & Company Incorporated Pioneer Hi Bred International Mallinckrodt Incorporated Pittston Company Manufacturers Hanover Potlatch Corporation Mapco Incorporated PPG Industries Incorporated Marathon Oil Company Proctor & Gamble Company Marsch & McLennan Provident Life & Acc. Insurance Martin Marietta Corporation Public Service Co. Ind Inc. Masonite Corporation Ralston Purina Company May tag Company Raytheon Company MGA Incorporated RCA Corporation McDermott Incorporated Reading & Bates Corporation McDonalds Corporation Republic Texas Corporation McGraw Hill Incorporated Revco D S Incorporated Mead Corporation Revlon Incorporated Melville Corporation Reynolds Metals Company Merck & Company Incorporated Reynolds R J Ind. Incorporated Mesa Pete Company Rite Aid Corporation Metromedia Incorporated Roadway Express Company Midland Ross Corporation Rohm & Haas Company Millipore Corporation Sabine Corporation Minnesota Management & Mfg Company Safeway Stores Incorporated Mitchell Energy & Dev Schering Plough Corporation Mobil Corporation Schlumberger Limited Monarch Cap Corporation Seafirst Corporation Monsanto Company Seagram Limited Moore McCormack Sealed Power Corporation Morgan J P & Company Incorporated Sears Roebuck & Company Morton Norwich Products Servicemaster Indus. Incorporated Motorola Incorporated Shaklee Corporation Mountain Fuel Supply Shell Oil Company Nabisco Brands Incorporated Signal Cos Incorporated Nalco Chemical Company Signode Corporation National Medical Care Incorporated Smith International Incorporated National Medical Enterprise Smithkline Corporation NCR Corporation Snap On Tools Corporation New York Times Sony Corporation Newmont Manfacturing Corporation Southern California Edison Nicor Incorporated Southern Natural Resource Inc. Southern Ry Company Tyco Laboratories Incorporated Sperry Corporation Tyler Corporation Square D Company U S. Bancrop Sedco Union Camp Corporation Squibb Corporation Union Carbide Corporation Standard Oil Company California Union Oil Company California Standard Oil Company Indiana Union Pacific Corporation Standard Oil Company Ohio United Energy Res. Incorporated Stauffer Chemical Company United States Gypsum Sterling Drug Incorporated United States Shoe CP Stone Container Corporation United States Stl Corporation Sun Banks Florida Incorporated United Technologies CP Sun Incorporated Upjohn Company Sunstrand Croporation USF & G Corporation Superior Oil Company USlife Corporation Syntex Corporation Varian Association Incorporated Tenneco Incorporated Wal Mart Stores Incorporated Texaco Incorporated Wang Laboratories Incorporated Texas Commercial Bancshares Warner Communications Texas Eastin Corporation Warner Lambert Company Texas Gas Transmission Waste Management Incorporated Texas Instruments Incorporated Watkins Johnson Company Texas Oil & Gas Corporation Westvaco Corporation Texas utilities Company Weyerhaeuser Company Thomas & Betts Corporation Whirlpool Corporation Tiger International Incorporated Willamette Industries Incorporated Time Incorporated Williams Cos Transamerica Corporation Wisconsin Electric Power Company Travelers Corporation Xerox Corporation

This authorization for stock purchase is to remain in effect through February 18, 1982. The motion was seconded by Commissioner Burdorf and adopted by the following vote: ayes, Commissioners Diannitto, Minassian, Moody and President Pro Tem Burdorf - 4 noes, none.

Security Pacific National Bank

Messrs. Warheit and Hibschman came forward for presentation of investment recommendations.

STOCK PURCHASE RESOLUTION NO. 82109 2525 NEW SYSTEM GENERAL PENSION FUND

55,000 shares Cross & Trecker Corporation at the market, plus commisSion and charges and that this authorization for purchase be in effect for not to exceed 30 business days after this date, which motion was seconded by Commissioner Minassian and adopted by the following vote: ayes, Commissioners Diannitto, Minassian, Moody and President Pro Tem Burdorf. - 4 noes, none.

