RETIREMENT BOARD OF ADMINISTRATION

WATER AND POWER EMPLOYEES’ RETIREMENT PLAN

 

REGULAR MEETING AGENDA

 

NOVEMBER 9, 2011 – 9:00 A.M.

 
       ROOM 1555-H, 111 NORTH HOPE STREET, LOS ANGELES, CA 90012

 


 

A meeting of the Retirement Board will be held on November 9, 2011, convening at 9:00 a.m. or soon thereafter if quorum is present.

                                                                                                             

As a covered entity under Title II of the Americans with Disabilities Act, the City of Los Angeles does not discriminate on the basis of disability and, upon request, will provide reasonable accommodation to ensure equal access to its programs, services, and activities.  To ensure availability, such request should be made 72 hours in advance by contacting the Retirement Office at (213) 367-1712 during business hours.

 


 

At the beginning of the meeting, the Board will provide an opportunity for members of the public to address it on items of interest that are within the subject matter jurisdiction of the Board. Thereafter, the Board will consider and take action on the Regular Agenda items. Members of the public may also request to speak on any agenda item.  The meeting is recorded.


 

 


 

Reso

Item

                                         Description of Agenda Item

Page

 

PUBLIC COMMENTS

 

CONSENT    (Approval of routine, non-controversial items; action taken on entire Consent Agenda and treated as

                            separate vote on each)

 

 

 1.

Request for Approval of Minutes for September 14, 2011, Regular Meeting

 

1.1 – 1.7

 

12-32

12-33

 

 2.

Termination from Rolls

a)  Termination of Monthly Allowance from the October 2011 Retirement Roll

b)  Termination of Steven S. Salas from the August 2011 Permanent Total Disability Roll

 

2.1 – 2.2

RECEIVED AND FILED         (Items of Interest to the Board on which no action is taken)

 

 3.

Report of Payment Authorizations for September 2011

 

3.1 – 3.77

 

 4.

Notice of Deaths for September 2011

 

4

 

 5.

Investment Reports for September 2011

a)  Summary of Investment Returns as of September 30, 2011

b)  Market Value of Investments by Fund and Month as of September 30, 2011

c)  Market Value of the Retirement, Death, and Disability Funds and Retiree  Health Care Fund as of September 30, 2011

d)  Summary of Contract Expirations 

 

 

5a.1 – 5a.8

5b.1 – 5b.3

5c.1 – 5c.2

 

 5d.1

 

 6.

Report on Status of Insurance as of October 13, 2011

 

6

 

 7.

Report on Bill H.R. 2827 to Amend the Securities Exchange Act of 1934

 

7.1 – 7.5

 

 8.

Report on Investment Staff Due Diligence Site Visit to Wells Capital Management

 

8.1 – 8.5

 

 9.

Report by Pension Consulting Alliance on Due Diligence Site Visit to Aetos Alternative Management, LLC

 

9.1 – 9.6

 

10.

Report on Organizational Change at The Boston Company

 

10.1 – 10.4

 

11.

Report on Organizational Change at Prudential Real Estate Investments

 

11.1 – 11.4

REGULAR              (Items for discussion and action by the Board)

 

12-31

12.

Ratification of Board’s Action With Respect to the Annual Actuarial Valuation of the Retirement Fund; Discussion and Possible Action

 

12.1 – 12.2

 

13.

Discussion of Alignment of the Retirement Plan’s Actuarial Assumptions with the Actuarial Valuation; and Possible Action

 

13.1 – 13.4

 

14.

Discussion of Reciprocity Study Performed by The Segal Company; and Possible Action

 

14.1 – 14.15

12-34

15.

Discussion of Transfer of Funds from the Reserve for Gains and Losses to the General Reserve; and Possible Action

 

15.1 – 15.2

12-35

16.

Discussion of Performance of Aetos Alternative Management, LLC; and Possible Action

 

16.1 – 16.10

 

17.

Presentation by Aetos Alternative Management, LLC - Hedge Fund of Funds Annual  Review

 

17

 

18.

Discussion of Covered Calls Manager Request for Proposal Responses; and Possible Action

 

18.1 – 18.6

 

19.

Discussion of High Yield Fixed Income Request for Proposal Responses; and Possible Action

 

19.1 – 19.5

12-36

20.

Discussion of Implementation of Restructuring Plan for the International Equity Asset Class; and Possible Action

 

20.1 – 20.15

 

 

 

21.

Discussion of Draft Requests for Proposals and Manager Specific Minimum Qualifications; and Possible Action

a)    International Developed Equity Passive

b)    International Developed Equity Value

c)    International Emerging Markets Equity Value

 

 

21.1 – 21.2

21a.1 – 21a.23

21b.1 – 21b.24

21c.1 – 21c.23

 

22.

Presentation by Pension Consulting Alliance – Second Quarter Private Equity Performance Report as of June 30, 2011

 

22

 

23.

Presentation by Courtland Partners, Ltd.  – Second Quarter Real Estate Portfolio Performance Report as of June 30, 2011

 

23

12-37

24.

Discussion of Authority to Provide Exceptions to Investment Manager Guidelines Under Specific Conditions; and Possible Action

 

24.1 – 24.5

RETIREMENT PLAN MANAGER’S COMMENTS

 

25.

 

 

25

FUTURE AGENDA ITEMS

 

26.

 

25

 

 

 

In compliance with Government Code Section 55957.5, 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 offices of the Water and Power Employees’ Retirement Plan (WPERP), located at 111 North Hope Street, Room 357, Los Angeles, California 90012, or at the scheduled meeting.

 

Posted on November 4, at 8:30 a.m.