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Aggregate Portfolio Private Equity Exposure Summary

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Aggregate Portfolio Private Equity Exposure Summary AGENDA BOARD OF FIRE AND POLICE PENSION COMMISSIONERS August 3, 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 Commissioner Diannitto will participate telephonically from 4612 El Reposo Drive, Los Angeles, CA 90065 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. APPROVAL TO ISSUE A REQUEST FOR PROPOSAL FOR INDEPENDENT MEDICAL EXAM SERVICES AND RECORD REVIEWS AND POSSIBLE BOARD ACTION 2. HEADQUARTER FACILITY PROJECT – CLOSE OUT REPORT AND POSSIBLE BOARD ACTION B. REPORTS TO THE BOARD 1. PRESENTATION BY ACTIVE COMMODITY GLOBAL EQUITY MANAGER MELLON CAPITAL MANAGEMENT CORPORATION 2. PRESENTATION BY ACTIVE COMMODITY GLOBAL EQUITY MANAGER KBI GLOBAL INVESTORS LIMITED 3. SEMI-ANNUAL REVIEW OF CORE AND SPECIALIZED MANAGER PRIVATE EQUITY PROGRAMS AND THE COMMODITIES ALLOCATION TO PRIVATE EQUITY BY PORTFOLIO ADVISORS 4. FAIRVIEW CAPITAL PORTFOLIO UPDATE 5. 2017 ANNUAL MEMBER SURVEY – SUMMARY OF FINDINGS 6. Has any Board Member made any expenditure to influence State legislative or administrative action? 7 Miscellaneous correspondence from money managers, consultants, etc. – Received and Filed. 8. General Manager’s Report a. Benefits Actions approved by General Manager on July 20, 2017 b. Other business relating to Department operations C. CONSENT ITEMS 1. Findings of Fact – Luke J. Butnick – Tier 5 D. CONSIDERATION OF FUTURE AGENDA ITEMS E. GENERAL PUBLIC COMMENT ON MATTERS WITHIN THE BOARD’S JURISDICTION F. DISABILITY CASES Alternative 1 Retired Police Officer II Marc M. Tessier. Mr. Tessier will represent himself. Alternative 2 Retired Police Officer II Tracy L. Andres. Ms. Andres will be represented by Thomas J. Wicke, Esq. of Lewis, Marenstein, Wicke, Sherwin and Lee. G. CLOSED SESSION 1. CLOSED SESSION PURSUANT TO GOVERNMENT CODE SECTION 54956.81 TO CONSIDER THE PURCHASE OF TWO (2) PARTICULAR, SPECIFIC INVESTMENTS AND POSSIBLE BOARD ACTION August 3, 2017 2 2. CLOSED SESSION PURSUANT TO GOVERNMENT CODE SECTION 54956.81 TO CONSIDER THE PURCHASE OF ONE (1) PARTICULAR, SPECIFIC INVESTMENT AND POSSIBLE BOARD ACTION August 3, 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: AUGUST 3, 2017 ITEM: A.1 FROM: RAYMOND P. CIRANNA, GENERAL MANAGER SUBJECT: APPROVAL TO ISSUE A REQUEST FOR PROPOSAL FOR INDEPENDENT MEDICAL EXAM SERVICES AND RECORD REVIEWS AND POSSIBLE BOARD ACTION RECOMMENDATION That the Board authorize the General Manager to issue a Request for Proposal (RFP) for independent medical exam services and record reviews. BACKGROUND Pursuant to City Charter and Administrative Code requirements, LAFPP members who file for a disability pension must be examined by and a written report thereon rendered by a minimum of three (3) licensed and practicing physicians (other than the member’s treating physician or Worker’s Compensation doctor). The physicians also review the member’s prior medical records in preparing their report. Additionally, except in those instances in which the Board has determined that, due to the nature of the disability, no purpose would be served in having periodic medical examinations to determine whether a retired member is still disabled, a retired member may be required to undergo periodic medical examinations. In regard to survivor benefit applications when LAFPP members die while still active, a doctor’s report is required before a Board hearing can be conducted to determine whether the deceased member’s death was service-connected. Per Board Operating Policies and Procedures Section 3.7.B., the deceased member’s medical records must be reviewed by a minimum of one (1) qualified physician to establish an informed/objective/evidence-based medical opinion. DISCUSSION Staff currently utilizes Havura Enterprises LLC (Havura) and contracts with local panel physicians on an as-needed basis to perform exams, review medical records, and write reports in accordance with LAFPP guidelines and standards. Staff