STOCK SALE RESOLUTION NO. 82110 2525 NEW SYSTEM GENERAL PENSION FUND

After discussion, it was moved by Commissioner Moody that the Manager-Secretary and/or the equity advisors be authorized to execute the sale of stock owned by the Board of Pension Commissioners at market, less commission and charges and that the Manager-Secretary be authorized to execute on behalf of and in the name of the Board, all documents necessary to complete sale transactions, which motion was seconded by Commissioner Minassian, and adopted by the following vote: ayes, CommisSioners Diannitto, Minassian, Moody and President Pro Tem Burdorf - 4; noes, none.

STOCK PURCHASE RESOLUTION NO. 82111 2525 NEW SYSTEM GENERAL PENSION FUND

After discussion by the Board, it was moved by Commissioner Moody that upon the advice of investment counsel, the Manager-Secretary and/or Security Pacific Investment Management be authorized to purchase up to $3,500,000 capital stock in each of the following companies the market, plus commission and charges: Abbott Laboratories Dresser Industries Aetna Life & Casualty Dun & Bradstreet Air Products and Chemicals Du Pont (EI) Allegheney Power System, Inc. E-Systems Allied Bancshares Eastman Kodak Aluminum Company of America Eastern Gas & Fuel American Cyanamid Eaton Corporation American Horne Products Echlin Manufacturing American Hospital Supply Eckerd Jack American Medical International Edwards (AG) American National Resources American Broadcasting Company Emerson Electric American Express Envirotech American International Group Exxon Corporation American Standard Incorporated Federated Department Stores American Telephone & Telegraph Florida Power & Light Amerada Hess Foothill Group Amsted Industries Ford Motor Anheuser-Busch Foster Wheeler Asarco Incorporated First Chicago Atlantic Richfield First International Banks Avery International Gannett Company Avnet Incorporated General Electric Avon Products General Foods Baker International General Instruments Bally Manufacturing General Mills Baltimore Gas & Electric General Motors Bausch & Lomb Georgia-Pacific Baxter Travenol Geosource Beatrice Foods Getty Oil Company Beckman Instruments Gillette Company Becton Dickenson Golden West Financial Bendix Corporation Grainger Incorporated Best Products Great Western Financial Black & Decker Gulf Canada Boeing Company Gulf Oil Corporation Borden Incorporation Halliburton Bristol-Myers Hein z (HJ) Burlington Northern Hercules, Incorporated Burroughs Corporation Heublein Incorporated Capital Cities Communications Hewlett-Packard Carlisle Corporation Hilton Hotels Carnation Company Carter Hawley Hale Homestake Mining Caterpillar Tractor Honeywell CBS Incorporated Houston Industries Centex Corporation Houston Natural Gas Champion International Hutton (EF) Chase Manhattan Bank Imperial Corporation Chesebrough Ponds INA Corporation Chubb Corporation Inco Limited Churchs Fried Chicken Ingersoll-Rand Citicorp Inland Steel Cities Service Interco Inc. Clark Equipment Inter-north Coastal Corporation IBM Coca-Cola Company International Flavors & Fragrances Coleman Company International Paper Colegate-Palmolive International Telephone & Tele. Connecticut General Insurance Johnson & Johnson Continental Illinois K Mart Corporation Continental Telephone Corporation Kaiser Cement Cooper Industries Kerr-Mc Gee Corning Glass Keystone International Cox Broadcasting Levi Strauss Crum & Forster Lilly (Eli) Dana Corporation Litton Industries Dart & Kraft Loral Corporation Dayton-Hudson Lucky Stores Delta Airlines MIA-Corn Incorporated Denny's Incorporated Macy (RH) Company Disney (Walt) Products Marathon Oil Dover Corporation Mary Kay Cosmetics Dow Chemical Masco Corporation Masonite Corporation Shell Oil Company May Department Stores Signal Cos May tag Company Smithkline Beckman MCA Incorporated Southern California Edison McDonald's Corporation Southern Natural Resources Merck & Company Southern Pacific Middle South Utilities Southern Railroad Milton Bradley Southwest Airlines Minnesota Mining & Manufacturing Sperry Corporation Monsanto Company Square D Company Morgan (JP) Squibb Corporation Morrison-Knudsen St. Paul Cos Motorola Incorporated Stauffer Chemical Nabisco Brands Standard Oil - California Nalco Chemical Standard Oil - Indiana National Medical Care Standard Oil - Ohio National City Corporation Sterling Drug National Distiller Stone Container Natomas Company Sunstrand Corporation NCR Corporation Syntex Corporation Norfolk & Western Railway Company Tektronix Northern States Power Teledyne Northern Telecommunications Tenneco Incorporated Norton Simon Texaco Incorporated Northwest Airlines Textron Incorporated Northwest Bancorp Tiger International Northwest Industries Times Mirror Oak Industries Texas Eastern Corporation Owens-Corning Texas Gas Transmission Pacific Gas & Electric Texas Instruments Panhandle Eastern Texas Oil & Gas Parsons Corporation Texas Utilities Company Penney (JC) U.S. Bancorp Pepsico Incorporated U.S. Fidelity & Guaranty Perkin-Elmer U.S. Home Corporation Phelps Dodge U.S. Steel Corporation Ph i 1 ip f'1or r i s UAL Incorporated Phillips Petroleum Union Camp Pioneer Corporation Union Oil California Polaroid Corporation Union Carbide Proctor & Gamble Union Pacific Public Service of Indiana United Technologies Quaker Oats United Telecommunications Ralston Purina Valley National Bank Raytheon Company Viacom International RCA Corporation Wal-Mart Revco Drug Stores Wang-Laboratories - Class B Revlon Incorporated Warner Communications Reynolds (RJ) Warner-Lambert Reynolds Metals Waste Management Rockwell International Wendy's International Rohm & Haas Western Company of North America Royal Dutch Petroleum Western Union Safeco Corporation Westinghouse Electric Safeway Stores Weyerhaeuser Scher-Plough Whirlpool Schlumberger White Consolidated Scientific Atlanta Winn-Dixie Seafirst Corporation Wolverine Worldwide Sealed Power Xerox Corporation Sears Roebuck Zenith Radio

