BOARD OF ADMINISTRATION

OF THE

WATER AND POWER EMPLOYEES’ RETIREMENT PLAN

 

REGULAR MEETING AGENDA

 

JUNE 24, 2020 – 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 June 24, 2020, 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.

 

Due to the COVID-19 pandemic, there are some changes to the meeting. Pursuant to the Mayor’s most recent Safer at Home order, dated April 10, 2020, the Retirement Board will be meeting remotely and the Boardroom will be closed to the public.

 

Members of the public who wish to listen to the Retirement Board meeting live can do so by calling the following telephone number at any time during the meeting:

 

·         (213) 306-3065 and entering 24589476# when prompted for a meeting ID number.

 

Members of the public who wish to offer public comment may do so telephonically by calling (213) 306-3065 and entering 1468567594# when prompted for a meeting ID number. The public comment phone line will be accessible starting at 8:45 a.m.

 

 


GENERAL PUBLIC COMMENTS ON MATTERS WITHIN THE BOARD’S JURISDICTION

 

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

Reso

 

 

 

 

1.

Approval of the Special Meeting Minutes of May 20, 2020

 

 

 

20-55

20-56

2.

Termination of Monthly Allowance

a)  Termination of Monthly Allowance for May 2020

b)  Termination of Monthly Allowance for June 2020

 

 

REPORTS TO THE BOARD (Items of Interest to the Board on which no action is taken)

 

 

 

3.

Report of Payment Authorizations for May 2020

 

 

 

4.

Notice of Deaths

a)  April 2020

b)  May 2020

 

 

 

5.

Summary of Contract Expirations for June 2020

 

 

 

 

 

 

6.

Report on Status of Insurance for June 2020

 

 

 

7.

Investment Reports for April 2020

a)  Summary of Investment Returns as of April 30, 2020

b)  Market Value of Investments by Fund and Month as of April 30, 2020

c)  Market Value of the Retirement, Death, and Disability Funds and Retiree

Health Care Fund as of April 30, 2020

 

 

 

 

 

 

 8.

Annual Presentation by Macquarie Investment Management – Extended Global Credit Manager

 

 

 

 9.

Annual Presentation by Neuberger Berman Fixed Income, LLC – Extended Global Credit Manager

 

 

 

10.

Annual Presentation by Pacific Asset Management – Active U.S. Bank Loans Manager

 

 

 

 

 

 

11.

Report on Private Equity Investment in Clayton, Dubilier & Rice Fund XI, L.P.

 

 

 

12.

Report on Private Equity Investment in Silver Lake Partners VI, L.P.

 

 

 

 

 

 

13.

Articles of Interest

 

 

 

 

 

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

 

 

ITEMS FOR BOARD ACTION (Items for discussion and action by the Board)

 

Reso

 

 

20-57

14.

Discussion of Contracts with Kutak Rock LLP, Nossaman LLP, and Olson Remcho LLP, for Outside Fiduciary Counsel Services; and Possible Action

 

20-58

15.

Discussion of Contract Extension with StepStone Group Real Estate LP for Real Estate Consulting Services and RFP; and Possible Action

 

 

 

 

 

PRESENTATIONS (Items for discussion on which no action is required by the Board)

 

 

 

 

16.

Presentation by RVK, Inc. – 2020 First Quarter Portfolio Performance Report

 

 

 

 

 

 

17.

Presentation by RVK, Inc. – 2020 First Quarter Real Return Portfolio Performance Report

 

 

 

 

 

 

18.

Presentation by RVK, Inc. – 2020 First Quarter Hedge Fund-of-One Portfolio Performance Report

 

 

 

 

 

 

19.

Presentation by StepStone Real Estate – 2019 Fourth Quarter Real Estate Performance Report

 

 

 

RETIREMENT PLAN MANAGER’S COMMENTS

 

 

CONSIDERATION OF FUTURE AGENDA ITEMS

 

 

 

 

CLOSED SESSION (Items for discussion and action by the Board)

 

Reso

 

 

20-59

20.

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

 

 

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 June 19, 2020.