uses these doctors’ reports as the basis to prepare recommendations to the Board. Operating out of Arizona, Havura has maintained a panel of physicians who provide disability medical evaluation services (exams, record reviews, report writing) to LAFPP since 1994. These services have historically been provided on a non-contractual basis, which has provided staff with a degree of flexibility. However, in the past three years Havura has reduced their staff and is currently only providing services to LAFPP. Over time the available panel of doctors has diminished thus limiting the available appointments and increasing the distance that members must travel to see a doctor. Contracting directly with local panel physicians is also problematic. Staff must conduct research to locate qualified physicians that are willing to adhere to City contracting requirements. Staff believes there is value to identifying one or more companies to provide a larger pool of physicians within a range of specialties. By contracting with one or more companies, doctors could be closer to member residences, costs can potentially be reduced through negotiation and new member services could be utilized. On March 22, 2017, staff released a Request for Information (RFI) to: 1) explore the range of services that are currently provided by industry firms that specialize in performing independent medical examinations and record reviews; 2) learn about the latest industry best practices; and 3) consider optional resources to improve member services and reduce claims processing time. As a result of the RFI, a total of seven (7) respondents, both local and out-of-state, submitted information in April 2017. From the information gathered, Staff will be able to develop a comprehensive RFP to identify firms that offer: (1) access to a broader panel of physicians in a variety of specialties, i.e., orthopedics, neurology, internal medicine, cardiology, psychiatry, etc.; (2) appointment scheduling services; (3) offer transcription services and report preparation using LAFPP- defined medical evaluation criteria; and (4) offer patient transportation services, if needed. Upon approval by the Board, the RFP will be published on our website and the City’s website (Business Assistance Virtual Network - BAVN). Staff will also notify the seven (7) firms who responded to the RFI and mail notices to firms in similar industries. Staff anticipates the evaluation of responses, cost information and a recommendation for contract award to be presented to the Board no later than November 2017. BUDGET The 2017-2018 budget includes a total of $330,000 for disability medical exam services and record reviews. POLICY No policy changes are recommended. This report was prepared by: Kyle Susswain, Manager Disability Pensions Section RPC:JS:GM:KS:LT Board Report Page 2 August 3, 2017 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: AUGUST 3, 2017 ITEM: A.2 FROM: RAYMOND P. CIRANNA, GENERAL MANAGER SUBJECT: HEADQUARTER FACILITY PROJECT – CLOSE-OUT REPORT AND POSSIBLE BOARD ACTION RECOMMENDATION That the Board receive and file the Close-Out Report on the Headquarters Building. DISCUSSION In December 2012, the Board authorized Sentinel Real Estate Corporation, one of the Board’s separate account real estate managers, to enter into a contract to purchase The Neptune Building. Subsequently in April 2013, the Board approved the purchase of the building for $12.8 million. The escrow closed on July 24, 2013 at a final purchase price of $12,730,000 plus closing costs. This purchase completed the search for a headquarters building that spanned several years. The Neptune Building is a 54,000 square foot four-story office building that was constructed in 1924. It is located at 701 E. 3rd Street on the Northeast corner of E. 3rd Street and Alameda Street. Staff currently occupies floors 2 – 4 and will continue leasing the 1st floor suites to generate revenue. The initial building purchase included a non-adjacent parking lot with twenty spaces that is located on E.
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