This Authorization for stock purchase is to remain in effect through February 18, 1982. The motion was seconded by Commissioner Minassian and adopted by the following vote: ayes, Commissioners Diannitto, Minassian, Moody and President Pro Tern Burdorf- 4; noes, none. Wright Investors' Service

Mr. Jack Wood carne forward and asked the Board to approve the stock purchase list.

STOCK PURCHASE RESOLUTION NO. 82116 2525 NEW SYSTEM GENERAL PENSION FUND

After discussion by the Board it was moved by Commissioner Minassian that upon the advice of investment counsel, the Manager-Secretary and/or Wright Investors' Service be authorized to purchase up to $3,500,000 of capital stock in each of the following companies at the market price, plus commission and charges:

Abbott Laboratories Cone Mills Alco Standard Consolidated Foods American Brands Consolidated Freightways American Broadcasting Continental Group American Cyanamid Continental Illinois American Horne Products Cooper Industries American Hospital Supply Dana Corporation American Standard Dayton Hudson American Telephone & Telegraph Deere & Company Ametek Incorporated Delta Airlines AMP, Incorporated Deluxe Check Printers Amsted Industries Dexter Corporation Archer Daniels Disney Products Arkansas-Louisiana Gas Dr. Pepper Donnelley & Sons Atlantic Richfield Dover Corporation Auto Data Processing Dresser Industries Avnet Incorporated Dun & Bradstreet Avon Products E. G. & G. Incorporated Baker International Eastman Kodak Bandag Incorporated Eaton Corporation Bank of New York Eckerd (Jack) Bank of America Edison Brothers Stores Bard (C.R.) Incorporated Bausch & Lomb Emerson Electric Baxter Trav. Laboratories Emhart Corporation Beatrice Foods Enserch Corporation Beckman Instruments Ethyl Corporation Becton Dickinson Ex-Cell-O Belco Petroleum Exxon Corporation Bendix Corporation FMC Corporation Big Three Industries Fed. Dept. Stores Black & Decker Ferro Corporation Blue Bell Incorporated First City Bank of Texas Borden Incorporated First Interstate Bank Briggs & Stratton Florida Power & Light Bristol-Myers Florida Power Corporation Bucyrus-Erie Fort Howard Paper Burndy Foxboro Company CBS Incorporated Gannett Company CPC International General Electric Campbell Soup General Foods Campbell Taggart General Instrument Capital Cities Comm. General Mills Carlisle Corporation General Signal Carnation Company Genuine Parts Carpenter Technology Gerber Products Caterpillar Tract Grainger (W.W.) Central & South West Great Northern Nekoosa Central Tel & Utilities Halliburton Company Cessna Aircraft Harsco Corporation Chesebrough-Pond1s Heinz (H.J.) Company Cleveland-Cliffs Helmerich & Payne Clorox Company Heublein Incorporated Coca-Cola Company Hewlett-Packard Colgate-Palmolive Hoover Universal Colt Industries Houston National Gas Columbia Gas Hughes Tool Company Combustion Engines Illinois Tool Works Ingersoll-Rand Raytheon Company Interco Incorporated Republic of Texas Corporation International Business Machines Revco D.S. Incorporated International Flavors & Fragrances Revlon