2015 NAST Annual Conference October 17-21, 2015 | Omni Hotel | Nashville, Tennessee McGraw Hill Financial provides NECESSARY INSIGHTS to help you meet your state’s fi nancial objectives. A MESSAGE FROM NAST’S PRESIDENT Welcome to the 2015 National Association of State Treasurers (NAST) Annual Conference in Nashville and the great state of Tennessee. The Annual Conference is a blend of education, policy discussions and entertainment, all of which we know you will enjoy. It is an honor to serve as NAST President for 2015. Your continued support of NAST has made this an incredibly successful year for the organization. 2015 has been a year of growth for NAST. We have increased our presence in national media, completed the transition to a stand-alone organization and substantially enhanced service to members by increasing the capabilities of our staff. NAST provided high quality technical and educational content, not only through the conferences, but with more than 20 webinars. We have expanded our base of public and private sector support while providing greater focus to our communication efforts and achieved all of this while reestablishing the fi nancial stability of the organization. Our fi rst conference of the year, March’s Legislative Conference, set records for private sector and treasurer attendance, and this week’s Annual Conference has drawn 41 state treasurers to Nashville for the excellent educational sessions and networking the Annual Conference offers. In a year of signifi cant positive change, NAST is fortunate to have the dedicated leadership of a strong Executive Committee, including Treasurer James McIntire of Washington as Senior Vice President, Treasurer Ken Miller of Oklahoma as Secretary-Treasurer, and Regional Vice Presidents Treasurer Lynn Fitch of Mississippi, Treasurer Mark Gordon of Wyoming, Treasurer Nancy Kopp of Maryland and Treasurer Don Stenberg of Nebraska. Also on the Executive Committee are former NAST Presidents Treasurer Richard Ellis of Utah and Treasurer Manju Ganeriwala of Virginia, along with Legislative Committee Chair Treasurer Ron Estes of Kansas, Betty Lochner, Chair of the College Savings Plans Network, and Andrea Feirstein, Corporate Affi liate Board Chair. Your week in Nashville will not be soon forgotten. We have an exciting schedule planned including the plenary education sessions, keynote speeches, the evening events at the Omni Hotel, the Country Music Hall of Fame and the Ryman Auditorium, and the inaugural NAST late night event at Acme Feed & Seed on lower Broadway. NAST is dedicated to providing treasurers, treasury and state staff, and Corporate Affi liates the premier venue to learn, discuss, and engage on pertinent issues impacting treasury operations. I am certain that our soon-to-be-elected 2016 NAST leadership team will ensure that NAST continues to provide you with the benefi ts you have come to expect and continue to provide an even higher level of service to treasury professionals in every state. Best wishes for a successful week in Music City, U.S.A. Sincerely yours, LILLARD SIGNATURE David H. Lillard, Jr. NAST President and Tennessee State Treasurer 1 SPONSOR ACKNOWLEDGEMENTS NAST wishes to acknowledge the generosity of the sponsors of the 2015 NAST Annual Conference. Annual Conference Sponsor McGraw Hill Financial Platinum Sponsors Federated Investors Fidelity Fidelity Capital Markets First Tennessee Bank Kelmar Pyramis Global Advisors Regions Bank Verus Financial LLC Wells Fargo Gold Sponsors Tennessee Sponsor Bank of America Merrill Lynch Nottingham BNY Mellon Kaplan, Fox & Kilsheimer Bronze Sponsors KeyBanc Capital Markets ABS Investment Management LLC The PMF Group AB Global AutoZone Silver Sponsors Pilot Flying J Amerigroup PN Siebert Brandford Shank & Co. LLC Capital Group Ubiquity Invesco UBS Global Asset Management Lazard Asset Management Vanguard OFI Global Raymond James Nashville Sponsors State Street AKF Consulting Group State Street Global Advisors PRA Government Services Standard & Poor’s Wolf Popper LLP Todd Asset Management Wellington Management Xerox State & Local Solutions 2 NAST LEADERSHIP 2015 EXECUTIVE COMMITTEE PRESIDENT MIDWEST REGION VICE PRESIDENT AND David H. Lillard, Jr. NAUPA PRESIDENT State Treasurer Don Stenberg Tennessee State Treasurer Nebraska SENIOR VICE PRESIDENT IMMEDIATE PAST PRESIDENT James L. McIntire Richard K. Ellis State Treasurer State Treasurer Washington Utah SECRETARY-TREASURER LEGISLATIVE COMMITTEE CHAIR Ken Miller Ron Estes State Treasurer State Treasurer Oklahoma Kansas SOUTHERN REGION VICE PRESIDENT SDMN CHAIR Lynn Fitch Manju Ganeriwala State Treasurer State Treasurer Mississippi Virginia WESTERN REGION VICE PRESIDENT CSPN CHAIR Mark Gordon Betty Lochner State Treasurer Director Wyoming Washington Guaranteed