Registrar of Voters Employees' Retirement System Board of Trustees public meetings in 2020
5 substantive meetings from 2020, with official agendas or minutes and plain-English summaries.
Registrar of Voters Employees' Retirement System Board of Trustees
The Registrar of Voters Employees’ Retirement System Board of Trustees is meeting to review financial and auditor reports. The board will take action on the index fund provider and the deadline policy for retirement applications. Members will also discuss legislation regarding board term limits and the 10-year service requirement.
- Action on index fund provider
- Action on retirement application submission deadline policy
- Action on legislation regarding board member term limits and 10-year service requirement
- Review of 2020 Auditor’s Report and Census Data AUP Report
- Review of 2020 Funding Valuation Report
The Board approved the 2020 financial audit and shifted approximately $24 million in index funds from Vanguard to Fidelity to reduce costs. New submission deadlines for retirement and DROP applications were adopted, effective January 1, 2021. The Board also accepted Robert Poche's resignation and appointed Charlene Menard to his seat.
- Approved 2020 financial statement and compliance audit report (Unanimous)
- Approved replacing Vanguard U.S. Total and International Index Funds with Fidelity equivalents (Unanimous, 1 abstention)
- Authorized Attorney and Actuary to review Investment Policy Statement language changes (Unanimous)
- Approved Custodial and Member Supplemental Savings Reports (Unanimous)
- Approved 2020 Funding Valuation and Members’ Supplemental Savings Fund Reports (Unanimous)
- Adopted 90-day regular retirement and 30-day DROP application policies effective Jan 1, 2021 (Unanimous)
- Accepted resignation of trustee Robert Poche (Unanimous)
- Appointed Charlene Menard to complete Robert Poche's unexpired term (Unanimous)
Registrar of Voters Employees' Retirement System Board of Trustees
The Board of Trustees will review investment performance reports from AndCo Consulting and Hancock Whitney. The meeting includes discussions on legislative changes to board term limits and service requirements, as well as updates on the ROVERS Board of Trustee Election.
- Performance review by AndCo Consulting for 2nd Quarter 2020
- Update on funding of JP Morgan Real Estate
- Review and approval of Members’ Supplemental Savings Fund Performance and IPS
- Discussion on legislation to modify 10 year service requirement and board term limits
- Review and approval of updated actuarial equivalence factors from G. S. Curran & Company
The Board approved a partial redemption of the American Core Realty Fund to rebalance assets for a J.P. Morgan real estate fund investment. Members also approved updated actuarial equivalence assumptions and authorized a legislative request to change board eligibility and term limits.
- Approved partial redemption of American Core Realty Fund for $1.75 million (unanimous)
- Approved Investment Performance Review reports from AndCo Consulting (unanimous)
- Approved updated Investment Policy Statement for Members’ Supplement Savings Plan (unanimous)
- Approved Custodial Report and Member Supplemental Savings Report (unanimous)
- Authorized System Attorney to request Senator Kirk Talbot sponsor a bill to reduce board eligibility service from 10 to 5 years and increase term limits from two to three consecutive terms (unanimous)
- Approved option factors and actuarial equivalence assumptions effective July 1, 2021 (unanimous)
- Approved modification to retirement application to remove Chief Deputy's signature requirement if applicant is the Registrar (unanimous)
- Approved the Louisiana Compliance Questionnaire (unanimous)
Registrar of Voters Employees' Retirement System Board of Trustees
The Registrar of Voters Employees' Retirement System Board of Trustees will review investment performance for the first quarter and through April 2020, discuss the proposed FY2021 budget, and consider increased cyber insurance quotes. The board will also act on renewing actuarial and administrative contracts, and discuss legislation to modify the 10-year service requirement for board members.
- Presentation by AndCo Consulting on Q1 2020 and April 2020 performance review
- Discussion and action on proposed budget for fiscal year 2021
- Discussion and action on increased Cyber Insurance Quotes
- Discussion and action on renewal of actuarial and administrative contracts with G.S. Curran & Company
- Discussion and action related to legislation to modify 10-year service requirement for board member
The Board of Trustees approved several fund liquidations and a $5 million domestic equity rebalancing. They also adopted the 2021 budget, updated actuarial assumptions, and authorized legislative requests regarding board eligibility.
- Approved liquidation of Dodge & Cox International to invest in Virtus Vontobel Foreign Opp Fund (unanimous)
- Approved liquidation of Templeton Global Bond Fund to invest in PIMCO Diversified Fund (unanimous)
- Approved $5 million domestic equity rebalancing involving Westfield, Eagle Capital, Vanguard, Orleans Capital, and PIMCO (unanimous)
- Authorized attorney to request Senator Ed Price sponsor bill reducing board service requirement from 10 to 5 years (5-2)
- Authorized attorney to request Senator Ed Price sponsor bill increasing term limits from two to three consecutive terms (unanimous)
- Approved FY 2021 Administrative and Actuarial contracts with G. S. Curran & Company (unanimous)
- Set valuation interest rate at 6.4% (unanimous)
- Approved 2021 Budget of $465,800 with modifications for insurance and storage costs (unanimous)
Registrar of Voters Employees' Retirement System Board of Trustees
The Registrar of Voters Employees' Retirement System Board of Trustees is holding a special meeting. The primary purpose is to discuss and appoint a trustee to fill the unexpired term of Sandra Moorer.
- Appointment of trustee to fill the unexpired term of Sandra Moorer
The Board of Trustees appointed Mrs. Joanne Reed, Chief Deputy from East Baton Rouge Parish, to fill the unexpired term of trustee Sandra Moorer. The appointment is effective immediately through December 31, 2020.
- Appointed Mrs. Joanne Reed to fill the unexpired term of trustee Sandra Moorer (unanimous)
Registrar of Voters Employees' Retirement System Board of Trustees
The Board of Trustees is meeting to review investment performance and financial reports through December 31, 2019. The body will discuss and take action on the employer contribution rate for the period of July 1, 2020, through June 30, 2021. Other business includes electing board leadership and filling a vacancy.
- Setting employer contribution rate for July 1, 2020 through June 30, 2021
- Election of 2020 Board Chairman and Co-Chairman
- Filling open board seat due to Sandra Moorer’s retirement
- Discussion and action on Cyber Insurance Quotes
- Review of Members’ Supplemental Savings Fund performance
The Board of Trustees voted to keep the employer contribution rate at 18% for the year beginning July 1, 2020, pending PRSAC approval. The Board also increased cyber insurance coverage to $5 million and elected new leadership for the 2020 term.
- Elected Mr. Champagne as Chairman and Ms. Olinde as Vice Chairman
- Approved November 22, 2019 meeting minutes (unanimous)
- Approved Investment Performance Review report ending December 31, 2019 (unanimous)
- Approved Custodial Report and Member Supplemental Savings Report (unanimous)
- Approved System Attorney's Report (unanimous)
- Maintained 18% employer contribution rate for year beginning July 1, 2020 (unanimous)
- Increased Cyber Insurance policy to $5 million at a premium of $11,859.58 per year (unanimous)
- Scheduled special meeting for February 21, 2020 to discuss board vacancy (unanimous)