Incorporated Internorth, Incorporated Reynolds (R.J.) Industries Johnson & Johnson Rite Aid Corporation Jostens Incorporated Rochester Tel Joy Manufacturing Rollins Incorporated K Mart Corporation Rorer Group Kellogg Company Rubbermaid Kennametal Incorporated Schering-Plough Kerr-McGee Corporation Schlumberger Limited Kimberly-Clark Scott & Fetzer Knight-Ridder Signode Corporation Koppers Company Smith International Lennox Incorporated SmithKline Corporation Lilly (Eli) & Company Snap-On Tools Loctite Corporation Southern Natural Resources Long Drug Stores Southern Union Lubrizol Corporation South Western Public Services Lucky Stores Sperry Corporation MCA Corporation Square D Company Macy (R.H.) Company Squipp Corporation Malone & Hyde Standard Brands Paint Mfg. Hanover Standard Oil of California Masco Corporation Standard Oil of Indiana Maytag Company Stanley Works McGraw-Hill Stauffer Chemical Melville Corporation Sterling Drug Mercantile Texas Corporation Stone & Webster Merck & Company Sundstrand Corporation MidCon Corporation Super Value Stores Midland-Ross TRW Incorporated Milton Bradley Texas Commerce Minnesota Mining Texas Gas Trans Mobil Corporation Texas Instruments Morgan (J.P.) Company Texas Oil & Gas Motorola Texas Utilities NBD Bancorp Textron Incorporated NCH Corporation Thiokol Corporation Nalco Chemicals Thomas & Betts National Medical Care Time Incorporated National Service Industries Times Mirror Northwest Bancorp Timken Company Norton Company Transway International Norton Simon Tuscon Elec. Power Company Nucor Corporation Union Camp Corporation ONEOK, Incorporated Union Oil of California Pacific Lumber Union Pacific Panhandle Eastern United States Gypsum Parker-Hannifin United States Shoe Corporation Peoples Energy United States Tobacco Pepsico, Incorporated United Technologies Perkin Elmer United Telecommunications Petrolane Incorporated Universal Leaf Tobacco Pfizer Incorporated Upjohn Company Phillips Petroleum VF Corporation Pioneer Corporation Vulcan Materials Pitney Bowes Warner Communications Proctor & Gamble Waste Management Public Service of Indiana Weyerhaeuser Quaker Oats Winn-Dixie Stores Ralston Purina Witco Chemical Xerox THE APPROVED WRIGHT INVESTMENT LIST STOCKS FOR PURCHASE UNDER THE NEW CHARTER REVISION

PART II

CBI Industries Medtonic Incorporated Central Louisiana Energy Nabisco Brands Crown Cork & Seal Nicor Incorporated Dart & Kraft Incorporated Phibro Corporation Digital Equipment Purex Industries Engelhard Corporation Richardson-Vicks Incorporated First Interstate Bancorp SFN Companies Houston Industries TECO Energy Louisiana Land & Expl. Tektronix Incorporated Texas Eastern Corporation

This authorization for stock purchase is to remain in effect through February 18, 1982. The motion was seconded by Commissioner Diannitto and adopted by the following vote: ayes, Commissioners Diannitto, Minassian, Moody and President Pro Tem Burdorf - 4; noes, none.

The Boston Company

Mr. Desmond Heathwood came forward and stated the Boston Company had no recommendations for today's meeting.

