These minutes are a draft subject to approval by the Retirement Board at their next regular meeting.
PUBLIC EMPLOYEES' RETIREMENT
BOARD MEETING MINUTES FOR
Thursday, September 16, 2004
The agenda for this meeting was mailed to every public employer, the news media, and other groups and individuals as requested.
The Board meeting of the Public Employees' Retirement Board was called to order by Board Vice Chairman Sue DeFrancesco at 9:00 a.m., September 16, 2004, in the PERS' Board Room, 693 West Nye Lane, Carson City. Members present: Sue DeFrancesco, Purisimo Hernandez, David Kallas, Charles Silvestri, George Stevens, and Warren Wish. Members absent: Mark Balen.
On motion of Warren Wish, the Board voted unanimously of those present to:
Approve permanent and total disability retirement for: Deborah Bailey, Lloyd Baratcart, Jacqueline Blair, Perla Carluto, Evamarie Cotton, Regina Daniel, Beverley Dickinson, Jacqueline Doles, Michael Donald, Laura Fletcher, Don Grover, Dani Janich, Dennis Leonard, Milton Matthews, Sharon Miller, Jean Murray, Sara Nikolakopoulos, and William Ufert
Approve reemployment requests by disability recipients: Susan Chandler, Sandra Danforth, Julie Holloman, Michael McBride, Judith Penman, Brook Wiegand, and Lucinda Zoccole.
Staff reviewed PERS' fiscal year 2004 investment plans.
Staff presented amendments to the Investment Objectives and Policies for the PERS', Legislators', and Judicial funds. After discussion, on motion of Warren Wish, the Board voted unanimously of those present to:
Approve the Investment Objectives and Policies for the PERS' fund, as submitted.
Approve the Investment Objectives and Policies for the Legislators' fund, as submitted.
Approve the Investment Objectives and Policies for the Judicial fund, as submitted.
Staff presented the Fiscal Year 2005 Investment Plans for the PERS', Legislators', and Judicial funds. On motion of David Kallas, the Board voted unanimously of those present to:
Approve the Fiscal Year 2005 Investment Plan for the PERS' fund, as submitted.
Approve the Fiscal Year 2005 Investment Plan for the Legislators' fund, as submitted.
Approve the Fiscal Year 2005 Investment Plan for the Judicial fund, as submitted.
Staff highlighted changes to the Interim Investment Directives for the PERS', Legislators', and Judicial funds. On motion of George Stevens, the Board voted unanimously of those present to approve the Interim Investment Directives for the PERS', Legislators', and Judicial funds, as submitted.
On motion of David Kallas, the Board voted unanimously of those present to approve the minutes of the Retirement Board education session and meeting held August 17-18, 2004, as submitted.
On motion of George Stevens, the Board voted unanimously of those present to approve the minutes of the Retirement Board Closed session held August 17, 2004, as submitted.
There were no changes to the Retirement Board meeting dates.
There were no recommended changes to the Retirement Board education curriculum calendar for the remainder of 2004.
Leslie Thompson, of The Segal Company, provided actuarial cost studies for possible benefit enhancements.
Staff highlighted newly submitted Bill Draft Request's 368, 376, 525, 526, and 630 that may affect PERS, that staff is currently monitoring.
There were no additional legislative matters that required action after the publication of the agenda.
Approve the Administrative Fund disbursements.
Approve the personnel action taken since the last report.
Retroactively approve the amendment to the Investment Management Agreement with Western Asset Management.
Retroactively approve Silver State High School's request for membership in PERS, effective September 1, 2004.
Retroactively approve a lease with Hughes-Calihan for a color printer/copier.
Approve out-of-state travel for appropriate staff and board members to attend the National Council on Teacher Retirement (NCTR) annual conference being held in Portland, Oregon, October 10-14, 2004.
Approve the Benefit Audit Report for the quarter ending June 30, 2004.
Approve Survivor Benefit reinstatements for Christen Detally and Travis McKenzie.
Approve request for accounts receivable write-off for Robert Moore.
Paula Darragh thanked the Board and staff for her 20-year award. The experience has been great.
The Deputy Attorney General had nothing to report.
Administrative Report by Staff:
The Executive Officer acknowledged and thanked Paula Darragh for her 20-years of service to PERS. The system is very appreciative of Paula's efforts and knowledge of PERS' information technology division that she manages.
The Executive Officer mentioned an article printed in the Las Vegas Review Journal regarding the stability of PERS. The article appears to rely heavily on the Wilshire Report. A draft response was distributed that will be posted on the PERS website. The focus of the response is to reassure PERS' constituents and Legislators of the system. Talking Points on the Wilshire Report and a PERS fact sheet will be provided.
The Executive Officer mentioned an article printed in the Nevada Lawyer, the attorney trade publication, regarding securities litigation. A copy will be provided to Board Members.
The Executive Officer thanked the Board for completing the Cortex surveys that will be utilized at the November seminar. Staff will be contacting the Board Members individually to schedule interviews with Cortex staff.
The Executive Officer mentioned that prior to the October Board Education Session she will conduct a presentation for the retired teachers association, NSEA, in Las Vegas.
The Operations Officer reported that PERS' employer newsletter is in progress.
The Operations Officer mentioned an Oregon PERS federal case regarding COLA increases that awarded benefit changes for participants going forward. Because Nevada post retirement increases are set by statute this case will have no effect on NVPERS.
The Operations Officer mentioned that the September 1, 2004, purchase cost factor change date was uneventful. In the last week of August staff received approximately 150 purchase of service requests, with the final request coming in at 11:24 p.m. on August 31, 2004 via fax and e-mail.
The Operations Officer mentioned the number of September retirees was 675.
Questions and/or comments by members of the Retirement Board.
Mr. Wish mentioned that he enjoyed the Investment Seminar and thanked the Executive and Investment Staff.
Mr. Silvestri requested Talking Points on the stability of the System in response to the Wilshire Report.
On motion of Purisimo Hernandez, the Board voted unanimously of those present to approve the Ratification Agenda as follows:
The following is the time schedule for the meeting:
On September 16, 2004, the Board meeting was called to order at 9:00 a.m. by Vice-Chairman Sue DeFrancesco. On motion of Charles Silvestri, the meeting was closed for consideration of disability retirements at 9:00 a.m. and opened at 9:05 a.m. on motion of George Stevens. Two breaks were taken at 10:10 and 11:30 for approximately 5 minutes each. The meeting was adjourned at 12:00 p.m.