MINUTES

BOARD OF RETIREMENT

October 1, 2015

BOARD ROOM

348 WEST HOSPITALITY LANE, FIRST FLOOR

SAN BERNARDINO, CA

 

Trustees Present:

 

 

BRENDAN BRANDT, Appointed Member (Chairman)

ANTHONY DECECIO, Safety Member

JANICE RUTHERFORD, Appointed Member

DAWN STAFFORD, Retired Member

NEAL WANER, Appointed Member

VERE WILLIAMS, General Member

HARRY HATCH, Alternate Retired Member

 

 

 

Others Present:

 

 

GARY AMELIO, Chief Executive Officer

MICHAEL CALABRESE, Chief Counsel

DONALD PIERCE, Chief Investment Officer

CHRISTIE PORTER, Chief of Member Services

JULIE UNDERWOOD, Chief of Fiscal Services

CAROL FENN, Recorder

 

 

 

 

Not Present:

 

 

LOUIS FIORINO, General Member (Vice-Chairman)

GLENN DUNCAN, Appointed Member

LARRY WALKER, Treasurer

 

 

 

 

1.

Call meeting to order.

 

Chairman Brandt called the meeting to order at 9:06 a.m.

 

CONSENT

 

Stafford moved, Waner seconded, to Approve the Consent Calendar.

Ayes: Brandt, DeCecio, Stafford, Waner, Williams

Absent: Fiorino, Duncan, Rutherford, Walker

Motion Passed.

 

2.

Action: Approve minutes of regular meeting of September 3, 2015.

 

3.

Action:† Approve minutes of special meeting of September 16, 2015.

 

4.

Action:† Approve minutes of special meeting of September 17, 2015.

 

5.

Action:† Approve minutes of special meeting of September 18, 2015.

 

6.

Service Retirements:

Effective Date

 

Able, Danny

Sheriff-Coroner

09/19/2015

Albert, Katharine

Behavioral Health

09/05/2015

Blas, Susan

Transitional Assistance

09/01/2015

Brackin, David

Land Use Services (Def)

11/01/2015

Bristow, Diana

Children and Family Services

10/03/2015

Broome, Natasha D.

Probation (Def)

09/15/2015

Brown, William

Public Works (Def)

09/18/2015

Casey-Hepner, Cheryl

Human Services

10/17/2015

Cazarez, Deborah

Behavioral Health

09/19/2015

Cervantes, Laurie A.

Information Services

09/19/2015

Cheney, Mildred

Regional Parks

08/19/2015

Cole, Fred II

Public Works

10/06/2015

Craig, Marilyn

ARMC

09/19/2015

Delgado, Patsy

Public Health

10/03/2015

Dysle, Phyllis S.

SCAQMD

09/12/2015

Enscoe, Bradley

Sheriff-Coroner

11/14/2015

Evans, R. Marlene

Human Services

09/19/2015

Finneran, Edward B.

Sheriff-Coroner

10/03/2015

Gray, Jenny M.

ARMC

09/19/2015

Green, Linda

Children and Family Services

11/14/2015

Guilford, Colleen J.

Sheriff-Coroner

10/03/2015

Hagerman, Priscilla

City of Big Bear Lake (Def)

10/02/2015

Hammond, Edward

Sheriff-Coroner

10/03/2015

Harrell-Sims, Jamille T.

Probation

09/19/2015

Hellerud, Virginia

City of Big Bear (Def)

10/16/2015

Jackson-Smith, Henrietta

Children and Family Services

09/19/2015

Johnson, Rosalva B.

Sheriff-Coroner

09/19/2015

Jones, Stephanie

Public Health

09/19/2015

Jordan, Janette

Human Services

09/19/2015

Jung, Cary S.

CSAC (Def)

09/14/2015

Korman, Pamela K.

Child Support Services

10/17/2015

Lanham, William E.

County Fire

09/05/2015

Leblanc, Carl

District Attorney

09/22/2015

Lewis, Theodore

Superior Court

09/19/2015

Macias, Julia

ARMC

10/17/2015

McDonald, Toni

Aging & Adult Services

09/19/2015

Mistretta, Anthony M.

