District Attorneys' Retirement System Board of Trustees public meetings in 2020
5 substantive meetings from 2020, with official agendas or minutes and plain-English summaries.
District Attorneys' Retirement System Board of Trustees
The Board of Trustees will review financial statements for August through October and discuss investment policy updates. The agenda includes a discussion regarding final average compensation caps and a report on draft legislation and budgets.
- Review of August, September, and October Financial Statements
- Investment Policy Update and classification of structured notes
- FY 20 Valuation & Updated Experience Study
- Discussion regarding R.S. 11:1581(5) and the 110% cap on non-state pay
- Review of 2021 Draft Legislation and FY2022 Draft Budget
The Board approved a 9.5% employer rate effective July 1, 2021, and established new target asset allocations for the portfolio. Members also approved an updated Investment Policy and a quarterly investment review process for the next fiscal year.
- Set FY2022 employer rate at 9.5% beginning July 1, 2021
- Approved target asset allocations (50% Equity, 35% Core Fixed Income, 15% Alternatives)
- Approved updated Investment Policy
- Approved quarterly investment reviews for next fiscal year at approx. $3,800 per quarter
- Approved retirements for James K. Yelverton, Laddie Freeman, and David M. Newell
- Denied request to waive 110% cap on non-state pay for Aaron Brooks
- Approved motion to draft legislation changing pay capping law to 'total compensation'
- Approved updated Internal Control Policies and Procedures
District Attorneys' Retirement System Board of Trustees
The Louisiana District Attorneys' Retirement System Board of Trustees will review financial statements for July and August. The board will discuss health insurance for non-Medicare eligible retirees and a reemployment issue regarding Calvin Woodruff. Other items include investment performance reports and benefit confirmation updates.
- Financial statements for July and August
- Health insurance for non-Medicare eligible retirees
- Act 1004 Report on alternatives performance
- Reemployment issue for Calvin Woodruff
- DARS Basics Webinar #3 scheduled for October 23
The Board of Trustees approved three retirements and the financial statements for July and August 2020. Members authorized research into gap health insurance for non-medicare eligible retirees and accepted a compromise regarding a rehire benefit issue. The total portfolio was reported at $439,583,867 as of September 22, 2020.
- Approved amended July 16, 2020 meeting minutes
- Approved July 2020 financial statement and August 2020 preliminary draft
- Approved retirements for Paulette Reasonover, Timothy O'Rourke, and Mary C. Campbell
- Authorized Kristi Spinosa to work with Loren Lampert to contact vendors regarding gap health insurance
- Approved changing re-employment form verbiage to 'will be recaptured by DARS'
- Accepted compromise for Mr. Woodruff regarding suspended benefits and repayment
District Attorneys' Retirement System Board of Trustees
The Louisiana District Attorneys' Retirement System Board of Trustees will meet electronically to review updated financial statements, approve retirements for three members, and discuss reemployment of two retired prosecutors. The meeting also includes a conflicts disclosure and approval of prior meeting minutes.
- Retirements: Bennett LaPoint, Earl B. Taylor, John M. Lancaster (Option 2)
- Retiree deaths: Henry G. Sullivan Jr., John G. Williams, Mrs. William Schuler
- Reemployment of retirees: Brent Coreil (13th JDC) and Calvin Woodruff (15th JDC)
- Investment report by John Vann and Aaron Vann
The Board of Trustees approved using Levi & Korsinsky for portfolio monitoring and reached a settlement regarding the Brent Coreil issue. The Board also denied interest payments on new retiree monthly benefits and authorized drafting potential legislation regarding rehires.
- Approved May 21, 2020 meeting minutes
- Accepted FY 2020 financial report
- Approved use of Levi & Korsinsky for portfolio monitoring
- Approved retirement of Bennett LaPoint, Earl B. Taylor, and John M. Lancaster
- Denied interest payments on new retiree monthly benefits
- Authorized development of language for retirement paperwork regarding benefit confirmation timelines
- Approved settlement for Brent Coreil issue to release parties from future litigation
- Tabled Calvin Woodruff reemployment issue until next meeting
District Attorneys' Retirement System Board of Trustees
The Louisiana District Attorneys' Retirement System Board of Trustees is meeting virtually to discuss financial statements, investment updates, and a contract for FY21. Key items include reemployment of retired prosecutors, a legal cap on non-state pay, and the FY21 employer contribution rate.
- Reemployment of retirees: Brent Coreil (13th JDC), Dale Branch (22nd JDC), Calvin Woodruff (15th JDC)
- G.S. Curran & Company FY21 contract and experience study
- Discussion of R.S. 11:1581(5)(a) 110% cap on non-state pay with Cynthia Killingsworth
- FY21 employer contribution rate and SB8 update
- Rastegar Investment update and video
The Board of Trustees approved several retirement acceptances, a contract renewal for actuarial services, and updates to valuation interest rates. The Board also established a new policy regarding interest on late contributions and addressed reemployment compliance issues.
- Approved January 23, 2020 meeting minutes
- Approved year-to-date financial statement
- Accepted 14 retirements (unanimous)
- Accepted 2 additional retirements: Cynthia S. Killingsworth and Barry J. Fontenot (unanimous)
- Approved reclassifying MLPs as tactical allocation accounts
- Approved G.S. Curran & Company, Ltd. contract renewal for $78,960 annually
- Reduced valuation interest rate from 6.50% to 6.25%
- Adopted policy to charge legal interest instead of actuarial costs on late contributions under one year
District Attorneys' Retirement System Board of Trustees
The Board of Trustees will review financial statements, audit reports, and retirement benefits. The meeting includes presentations from potential custodians and an introductory presentation by Vann Equity Management.
- Retirement benefit for Terry Boudreaux: $9,783.85
- Retirement benefit for Bill Starr: $7,108.42
- Retirement benefit for Bruce E. Hampton: $5,159.96
- Retirement benefit for John Francis Young: $1,641.09
- Survivor benefit for Charles Livaudais: $604.96
The Board of Trustees approved the FY21 budget and the audit for the year ending June 30, 2019. After reviewing three bids, the Board voted to retain US Bank as the system's custodian bank. The Board also approved four retirements and added two authorized signers for the system.
- Retained US Bank as custodian bank
- Adopted FY21 draft budget
- Adopted audit for year ending June 30, 2019
- Approved retirements for Terry Boudreaux, Bill Starr, Bruce E. Hampton, and John Francis Young
- Approved Kristi Spinosa and Dale Lee as additional authorized signers
- Approved minutes from November 1, 2019, and November 19, 2019
- Tabled rehire issue regarding Brent Coreil