Louisiana State Police Retirement System Board of Trustees public meetings in 2020
10 substantive meetings from 2020, with official agendas or minutes and plain-English summaries.
Louisiana State Police Retirement System Board of Trustees
The Board approved the 2022 budget and the November 5, 2020 meeting minutes. Members accepted a financial report showing total funds reached $1,010,201,888 as of November 30, 2020. The Board also placed Ivy Investments on a watch list.
- Approved November 5, 2020 meeting minutes
- Accepted asset allocation report as of November 30, 2020
- Placed Ivy Investments on the watch list
- Accepted financial report for month ending October 31, 2020
- Approved 2022 budget
- Approved Retirement/DROP and Elimination/Awarding Benefits to Spouse Children Benefits Change Report
Louisiana State Police Retirement System Board of Trustees
The Louisiana State Police Retirement System Board of Trustees will meet to approve previous meeting minutes and review recent financial, audit, and actuarial reports. The agenda includes discussions on portfolio rebalancing and a transition from a large cap value manager.
- Review of June 30, 2020 Audit Report
- Review of June 30, 2020 Actuarial Report
- Discussion on transition from AJO large cap value manager
- Update on LSPRS Building Security System and Camera Installation
- Approval of Benefits Change Report
Louisiana State Police Retirement System Board of Trustees
The Louisiana State Police Retirement System Investment Committee met on September 30, 2020, to review the final flash report for fiscal year ending June 30, 2020, and the monthly flash report as of August 31, 2020. The committee also discussed alternative investments including timber and hedge funds, equity allocation adjustments, fixed income repositioning, Loomis Sayles fund transactions, and cybersecurity at Orleans Capital Management. No votes or decisions are recorded; all items were open for discussion only.
- Review of final flash report for FYE June 30, 2020
- Monthly flash report as of August 31, 2020
- Discussion of timber investment in light of construction uptick and wildfire impacts
- Equity target ratio adjustment or reallocation
- Carlyle Global Infrastructure Opportunity Fund management changes
The Committee voted to realign the portfolio to address an overweighting in large cap growth stocks, which had reached 67.1% of the portfolio. The plan reduces large cap equity by 5% and redistributes those funds across mid cap equity, foreign developed equity, fixed income, real estate, and cash.
- Approved portfolio realignment to reduce Equity Large Cap by 5% (-$50M)
- Approved increase to Equity US Mid Cap by 1% (+$10M)
- Approved increase to Equity Foreign Developed by 1% (+$10M)
- Approved increase to Fixed Income by 1% (+$10M)
- Approved increase to Alternatives / Real Estate by 1% (+$10M)
- Approved increase to Cash/Money Market by 1% (+$10M)
Louisiana State Police Retirement System Board of Trustees
The Louisiana State Police Retirement System (LSPRS) Board of Trustees meeting scheduled for August 26, 2020, has been cancelled. The cancellation is due to pending inclement weather and potential travel difficulties through Baton Rouge.
Louisiana State Police Retirement System Board of Trustees
The Board approved a 4% pay increase for Executive Director Kevin P. Reed and Assistant Director Kimberly A. Gann. The committee also discussed a case of overpaid benefits to a deceased recipient that was referred to the Attorney General's office.
- Approved 4% pay increase for Executive Director Kevin P. Reed and Assistant Director Kimberly A. Gann
- Entered Executive Session to discuss pending litigation and personnel matters
- Exited Executive Session
Louisiana State Police Retirement System Board of Trustees
The Investment Committee will review the June 30, 2020, market flash report, performance, and asset allocation. The meeting includes discussions on alternative investment performance and an update regarding Fisher Investment, Inc.
- Review of Market Flash Report, Performance, and Asset Allocation for June 30, 2020
- Alternative Investments performance review
- Review of Fisher Investment, Inc. Watch List
- Loomis Sayles migration to NHIT update
The Committee reviewed the investment portfolio's asset allocation and market returns through June 30, 2020. The board voted to remove Fisher Investment, Inc. from its watch list following a discussion regarding personnel issues. The Committee also received updates on fund migrations and life settlement investments.
