District Attorneys' Retirement System Board of Trustees public meetings in 2024

District Attorneys' Retirement System Board of Trustees

The Board of Trustees will review the 2024 audit presented by Duplantier, Hrapmann, Hogan, and Maher and the annual valuation by Greg Curran. The meeting includes an investment report from Mariner Institutional and updates on two legal cases in the 19th Judicial District Court.

• Approval of 2024 Audit questionnaire and presentation
• Annual Valuation action item
• Encore Manager Proposal
• Update on Glenn E Diaz v State of Louisiana (Case C-650070)
• Update on Recreation and Park Cn for the Parish of East Baton Rouge v. Sid S. Gautreaux, III

The Board approved the FY 2024 annual funding valuation and accepted the 2024 audit findings. Trustees approved new retiree applications and authorized negotiations for the buyout of residual cash flows in the Encore GP Acquisition Fund. The Board also established a standing meeting schedule for 2025.

• Approved meeting minutes from October 31, 2024 (Unanimous)
• Approved October and November 2024 financials (Carried)
• Approved all new retiree applications (Unanimous)
• Approved audit compliance questionnaire with no changes (Passed)
• Accepted 2024 audit findings (Carried)
• Approved annual funding valuation with 89.91% funding ratio (Unanimous)
• Approved recommendation to negotiate Encore GP Acquisition Fund buyout (Unanimous)
• Set 2025 meeting schedule for the third Thursday of every other month

District Attorneys' Retirement System Board of Trustees

The Louisiana District Attorneys' Retirement System Board of Trustees will review investment manager performance, August and September 2024 financials, and the first quarter budget. They will also consider updates to the Investment Policy Statement and asset allocation, and discuss legislative proposals and doctor selection.

• Investment Manager Update (45 min)
• Q1 FY25 Budget Review
• Investment Policy Statement Update – action item with proposed and redline versions
• Asset Allocation Discussion – action item
• Legislative Proposals (15 min)

The Board of Trustees approved a new Investment Policy Statement and a specific asset allocation mix. Members voted to maintain the current 3-year maximum BackDROP provision and approved new orthopedic specialists for disability evaluations. The Board also approved August and September financials and released Vann Equity Management.

• Approved meeting minutes from September 19, 2024 (Unanimous)
• Approved August and September 2024 financials (No objection)
• Approved all new retirees' benefit amounts (Unanimous)
• Approved proposed Investment Policy Statement (No opposition)
• Approved recommended allocation scenario mix 8 (No objection)
• Released Vann Equity Management as an equity manager (Unanimous)
• Retained 3-year maximum BackDROP provisions (6-1, 2 abstentions)
• Approved Dr. David Ferachi and Dr. Alan Schroeder as orthopedic specialists for disability evaluations (No opposition)

District Attorneys' Retirement System Board of Trustees

The District Attorneys' Retirement System Board of Trustees will review financial reports and the annual budget. The board will take action on asset allocation, the Investment Policy Statement, and a TCW Structured Solutions extension agreement.

• DARS Annual Budget Review
• Asset Allocation Discussion (Action Item)
• Investment Policy Statement Update (Action Item)
• TCW Structured Solutions Extension Agreement (Action Item)
• Review of May, June, and July 2024 Financials

The Board approved migrating equity ETF selections to Fidelity index funds to lower investment costs. Trustees also approved the May-July 2024 financials, new retiree benefit amounts, and an extension agreement for the TCW Structured Solutions 2019 fund.

• Approved June 10, 2024 meeting minutes (Unanimous)
• Approved May, June, and July 2024 financials (Carried without objection)
• Approved all new retirees' benefit amounts (Unanimous)
• Approved migration of equity ETF selections to Fidelity index funds (Unanimous)
• Authorized extension agreement for TCW Structured Solutions 2019 fund (Unanimous)
• Authorized negotiation of TCW sale price at or above par/net asset value (Carried without objection)
• Tabled Member Contribution Source legislative proposal
• Tabled Investment Policy Statement update

District Attorneys' Retirement System Board of Trustees

The Louisiana District Attorneys' Retirement System Board will consider action on March and April 2024 financials, a back-DROP and reciprocal request, and a legal counsel contract renewal. They will also receive investment reports and a quarterly budget review.

• Action on March and April 2024 financials
• Quarterly budget review for DARS
• Investment report and manager update from Mariner Institutional
• Action on J. Oubre back-DROP and reciprocal request
• Legal counsel contract renewal

The Board approved the redemption of a $16 million Preferred Series A investment and authorized a records request regarding Rastegar Holding Company. Members also approved the March and April 2024 financials and renewed the contract for legal counsel Laura Gail Sullivan.

