AGENDA BOARD OF RETIREMENT SAN BERNARDINO

AGENDA
BOARD OF RETIREMENT
SAN BERNARDINO COUNTY EMPLOYEES' RETIREMENT ASSOCIATION
December 1, 2011
9:00 AM
Board Room
348 West Hospitality Lane, First Floor
San Bernardino, California
PUBLIC NOTICE
1.
Call meeting to order.
CONSENT
2.
Action: Minutes of regular meeting of November 3, 2011.
3.
Action: Minutes of special meeting of November 14, 2011.
4.
Service Retirements:
Acuna-Lopez, Sally A
Aguilera, Gayle L
Arredondo, Martha C
Bartle, Deborah
Beatty, Jaryl
Bengston, June
Benson, Denise
Flanagan, Patrick C
Goldsmith, Steven
Houston, Michael A
Huston, David J
Loera, Larry M
McCrary, Dorcus
McLaughlin, Dean
Nottingham, Paula
Olalia, Debra
Pierson, Jenna
Pippin, Judy W
Riley, Michelle R
Urbina, Francisco
West, Geoffrey
Zimm, Michael
5.
Effective Date
Superior Court
ARMC (Def)
Human Services
County Library (Def)
Human Services
Human Services
County Fire
ARMC/Facilities Management
Land Use Services (Def)
County Library
Sheriff
Sheriff
Human Services (Def)
County Fire
District Attorney (Def)
Sheriff
Human Services
Facilities Management
Human Services
Land Use Services (Def)
Land Use Services
Special District (Def)
Rescind Retirement Application:
a.
Hoffman, Laura
12/31/2011
11/9/2011
12/31/2011
11/6/2011
12/17/2011
12/31/2011
1/14/2012
11/5/2011
10/31/2011
11/19/2011
11/5/2011
12/31/2011
11/9/2011
12/31/2011
12/15/2011
12/31/2011
12/3/2011
11/5/2011
11/15/2011
11/18/2011
12/31/2011
12/1/2011
Effective Date
Public Defender
12/03/11
Board of Retirement Agenda
December 1, 2011
Page 2
b.
6.
Perryman, Pamela
SCAQMD
Disability Applications - Initial Decision:
a.
b.
c.
Eckman, Sherri T.
Romo, Frances
Weart, Russell D.
Human Services
Superior Court
Sheriff
11/08/11
Date of Application
1/25/2011
6/27/2011
3/18/2011
CLOSED SESSION
7.
Initial Decision:
a.
b.
c.
Ford, Vanessa
Fowler, Janet
Leslie, Preston
Date of Application
Behavioral Health
Human Services
Sheriff
3/10/2011
2/16/2011
3/28/2011
OPEN SESSION
8.
Review of November 2011 actions concerning suspension and termination of Pacific
Public Partners.
9.
Report by the Trustees concerning conferences attended (as specified by the Trustee
Education/Training Policy).
10.
Staff Reports:
a.
Chief Executive Officer's Report.
b.
Review Chaptered Retirement Legislation for 2011.
c.
Investment Performance Report.
PUBLIC COMMENT
ADJOURN
NOTES
UPCOMING MEETINGS
Investment Committee Meeting
Monday, December 12, 2011
9:00 a.m.
Administrative Committee Meeting
Monday, December 19, 2011
Board of Retirement Agenda
December 1, 2011
Page 3
9:00 a.m.
Board Meeting
Thursday, January 5, 2012
9:00 a.m.
Cancelled - January 9, 2012 Investment Committee Meeting
Special Board Meeting
in lieu of Investment and Adminstrative Committee Meetings
Tuesday, January 17, 2012
9:00 a.m.
