Pension Board Minutes 1.22.19 - Laserfiche WebLink

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up 14.9% (outperforming by 120), Covered Call is up 12.8% vs. 13.7% for S&P, Covered Call since that date. Fixed Income was good throughout the year, outperforming by 30 basis points. The Fixed Income portfolio ended the year with a yield of 3.2% vs. the AGG at 3.3%. Chairman Reedy asked if there were any further comments or considerations regarding the portfolio presentation. Member Stutz commented that the board should take a closer look at the breakout of the equities of the Covered Call and the performance of the options. Chairman Reedy asked Member Stutz to address Ziegler with that inquiry and the board will revisit the Acceptance of the reports was unanimous. Greensfelder Legal Comment Kara Krawzik some of her clients have received letters from the Joint Commission on Public Employer Retirement Systems (JCPERS) regarding Statute 105.702 pertaining to a procurement action plan for women and minority money managers so she recommends reviewing the investment policy statement to make sure that language is included and the progress should be reported annually to JCPERS; however, she spoke with the JCPERS Executive Director who acknowledged that our policies to make sure the language is there and determine how many minority/women money managers are in our system and send a letter to JCPERS for compliance with the Statute. Council Liaison/City Manager Remarks Council Liaison Steve McMahon commented that the compensation study revealed that employees were behind in the market and that the City Council would be making some decisions regarding pay raises which will ultimately impact the pension plans and they will have to consider the affordability of all of that. There was additional discussion and inquiries among board members concerning the compensation study and impact of pay raises to the overall budget and increased pension liabilities. City Manager Rose explained that the actuaries will be provided the updated salary information, once approved by City Council and implemented, for inclusion in their reporting so that we know the impact to the pension plans at various funding levels. Other Matters Member McCarthy inquired about a joint meeting with City Council. City Manager Rose stated that it was previously determined that it would be best to have the joint meeting once we receive the information regarding the cost to fund the plans at various fun that information following the implementation of the new pay plan. Ќ