Education Tuition EASTERN REGION VICE PRESIDENT CORPORATE AFFILIATE REPRESENTATIVE Nancy K. Kopp Andrea Feirstein State Treasurer Managing Director Maryland AKF Consulting Group NAST STAF F John Provenzano Kore Donnelly Susan Hirschmann Lori Slagle Executive Director SDMN Association Director NAST Government Affairs Accounting Services Chris Hunter Jane Hardey Donna Maloy Kathleen Young Deputy Executive Director / CSPN Communications Meeting Planning Services Meeting Planning Services Emma Heydlauff Rachel Barrett David Milby Membership Services Manager NAST Fundraising NAUPA Association Director 3 HOTEL INFORMATION LEVEL TWO TERRACE SERVICE ELEVATORS W M M W LEVEL THREE 6 6 AB C D AB C 5 5 E D BROADWAY LEGENDS 4 COUNTRY MUSIC BALLROOM BALLROOM 4 HALL OF FAME THEATER SERVICE PREFUNCTION PREFUNCTION 3 F MUSIC ROW 1-6 3 EFG 2 2 CUMBERLAND 1-6 COUNTRY MUSIC PREFUNCTION HALL OF FAME GH J K 1 LOBBY M GRAND STAIRS ELEV. 1 W PREFUNCTION PREFUNCTION OLD HICKORY GIBSON 4 3 2 1 BOARDROOM MOCKINGBIRD MEETING ROOMS 1-4 CONTINUING PROFESSIONAL EDUCATION NAST will be offering NASBA-accredited continuing Level of Knowledge: Overview. professional education for the Saturday pre-conference pension sessions. Education or Experience Prerequisite: No prerequisites required. Learning Objectives: At the conclusion of this conference, Advance Preparation: No advance preparation required. participants will be able to: • Understand the importance of setting the Actuarial CPE: Up to 5 credits Required Contribution and assumed rate of return responsibly, as well as their impact on credit ratings and Delivery Method: Group-Live other public investment policy. The National Association of State Treasurers • Collect and report all costs associated with private equity is registered with the National Association of investments, with an understanding of those different State Boards of Accountancy (NASBA) as a costs and where they originate for public funds. sponsor of continuing professional education on the National Registry of CPE Sponsors. State • Convey to retirement plan participants educational boards of accountancy have fi nal authority on opportunities about the plan design and benefi ts and the acceptance of individual courses for CPE how the plan can ensure that participants are using the credit. Complaints regarding registered sponsors may be submitted to the National Registry benefi ts appropriately once of retirement age. of CPE Sponsors through its website: www. learningmarket.org. 4 CONFERENCE AGENDA SATURDAY, OCTOBER 17 2:05 - 3:45 P.M. PRIVATE EQUITY & HEDGE FUNDS: FEE TRANSPARENCY, 10:30 A.M. - 5:00 P.M. ACCOUNTABILITY & STANDARDIZED DISCLOSURES IN REGISTRATION (Cumberland Foyer, Level 3) AGREEMENT WITH GENERAL PARTNER (Cumberland 3-4, Level 3) CPE Field of Study: Finance 11:30 A.M - 12:10 P.M. Moderator: Treasurer Clint Zweifel (MO) WORKING LUNCH & INTRODUCTIONS (Cumberland 3-4, Level 3) • Keith Ambachtsheer, President and Founder, KPA Advisory Moderators: Treasurers Clint Zweifel (MO) & Mark Gordon (WY) • Bronwyn Bailey, Vice President of Research, Private Equity Growth Capital Council 12:10 - 1:50 P.M. • Rajan Chari, Audit Partner, Deloitte ACTUARIAL DETERMINED CONTRIBUTION & ASSUMED RATE OF • Jennifer Choi, Managing Director of Industry Affairs, RETURN: AN ACTUARIAL & POLICY PERSPECTIVE Institutional Limited Partners Association (Cumberland 3-4, Level 3) CPE Field of Study: Finance Moderator: Treasurer Mark Gordon (WY) 3:45 - 4:00 P.M. • Sussan Corson, Director, Public Finance, Standard & BREAK (Cumberland Foyer, Level 3) Poor’s • Leslie Thompson, Senior Consultant, Gabriel, Roeder, 4:00 - 4:50 P.M. Smith & Company EDUCATING RETIREMENT PLAN PARTICIPANTS WHEN YOUR STATE • Brian Whitworth, Senior Vice President, First Southwest SHIFTS TO A HYBRID DB/DC PLAN (Cumberland 3-4, Level 3) CPE Field of Study: Finance 1:50 - 2:05 P.M. Moderator: Treasurer Richard Ellis (UT) BREAK (Cumberland Foyer, Level 3) Speakers: TBD Investment Solutions for Public Funds Federated is an institutional investment manager with approximately $350 billion in assets under management. Treasurers in the public sector rely on Federated to pursue optimal results within conservative statutory and investment policy constraints. Federated products include money market funds, targeted fixed-income and equity portfolios, as well as customized money management for local government investment pools. eeddrat e 1-800-341-7400 FederatedInvestors.com Federated is a registered trademark of Federated Investors, Inc. 2015 ©Federated Investors, Inc. 5 CONFERENCE AGENDA SUNDAY, OCTOBER 18 2:15 - 3:00 P.M. CORPORATE AFFILIATE MEMBERSHIP MEETING 10:00 A.M. - 8:00 P.M. (Cumberland 1-2, Level 3) REGISTRATION (Broadway Foyer, Level 2) 2:30 - 3:15 P.M. 11:00 - 11:30 A.M. BREAK