HOLIDAYS
Friday, December 23, 2011 and
Monday, December 26, 2011
In Observance of Traditional Holiday
Friday, December 30, 2011 and
Monday, January 2, 2012
In Observance of New Years
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MINUTES
BOARD OF RETIREMENT
November 3, 2011
BOARD ROOM
348 WEST HOSPITALITY LANE, FIRST FLOOR
SAN BERNARDINO, CA
Trustees Present:
DAWN STAFFORD, Retired Member (Chairman)
DAVID WILLIAMS, Safety Member (Vice-Chairman)
BRENDAN BRANDT, Appointed Member
LOUIS FIORINO, General Member
DONALD NEELY, General Member
LARRY WALKER, Treasurer
NEAL WANER, Appointed Member
HARRY HATCH, Alternate Retired Member
Others Present:
NORM RUGGLES, Chief Executive Officer
ANDREW KJELDGAARD, Counsel
DONALD PIERCE, Chief Investment Officer
CHRISTIE PORTER, Chief Member Services
JULIE UNDERWOOD, Chief Fiscal Services
JAMES PERRY, Senior Investment Officer
CAROL FENN, Recorder
Not Present:
JANICE RUTHERFORD, Appointed Member
BRET HENRY, Alternate Safety Member
PUBLIC NOTICE
1.
Call meeting to order.
Chairman Stafford called the meeting to order at 9:00 a.m.
CONSENT
Neely moved, Williams seconded, to Approve Consent Calendar.
Absent: Rutherford, Henry
Motion Passed.
2.
Action: Minutes of regular meeting of October 6, 2011.
4316
Fiorino moved, Williams seconded, to Approve Minutes of regular meeting of October 6,
2011.
Absent: Rutherford, Henry
Motion Passed.
3.
Service Retirements:
Bantilan, Emeraldo
Bill, Gary F
Collier, Francine
Crowe, Barbara J
Cuthbert, George
Danna, Sherry
Felts, Pamela G
Hoffman, Laura L
Kupsak, Steve E
Lucas, Richard P
Mayberry, Michael
Nelson, Bruce A
Odom, Kenneth
Perryman, Pamela A
Porter, Michael L
Saffle, Karen
Scolastico, Charles S
Stafford, Rebecca
Taylor, Marilyn K
Tellez, Carmen
Wentworth, Patricia
Wheat, Sharon
Zimmerman, Gary
4.
Library
SCAQMD
Child Support (Def)
Public Health
Sheriff
Superior Court
Risk Management
Public Defender
Hesperia Recreation & Park District
Public Works
Facilities Management (Def)
Public Works
Children & Family Services
SCAQMD
SCAQMD (Def)
Behavioral Health
County Counsel
Children's Fund
Human Services
Public Health
Human Services
ARMC
Information Services
11/19/2011
9/28/2011
11/30/2011
12/3/2011
10/4/2011
11/5/2011
11/19/2011
12/3/2011
10/7/2011
10/22/2011
10/4/2011
10/22/2011
11/9/2011
11/8/2011
10/3/2011
9/30/2011
10/22/2011
10/14/2011
10/3/2011
10/22/2011
10/22/2011
10/19/2011
10/22/2011
Disability Applications - Initial Decision:
a.
Eckman, Sherri T.
1. Ms. Eckman is permanently incapacitated for the performance of duties and
disability retirement be granted.
2. Ms. Eckman’s disability is Service-Connected based on lumbar discogenic
disease.
3. Ms. Eckman is not capable of gainful employment.
4. Medical review in 12 – 18 months is necessary as specified by the medical
advisor.
5. Staff shall initiate disability benefit payments with an effective date of June 18,
2011, the day after the last date compensated.
4317
b.
Huskey, Pamela W.
1. Ms. Huskey is permanently incapacitated for the performance of duties and
disability retirement be granted.
2. Ms. Huskey’s disability is Nonservice-Connected based on macular
degeneration, congenital cataracts, and unrepairable retinal detachment of the right
eye.
3. Ms. Huskey is not capable of gainful employment.
4. No medical review is necessary.
5. Staff shall initiate disability benefit payments with an effective date of June 18,
2011, the day after the last date compensated.
c.
Ilio, Lilibeth
1. Ms. Ilio is permanently incapacitated for the performance of duties and disability
retirement be granted.
