Last Modified on 11/20/2009 08:42:59NOTICE OF RESULTS
CITY OF PHOENIX EMPLOYEES’ RETIREMENT BOARD (COPERS)Pursuant to A.R.S. Section 38-431.02, notice is hereby given to the members of the CITY OF PHOENIX EMPLOYEES’ RETIREMENT BOARD and to the general public, that the CITY OF PHOENIX EMPLOYEES’ RETIREMENT BOARD held a meeting open to the public on November 18, 2009 at 9:30 a.m. located in the Subcommittee Room, 2nd Floor, Historic City Hall, 17 South 2nd Avenue, Phoenix, Arizona. (Enter through the west door. If locked, use 1st floor entrance under the steps and press the intercom button to inform security that you want to attend the City of Phoenix Employees’ Retirement Board Meeting.) One or more members may participate via teleconference
The results of the meeting were as follows:
RESULTS
9:39
1.
Both approved
2.
Approval of Meeting Minutes
a)
September 23, 2009 (Retirement Board Meeting)
b)
September 25, 2009 (Charter Amendments/Policies & Procedures Committee Meeting)
Discussion and possible Board action
3.
Investment Committee Report from November 18, 2009
Continued
a)
Review and Possible Action Regarding Recommendations Included in Ennis Knupp Comprehensive Review:
1)
Review Frequency and Format of Proxy Reports Provided to the Board (See Ennis Knupp Report Page 3.13)
Continued
b)
Review and Possible Action Regarding Considerations Included in Ennis Knupp Comprehensive Review:
1)
Consider Acknowledging in the Proxy Policy that the Board has Considered the Cost Effectiveness of the Approach Utilized (See Ennis Knupp Report Page 3.13)
Approved policy change
c)
Consideration of Possible Revisions in Excess Benefit Arrangement Investment Policy Statement
No action
d)
Consideration of Commission Recapture Statements
No action
e)
Consideration of Securities Lending Earnings Report
No action
f)
Consideration of Class Action Filing Report
(Prepared by State Street)No action
g)
Proxy Vote Summary Report
1)
AXA Rosenberg – 3rd Quarter 2009
2)
Cramer Rosenthal McGlynn – 3rd Quarter 2009
3)
Eagle Asset Management – 3rd Quarter 2009
4)
GMO Flexible Equities Fund – 3rd Quarter 2009
5)
GMO International Intrinsic Value Fund –
3rd Quarter 2009
6)
Northern Trust – 3rd Quarter 2009
7)
Pyramis Emerging Markets Commingled Pool –
3rd Quarter 2009
8)
Pyramis Global Advisors – International Growth Pool –
3rd Quarter 2009
9)
The Boston Company – 3rd Quarter 2009
No action
h)
Consideration of Correspondence from Western Asset Management Regarding Downgrade of WAMU Asset Backed Certificates 2007
None
i)
Future Agenda Items
No response
j)
Call to the Public
Discussion and possible Board action
Executive Session
Pursuant to A.R.S. Section 38-431.03.A.3 and 38-431.03.A.1, the Board may vote to convene in Executive Session for discussion or consultation with the Board’s attorney for legal advice and to discuss personnel matters regarding items 4-7. The Board will vote on actions to take on these items in open session.
4.
Legal Review Committee Report from November 12, 2009
Requested legal research
a)
Review and Possible Action Regarding Considerations Included in Ennis Knupp Comprehensive Review:
1)
Consider Obtaining a Written Opinion from the City Attorney Stating that Section 2-51 Does Not Give the Council the Authority to remove COPERS Trustees (See Ennis Knupp report page 1.15)
Continued
b)
Consideration of Correspondence From R.V. Kuhns & Associates Regarding Securities Litigation Policy
None
c)
Future Agenda Items
No response
d)
Call to the Public
Discussion and possible Board action
Accepted recommendations
5.
Consideration of Year- End Review - Presentation by
Atty. Catherine Langford, Yoder & Langford
Discussion and possible Board action
Presentation made
6.
Consideration of Presentation Regarding FICA Taxation of Excess Benefit Arrangement Benefits – Presentation by Atty. Catherine Langford, Yoder & Langford
Discussion and possible Board action
Presentation made
7.
Update Regarding COPERS’ Governance Policy Document and IRS Application - Presentation by Atty. Catherine Langford,
Yoder & Langford
Discussion and possible Board action
Approved
8.
Consideration of Requests for Service Credit (Buyback) Forfeited Due to Refund of Member Contributions
a)
Initial Buyback Request
1)
Tracy Roe
Discussion and possible Board action
Approved
9.
Consideration of Request for Purchase of Service Credit for
Part-Time Temporary Service Prior to 1982
a)
Macario Marin
Discussion and possible Board action
Approved
10.
Consideration of Requests for Purchase of Service Credits Pursuant to Board Policy 180
a)
In-State/Out-of-State/Military
1)
Ronald Cheshier
3)
Antonio Romero
2)
Nazario Prieto
b)
City of Phoenix Job Share
1)
Uma Shamasunder
Discussion and possible Board action
Approved
11.
Bills to be Paid
Plan Expenses
a)
Cadence Capital Management
3rd Quarter 2009 Fees
$117,693.00
b)
Dimensional Fund Advisors
3rd Quarter 2009 Fees
$81,502.48
c)
Eagle Asset Management
3rd Quarter 2009 Fees
$99,698.36
d)
Ennis Knupp
Comprehensive Review
$119,962.62
e)
J.P. Morgan
3rd Quarter 2009 Fees
$156,370.55
f)
State Street Corporation
September 2009 Fees
$9,488.36
g)
The Boston Company
3rd Quarter 2009 Fees
$77,453.21
h)
Wells Capital Management
3rd Quarter 2009 Fees
$97,799.07
i)
Western Asset Management
3rd Quarter 2009 Fees
$103,793.98
Discussion and possible Board action
Info only
12.
Refunds (through October 31, 2009)
Informational
Info only
13.
Pension Payroll – November 1, 2009
Informational
Info only
14.
Treasurer’s Report as of October 31, 2009
(to be distributed at meeting)
Informational
Info only
15.
Pending Legal Opinions
Informational
Info only
16.
Update Regarding Review and Implementation of Ennis Knupp’s Recommendations/Considerations
Informational
Info only
17.
Administrator’s Report
a)
Performance Management Reports
Informational
Executive Session
Pursuant to A.R.S. Sections 38-431.03.A.3 and 38-431.03.A.4, the Board may vote to convene in Executive Session for discussion or consultation with the Board’s attorney for legal advice and to discuss position in reference to litigation regarding items 18 and 19. The Board will vote on actions to take on these items in open session.
No action
18.
Discussion with Attorney to Consider Position and Instruct Attorney Regarding Lawsuit CV2002-020383 Regarding Former and Current Head Start Workers
Discussion and possible Board action
No action
19.
Discussion with Attorney Regarding COPERS v. Carroll/Stephens, Maricopa Superior Court Case
CV2006-011541
Discussion and possible Board action
None
20.
Future Agenda Items
Informational
No response
21.
Call to the Public
Info only
22.
Next Board Meeting: Wednesday, December 9, 2009 at
9:30 a.m. - Historic City Hall, Second Floor Subcommittee Room
Informational
10:22
23.
Close Session
For further information, please call Paula Whisel, Secretary III, Retirement Systems at 602-534-4400.
For reasonable accommodations, call Paula Whisel at Voice/602-534-4400 or
TTY/602-534-5500 as early as possible to coordinate needed arrangements.
Printed: November 13, 2009