BOARD OF ADMINISTRATION

OF THE

WATER AND POWER EMPLOYEES’ RETIREMENT PLAN

 

REGULAR MEETING AGENDA

 

SEPTEMBER 14, 2016 – 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 September 14, 2016, 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.

Approval of the Minutes of July 13, 2016

 

 

 

17-06

17-07

 

2.

Termination from Rolls

a)  Termination of Monthly Allowance from the July 2016 Retirement Roll

b)  Termination of Monthly Allowance from the August 2016 Retirement Roll

 

 

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

 

 

 

3.

Report of Payment Authorizations

a)  June 2016

b)  July 2016

 

 

 

4.

Notice of Deaths

a)  June 2016

b)  July 2016

 

 

 

5.

Investment Reports for June 2016

a)      Summary of Investment Returns as of June 30, 2016

b)      Market Value of Investments by Fund and Month as of June 30, 2016

c)      Market Value of the Retirement, Death, and Disability Funds and Retiree Health Care Fund as of June 30, 2016

 

 

 

6.

Investment Reports for July 2016

a)      Summary of Investment Returns as of July 31, 2016

b)      Market Value of Investments by Fund and Month as of July 31, 2016

c)      Market Value of the Retirement, Death, and Disability Funds and Retiree Health Care Fund as of July 31, 2016

d)      Summary of Contract Expirations

 

 

 

7.

Report on Status of Insurance as of August 24, 2016

 

 

REGULAR    (Items for discussion and action by the Board)

 

 

Reso

 

 

 

8.

Report on Discussion of Audit Program for the Fiscal Year-Ended June 30, 2016, Presented to the Audit Committee on September 14, 2016

 

17-08

9.

Discussion of Recommendation to Adopt the Amendment to the Water and Power Employees’ Retirement Plan to Eliminate the Reserve for Investment Gains and Losses Account; and Possible Action

 

17-09

10.

Discussion of Recommendation to Adopt the Amendment to the Water and Power Employees’ Retirement Plan to Correct Classes Eligible for Tier 1 Membership; and Possible Action

 

17-10

11.

Discussion of Recommendation to Adopt the Amendments to the Water and Power Employees’ Retirement Plan to Address Issues Encountered in the Administration of Tier 2 Provisions; and Possible Action

 

17-11

12.

Discussion of Funding to Develop the Methodology, Assumptions, and Calculation Spreadsheet for Determining Cost to Purchase Additional Cost of Living Adjustment Coverage for Tier 2 Members; and Possible Action

 

17-12

13.

Discussion of Hedge Funds Investment Policy; and Possible Action

 

17-13

14.

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

 

15.

Annual Presentation by JP Morgan Investment Management, Inc. – Fixed Income Principal Protection Manager

 

16.

Annual Presentation by Wells Capital Management, Inc. – Fixed Income Principal Protection Manager

 

17.

Presentation by Courtland Partners – 2016 First Quarter Real Estate Performance Report

 

18.

Presentation by Pension Consulting Alliance, LLC – 2016 First Quarter Private Equity Performance Report

 

17-14

19.

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

 

17-15

20.

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

 

 

 

21.

CLOSED SESSION - PURSUANT TO SUBDIVISIONS (a) AND (d)(1) OF GOVERNMENT CODE SECTION 54956.9 to Confer with, or Receive Advice from, Legal Counsel Regarding the Consolidated Class Action Against Lendingclub Corporation Pending in the United States District Court, Northern District of California

 

 

 

22.

RETIREMENT PLAN MANAGER’S COMMENTS

 

 

 

23.

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 September 8, 2016, at 8:30 a.m.