Land Use Services

09/19/2015

Owens, Regina K.

Behavioral Health

10/17/2015

Pike, Barbara

Superior Court

10/17/2015

Preston, Michael

Assessor/Recorder/County Clerk

10/03/2015

Ramirez, Virginia

ARMC

10/17/2015

Rodriguez, Lynden

Children and Family Services

10/17/2015

Russell, Larry

Superior Court

11/14/2015

Sanchez, Carlos

ARMC (Def)

09/01/2015

Schneider, Rikki A.

Assessor/Recorder/County Clerk

09/19/2015

Silva, Virginia A.

Superior Court (Def)

10/05/2015

Sims, Nancy

Probation

10/03/2015

Smith, Frederick

Fleet Management

10/17/2015

Thomas, Stephen Michael

Aging and Adult Services (Def)

08/29/2015

Tibbs, Janice K.

Child Support Services

10/03/2015

Towns, Carla D.

Human Services

10/31/2015

Webb, Donald K.

Hesperia Park and Recreation (Def)

08/31/2015

Weber, Mark L.

ARMC

09/27/2015

 

7.

Travel:

 

 

a.

Action:† Ratify the attendance of Louis Fiorino to Nossaman LLP's Public Pensions and Investments Fiduciaries' Forum, held in San Francisco, CA on September 24 - 25, 2015.

 

 

b.

Action:† Approve the attendance of Gary Amelio, as a speaker, to the Global ARC Conference, to be held in Boston, MA, on October 26 - 28, 2015.

 

 

c.

Action:† Approve the attendance of Gary Amelio, as a speaker, to Markets Group's Southwest Institutional Investor Forum, to be held in Scottsdale, AZ, on October 28 - 29, 2015.

 

8.

Disability Applications - Initial Decision:

 

 

a.

Cefalu, Suzanne

 

1. Ms. Cefalu is permanently incapacitated for the performance of duties and disability retirement be granted.

2. Ms. Cefaluís disability is Service-Connected based on lumbar, right knee and left shoulder injuries; therefore, grant a Service-Connected disability benefit.

3. No medical review is necessary as specified by the medical advisor.

4. Staff shall initiate disability benefit payments with an effective date of July 17, 2014, the date of application.

 

PUBLIC COMMENT

 

No Public Comment was provided.

 

Rutherford arrived at 9:08 a.m.

 

 


 

CLOSED SESSION

 

Disability Applications - [Article 1, Section 1, California Constitution (Right to Privacy) and California Government Code Section 54957]:

 

9.

Initial Decision:

 

a.

Barnes, Gary

 

 

 

Brandt moved, DeCecio seconded, to Approve the following Staff Recommendation:

1. Mr. Barnes Is permanently incapacitated for the performance of duties and disability retirement be granted.

2. Mr. Barnesí disability is Nonservice-Connected based on a lower back condition; therefore, grant a Nonservice-Connected disability benefit.

3. No medical review is necessary as specified by the medical advisor.

4. Staff shall initiate disability benefit payments with an effective date of March 27, 2014, the date of application, provided benefit is requested in writing.

 

Ayes: Brandt, DeCecio, Rutherford, Stafford, Waner, Williams

Absent: Fiorino, Duncan, Walker

Motion Passed.

 

b.

Campbell, Gregory S.

 

 

 

DeCecio moved, Williams seconded, to Continue to the November Board meeting.

 

Ayes: Brandt, DeCecio, Rutherford, Stafford, Waner, Williams

Absent: Fiorino, Duncan, Walker

Motion Passed.

 

10.

Reconsideration:

 

a.

Wells, Helen

 

 

 

Brandt moved, DeCecio seconded, to Approve the following Staff Recommendation:

1. Maintain the initial board decision from January 8, 2015 that the member is permanently incapacitated for the performance of duties and the disability is Service-Connected based on cervical, lumbar and right knee injuries; therefore, grant the Service-Connected disability benefit.† However, the Board found she was capable of gainful employment; therefore, deny the supplemental disability retirement allowance.