2. Ms. Ilio’s disability is Nonservice-Connected based on hip injury.
3. No medical review is necessary as specified by the medical advisor.
4. Staff shall initiate disability benefit payments with an effective date of June 3,
2011, the date of application.
d.
Vale, Kathryne L.
1. Ms. Vale is permanently incapacitated for the performance of duties and
disability retirement be granted.
2. Ms. Vale’s disability is Service-Connected based on left knee anterior cruciate
ligament (ACL) and lateral meniscus tears.
3. No medical review is necessary as specified by the medical advisor.
4. Staff shall initiate disability benefit payments with an effective date of January
29, 2011, the day after the last date compensated.
CLOSED SESSION
5.
Initial Decision:
a.
Brooks, Cheryl
Neely moved, Brandt seconded, to Approve Staff Recommendation that:
1. Ms. Brooks is not permanently incapacitated for the performance of duties based
on carpal tunnel syndrome, chronic neck pain, general osteoarthritis and
fibromyalgia.
2. Disability retirement is denied.
3. If a disability retirement is determined at a future hearing stage, the effective
date will be March 15, 2011, the date of application.
Absent: Rutherford, Henry
Motion Passed.
4318
b.
Judd, Terrie Lynn
Neely moved, Fiorino seconded, to Approve that:
1. Ms. Judd is permanently incapacitated for the performance of duties and
disability retirement be granted.
2. Ms. Judd’s disability is Service-Connected based on right wrist injury.
3. Ms. Judd is not capable of gainful employment.
4. No medical review is necessary as specified by the medical advisor.
5. Staff shall initiate disability benefit payments with an effective date of March 26,
2011, the day after the last date compensated, provided the benefit is requested in
writing.
Against: Brandt; Absent: Rutherford, Henry
Motion Passed.
c.
Ward, Kathleen
Stafford moved, Brandt seconded, to Approve Staff Recommendation that:
1. Ms. Ward is permanently incapacitated for the performance of duties and
disability retirement be granted.
2. Ms. Ward’s disability is Service-Connected based on lumbar disc protusion,
sciatica, severe lumbar arthritis, and spondylolisthesis.
3. Ms. Ward is capable of gainful employment.
4. No medical review is necessary as specified by the medical advisor.
5. Staff shall initiate disability benefit payments with an effective date of January
28, 2011, the date of application, provided benefit is requested in writing.
Against: Fiorino, Neely; Absent: Rutherford, Henry
Motion Passed.
6.
Reconsideration:
a.
Kanaly, Michael P.
Brandt moved, Stafford seconded, to Approve Staff Recommendation to:
1. Per Board Policy, deny further delay for reconsideration and maintain the initial
board decision from April 7, 2011 that member is not permanently incapacitated for
the performance of duties and the disability retirement be denied.
2. Member may proceed to formal hearing provided written request for ServiceConnected Disability based on panic disorder and back pain is submitted.
3. If it is determined that the member is permanently incapacitated for the
performance of duties based on panic disorder and back pain at a future hearing
stage, the effective date will be July 2, 2009, the date of application.
Absent: Rutherford, Henry
Motion Passed.
4319
7.
Formal Hearing:
a.
Martin, Patricia A.
Williams moved, Brandt seconded, to Approve Staff Recommendation to Approve
and Adopt the proposed findings and the recommendations of the referee to grant
a Nonservice-Connected disability retirement and a supplemental disability
retirement allowance effective March 1, 2008.
Absent: Rutherford, Henry
Motion Passed.
CONFERENCE WITH LEGAL COUNSEL
8.
Threatened Litigation - Government Code Section 54956.9(b) – One Case.
OPEN SESSION
9.
Presentation by NEPC of their Quarterly Investment Performance Review for the period
ending September 30, 2011.
Allan Martin, NEPC, presented.
10.
Presentation by Ashmore Investment Management, LTD of their portfolio review.
Mark Weiller of Ashmore Investment Management, LTD, presented.
11.
Presentation by KPMG of the FY 2010/2011 Financial Statements, Independent
Auditor’s Report and other required communications for Gold Coast Capital Ltd and
subsidiaries.
