District Attorneys' Retirement System Board of Trustees public meetings in 2021

District Attorneys' Retirement System Board of Trustees

The Board approved two cost-of-living adjustments for retirees and accepted the actuarial valuation with a reduced interest rate. Members also approved several retirements, updated legislative bill drafts, and set the 2022 meeting schedule.

• Approved 3% base benefit COLA (max $60/month) and 2% COLA for pensioners over 65 effective July 1, 2022
• Accepted actuarial valuation with interest rate reduced from 6.25% to 6.10% and employer rate set at 9.5%
• Approved retirements for Kevin/Kristy Millican, Donata Boutte, Clovus Ashley, Jason Lyons, Thomas O. Wells, Bernard Charbonnet, Jr., Vernon Jay Main III, and Donald A. Rowan Jr.
• Approved use of calendar year to calculate rehire salaries
• Approved edit to legislative bill draft to change Board composition to 'one retired DA and one retired ADA'
• Approved legislation regarding reverse transfers proposed by State Police Retirement
• Approved Louisiana Compliance Questionnaire for FY2021 audit
• Approved 2022 Board meeting dates

District Attorneys' Retirement System Board of Trustees

The Board of Trustees will consider approving the FY23 budget, review quarterly investment performance, and discuss proposed 2022 legislation. The board may also enter executive session for certain items.

• FY23 budget approval required by January meeting
• Quarterly portfolio performance review with John Vann and Aaron Vann
• FY21 valuation presentation and interest rate reduction discussion
• Proposed 2022 legislation draft
• Rehire salary cap fiscal vs. annual discussion

District Attorneys' Retirement System Board of Trustees

The Board of Trustees is meeting to approve specific retirement benefits and review financial statements from June through August 2021. The session includes discussions on portfolio performance and a proposed interest rate reduction for the FY21 valuation.

• Retirement benefits for Donna Andrieu ($6,362.30), Amanda Seale Lucas ($1,400), and Jimmy D. White, Jr. ($5,734.22)
• Survivor benefit for Jack Hoffstadt ($6,441.99)
• Quarterly Portfolio Performance and Project “Mingo” investment reports
• FY21 Valuation Interest Rate Reduction
• Introduction of FY23 Draft Budget & Salary Study

The Board approved three retirements and the financial statements for June through August 2021. It declined an offer from Multiplicity Partners to acquire the Louisiana Funds portfolio and approved a case-specific actuarial upgrade for one member.

• Approved June 28, 2021, minutes
• Approved financial statements for June, July, and August 2021
• Approved retirements for Donna Andrieu, Amanda Seale Lucas, and Jimmy D. White, Jr.
• Declined offer from Multiplicity Partners to acquire Louisiana Funds portfolio
• Approved actuarial upgrade from 2.5% to 3.5% for Josephine Heller at a cost of $167,242
• Denied Madeline Slaughter-Young's request for post-retirement repayment of refunded service credit
• Approved lowering the valuation rate provided employer contribution rates do not increase
• Approved recommendations to amend statutes regarding IRS qualification and rehire issues

District Attorneys' Retirement System Board of Trustees

The Board will consider four retirements, one death, and discuss investments and legislation including HB 25. The meeting includes approval of minutes and financial statements.

• Retirement of Gail Schlosser, effective 5/17/2021, benefit $2,215.22
• Retirement of Ken Dohre, effective 6/5/2021, benefit $5,31.51
• Retirement of Michael W. Lee, effective 7/1/2021, benefit $2,903.84
• Retirement of Cynthia Guillory, effective 6/4/2021, benefit $3,941.21
• Death of retiree Richard Olsen on 6/14/2021, no further benefit due

The Board of Trustees approved the May 2021 meeting minutes and the June 2021 financial statements. The board unanimously approved retirement benefits for four individuals. Members also received updates on portfolio performance and ongoing legal matters.