2. Member may proceed to formal hearing provided a written request is submitted, understanding that the hearing officer will hear the requested benefits de novo, unless otherwise stipulated by the parties.

 

Ayes: Brandt, DeCecio, Rutherford, Stafford, Waner, Williams

Absent: Fiorino, Duncan, Walker

Motion Passed.

 

Conference with Legal Counsel

 

11.

Discussion regarding existing litigation in the matter of William J. Einhorn, etc., v. GoldenTree Asset Management, L.P., et. al., (United States District Court Case No. 15 CV 01311) pursuant to paragraph (1) of subdivision (d) of Government Code Section 54956.9 - One Case.

 

OPEN SESSION

 

12.

Report by Counsel on actions taken in Closed Session.

 

Calabrese reported.

 

13.

Investment Committee Report.

 

a.

Report on the meeting conducted on September 8, 2015.

 

 

Pierce reported.

 

b.

Action: Recommend that the Board of Retirement approve a $150 million commitment to TOBAM Anti-Benchmark Emerging Markets Equity strategy.

 

Pierce reviewed.

 

Waner moved, DeCecio seconded, to Approve a $150 million commitment to TOBAM Anti-Benchmark Emerging Markets Equity strategy.

Ayes: Brandt, DeCecio, Rutherford, Stafford, Waner, Williams

Absent: Fiorino, Duncan, Walker

Motion Passed.

 

14.

Administrative Committee Report.

 

a.

Report on the meeting conducted on September 29, 2015.

 

 

Amelio reported.

 

b.

Action: Recommend that the Board of Retirement approve the following:

1.† Board Administration Policy No. 016 - SBCERA Position Dual-Fill

2. Revised Board Policy - Board Administration Policy No. 013 - Expenditure Budget Approval Policy

 

Amelio reviewed.

 

Williams moved, DeCecio seconded, to Approve the following: 1. Board Administration Policy No. 016 - SBCERA Position Dual-Fill 2. Revised Board Policy - Board Administration Policy No. 013 - Expenditure Budget Approval Policy, with an amendment to strike the reference to Exempt employees.

Ayes: DeCecio, Williams

Noes: Brandt, Rutherford, Stafford, Waner†

Absent: Fiorino, Duncan, Walker

Motion Failed.

 

Brandt moved, Rutherford seconded, to Approve the following: 1. Board Administration Policy No. 016 - SBCERA Position Dual-Fill 2. Revised Board Policy - Board Administration Policy No. 013 - Expenditure Budget Approval Policy

Ayes: Brandt, DeCecio, Rutherford, Stafford, Waner, Williams

Absent: Fiorino, Duncan, Walker

Motion Passed.

 

15.

Chairmanís appointment of voting delegate and alternate to the State Association of County Retirement Systemsí (SACRS) Fall Conference.

 

Chairman Brandt appointed Fiorino as voting delegate and Walker as alternate voting delegate to the State Association of County Retirement Systems' (SACRS) Fall Conference.

 

16.

Report by the Trustees concerning conferences attended (as specified by the Trustee Education and Training Policy).

 

Waner complimented the staff on the SBCERA Investment Forum.  Williams reported on his attendance at the Alpha Hedge West Conference.

 

17.

Staff Reports:

 

a.

Chief Executive Officer's Report.

 

 

Amelio reported.

 

b.

Investment Performance Report.

 

 

Pierce reported.

 

c.

Review and Discuss 4th Quarter Expenditure Budget vs. Actual for Fiscal Year Ended June 30, 2015.

 

Underwood reviewed.

 

PUBLIC COMMENT

 

No Public Comment was provided.

 

ADJOURN

 

The meeting adjourned at 10:37 a.m.

 

Respectfully submitted,

 

 

 

 

 


BRENDAN BRANDT, Chairman†††††††††††††††††††††††††††††††††††††††††† GARY A. AMELIO, Secretary

 

 

 

DATED