Don Pierce and Julie Underwood reviewed. Niko Whittaker of KPMG presented.
12.
Action: Approve the FY 2010/2011 Financial Statements, Independent Auditor’s Report
and other required communications from KPMG, for Gold Coast Capital Ltd and
subsidiaries.
Brandt moved, Neely seconded, to Receive the FY 2010/2011 Financial Statements,
Independent Auditor’s Report and other required communications from KPMG, for Gold
Coast Capital Ltd and subsidiaries.
Absent: Rutherford, Henry
Motion Passed.
13.
Action: Approve the Fifth Amendment to the Actuarial Services Agreement with The
Segal Company.
Ruggles reviewed.
4320
Fiorino moved, Waner seconded, to Approve the Fifth Amendment to the Actuarial
Services Agreement with The Segal Company.
Against: Neely; Absent: Rutherford, Henry
Motion Passed.
14.
Action: Approve contract with The Lake Arrowhead Resort for the 2012 SBCERA
Investment Forum, to be held on September 13 - 14, 2012.
Williams moved, Brandt seconded, to Approve contract with The Lake Arrowhead Resort
for the 2012 SBCERA Investment Forum, to be held on September 13 - 14, 2012.
Absent: Rutherford, Henry
Motion Passed.
15.
Chairman’s appointment of members to an Ad Hoc Committee for the review and
selection of the Hearing Officer Panel and the Medical Advisor Panel for 2012.
Chairman Stafford appointed Brandt, Hatch, Neely and Stafford to the Ad Hoc
Committee for the review and selection of the Hearing Officer Panel and the Medical
Advisor Panel for 2012.
16.
Investment Committee Report.
a.
Report of the meeting conducted October 11, 2011.
James Perry, staff, reported.
b.
Action: Approve amending the Stamos Capital Contract by rolling the existing
mandate with Stamos Capital Partners into the new Global Credit Opportunities
Fund.
Perry and Allan Martin of NEPC reviewed.
Neely moved, Fiorino seconded, to Approve amending the Stamos Capital Contract
by rolling the existing mandate with Stamos Capital Partners into the new Global
Credit Opportunities Fund.
Absent: Rutherford, Henry
Motion Passed.
c.
Action: Approve an initial investment of $30 Million into the Stone Tower Credit
Strategies Fund.
Perry and Martin reviewed.
4321
Neely moved, Williams seconded, to Approve an initial investment of $30 Million
into the Stone Tower Credit Strategies Fund.
Absent: Rutherford, Henry
Motion Passed.
d.
Action: Terminate the Plan’s investment in the Halcyon Offshore Asset-Backed
Fund.
Perry reviewed.
Brandt moved, Walker seconded, to Terminate the Plan’s investment in the
Halcyon Offshore Asset-Backed Fund.
Absent: Rutherford, Henry
Motion Passed.
e.
Action: Authorize staff to execute a Request for Proposal (RFP) search process
and necessary travel, to include the UK and Europe, to conduct on site investment
due diligence in coordination with NEPC in the Emerging Market Debt space.
Martin reviewed.
Brandt moved, Waner seconded, to Authorize staff to execute a Request for
Proposal (RFP) search process and necessary travel, to include the UK and
Europe, to conduct on site investment due diligence in coordination with NEPC in
the Emerging Market Debt space.
Absent: Rutherford, Henry
Motion Passed.
17.
Action: Attendance of up to four Trustees to Information Management Network's 2012
Spring Investment Series, to be held in San Diego, CA on March 25 - 27, 2012.
Stafford moved, Brandt seconded, to Approve Attendance of Neely, Williams and up to
two additional Trustees to Information Management Network's 2012 Spring Investment
Series, to be held in San Diego, CA on March 25 - 27, 2012.
Absent: Rutherford, Henry
Motion Passed.
18.
Report by the Trustees concerning conferences attended (as specified by the Trustee
Education/Training Policy).
Neely reported on the due diligence he attended. Stafford stated that she has reported
on the San Francisco due diligence in PrimeTime. Walker reported on a Real Estate
Forum he attended (not as a representative of the Board of Retirement).