- Removed Fisher Investment, Inc. from the Watch List (Passed)
Louisiana State Police Retirement System Board of Trustees
The Louisiana State Police Retirement System Board of Trustees will review investment flash reports and financial year-end comparisons. The agenda includes discussions regarding the actuarial assumed rate of return, COVID-19 working environments, and an Attorney General opinion.
- Review of March 31, 2020 Flash Report
- Discussion of reduction of Actuarial Assumed Rate of Return
- Loomis Sayles migration to UIT Fund update
- Approval of Benefits Change Report regarding service-connected death survivor benefits
- Discussion of AG Opinion regarding Dean Coates
The Board of Trustees approved instructions for general counsel and the executive director to draft a bill allowing members to purchase higher accrual rates for transferred service. The Board also reviewed financial reports, including a total market value of $873,580,773 as of May 31, 2020.
- Approved February 18, 2020, meeting minutes
- Approved March 31, 2020, Executive Committee meeting minutes
- Approved May 27, 2020, Investment Committee meeting minutes
- Accepted the May 31, 2020, financial report
- Instructed staff to draft legislation allowing members to purchase transfer time at a higher accrual rate
- Approved Retirement/DROP and Benefits Change Report in globo
Louisiana State Police Retirement System Board of Trustees
The Louisiana State Police Retirement System Investment Committee will meet via videoconference to review market conditions, asset allocation, and the impact of COVID-19 on the portfolio. Topics include a market flash report, real estate exposure, and a presentation from UBS on economic recovery and Federal Reserve actions. No votes or decisions are listed; the meeting is open for discussion.
- Review of Market Flash Report and Act 1004 Comparison Chart as of April 30, 2020
- Discussion of China exposure and real estate exposure across all managers
- Presentation of core real estate asset managers: PRISA Real Estate and JPMCB Strat Prop Fund
- UBS briefing on COVID-19 economic recovery and Fed purchases of government securities, corporate debt, and ETFs
- Discussion of federal support for state and local governments
Louisiana State Police Retirement System Board of Trustees
The Board of Trustees will hold elections for Chairman, Vice-Chairman, and Surviving Spouse Trustee. The meeting includes reviews of December 2019 financial and investment reports and a discussion on custodian changes.
- Election of 2020 Investment and Executive Committees
- Review of December 2019 Flash Report from UBS/Paine Webber
- Approval of LSPRS PP54 Estimate Requests Policy
- Discussion of custodian change from Wells Fargo to Great West Trust Company
- Review of December 2019 Financial Report and Check Registers
The Board voted to oppose two House bills and support one Senate bill regarding the 2020 legislative session. Members also approved a new benefit estimate request policy and authorized a change in trust and custody services. The Board elected its 2020 Chairman and Vice-Chairman.
- Elected Frank Besson as 2020 Chairman
- Elected Kevin Marcel as 2020 Vice-Chairman
- Approved December 18, 2019, January 22, 2020 (Executive), and January 22, 2020 (Investment) meeting minutes
- Approved LSPRS-PP54 Benefit Estimate Requests policy
- Authorized Kevin Reed to execute transfer agreement with Great West Trust Company for up to $750 per year
- Voted to oppose House Bill 26
- Voted to oppose House Bill 30
- Voted to support Senate Bill 11
Louisiana State Police Retirement System Board of Trustees
The Investment Committee will review market value, returns summary, and asset allocation charts as of December 31, 2019. The meeting includes updates on Fisher Investments, SSGA Lehman Agg Bond allocations, and the Loomis Sayles move to a co-mingled fund.
- Review of market value and returns summary as of December 31, 2019
- Fisher Investments AUM update
- Update on cash position and additional allocation to SSGA Lehman Agg Bond
- Update on Loomis Sayles move to Co-mingled Fund
- First quarter fee analysis update
The Committee reviewed 2019 portfolio returns and discussed options for small cap value managers. It was agreed that three managers will be invited to the March meeting for presentations. Staff reported the investment of $8M into the SSGA Agg Bond Index Fund on January 8, 2020.
- Agreed to invite three small cap value managers to the March meeting for presentations
- Invested $8M into the SSGA Agg Bond Index Fund on January 8, 2020
- Adjourned meeting (passed)