INCREASED HEALTH INSURANCE SUBSIDY FOR RETIRED MEMBERS

Approved. Motion by Commissioner Diannitto, seconded by Commissioner Minassian and adopted by the following vote: ayes, Commissioners Diannitto, Minassian, Moody and President Pro Tem Burdorf - 4; noes, none.

FLUCTUATING ADJUSTMENTS - ARTICLE XVII

Salary Ordinances authorizing salary increases for sworn members of the Fire & Police Departments became effective July I, 1981, and as a result it becomes mandatory that the pensions of 317 service pensioners and 14 disability pensioners who were appointed prior to July I, 1925, and the pensions of 960 widows and dependents of members appointed prior to January 17, 1927, be increased, making a total of 1291 pensions with a net monthly increase to the pension roll of $178,231.71. This increase, which approximates 10%, will be retroactive to July I, 1981.

Approved. Motion by Commissioner Minassian, seconded by Commissioner Moody and adopted by the following vote: ayes, Commissioners Diannitto, Minassian, Moody and President Pro Tem Burdorf - 4; noes, none.

OLD BUSINESS

President Pro Tem Burdorf referred to the memorandum sent by the Acting Manager-Secretary, Mr. William S. Hutchison, regarding the earnings on the $22 million that had been withheld from the Fire and Police Pension Fund. Mr. Hutchison stated the earnings on this money was approximately $90,000 and was accrued to the City's general fund. Mr. Hutchison said staff will keep the Board informed on this subject.

The Acting Manager-Secretary referred to the subject of facilitating stock sales between meetings.

After discussion, it was moved by Commissioner Moody that the Manager-Secretary and/or the equity advisors be authorized to execute the sale of stock owned by the Board of Pension Commissioners at market, less commission and charges and that the Manager-Secretary be authorized to execute on behalf of and in the name of the Board, all documents necessary to complete sale transactions, which motion was seconded by Commissioner Moody and adopted by the following vote: ayes, Commissioners Diannitto, Minassian, Moody and President Pro Tem Burdorf- 4; noes, none.

Mr. Jerry Bardwell, Investment Officer, referred to the memorandum to the Board from Mr. Hutchison regarding stock purchase recommendations and stated it 1s for information only. President Pro Tem Burdorf directed staff to be sure copies of this memorandum are sent to the commissioners who were absent today. Mr. Hutchison reported on the Blue Ribbon Pension Review Committee meeting.

Mr. Hutchison informed the Board members that he had sent a memorandum to General Services requesting security for the Board meetings, and that General Services had replied they could not continue security for the meetings due to budgetary reductions. Commissioner Moody said he will talk to Chief Vernon, Operations Office, at the Police Department to see if a Police Officer could be assigned to the meetings from 1:00 to 5:00 p.m. President Pro Tern Burdorf directed staff to schedule the psychological disability pension hearings for the afternoon when security is available.

Commissioner Diannitto commended Mr. Hutchison for his action last week in refusing to give Commissioner Diannitto's biographical sketch to the Los Angeles Times. Commissioners Diannitto and Moody stated they prepared biographies when they were appointed to the Board with the understanding they were for the information of other Board members only, and not for press release.

The Acting Manager-Secretary said the Faunce law firm asked staff to subpoena several doctors for disability hearings, and the Acting Manager-Secretary asked for authority from the Board to do so. President Pro Tern Burdorf gave authority to Mr. Hutchison to so comply, but directed him to inform the Faunce firm that this should be requested only when very important, and to do so routinely could become a problem in the future.

Discussion ensued regarding the reduction of disability pension claim hearing time, and President Pro Tern Burdorf directed this item be scheduled on a future agenda, and for staff to have a memo accompany this agenda item asking the Board to review the Board rules, and establish various guidelines for saving time.

Mr. Hutchison reported that the Blue Ribbon Committee is recommending an investment committee to oversee the Board's investment matters. Discussion followed. The consensus of the Board members was to oppose information of this committee. President Pro Tern Burdorf requested staff to prepare a letter opposing the creation of this investment committee, and directed Commissioner Minassian to represent the Board at the next Blue Ribbon Committee meeting which will be held December 16, 1981, at 10:30 a.m., in the Council Chambers.