4322
19.
Review of October 2011 actions concerning suspension and termination of Pacific Public
Partners.
Ruggles reported.
20.
Staff Reports:
a.
Chief Executive Officer's Report.
Ruggles reported.
b.
Review California Retirement Legislation for 2011-2012.
Kjeldgaard reported.
c.
Review and Discuss 1st Quarter Budget vs. Actual for FY 2011/2012.
Underwood reviewed.
21.
Action: Direct SACRS Voting Delegate on the SACRS Legislative Proposals.
Ruggles and Kjeldgaard reviewed.
Stafford moved, Williams seconded, to Direct the SACRS Voting Delegate to
Support the following SACRS Legislative Proposals: LACERA #2, LACERA #3 and
SACRS #1; and to Oppose the following SACRS Legislative Proposals: 1937 Act
Trustee Continuing Education, Mendocino #1 and LACERA #1.
Absent: Rutherford, Henry
Motion Passed.
CONSENT
22.
Action: Approve payment for Award of Attorney’s Fees and Costs in the matter of Press
Enterprise v. SBCERA (SBSC Case No. CIVDS1010974), per Court order.
Brandt moved, Waner seconded, to Approve payment for Award of Attorney's Fees and
Costs in the matter of Press Enterprise v. SBCERA (SBSC Case No. CIVDS1010974),
per Court order.
Absent: Rutherford, Henry
Motion Passed.
PUBLIC COMMENT
John Michaelson commended Christie Porter and staff on the Pre-Retirement Seminars.
ADJOURN
4323
The meeting adjourned at 1:25 p.m.
Respectfully submitted,
DAWN STAFFORD, Chairman
DATED
NORMAN L. RUGGLES, Secretary
4324
MINUTES
SPECIAL MEETING
BOARD OF RETIREMENT
SAN BERNARDINO COUNTY EMPLOYEES' RETIREMENT ASSOCIATION
November 14, 2011
9:00 AM
Board Room
348 West Hospitality Lane, First Floor
San Bernardino, California
Trustees Present:
DAWN STAFFORD, Retired Member (Chairman)
DAVID WILLIAMS, Safety Member (Vice-Chairman)
BRENDAN BRANDT, Appointed Member
LOUIS FIORINO, General Member
DONALD NEELY, General Member
LARRY WALKER, Treasurer
NEAL WANER, Appointed Member
BRET HENRY, Alternate Safety Member
Others Present:
NORM RUGGLES, Chief Executive Officer
ANDREW KJELDGAARD, Counsel
DONALD PIERCE, Chief Investment Officer
JULIE UNDERWOOD, SBCERA Chief Fiscal Services
NANCY PIRRONE, Recorder
Not Present:
JANICE RUTHERFORD, Appointed Member
HARRY HATCH, Alternate Retired Member
1.
Call meeting to order.
Chairman Stafford called the meeting to order at 9:02 a.m. The Chairman stated that
items #4 and #5 would be heard first.
4.
Presentation by the Segal Company of their Actuarial Valuation as of June 30, 2011 and
related reports.
Paul Angelo of the Segal Company presented the Actuarial Valuation as of June 30,
2011 and related reports.
• The market value of assets earned a return of 22.1% for the July 1, 2010 to June
30, 2011 plan year. The actuarial value of assets earned a return of 1.9% for the
4325
•
•
•
•
•
5.
same period due to the deferral of most of the current year investment gains and
the recognition of prior investment losses. This resulted in an actuarial loss when
measured against the assumed rate of return of 8.00%. This actuarial investment
loss increased the average employer contribution rate by 2.26% of
compensation.
The ratio of the actuarial value of assets to actuarial accrued liabilities decreased
from 85.5% to 79.2%. The Association’s Unfunded Actuarial Accrued Liability
(UAAL) increased from $1.08 billion as of June 30, 2010 to $1.71 billion as of
June 30, 2011.
The Association approved a three-year phase-in for the change in employer
contribution rate due to the changes in actuarial assumptions.