• Approved March and April 2024 financials
• Authorized Wolf Popper LLP to make a records request regarding Rastegar Holding Company shares
• Approved redemption of $16 million Preferred Series A investment in Rastegar Holding Company
• Approved renewal of legal counsel contract with Laura Gail Sullivan
• Approved minutes from April 15 and April 16, 2024 meetings

District Attorneys' Retirement System Board of Trustees

The Board of Trustees approved the Fiscal Year 2025 operating budget and set the employer contribution rate. The Board also hired a new investment consultant and renewed contracts for actuarial and audit services.

• Set Fiscal Year 2025 employer rate at 12.25% (Passed with one objection)
• Hired Mariner as Investment Consultant (Passed with one objection)
• Approved Fiscal Year 2024-2025 operating budget with professional services adjustment
• Renewed contract with Curran Actuarial including a 5% rate increase
• Renewed audit engagement contract with Duplantier, Hrapmann, Hogan, & Maher
• Approved all new retirees' dates and benefit amounts (Unanimous)
• Approved February 2024 financials
• Approved February 15, 2024 meeting minutes

District Attorneys' Retirement System Board of Trustees

The Louisiana District Attorneys' Retirement System Board of Trustees will meet on April 15-16, 2024, to take action on the fiscal year 2025 employer contribution rate, the FY2025 operating budget, and the renewal of the actuary contract. The board will also hear presentations from four investment consultant firms and select a consultant.

• Action item: Approve FY2025 employer contribution rate (Actuary Greg Curran)
• Action item: Approve FY2025 operating budget
• Action item: Approve renewal of Curran contract
• Action item: Approve Duplantier, Hrapmann, Hogan, & Maher audit engagement letter
• Presentations from AndCo Consulting, Meketa Investment Group, Segal Marco Advisors, and Vann Equity Management for investment consultant selection

The Board of Trustees held a special meeting to hear proposals from four investment firms. No formal decisions were made regarding the selection of a consultant during this session.

• Heard investment proposals from Mariner Wealth Advisors, Meketa Investment Group, Segal Marco Advisors, and Vann Equity Management

District Attorneys' Retirement System Board of Trustees

The Board will consider the 2023 audit presented by Duplantier, Hrapmann, Hogan, and Ma her, approve January 2024 financials, and review the quarterly budget. They will also select finalists for an investment consultant and discuss legislation impacting the retirement system. Additionally, resolutions recognizing service and allowing participation in a deferred compensation plan are on the agenda.

• 2023 audit presentation by Duplantier, Hrapmann, Hogan, and Ma her (action item)
• January 2024 financials approval (action item)
• Retirement activity: Steven Crews retired 12/1/23, benefit $5,017.81; Loren Lampert retired 1/1/24, benefit $14,325.14
• Investment report from Vann Equity Management
• Selection of investment consultant finalists (action item)

The Board elected Mr. Andy Shealy as chairman and Mr. Scott Perrilloux as vice chairman. The Board accepted the 2023 audit report, approved January 2024 financials, and authorized staff to seek additional financial information from Mr. Rastegar. The Board also voted on its position regarding several state legislative bills.

• Elected Mr. Andy Shealy as chairman (Unanimous)
• Elected Mr. Scott Perrilloux as vice chairman (Carried)
• Approved January 9, 2024 meeting minutes (Carried)
• Accepted 2023 annual audit report (Unanimous)
• Approved January 2024 financials (Carried)
• Approved all retirement activity (Unanimous)
• Authorized Mr. Qualls to request financial information from Mr. Rastegar (Unanimous)
• Voted to oppose HB 34, support SB 1, and oppose SB 1 as written (Unanimous)

District Attorneys' Retirement System Board of Trustees

The Board of Trustees will review financial statements for October and November 2023. The meeting includes an investment manager review by Vann Equity Management and updates on a website redesign.

• Review of October 2023 and November 2023 financials
• Investment Manager Review with Vann Equity Management
• Update on Glenn E Diaz v State of Louisiana litigation
• Action item regarding DARS website redesign
• Record of five recent retirements and benefit amounts

The Board of Trustees approved the launch of a redesigned website and authorized all retirement activity. Members also approved the October and November 2023 financial reports and voted to consult special counsel regarding a contract with Rastegar Holdings, LLC.

• Approved minutes from November 27, 2023
• Approved October and November 2023 financials
• Approved all retirement activity
• Approved launch of redesigned DARS website
• Approved consulting special counsel regarding Rastegar Holdings, LLC contract
• Approved in-person meeting between Mr. Qualls, Mr. Rastegar, and Mr. Vann
• Authorized rescheduling of February 22, 2024 meeting
• Tabled discussion on moving September 2024 meeting date