The Acting Manager-Secretary referred to the letter received from the Police Commission in which they state they wish to join in an effort to reduce stress disability pension applications. Mr. Hutchison stated he had referred this letter and also the letter from Chief Gates to Councilman Yaroslasky's office with a note requesting him to indicate what his intentions might be, and if the Councilman wants to be involved in the effort to reduce psychiatric disabilities. President Pro Tern Burdorf directed Mr. Hutchison to get a response from the Fire and Police Departments, and to inform them we are going ahead with our study.

President Pro Tern Burdorf directed staff to schedule on the January 7, 1982, agenda the Institutional Investor Pension Seminar to be held in San Francisco.

SERVICE PENSIONS - ARTICLE XVIII - 3

Firefighter II Appt'd: 10-23-61 20 Years, 2 Days 40.0000% Stephen C. Morgan Eff: 10-25-81 NPB: $2,636.75 $1,054.70

Detective I Appt'd: 10-23-61 20 Years, 2 Days 40.0000% Larry E. Tietgen Eff: 10-25-81 NPB: $2,818.54 $1,127.42

Police Officer II Appt'd: 10-23-61 20 Years, 4 Days 40.0000% Cecil L. Harris Eff: 10-27-81 NPB: $3,500.88 $1,400.35

Approved. Motion by Commissioner Moody, seconded by Commissioner Diannitto and adopted by the following vote: ayes, Commissioners Diannitto, Minassian, Moody and President Pro Tern Burdorf - 4; noes, none. DISCONTINUE PENSIONS - ARTICLE XVII - 6

Nelson L. Dahlman Fire Service Retired 03-01-38 Died 11-10-81 William J. Jolin Police Service Retired 05-27-44 Died 10-30-81 Floyd W. Horne Police Disab. Retired 03-24-59 Died 11-18-81 LaVere O. Cochrane Fire Widow Retired 01-16-56 Died 11-08-81 Mary L. Pulley Fire Widow Retired 09-27-69 Died 09-05-81 Hazel M. Hahn Police Widow Retired 11-09-40 Died 10-23-81.

DISCONTINUE PENSIONS - ARTICLE XVIII - 1

Marguerite Craven Fire Widow Retired 07-18-71 Died 11-07-81

WIDOW'S OR WIDOWER'S PENSION - ARTICLE XVII - 3

Fluctuating

Sal. Rank Member's at Date Rate Effective Monthly Name Class of Death % Date Amount

Ruby F. Weeks Fire $2,719.62 50% 11-15-81 $1,359.81 (Rayford F. Weeks) Service

Marguerite E. Brown Police $2,716.14 50% 11-03-81 $1,358.07 (Vernon V. Brown) Service

Flora B. Moug Police $2,959.74 50% 10-27-81 $1,479.87 (Rae K. Moug) Service

WIDOW'S OR WIDOWER'S PENSION - ARTICLE XVII - 2

Member's Monthly Rate Effective Monthly Name Class Salary % Date Amount

Barbara Gardiner Police $570.80 50% 10-26-81 $350.00 (Elmer L. Gardiner) Disab. Member's CIL 434.35 Total $784.35 (Minimum)

Norma Horne Police $560.00 50% 11-19-81 $350.00 (Floyd W. Horne) Disab. Membe r 's CIL 434.35 Total $784.35 (Minimum)

FINDINGS OF FACT - ARTICLE XVII - 1

POLICE

A. Todd R. Androvich - retired

POLICE A. Phillip G. Belous - retired B. Donald J. Burch - retired C. Richard K. Cornford - retired D. Daniel R. Dale - retired E. Hubert R. Davis - retired F. Robert B. Hill - retired G. Thomas C. Hoff - retired H. Perry J. Jones - active I. Don E. Lucier - retired J. Rodney R. Osler - retired K. Louis L. Otero - active L. Michael H. Quinn - retired M. Samuel J. Tomas - retired N. Frederick D. Warren - resigned Approved. Motion by Commissioner Diannitto, seconded by Commissioner Moody and adopted by the following vote: ayes, Commissioners Diannitto, Minassian, Moody and President Pro Tern Burdorf - 4: noes, none.

At this point in the proceedings, President Pro Tern Burdorf recessed the meeting.

