Assessors' Retirement System Board of Trustees public meetings in 2020
5 substantive meetings from 2020, with official agendas or minutes and plain-English summaries.
Assessors' Retirement System Board of Trustees
The Board of Trustees will review previous meeting minutes and receive updates from the attorney. Discussions include a proposed monthly fund transfer for lobbyist expenses and an update regarding the Downtown Development District.
- Report on transferring $200/month from the Retirement Fund to the Association for lobbyist expenses
- Update on Downtown Development District versus City of Orleans impact
The Board decided not to allocate $200 to the Association for monthly lobbyist expenses following legal advice. The Board also approved the minutes from the October 27, 2020 meeting.
- Approved October 27, 2020 meeting minutes
- Denied allocation of $200 to the Association for lobbyist expenses
Assessors' Retirement System Board of Trustees
The Board of Trustees will review quarterly investment performance and the status of an All Cap Value search. Members will also vote on the election of District Representatives and approve auditor engagement letters for fund financials.
- Quarterly Performance Review by AndCo Investment Consultant
- Approval of HaMhorn, Waymouth & Canoll auditor engagement letters
- Nomination and Election of District Representatives for Retirement Board
- Approval of 2021 quarterly meeting dates
The Board approved an update to the Investment Policy Statement to reflect a lowered actuarially required rate of return. Trustees also elected District Representatives and approved the 2021 quarterly meeting schedule. A proposal to allocate funds for lobbyist compensation was tabled.
- Approved July 21, 2020 meeting minutes
- Accepted August 31, 2020 Balance Sheet and Income Statement
- Accepted Third Quarter 2020 Report on Refunds, Transfers, Reciprocals, Retirees and Deaths
- Approved Investment Policy Statement update lowering actuarially required rate of return from 6.25% to 6%
- Approved engagement letters for September 2020 fiscal year audits
- Approved 2021 quarterly meeting dates
- Elected District Representatives for Districts 1 through 6
- Tabled discussion on allocating $200 per month from Retirement Fund to the Association for lobbyist compensation
Assessors' Retirement System Board of Trustees
The Board will discuss and adopt the employer contribution rate for the fiscal year starting October 1, 2020, contingent on PRSAC approval. They will also review and approve the Retirement Fund Budget for October 1, 2020 – September 30, 2021. Other items include a quarterly performance review, an experience study, and reports on refunds, transfers, and retirees.
- Adoption of Employer Contribution Rate effective October 1, 2020, contingent on PRSAC committee approval
- Review and approve Experience Study by G. S. Curran & Company, LTD
- Review of impact of lump sum payment of prior year’s earnings with contributions and interest charges
- Review and approval of Retirement Fund Budget for October 1, 2020 – September 30, 2021
- Quarterly Performance Review by AndCo Investment Consultant Jon Breth
The Board approved the fiscal year 2020-2021 budget and the G. S. Curran actuarial contract. Members voted to keep the employer contribution rate at 8% after a proposal to lower it to 6% failed. The Board also agreed to a process for certifying remaining Ad Valorem tax debts from Orleans.
- Approved June 2, 2020 meeting minutes
- Accepted May 31, 2020 Balance Sheet and Income Statement
- Accepted Q2 2020 Report on Refunds, Transfers, Reciprocals, Retirees and Deaths
- Approved G. S. Curran contract for Oct 1, 2020-Sept 30, 2021
- Approved publishing Actuarial Assumptions on the website
- Accepted Experience Study performed by G. S. Curran
- Denied motion to set employer contribution rate at 6% (4 Yes, 6 No)
- Approved keeping employer contribution rate at 8% (Unanimous)
Assessors' Retirement System Board of Trustees
The Board of Trustees will review the 2019 Valuation Report to determine employer contribution rates and actuarial equivalence assumptions for October 1, 2020. The meeting includes financial audits for the fiscal year ending September 30, 2019, and a quarterly investment performance review.
- Adoption of Employer Contribution Rate effective October 1, 2020
- Adoption of Actuarial Equivalence assumptions and Option Factors effective October 1, 2020
- Financial and Agreed Upon Procedure audits by Hawthorn, Waymouth and Carroll
- Review of a potential new Domestic Equity Money Manager
- Resolution regarding Orleans Parish 2019 Ad Valorem and Consent Judgement Payments
The Board approved several investment reallocations, including moving $22 million from Principal to Blackrock and JP Morgan. Members also elected Great West Trust Services as the new 401A plan cash custodian. Additionally, the Board delayed setting the October 2020 employer contribution rate until the July meeting.
- Approved January 21, 2020 minutes
- Accepted March 31, 2020 Balance Sheet and Income Statement
- Accepted Q1 2020 Report on Refunds, Transfers, Reciprocals, Retirees and Deaths
- Approved moving $22 million from Principal to Blackrock ($11M) and JP Morgan ($11M) (unanimous)
- Approved moving $15 million from Westfield to International Equities ($10M to State Street; $5M to Europacific Growth) (unanimous)
- Scheduled interviews with Fiduciary Management and Nuance for July meetings
- Accepted 2019 fiscal year audits from HaMhorn, Waymouth and Carroll (unanimous)
- Delayed decision on October 1, 2020 Employer contribution rate until July meeting
Assessors' Retirement System Board of Trustees
The Board will hear a quarterly investment performance review from AndCo and a valuation report from the actuary. They will also consider a new Core Plus Real Estate money manager contract and discuss trustee education requirements.
- Quarterly performance review by AndCo investment consultant
- Presentation of September 30, 2019 Valuation Report by actuary G. S. Curran & Company
- Pending contract approval with Principal as new Core Plus Real Estate money manager
- Trustee education requirements discussion
The Board approved the September 30, 2019 Actuarial Valuation report and authorized funding steps to meet re-allocation targets. Two inactive sub-committees were dissolved. The Board also accepted the November 2019 financial statements and the Q4 2019 report on retirees and deaths.
- Approved October 22, 2019 meeting minutes
- Accepted November 30, 2019 Balance Sheet and Income Statement
- Accepted Q4 2019 Report on Refunds, Transfers, Reciprocals, Retirees and Deaths
- Approved funding steps to reach re-allocation and approved targets (unanimous)
- Adopted September 30, 2019 Actuarial Valuation report and assumptions (unanimous)
- Dissolved BOT Sub-Committee to Study Leave of Absences and BackDROP (unanimous)
- Dissolved LARF Excess Benefit Plan Sub-Committee (unanimous)