The recommended average member contribution rate increased from 9.28% of
payroll in the June 30, 2010 valuation to 9.68% of payroll in the June 30, 2011
valuation.
The total unrecognized investment loss as of June 30, 2011 is $348 million (as
compared to an unrecognized loss of $1.3 billion in the June 30, 2010 valuation).
If the deferred losses were recognized immediately in the actuarial value of
assets, the funded ratio would decrease from 79.2% to 74.9%.
Action: Approve the Segal Company's Actuarial Valuation as of June 30, 2011 and
related reports and adopt the recommendations contained therein.
Brandt moved, Stafford seconded, to Approve the Segal Company's Actuarial Valuation
as of June 30, 2011 and related reports and adopt the recommendations contained
therein.
Absent: Rutherford, Hatch
Motion Passed.
2.
Presentation by Macias Gini and O'Connell, LLP of the FY 2010-11 Financial
Statements, Independent Auditor's Report and other required communications.
Underwood reviewed the FY 2010-11 Financial Statements. James Godsey of Macias
Gini and O'Connell presented the FY 2010-11 Financial Statements, Independent
Auditor's Report and other required Communications.
3.
Action: Approve the FY 2010-11 Financial Statements, Independent Auditor's Report
and other required communications from the auditors, Macias Gini and O'Connell, LLP.
Brandt moved, Williams seconded, to Approve the FY 2010-11 Financial Statements,
Independent Auditor's Report and other required Communications.
Absent: Rutherford, Hatch
Motion Passed.
6.
Presentation by The Townsend Group and staff on the Real Estate Strategic Plan.
Micolyn Magee of the Townsend Group and Don Pierce, CIO, presented.
4326
7.
Action: Approve The Townsend Group's Real Estate Strategy and recommended
Investment Objectives, Policies and Procedures.
Waner moved, Walker seconded, to Approve the Real Estate Strategy and
recommended Investment Objectives, Policies and Procedures of November 14, 2011,
with a revision to change the model target return from 8% to 7%.
Absent: Rutherford, Hatch
Motion Passed.
8.
Presentation by The Townsend Group on the Real Estate Performance Measurement
Report for the Second Quarter ending June 30, 2011.
Micolyn Magee stated that Aligned Asset Managers will purchase 70% of firm, and it is
anticipated to close this week.
9.
Action: Approve the attendance of James Perry and up to four Trustees to the aiCIO
Industry Innovation Awards, to be held in New York, NY on December 1, 2011.
Walker moved, Stafford seconded, to Approve the attendance of James Perry and up to
four trustees to the aiCIO Industry Innovation Awards, to be held in New York, NY on
December 1, 2011.
Absent: Rutherford, Hatch
Motion Passed.
10.
Action: Approve further engagement of EFL Associates to assist with recruitment of an
Investment Officer, and approve Investment Officer salary range and benefits.
Ruggles reviewed.
Brandt moved, Walker seconded, to Approve the terms of the letter agreement in the
Board notebook between EFL Associates and SBCERA to commence work on the
Investment Officer search.
Absent: Rutherford, Hatch
Motion Passed.
PUBLIC COMMENT
No Public Comment was provided.
ADJOURN
The meeting adjourned at 12:00 p.m.
4327
Respectfully submitted,
DAWN STAFFORD, Chairman
DATED
NORMAN L. RUGGLES, Secretary
REPORT/RECOMMENDATION TO THE BOARD OF TRUSTEES
OF SAN BERNARDINO COUNTY EMPLOYEES’
RETIREMENT ASSOCIATION
December 1, 2011
FROM:
NORM RUGGLES
Chief Executive Officer
SUBJECT:
Update on Pacific Public Partners
RECOMMENDATION:
Public Partners.
Review of November 2011 actions concerning suspension of Pacific
BACKGROUND INFORMATION:
At the October 6, 2011 SBCERA Board meeting, the Board
suspended indefinitely all further activities of Pacific Public Partners (PPP). The following is a report
on the progress made in November toward conclusion of the OPEB Trust.