DISABILITY CASE - REVIEW - ARTICLE XVII - 2

William D. Tamblyn (Retired)

No Change. Remain at 60%, with no further medical reviews. Motion made by Commissioner Diannitto and seconded by Commissioner Moody; ayes, Commissioners Diannitto, Minassian, Moody and President Pro Tern Burdorf 4; noes, none. Mr. Tamblyn was present.

Richard D. Stage (Retired)

No Change. Remain at 65%, with no further medical reviews. Motion made by Commissioner Diannitto and seconded by Commissioner Minassian; ayes, Commissioners Diannitto, Minassian, Moody and President Pro Tern Burdorf 4; noes, none. Mr. Stage was present.

DISABILITY CASES - NEW - ARTICLE XVIII - 1

Police Officer II Richard E. Goodenough

Service-connected disability pension granted, effective December la, 1981, in the monthly amount of $1,715.64 or 50% of $3,431.28, with no further medical reviews. Motion made by Commissioner Minassian and seconded by Commissioner Moody; ayes, Commissioners Diannitto, Minassian, Moody and President Pro Tern Burdorf - 4; noes, none. Mr. Goodenough was present with his attorney Steven R. Pingel. Capt. Robert Woods, Mr. Goodenough's Commanding Officer and Lt. David Brath, Medical Liaison, Police Department, testified regarding Mr. Goodenough.

DISABILITY CASE - COURT ORDERED REHEARING - ARTICLE XVIII - 1

Phillip J. Calamia (Retired)

Motion to set aside Board decision of July 24, 1980, granting Mr. Calamia a nonservice-connected disability pension, and granting a service-connected disability pension, effective July 24, 1980, in the monthly amount of $1,127.70 or 50% of $2,255.39, plus cost of living increments now due, with no further medical reviews. Motion made by Commissioner Moody and seconded by Commissioner Diannittoj ayes, Commissioners Diannitto, Minassian, Moody and President Pro Tern Burdorf 4; noes, none. Mr. Calamia was not present but was represented by his attorney Michael Roberts. DISABILITY CASES - NEW - ARTICLE XVIII - 4

Fire Engineer Arthur G. Zahn

Nonservice-connected disability pension granted, effective July 28, 1981, in the monthly amount of $1,030.08 or 40% of $2,575.20, with no further medical reviews, without prejudice with the understanding that any supplemental medical data the claimant may wish to present which might support a subsequent Board finding that the disability was service-connected must be submitted to the Board within 180 days of the date of the Board action of December 10, 1981. Motion made by Commissioner Minassian and seconded by Commissioner Diannitto; ayes, Commissioners Diannitto, Minassian, Moody and President Pro Tern Burdorf 4; noes, none. Mr. Zahn was present with his attorney Michael Roberts.

Firefighter II Michael Hayes

Denied. Able to perform the duties to which he may be assigned. Motion made by Commissioner Moody and seconded by Commissioner Minassian; ayes, Commissioners Diannitto, Minassian, Moody and President Pro Tern Burdorf 4; noes, none. Mr. Hayes was present with his attorney Jack Koszdin. Capt. Thomas Stires, Medical Liaison, Fire Department, testified regarding Mr. Hayes.

Sergeant I Donald W. Perkins

Service-connected disability pension granted, effective December 10, 1981, in the monthly amount of $2,071.82 or 70% of $2,959.74, with review in two years and three medical examinations. Motion made by Commissioner Moody and seconded by Commissioner Diannitto; ayes, Commissioners Diannitto, Minassian, Moody and President Pro Tern Burdorf - 4; noes, none. Mr. Perkins was present and was represented by Rick Helms, Police Protective League. Capt. Carley D. Mitchell, Mr. Perkins' Commanding Officer, Police Department, testified regarding Mr. Perkins.

Police Officer II Michael A. Caldwell

Denied. Able to perform the dutles to which he is assigned. Motion made by Commissioner Diannitto and seconded by Commissioner Moody; ayes, Commissioners Diannitto, Minassian, Moody and President Pro Tern Burdorf 4; noes, none. Mr. Caldwell was present with his attorney J. Leonard Stern. Sgt. Alan B. Bollinger, Medical Liaison and Lt. Carlo Cudio, Mr. Caldwell's supervisor, Police Department, testified regarding Mr. Caldwell.

At this point in the proceedings, President Pro Tern Burdorf called for adjournment.

Acting Manager-Secretary