Assessors' Retirement System Board of Trustees public meetings in 2023
5 substantive meetings from 2023, with official agendas or minutes and plain-English summaries.
Assessors' Retirement System Board of Trustees
The Retirement Board of Trustees of the Louisiana Assessors' Association will meet to handle routine business including financial reports, an investment performance review, and approval of 2024 quarterly meeting dates. The board will also nominate and elect district, employee, and retiree representatives for two-year terms. A legislative session update will be provided by the attorney.
- Approval of minutes from July 25, 2023 meeting
- Financial report by Staff Accountant Anna Wessman
- Investment performance review by Peter Brown (AndCo) as of September 30, 2023
- Approval of 2024 quarterly meeting dates (Jan 23, Apr 23, Jul 23, Oct 22)
- Nomination and election of District Representatives (Districts 1,3,5,7) and Employee/Retiree Representatives
The Board approved a contractor for the New Association Building Renovation and increased the project budget to $500,000. Members also approved the August 2023 financial report and the 2024 meeting schedule. The Board authorized the drafting of a legislative bill regarding employer contributions in system transfers.
- Approved Pelican & Co. Construction for building renovations (unanimous)
- Increased renovation budget from $350,000 to $500,000 (unanimous)
- Approved August 2023 Financial Report
- Approved 3rd Quarter 2023 Retirement System Refunds, Transfers, Reciprocals, Retirements and Deaths report
- Approved 2024 quarterly meeting schedule
- Accepted nominations for District Representatives for the term Jan 1, 2024 - Dec 31, 2025
- Authorized Curran Actuarial and General Counsel to draft language for a 2024 Legislative Session Retirement Bill
- Approved minutes from July 25, 2023 meeting
Assessors' Retirement System Board of Trustees
The Board of Trustees is deciding on the purchase of a new Association Office Building and the 2023-2024 Retirement Fund Budget. Members will also discuss the employer contribution rate and cost of living increases for retirees effective October 1, 2023.
- Purchase of new Association Office Building at 2111 Quail Run Drive, Baton Rouge
- Adoption of Employer Contribution Rate effective October 1, 2023
- Decision on Cost of Living Increase for retirees effective October 1, 2023
- Approval of Retirement Fund Budget for October 1, 2023 through September 30, 2024
- Approval of actuarial services contract for Curran Actuarial Consulting, LTD.
The Board authorized the purchase of office space at 2111 Quail Run and approved a cost-of-living increase for retirees. It also voted to raise the employer contribution rate to 5% and approved the 2023-2024 budget. Several service contracts for actuarial and legal work were renewed.
- Authorized purchase of 2111 Quail Run building with up to $350,000 in renovations
- Approved COLA increases for retirees effective October 1, 2023 (pending PRSAC approval)
- Increased Employer Contribution rate from 3.5% to 5% effective October 1, 2023 (pending PRSAC approval)
- Approved Actuarial Assumption Option Factors effective October 1, 2023 (pending PRSAC approval)
- Approved 2023-2024 Retirement Fund Budget with changes for additional COLA
- Approved annual contract for Curran Actuarial Consulting, LTD (Oct 2023-Sept 2024)
- Approved three audit engagement letters from Hawthorn, Waymouth & Carroll
- Approved annual service contract for attorney Laura Gail Sullivan
Assessors' Retirement System Board of Trustees
The Board of Trustees is meeting to fill a vacancy for a Retiree Representative Trustee. The board will also review candidates and approve a new General Counsel for the Retirement Fund.
- Nomination of Retiree Representative Trustee
- Selection of new General Counsel for Retirement Fund
The Louisiana Assessors’ Retirement Board appointed Laura Gail Sullivan as General Counsel and named Jerry Clark as a trustee to fill a vacancy. The Board also approved the minutes from the April 25, 2023 meeting.
- Approved minutes from April 25, 2023 meeting
- Appointed Jerry Clark as trustee to fill the remaining term of Phyllis Mendoza
- Hired Laura Gail Sullivan as General Counsel (9 yaes, 1 nay)
Assessors' Retirement System Board of Trustees
The Board of Trustees will discuss filling a District 3 vacancy and approve annual financial and employer pension audits for the fiscal year ending September 30, 2022. The meeting includes a performance review of investments and a discussion on the process for retaining new counsel by July 1, 2023.
- Appointment of a new Trustee from District 3
- Approval of LARF Financial and Employer Pension Audits for FY September 30, 2022
- Investment presentations from Clifford Capital All Cap Value and Boston Partners Premium Equity
- Discussion on the purchase of military time 'wait time' by Curran Actuarial Services
- Interview process for new LARF counsel to be retained by July 1, 2023
The Board appointed Jarrod Longman as Representative Trustee for District 3 and contracted Boston Partners for the Premium Equity Strategy. Members also updated the Investment Policy Statement target allocations and established new requirements for the purchase of military time.
- Approved appointment of Jarrod Longman as Representative Trustee from District 3
- Approved January 24, 2023 meeting minutes
- Approved February 2023 Financial Report
- Approved 1st Quarter 2023 Retirement System Refunds, Transfers, Reciprocals, Retirements and Deaths report
- Approved LARF Financial Audit, Employer Pension Audit, and Agreed Upon Procedures Audit for FY ending September 30, 2022
- Approved contract with Boston Partners for Premium Equity Strategy and transition of GAMCO portfolio
- Updated Investment Policy Statement target allocations: Equity 50%, Fixed Income 45%, Alternatives 5%
- Approved liquidation of Black Rock Multi-Asset Income Fund and JP Morgan Income Builder Fund to move funds to Orleans Capital
Assessors' Retirement System Board of Trustees
The Board of Trustees will review financial reports and investment performance as of December 31, 2022. The meeting includes a presentation on fiscal year-end reporting and a discussion regarding a resolution for Orleans Ad Valorem funds.
- Performance and asset allocation review by AndCo Investment Consultant
- Money Manager Review for GAMCO All Cap Value
- September 30, 2022 Fiscal Year End Funding and GASB reports by G. S. Curran & Company, LTD
- Proposed resolution for demand to State Treasurer’s Office for Orleans Ad Valorem funds
- Executive session update on BREC Litigation
The Board approved the November 2022 financial report and the September 2022 valuation report, which showed the fund is 96.73% funded. Members authorized the invitation of two investment firms for interviews in April 2023 and approved a resolution to demand Orleans Ad Valorem funds from the State Treasurer if not received by March 2023.
- Approved December 6, 2022 meeting minutes
- Approved November 2022 Financial Report
- Approved 4th Quarter 2022 Retirement System Refunds, Transfers, Reciprocals, Retirements and Deaths report
- Authorized AndCo to bring Boston Partners and Clifford Capital to April 2023 meeting for interviews
- Approved September 30, 2022 LARF Valuation Report and GASB Report
- Authorized execution of Resolution for Demand to LA State Treasurer’s Office for Orleans Ad Valorem funds if not received by March 2023