First, the audit firm Macias Gini and O’Connell in Los Angeles is performing an audit of the PPP
financial statements for FY 2010-2011. Staff anticipates the audit will be completed sometime in the
next few weeks.
Second, minor expenses of PPP were paid in November for stipends and legal fees, in the total
amount of $556.25.
ADMINISTRATIVE BUDGET IMPACT: Approximately $1.7 million has been reallocated from PPP
to SBCERA.
ATTACHMENT: None
PRESENTER:
Norm Ruggles
CHIEF EXECUTIVE OFFICER’S REPORT
December 1, 2011
Administration
As approved by the Board at the November 14, 2011 Board meeting, EFL Associates has been
engaged to assist staff with the search for an Investment Officer. The terms of the engagement
are the same as discussed at the Board meeting except, as was suggested by the Board, EFL
Associates agreed to reduce their fee in the event that the search locates a second person
whom we decide to employ on our investment staff. The fee was reduced from 25% to 15% of
the employee’s compensation during his/her first year of employment. Therefore, we are
moving forward with the Investment Officer search.
Recent Meetings
The SACRS Fall Conference, which was attended by several Board and staff members,
provided excellent educational opportunities and was highly productive. It is interesting to note
that of the eight “Breakout Sessions” held on the afternoon of November 16, three of those
sessions were led by SBCERA representatives: Don Neely, Lance Kjeldgaard and Don Pierce.
Also, the CEO gave a short presentation at the Trustee session. Further, Christie Porter led
one of the “Concurrent Sessions” on the afternoon of November 17.
The CEO gave a presentation at the General Meeting of the Retired Employees of San
Bernardino County (RESBC) on November 21, 2011. It was an excellent opportunity for the
members of RESBC and the CEO to become acquainted, and for the CEO to provide a status
report on SBCERA.
Member Services
For November, the total number of member services appointments is 102. The bulk of
appointments were related to member counseling, totaling 51; service retirement appointments
were at 39 and disability-related appointments were 12.
The Pre-Retirement Seminar series for 2011 concluded on November 3, 2011. There were 24
seminars conducted throughout San Bernardino County. The seminar series was spearheaded
by SBCERA with assistance and participation by County HR Employee Benefits and Services
Division and ING. A representative from the Social Security Administration was also present at
most seminars. RESBC also gave a quick presentation at some seminars about the benefits of
their organization. There were 495 members that took advantage of this opportunity to become
more knowledgeable about their retirement.
Postcards advertising the latest version of the SBCERA summary plan description, The
Compass, were mailed to all members, retirees, and beneficiaries. The postcards indicate The
Compass is online at www.SBCERA.org and is available to download, print and save. We offer
the option of a hard copy to be mailed upon request. The online version currently includes a
new navigable table of contents. Staff is working on a “flipping book” version of The Compass.
This will allow us to use more bookmarks in the contents so any page of the book can be
reached quickly; there will be full-text search; and it will enable us to integrate it with analytics
software to analyze and monitor the traffic of The Compass for future design, editing and
modifications to the publication.
CEO’s Report
December 1, 2011
Page 2 of 2
Fiscal Services
The October workload for Fiscal Services included:
a. Normal and lump sum payroll processing of $28,670,431, made up of 427 checks and
9,187 EFT's.
b. Receipt, balancing and posting of $28,363,698 of employee/employer contributions.
c. 80 service purchase calculations.
d. 106 member account audits.
REPORT/RECOMMENDATION TO THE BOARD OF TRUSTEES
OF SAN BERNARDINO COUNTY EMPLOYEES’
RETIREMENT ASSOCIATION
December 1, 2011
FROM:
ANDREW L. KJELDGAARD
Board Counsel
SUBJECT:
New California Law for 2011
RECOMMENDATION:
Review Chaptered Retirement Legislation for 2011.
BACKGROUND INFORMATION:
See attached Memorandum.
ADMINISTRATIVE BUDGET IMPACT:
N/A
ATTACHMENTS:
Yes.
PRESENTER:
Andrew L. Kjeldgaard, Board Counsel