These minutes are a draft subject to approval by the Retirement Board at their next regular meeting.

PUBLIC EMPLOYEES' RETIREMENT BOARD MEETING MINUTES
September 5, 2001
_________________________________________________  

The agenda for this meeting was mailed to every public employer, the news media, and other groups and individuals as requested.

The regular monthly meeting of the Public Employees' Retirement Board was called to order at 9:00 a.m., September 6, 2001, in the PERS' Conference Room, 693 W. Nye Lane, Carson City. Members present: Joyce L. Woodhouse, Marvin Leavitt, Charles Silvestri, Earl Greene, Andy Anderson and Steve Cozine via telephone. Members absent: None

For the Record: Ms. Woodhouse stated that she had spoken to Judy Holt this morning. Ms. Holt was notified on Thursday, August 30th, that she was not reappointed to the Retirement Board. An announcement of her replacement is forth coming from the Governor's office.

I. BOARD

1. On motion of Andy Anderson, the Board voted unanimously of those present, to approve the minutes of the Retirement Board meeting held August 13, 2001.



2. On motion of Charles Silvestri, the Board voted unanimously of those present, to change the October and November board meeting dates to Wednesday, October 24th and Monday, November 19th, 2001.
   
   

II. ADMINISTRATION

1. On motion of Earl Greene, the Board voted unanimously of those present, to:
   
   
   1. Approve permanent and total disability for Paul Acuna, Linda Hart, Jana Lynn Jennings, Georgia Jimerson, Lenora Johnson, Ralph Jones, Josephine Knepp, Ray Lake, Tony Martin, Richard O'Brien, Nelda Porter, Mary Predmore, Donald Reilly, and Lawrence Vaske.
   
   
   
   2. Approve requests for reemployment by disability recipients: John Freeman, Sheri Newberry, and Patricia Rodgers.

2. A status report on the C*A*R*S*O*N project was provided which included highlights from a recent trip to Covansys' office in Columbus, Ohio by the Executive Officer and the Operations Officer where they discussed the progress of contract closure and viewed a demonstration on Covansys' web enabled reporting and calculator screen systems.
3. The Deputy Attorney General had nothing to report.


4. There were no individual statements and/or requests by the members, retired employees and/or the public.


5. Administrative Report by Staff:

   Executive Officer:
   

   1. Staff announced that they had been contacted by Rick Henderson of the Las Vegas Review Journal to provide information on the Retirement System for an article to be published September 9th.
   
   
   2. The Executive Officer will give a presentation regarding mandatory Social Security and its effects on Nevada PERS at the Guns & Hoses Annual Conference in Las Vegas on September 21st, 2001.
   
   
   3. The Executive Officer and the Operations Officer will give a presentation to the Counselors Association on the Retirement System in Las Vegas on October 3rd.
   
   
   4. The Executive Officer will provide official testimony at the next Board of Examiners' meeting, September 11th, on the history and established criteria of Assembly Bill 555.
   
   

   Operations Officer:
   

   1. Staff informed the Board that marketing items such as pens, post-it notes and buttermints have been purchased for distribution at benefit fairs.
   
   

   Assistantant Investment Officer:
   

   1. Staff mentioned that some interior modifications will be made to the PERS building to accommodate the additional staff members approved in the FY02-03 budget.
   
   

6. On behalf of the Board, Charles Silvestri complimented Dana Bilyeu, Karen Kimball, Ken Lambert, George Pyne, and Laura Wallace for their hard work and efforts put forth in planning and executing the 16th Annual Investment Planning Seminar September 5th, at Caesars Tahoe.

   Charles Silvestri requested an education session on the management of the Systems' funds with descriptions and an overview of the budget.

   Earl Greene asked staff to provide an updated investment manager list at the next meeting. Mr. Greene also questioned staff about solicitation by law firms for lead plaintiff status. Staff discussed the process used when they are contacted by out of state law firms to act as lead plaintiff in possible security fraud class action lawsuits. Staff tracks PERS' filings for class action lawsuit settlements and will provide a copy of that report to the Board.

III. INVESTMENTS

1. Staff presented the recommended changes to the Investment Objectives and Policies. On motion of Marvin Leavitt, the Board voted unanimously of those present, to approve the Investment Objectives and Policies as submitted.
2. Staff presented the Fiscal Year 2002 Investment Plans. On motion of Marvin Leavitt, the Board voted unanimously of those present, to approve the fiscal year 2002 Investment Plans as submitted.
3. Staff presented the calendar of investment business for fiscal year 2002. On motion of Charles Silvestri, the Board voted unanimously of those present, to approve the fiscal year 2002 investment calendar with date changes to the October and November 2001 Retirement Board meetings (Wednesday, October 24th and Monday, November 19th) , as amended.
4. Staff highligted the recommended amendments to the Interim Investment Directives, PERS' fund. On motion of Earl Greene, the Board voted unanimously of those present, to approve the Interim Investment Directives, PERS' fund as submitted. There were no recommended changes to the Interim Investment Directives, for the Legislators' fund or the Judicial fund.

IV. RATIFICATION AGENDA

On motion of Andy Anderson, the Board voted unanimously of those present to approve the Ratification Agenda as follows:

1. Approve the Administrative Fund disbursements
2. Approve personnel action taken since the last report.
3. Approve the request for out-of-state travel for appropriate staff and board members to attend the National Council on Teacher Retirement (NCTR) annual conference in Salt Lake City, Utah on September 30 - October 4, 2001.
4. Approve the request for out-of-state travel for investment staff to attend the National Association of State Investment Officers (NASIO) conference in Albuquerque, New Mexico, October 21-24, 2001.
5. Approve the Contract Assignment for Atlanta Capital Management.
6. Approve the request for out-of-state travel for investment staff to schedule on-site manager visits as appropriate in Chicago, Illinois.
7. Approve the Phase-In Agreement between the University of Nevada, Reno and Sigrun Coffman.
8. Approve the Waiver of Benefits and Other Rights of Membership submitted by Jamie B. Bowman.
9. Approve the Reinstatement of PERS' Benefits submitted by Patricia Mankins.
10. Approve retroactive approval of Henderson District Public Libraries' request for membership in PERS, effective July 1, 2001.

VI. REPORTS

The following is the time schedule for the meeting:

September 6, 2001, the meeting was called to order at 9:00 a.m. At 9:02 a.m. on motion of Marvin Leavitt the meeting was closed for consideration of disability matters and opened at 9:20 a.m. by motion of Charles Silvestri. A recess was taken at 9:55 a.m. for approximately 15 minutes. The meeting adjourned at 10:50 a.m.