Assessors' Retirement System Board of Trustees public meetings in 2021
4 substantive meetings from 2021, with official agendas or minutes and plain-English summaries.
Assessors' Retirement System Board of Trustees
The Retirement Board of Trustees will discuss filling a vacancy for the District 3 Representative position and will nominate and elect district and employee representatives for two-year terms starting January 1, 2022. The board will also receive financial and investment reports and approve 2022 meeting dates.
- Discuss vacancy and appointment of District 3 Representative through 12/31/2021
- Nomination and election of District Representatives for 2022-2023: Districts 1, 3, 5, 7
- Employee representative nominations: Glenda Gaspard (Vermilion), Louis Hebert (Pointe Coupee)
- Retiree representative nominations: Phyllis Mendoza (Iberia), Irby Gamble (Tensas)
- Approve 2022 quarterly meeting dates
The Board appointed Conrad Comeaux as the District 3 representative and approved the August 2021 financial report. Members also approved an amended 2022 budget increasing monthly allocation expenses from $11,000 to $12,500.
- Approved minutes from July 27, 2021 meeting
- Appointed Conrad Comeaux as District 3 representative
- Approved August 2021 Financial Report
- Approved amended 2022 LARF Budget increasing monthly allocation from $11,000 to $12,500
- Approved 3rd Quarter 2021 Retirement System Refunds, Transfers, Reciprocals, Retirements and Deaths report
- Approved 2022 quarterly meeting schedule
- Approved District, employee, and retiree representatives for Jan 2022-Dec 2023 term
Assessors' Retirement System Board of Trustees
The Board of Trustees will review financial reports, investment performance, and upcoming actuarial valuations. Key decisions include the adoption of an employer contribution rate effective October 1, 2021, and a decision on cost of living increases for retirees.
- Adoption of Employer Contribution Rate effective October 1, 2021
- Decision on Cost of Living Increase for retirees effective October 1, 2021
- Approval of G. S. Curran & Company, Ltd. actuarial services contract
- Review of auditor engagement letters from Hathorn, Waymouth & Carroll
- Proposal of new legal contract with hourly rate increase effective January 1, 2022
The Board approved a 5% employer contribution rate and a cost of living adjustment (COLA) for retirees, both effective October 1, 2021, pending PRSAC approval. The Board also approved several professional service contracts and the fiscal year budget.
- Set Employer Contribution rate at 5% effective Oct 1, 2021 (unanimous)
- Approved COLA formula of $1 X (Active Service + Period Retired) effective Oct 1, 2021
- Approved 3-year consulting agreement with AndCo effective Oct 1, 2021
- Approved actuarial services contract with G. S. Curran & Company for 2021-2022
- Approved legal contract with Akers & Wisbar increasing hourly rate to $250 effective Jan 1, 2022
- Approved FY Oct 1, 2021-Sept 30, 2022 budget with adjusted 5% contribution rate
- Approved audit engagement letters from Hawthorn, Waymouth & Carroll
- Approved portfolio rebalancing transactions including cash raises from GAMCO and Westfield
Assessors' Retirement System Board of Trustees
The Retirement Board of Trustees of the Louisiana Assessors' Association is meeting to approve financial audits for the fiscal year ending September 30, 2020. The board will also review first-quarter 2021 market performance and portfolio updates. Discussions include potential legislation impacting the LARF.
- Approval of LARF Financial Audit as of September 30, 2020
- Approval of LARF Employer Pension Audit as of September 30, 2020
- Review of portfolio performance through March 31, 2021
- Review of International Small Cap candidates
- Update on 2021 legislation impacting LARF
The committee approved a revised timeline for selecting a new insurance broker, with a final decision set for October. Members also authorized new signers for the US Bank Insurance Operating Account and established a standing fund transfer process to maintain a specific operating balance.
- Approved January 26, 2021 meeting minutes
- Accepted financial report as of March 31, 2021
- Approved standing authorization to transfer funds from Reserve to Operating Account to maintain $850,000 balance
- Granted check signing authority to Katherine Bertrand, Patricia Steele, Brian Wilson, and Jeff Taylor (any two required)
- Approved adjusted broker selection timeline with final selection in October and effective date of January 1, 2022
- Approved addition of a glossary and acronym expansion to the RFQ document
Assessors' Retirement System Board of Trustees
The Board of Trustees will review financial and actuarial reports, including the September 30, 2020 Fiscal Year End Reporting. Members will discuss whether to recognize or offset transferred credit for duplicate service time. The board will also review a resolution regarding a demand for Orleans Ad Valorem funds.
- Decision on whether to recognize or offset transferred credit for duplicate service time
- Resolution for Demand to State Treasurer’s Office for Orleans Ad Valorem funds
- September 30, 2020 Fiscal Year End Funding and GASB reports
- Quarterly Performance Review by AndCo Investment Consultant
- Report on refunds, transfers, reciprocals, retirees, and deaths
The Board approved a $10 million shift from domestic equity managers to core fixed income. Members also approved the November 2020 financial report and the September 30, 2020 Funding Valuation Report. The Board accepted a legal recommendation to limit service credit to one year per calendar year.
- Approved December 7, 2020 meeting minutes
- Approved November 2020 Financial Report
- Approved 4th Quarter 2020 Retirement System Refunds, Transfers, Reciprocals, Retirements and Deaths report
- Approved moving $10M from Domestic Equity Managers (Westfield and GAMCO) to Core Fixed Income (Orleans Cap)
- Approved Funding Valuation Report as of September 30, 2020
- Approved recommendation to not allow more than one year of service credit in any given calendar year
- Authorized execution of Resolution for Demand to LA State Treasurer’s Office for Orleans Ad Valorem funds if not received by March 2021