Registrar of Voters Employees' Retirement System Board of Trustees public meetings in 2021
5 substantive meetings from 2021, 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 will meet to review the 2021 funding valuation report, discuss the proposed 2022 legislative session, and consider updates to employee leave policy and performance review forms. The board will also review third-quarter 2021 portfolio performance and the Members' Supplemental Savings Fund.
- 2021 Funding Valuation Report
- Discussion and action on proposed 2022 legislative session
- Review of 3rd Quarter 2021 Portfolio Performance
- Discussion on rehired retiree benefit offset
- Members' Supplemental Savings Fund Performance Review and Approval
The Board decided to recoup an overpayment from retiree Christopher Rousselle via two monthly benefit reductions. Other actions included approving the 2021 actuarial valuation report and opting into legislation to remove the system from the reverse transfer option.
- Approved recoupment of $1,864.30 from Christopher Rousselle via two monthly reductions of $932.15 (Unanimous)
- Approved interpretation of statute 11:2078 B (1) regarding pro rata reductions for rehired members (Unanimous)
- Approved the ROVERS Leave Policy for employees (Unanimous)
- Approved opting into legislation to be removed from the reverse transfer option (Unanimous)
- Approved the actuarial valuation report as of June 30, 2021 (Unanimous)
- Accepted the financial statement and compliance audit report from Duplantier, Hrapmann, Hogan, & Maher, LLP (Unanimous)
- Accepted investment reports from AndCo Consulting (Unanimous)
- Tabled the Annual Director and Employee Performance Review Form until job duties lists are created (Unanimous)
Registrar of Voters Employees' Retirement System Board of Trustees
The Registrar of Voters Employees' Retirement System Board of Trustees will review second-quarter 2021 investment performance and hear presentations from Victory Capital and Driehaus International Small Cap. The board will also discuss and take action on employee performance review forms, leave policy, health insurance policy, and an updated contract. Additionally, they will consider approval of the valuation interest rate for fiscal 2021 and review financials through June 30, 2021, along with results of the board election.
- Review of 2nd Quarter 2021 Portfolio Performance
- Victory Capital and Driehaus International Small Cap presentations
- Discussion and action on ROVERS Annual Director and Employee Performance Review Form
- Discussion and action on ROVERS leave policy for employees
- Approval of valuation interest rate to be used in Fiscal 2021 valuation
The Board approved a new investment manager for international small cap equities and lowered the valuation interest rate. They also updated bank account authorizations and tabled two personnel policy items.
- Hired Driehaus Capital to manage approximately $6 million in international small cap equities (Unanimous)
- Lowered valuation interest rate from 6.4% to 6.25% (Unanimous)
- Added Chairwoman Charlene Menard as an authorized signer on the Hancock Whitney Trust Account (Unanimous)
- Approved standing order for routine vendor payments at Hancock Whitney to bypass call backs (Unanimous)
- Approved minutes from June 8 and June 9, 2021 meetings (Unanimous)
- Tabled Annual Director and Employee Performance Review Form and employee leave policy (Unanimous)
- Accepted investment, custodian, and director reports (Unanimous)
Registrar of Voters Employees' Retirement System Board of Trustees
The Registrar of Voters Employees' Retirement System Board of Trustees will meet to review first-quarter 2021 investment performance and discuss adding international small cap managers. The board will also consider renewing the administrative and actuarial contracts, setting the fiscal year 2022 budget, and approving a new hourly rate for the system's attorney.
- Review of 1st Quarter 2021 Portfolio Performance and April 2021 update
- Discussion of potential investment managers in international small cap
- Action on renewal of actuarial and administrative contracts
- Discussion and action on proposed budget for fiscal year 2022
- Action on new hourly rate for Akers & Wisbar and ratification of non-owned vehicle coverage
The Board approved the fiscal 2022 budget, including a salary increase for the Director and the hiring of a full-time assistant. Trustees authorized a $5 million portfolio rebalance and renewed actuarial and administrative contracts. The Board also approved updated actuarial equivalence assumptions effective July 1, 2021.
- Approved rebalancing $5M by moving $3M from Eagle Capital to Orleans Capital and $2M from Fidelity Total Market Index to PIMCO Diversified Fund
- Approved fiscal 2022 budget
- Approved Director's salary increase from $75,000 to $80,000 effective July 1, 2021
- Approved renewal of actuarial and administrative contracts for fiscal year 2022
- Approved option factors and actuarial equivalence assumptions effective July 1, 2021
- Approved hourly rate increase for Akers & Wisbar to $250 per hour effective January 1, 2022
- Ratified addition of non-owned vehicle coverage to general liability insurance
- Authorized creation of a leave policy including annual performance evaluations
Registrar of Voters Employees' Retirement System Board of Trustees
The Board of Trustees is meeting for educational presentations to provide trustee training credit. The session includes presentations on return assumptions, investment markets, and system laws.
- Educational presentation on setting a return assumption by G. S. Curran & Company
- Overview of traditional and alternative markets by AndCo Consulting
- Presentation on Laws of the System by Akers & Wisbar
The Board of Trustees held a special educational training meeting. The board unanimously voted to accept presentations on actuarial science, investment training, and laws, rules, and regulations.
- Accepted educational presentation on Actuarial Science by Greg Curran (Unanimous)
- Accepted educational presentation on Investment Training by Jon Breth (Unanimous)
- Accepted educational presentation on Laws, Rules and Regulations by Denise Akers (Unanimous)
Registrar of Voters Employees' Retirement System Board of Trustees
The Board of Trustees will hold elections for the 2021 Chairman and Co-Chairman. The meeting includes discussions on investment policy, cyber insurance renewal, and setting the employer rate for the upcoming fiscal year.
- Election of 2021 Board Chairman & Co-Chairman
- Review and approval of revised investment policy statement
- Action related to Cyber Insurance Renewal
- Setting employer rate for July 1, 2021 through June 30, 2022
- Discussion and action related to a future COLA
The Board of Trustees approved a 3% retroactive cost-of-living adjustment (COLA) for retirees with at least two years of retirement. The Board also elected new leadership and set the employer contribution rate for the 2022 fiscal year.
- Approved 3% retroactive COLA effective Jan 1, 2021, for retirees of 2+ years (Unanimous)
- Set employer contribution rate at 18% for fiscal year 2022 effective July 1, 2021 (Unanimous)
- Elected Ms. Menard as Chairman and Ms. Meyer as Co-Chairman (Unanimous)
- Approved updated Investment Policy Statement dated March 3, 2021 (Unanimous)
- Ratified renewal of annual cyber security insurance policy with Daul Agency (Unanimous)
- Approved Investment Performance Review reports from AndCo Consulting (Unanimous)
- Approved Custodial Report and Member Supplemental Savings Report from Hancock Whitney Bank (Unanimous)
- Approved minutes from December 11, 2020, meeting (Unanimous)