Louisiana State Police Retirement System Board of Trustees public meetings in 2022
9 substantive meetings from 2022, with official agendas or minutes and plain-English summaries.
Louisiana State Police Retirement System Board of Trustees
The Louisiana State Police Retirement System Board of Trustees will meet to review financial reports, the June 30, 2022, audit presentation, and the 2024 budget. The agenda also includes discussions on investment reports, actuarial reports, and potential 2023 legislation.
- Approval of 2024 Budget
- Presentation of June 30, 2022 Audit
- Presentation of June 30, 2022 Actuarial Report
- Review of September 30, 2022 Financial Report
- Approval of ADA Policy Revision
The Board appointed Margaret Michel as Executive Director and approved the 2024 annual budget. Trustees also approved the 2022 actuarial valuation and audit report, and authorized the creation of a Chief Investment Officer (CIO) position.
- Hired Margaret Michel as Executive Director at $155,000 salary (5-1)
- Approved 2024 annual budget
- Approved 2022 actuarial valuation
- Approved June 30, 2022 Audit Report
- Approved new CIO position description and organizational chart
- Authorized CIO search and candidate selection process
- Accepted new ADA policy per Act 103
- Approved Benefits Change Report
Louisiana State Police Retirement System Board of Trustees
The Louisiana State Police Retirement System Board will meet to approve minutes, a financial report, an auditor engagement letter for 2023-2026, a benefits change report, and the 2023 meeting schedule. Personnel matters will be discussed in executive session. The agenda is largely procedural with no major policy decisions or dollar amounts specified.
- Approval of July 31, 2022 Financial Report and check registers
- Approval of Griffin & Co., LLC Engagement Letter for 2023-2026
- Approval of Benefits Change Report
- Approval of 2023 Board and Investment Committee Meeting Schedule
- Executive session for personnel matters
The Board approved the salary for the Acting Executive Director and a multi-year engagement letter for Griffin & Co., LLC. Members also accepted July 2022 financial reports and approved the 2023 meeting schedule. The Board noted a proposed change to COLA funding and updated office hours to 7:30 AM – 4:00 PM.
- Approved Acting Executive Director salary (8-1)
- Approved August 3, 2022 Board Minutes
- Approved August 10 and August 18, 2022 Executive Committee Minutes
- Accepted July 31, 2022 financial reports
- Approved Griffin & Co., LLC engagement letter for 2023-2026 ($5,500-$6,000 monthly)
- Approved Benefits Change Report
- Approved 2023 Board and Investment Committee Meeting Schedule
Louisiana State Police Retirement System Board of Trustees
The Louisiana State Police Retirement System Board of Trustees will meet to consider action items including approval of minutes from the June 28 board meeting and July 27 investment committee meeting, an audit compliance questionnaire, and a benefits change report. The board may also enter executive session for personnel matters. No major policy changes or financial decisions are listed for discussion.
- Approval of Board Minutes from June 28, 2022
- Approval of Investment Committee Minutes from July 27, 2022
- Audit Compliance Questionnaire action item
- Approval of Benefits Change Report action item
- Personnel Matters (executive session)
The Board appointed Margaret Michel as Acting Executive Director and Appointing Authority. The Board also approved the audit compliance questionnaire and the Benefits Change Report. Members approved the minutes from the June 28, 2022, Board meeting and the July 27, 2022, Investment Committee meeting.
- Approved June 28, 2022 Board Meeting minutes
- Approved July 27, 2022 Investment Committee Meeting minutes
- Approved audit compliance questionnaire
- Approved Benefits Change Report in globo
- Named Margaret Michel as Acting Executive Director and Appointing Authority
- Authorized Chairman Frank Besson and Margaret Michel to accept Kevin Reed's resignation
- Granted Executive Committee authority to review leadership and compensation structure
Louisiana State Police Retirement System Board of Trustees
The Louisiana State Police Retirement System Board of Trustees is meeting to review financial reports and investment updates. The agenda includes the ratification of a Blackstone BCRED investment and the renewal of the Curran contract.
- Ratification of Blackstone BCRED Investment
- Review of May 31, 2022 Flash Report and Asset Allocation Chart
- Approval of May 31, 2022 Financial Report/FYE Comparison/Check Registers
- Curran Contract Renewal
- Approval of Benefits Change Report
The Board approved a $10 million allocation to the Blackstone Private Credit Fund (BCRED) and renewed the G.S. Curran contract. Financial reports for the period ending May 31, 2022, were accepted, and the Benefits Change Report was approved. The Assistant Director was authorized to take action on behalf of the Board regarding statutory duties and contracts.
