BOARD OF ADMINISTRATION

OF THE

WATER AND POWER EMPLOYEES’ RETIREMENT PLAN

 

REGULAR MEETING AGENDA

 

JANUARY 24, 2018 – 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 January 24, 2018, 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

a)  November 8, 2017 Regular Meeting

b)  November 15, 2017 Special Meeting

 

 

18-51

18-52

18-53

18-54

18-55

18-56

2.

a)  Termination of Monthly Allowance from the November 2017 Retirement Roll

b)  Termination of Monthly Allowance from the December 2017 Retirement Roll

c)  Termination of Monthly Allowance from the January 2018 Retirement Roll

d)  Termination of Wenton D. Baskerville from December 2017 Permanent Total Disability Roll

e)  Termination of David M. Uribe from December 2017 Permanent Total Disability Roll

f)   Termination of Richard A. Frimel from January 2018 Permanent Total Disability Roll

 

 

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

 

 

 

3.

Report of Payment Authorizations

a)  October 2017

b)  November 2017

c)  December 2017

 

 

 

4.

Notice of Deaths

a)  October 2017

b)  November 2017

c)  December 2017

 

 

 

5.

Investment Reports for November 2017

a)  Summary of Investment Returns as of November 30, 2017

b)  Market Value of Investments by Fund and Month as of November 30, 2017

c)  Market Value of the Retirement, Death, and Disability Funds and Retiree Health Care Fund as of November 30, 2017

 

 

6.

Summary of Contract Expirations

 

 

 

7.

Report on Status of Insurance as of December 22, 2017

 

 

 

8.

Article of Interest

a) Press Release – StepStone Real Estate to Acquire Courtland Partners, Dated January 9, 2018

 

 

 

9.

Report on BlackRock Institutional Trust Company, N.A. – On-Site Due Diligence Visit

 

 

 

10.

Report on J.P. Morgan Asset Management, Inc. – Principal Protection Fixed Income - On-Site Due Diligence Visit

 

 

 

11.

Report on Wells Capital Management, Inc. – Principal Protection Fixed Income - On-Site Due Diligence Visit

 

 

 

12.

Discussion of Organizational Changes at Heitman Real Estate Securities

 

 

 

13.

Discussion of Organizational Change at Neuberger Berman – Active Extended Global Credit

 

 

 

14.

Discussion of Organizational Change at Wells Capital Management, Inc. – Principal Protection Fixed Income

 

 

 

15.

Presentation by Pension Consulting Alliance, LLC – 2017 Second Quarter Private Equity Performance Report

 

 

16.

Evaluation of City Attorney Services for the Period of July 1, 2017 through September 30, 2017

 

 

REGULAR    (Items for discussion and action by the Board)

 

Reso

 

 

 

17.

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

 

 

 

18-57

18-58

18.

Annual Actuarial Valuations – Presentation by Segal Consulting

a)  Disability Fund as of July 1, 2017; Discussion and Possible Action

b)  Death Benefit Fund as of July 1, 2017; Discussion and Possible Action

 

 

18-59

19.

Discussion of Retirement Plan Office Budget for Program Year 2018-2019; and Possible Action

 

18-60

20.

Discussion of Extension of Agreement with James Evans and Associates, Inc.; and Possible Action

 

18-61

21.

Discussion of Contract Extension for Pacific Asset Management – U.S. Bank Loans; and Possible Action

 

18-62

22.

Discussion of Contract Extension with Russell Implementation Services, Inc. – Commission Recapture Services; and Possible Action

 

18-63

23.

Discussion of Proxy Voting Policy Guidelines; and Possible Action

 

18-64

24.

Discussion of Contract with StepStone Group, LP – Private Equity; and Possible Action

 

18-65

25.

Discussion of Organizational Change at T. Rowe Price Associates; and Possible Action

 

 

26.

Discussion of Outside Securities Monitoring and Litigation Counsel; and Possible Action

 

18-66

27.

Discussion of Consent to Assignment of Contract with Courtland Partners, Ltd., for Real Estate Consulting Services; and Possible Action

 

 

28.

Discussion of Categories of Recommendations in the Management Audit of the Los Angeles Department of Water and Power Employees’ Retirement Plan

 

 

 

29.

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

 

 

30.

Annual Presentation by Glass Lewis – Proxy Voting Consultant

 

REPORTS FOR REFERENCE  (Items of Interest to the Board on which no action is taken)

 

 

 

31.

Investment Reports for October 2017

a)  Summary of Investment Returns as of October 31, 2017

b)  Market Value of Investments by Fund and Month as of October 31, 2017

c)  Market Value of the Retirement, Death, and Disability Funds and Retiree Health Care Fund as of October 31, 2017

 

 

 

32.

RETIREMENT PLAN MANAGER’S COMMENTS

 

 

 

33.

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 January 19, 2018.