BOARD OF ADMINISTRATION

OF THE

WATER AND POWER EMPLOYEES’ RETIREMENT PLAN

 

REGULAR MEETING AGENDA

 

DECEMBER 9, 2015 – 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 December 9, 2015, 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.

 


PUBLIC COMMENTS

 

CONSENT(Approval of routine, non-controversial items; action taken on entire consent agenda and treated as separate vote on each)

Reso

 

 

 

 

1.

Request for Approval of Minutes of November 18, 2015, Special Meeting

 

 

16-36

16-37

16-38

 

2.

a) Termination of Monthly Allowance from the November 2015 Retirement Roll

b) Termination of Alan D. Collier from November 2015 Permanent Total Disability Roll

c) Termination of Jorge A. Galan from November 2015 Permanent Total Disability Roll

 

 

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

 

 

 

3.

Report of Payment Authorizations for October 2015

 

 

 

4.

Notice of Deaths for October 2015

 

 

 

5.

Investment Reports for October 2015

a) Summary of Investment Returns as of October 31, 2015

b) Market Value of Investments by Fund and Month as of October 31, 2015

c) Market Value of the Retirement, Death, and Disability Funds and Retiree Health Care Fund as of October 31, 2015

d) Summary of Contract Expirations

 

 

 

6.

Report on Status of Insurance as of November 30, 2015

 

 

 

 

7.

Manager Presentation Schedule for 2016

 

 

 

 

 

REGULAR    (Items for discussion and action by the Board)

 

 

Reso

 

 

 

 

16-39

16-40

8.

Annual Actuarial Valuations – Presentation by Segal Consulting

a)  Disability Fund as of July 1, 2015; Discussion and Possible Action

b)  Death Benefit Fund as of July 1, 2015; Discussion and Possible Action

 

 

16-41

9.

Discussion on Clarification to the Plan’s Investment Policy; and Possible Action

 

 

 

10.

Annual Presentation by Gateway Investment Advisors, LLC – Covered Calls Manager

 

 

 

11.

Annual Presentation by Western Asset Management Company – Global Inflation Linked Securities Manager

 

 

 

12.

Annual Presentation by Glass Lewis & Co., LLC – Proxy Service Provider

 

 

16-42

13.

Discussion of Recommendation by the Audit Committee Regarding the Request for Proposal for Services to Conduct Annual Audits of Financial Statements and Perform Related Advisory Services for the Water and Power Employees’ Retirement Plan; and Possible Action

 

 

16-43

14.

Discussion of the Recommendation of the Audit Committee Regarding Insured Lives Death Benefit Fund for Noncontributing Members and the Applicable Governmental Accounting Standards Board Statement; and Possible Action

 

 

16-44

15.

Discussion of the Plan’s Annual Audit Report and Related Financial Statements as of June 30, 2015, Presented at the Audit Committee Meeting

 

 

 

16.

Presentation by Pension Consulting Alliance, Inc. – Private Equity Fees and Expenses Education

 

 

16-45

17.

CLOSED SESSION – PURSUANT TO GOVERNMENT CODE SECTION 54956.81 to Consider the Purchase of One Particular, Specific Pension Fund Investment; and Possible Board Action

 

 

16-46

18.

CLOSED SESSION – PURSUANT TO GOVERNMENT CODE SECTION 54956.81 to Consider the Purchase of One Particular, Specific Pension Fund Investment; and Possible Board Action

 

 

16-47

19

CLOSED SESSION – PURSUANT TO SUBDIVISIONS (a) AND (d) OF GOVERNMENT CODE SECTION 54956.9(a) – to Confer with Legal Counsel Regarding Pending Litigation in the United States District Court Case of In Re Bank of New York Mellon, Case Number 12 MD 2335 LAK (SDNY)

 

 

 

20.

RETIREMENT PLAN MANAGER’S COMMENTS

 

 

 

21.

FUTURE AGENDA ITEMS

 

 


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 December 4, 2015, at 8:30 a.m.