• Approved May 20, 2021, minutes
• Approved June 2021 financial statements
• Approved retirement for Gail Schlosser ($2,215.22)
• Approved retirement for Ken Dohre ($531.51)
• Approved retirement for Michael W. Lee ($2,903.84)
• Approved retirement for Cynthia Guillory ($3,941.21)

District Attorneys' Retirement System Board of Trustees

The Board of Trustees is meeting to approve retirement benefits for six individuals and review financial statements from March and April 2021. The session includes discussions on investment performance, a policy statement revision, and the FY22 contract for actuarial services.

• Retirement benefits for Carlos Lazarus ($6,184.36), Gary V. Evans ($5,084.20), and Charles L. Cook ($2,919.27)
• DARS Investment Policy Statement Revision
• FY22 Contract for Actuarial Services with Greg Curran
• Review of Setter Capital Proposal and Parametric
• Discussion of HB 25 (DARS Bill)

The Board approved several investment changes, including a $10M commitment to the TCW Direct Lending Rescue Fund and a strategy shift for Parametric. The Board also approved the FY2022 contract for G S Curran & Company and renewed its auditing contract with Ouplantier, Hrapmann, Hogan and Maher.

• Approved $10M investment in TCW Direct Lending Rescue Fund
• Classified TCW investment as non-core fixed income investment
• Approved strategy change for Parametric to 1-10 BBB Minimum Credit Quality Corporate Ladder Strategy
• Approved sale of Louisiana Funds assets at 18% on the NAV
• Approved FY2022 contract renewal for G S Curran & Company at $78,960
• Approved continuing auditing services with Ouplantier, Hrapmann, Hogan and Maher
• Approved retirements for Felix Bruyninckx III, Desmond Stanford, Charles L. Cook, George Celles IV, Carlos Lazarus, and Gary V. Evans
• Approved retirement application for Mark Burton effective 4/15/2021

District Attorneys' Retirement System Board of Trustees

The Board of Trustees is meeting to review February 2021 financial statements and quarterly investment performance reports. The body will also discuss 2021 legislation, including HB 25.

• Quarterly Performance Report from John Vann and Aaron Vann
• Investment reviews for TCW, Panametric, and Setter Capital/Cotton Creek
• Discussion of HB 25 (DARS Bill)
• Review of IRS Sec. 415 Limits and new account requirements
• Review of auditing firms

The Board of Trustees approved 19 retirements and updated the Master Statement of Investment Policies and Objective. The board also authorized a formal solicitation process for alternative investment valuations and a process to comply with IRS Section 415 limits.

• Approved February 3, 2021, minutes
• Approved financial statements for December 2020 and February 2021
• Unanimously approved 19 retirements
• Approved formal solicitation with third parties for Cotton Creek Capital valuations
• Approved updated Master Statement of Investment Policies and Objective
• Approved process with tax attorney to comply with IRS Section 415 limits
• Approved request for cost proposals from other auditing firms
• Directed 75% estimated payment to Gary Evans pending research on oath of office

District Attorneys' Retirement System Board of Trustees

The Board of Trustees is reviewing financial statements, investment reports, and the FY2020 audit. The meeting includes documentation of various retirements and retiree deaths.

• Review of 11 individual retirement benefit amounts
• Review of 3 retiree death survivor benefits
• Investment updates including VEM Fee Structure and Portfolio Risk Management
• FY2020 DARS Audit review
• Discussion of FY2022 Draft Budget and 9.5% PRSAC Approved Employer Rate

The Board approved the FY2022 budget including a 3% staff salary increase and a fee revision for Vann Equity Management. Trustees also authorized changing the operating cash sweep from US Bank to LAMP and accepted 11 retirements.

• Approved FY2022 budget including 3% staff salary increase effective July 1, 2021
• Approved fee revision for Vann Equity Management (Reed Walters opposing)
• Approved change of operating cash sweep from US Bank to LAMP
• Approved December 2, 2020, meeting minutes
• Approved financial statements for October 2020 through January 2021
• Unanimously approved 11 retirements
• Approved filing a legislative bill without the rehire portion