- Approved $10 million allocation to Blackstone Private Credit Fund (BCRED)
- Approved G.S. Curran contract renewal
- Approved Benefits Change Report
- Approved April 27, 2022 Board Minutes
- Approved May 25, 2022 Investment Committee Minutes
- Accepted financial reports for period ending May 31, 2022
- Changed Board meeting date to September 18, 2022
- Authorized Assistant Director to act on behalf of the Board for statutory and financial matters
Louisiana State Police Retirement System Board of Trustees
The LSPRS Investment Committee will review investment returns for the period ending April 30, 2022. The meeting includes presentations from Blackstone regarding private credit loans and Loomis Sayles regarding their multisector fund.
- Review of investment portfolio flash report and returns
- Presentation on Blackstone Private Credit, BCRED, Floating Rate Senior Loans
- Presentation on Loomis Sayles Multisector Full Discretion Fund (currently managing $83M)
- Actuarial memo from G. S. Curran & Co. regarding Valuation Interest Rate
- Discussion of retirement benefit payments and investment portfolio cash flows
The Investment Committee approved an initial $5M investment in the Blackstone Private Credit Fund (BCRED), with an option to increase the total to $10M within 15 months. The committee also reviewed portfolio performance, which was down 6% for April 2022, and discussed the plan's valuation interest rate.
- Approved $5M investment in BCRED with option to increase to $10M within 15 months
Louisiana State Police Retirement System Board of Trustees
The Louisiana State Police Retirement System Board of Trustees will meet to consider several action items, including a revised investment policy, adoption of a telework policy, and approval of a benefits change report. They will also receive updates on investments, financial reports, legislative session, and benefit payment procedures. Public comments will be heard.
- Revised Investment Policy (action item)
- March 31, 2022 Financial Report (action item)
- Telework Policy Adoption (action item)
- Approval of Benefits Change Report (action item)
- 2022 Legislative Session Update (trustee education)
The Board approved changes to the Investment Policy Statement, including a 6.95% Valuation Interest Rate. Members also accepted the financial reports and the LSPRS telework policy. The Board discussed a potential future reduction of the Valuation Interest Rate to lower risk.
- Approved Board Minutes from February 23, 2022
- Approved Investment Committee Minutes from March 23, 2022
- Accepted changes to the Investment Policy Statement
- Accepted financial reports for period ending March 31, 2022
- Accepted LSPRS telework policy
- Approved Benefits Change Report in globo
Louisiana State Police Retirement System Board of Trustees
The Investment Committee approved a proposal to adjust the portfolio's asset allocation. The change decreases weightings in fixed income and commodities to increase the weighting in alternative investments.
- Approved new asset allocation to decrease Fixed Income by 4%, decrease Commodities by 1%, and increase Alternative Investments by 5% (Passed)
Louisiana State Police Retirement System Board of Trustees
The Louisiana State Police Retirement System Board of Trustees will meet to approve prior meeting minutes, review investment and financial reports, discuss disability and personnel matters in executive session, and consider resolutions on state legislation including Senate Bill 7 and House Bill 25.
- Approval of January 31, 2022 investment flash report and asset allocation chart
- Approval of January 31, 2022 financial report and check registers
- Approval of June 30, 2021 audit presentation
- Action on disability benefit matter concerning Patrick Bell (executive session)
- Action on board resolution regarding Senate Bill 7 and discussion of House Bill 25
The Board approved the disability retirement of Patrick Bell and updated Margaret Michel's title to Assistant Director and Legal Counsel. Members also voted to support HB 29 and HB 31 while opposing HB 25. Financial reports and previous meeting minutes were accepted.
- Approved Board Minutes from Dec 15, 2021
- Approved Executive Committee Minutes from Dec 20, 2021
- Approved Investment Committee Minutes from Jan 26, 2022
- Accepted financial reports
- Accepted audit letter from Ericksen Krentel, LLP
- Approved Disability Retirement of Patrick Bell
- Changed Margaret Michel's title to Assistant Director and Legal Counsel
- Opposed HB 25; supported HB 29 and HB 31
Louisiana State Police Retirement System Board of Trustees
The committee reviewed asset allocation and market returns as of December 31, 2021. Members discussed potential investment opportunities and the possibility of hosting educational presentations from asset managers. No formal policy changes or funding approvals were decided.
- Reviewed flash report showing total funds of $1,179,296,881
- Discussed $10M commitment to KKR with first capital call expected by end of Q1 2022
- Proposed hosting asset manager presentations for educational requirements
- Proposed 'Real Estate Day', 'Private Equity Day', and 'International Day' for manager comparisons