Teachers' Retirement System of Louisiana Board of Trustees public meetings in 2020
10 substantive meetings from 2020, with official agendas or minutes and plain-English summaries.
Teachers' Retirement System of Louisiana Board of Trustees
The TRSL Board of Trustees and its committees will meet to review private market investments, approve the 2021 schedule for manager reviews and investment searches, discuss a board vacancy, and consider the annual financial reports for fiscal years 2019 and 2020. The board will also elect a chair and vice chair and honor retiring trustee Suzette Riddle.
- Review of potential private market investments: Balance Point Capital Partners V, L.P. and TRSL 2021 Venture Capital Separate Account
- Presentation and approval of the Schedule of Manager Portfolio Reviews for 2021
- Presentation and approval of the Schedule of Investment Searches for 2021
- Discussion of District 7 vacancy on the Elections Committee
- Presentation of TRSL Comprehensive and Popular Annual Financial Reports for FY 2019 and 2020
The Board elected new leadership for the two-year term beginning January 2021. The Board also approved the 2019 and 2020 annual financial reports and accepted reports from the Investment, Elections, and Executive committees.
- Elected Holly Gildig as Board Chair for the term beginning January 2021
- Elected David Hennigan as Board Vice Chair for the term beginning January 2021
- Approved Comprehensive and Popular Annual Financial Reports for FY 2019 and 2020
- Approved investment in Balance Point Capital Partners V, L.P. up to $50 million
- Approved 2021 Venture Capital Separate Account up to $100 million
- Approved 2021 Schedule of Manager Portfolio Reviews and Investment Searches
- Approved Aon Investments' recommendation for Co-Investments RFP (6-1-1)
- Approved District 7 special election schedule and materials
Teachers' Retirement System of Louisiana Board of Trustees
The Teachers' Retirement System of Louisiana Board of Trustees and its committees will meet to approve the 2021-2022 Building Fund and Administrative Operating Budgets. The meeting includes reviews of annual financial reports, audits for the fiscal year ended June 30, 2020, and updates on recent legislative sessions.
- Approval of the proposed 2021-2022 Louisiana Retirement Systems Building Fund Budget
- Approval of the proposed 2021-2022 TRSL Administrative Operating Budget
- Presentation of the Annual Audit by Hawthorn, Waymouth & Carroll L.L.P. for FY 2020
- Review of the 2020 2nd Extraordinary Legislative Session updates
- Approval of the Louisiana Retirement Systems Building Fund audit for FY 2020
The Board of Trustees and its committees approved the 2021-2022 administrative operating budget and the Louisiana Retirement Systems Building Fund budget. The Executive Committee also approved annual audits for the system and the building fund for the fiscal year ended June 30, 2020.
- Approved 2021-2022 Louisiana Teachers’ Retirement System Administrative Operating Budget
- Approved 2021-2022 Louisiana Retirement Systems Building Fund Budget
- Approved Annual Audit for Fiscal Year ended June 30, 2020
- Approved Audit of the Louisiana Retirement Systems Building Fund for Fiscal Year ended June 30, 2020
- Approved notification of payment due for Fiscal Year 2021-2022 for Acts 228, 568, 27, and 440
- Approved October 1, 2020 meeting minutes
- Received 2021 Schedule of Manager Portfolio Reviews and Investment Searches
- Accepted reports from Investment, Budget & Finance, Legislative, and Executive committees
Teachers' Retirement System of Louisiana Board of Trustees
The TRSL Board of Trustees and its committees will meet to review election results, actuarial valuations for fiscal year 2020, and quarterly audit reports. The meeting includes discussions on private market investments, legislative updates, and administrative rule changes.
- Approval of Actuarial Valuation for Fiscal Year Ended June 30, 2020
- Review of Primary Election Results for Districts 5 and 6
- Presentation of Quarterly Compliance Audit Reports
- Review of potential private market investments including IPI Partners II and ISQ Global Infrastructure Fund III
- Approval of Administrative Rules Regarding Chapter 1
The Board approved the annual actuarial valuation for the fiscal year ended June 30, 2020. The Investment Committee authorized up to $100 million in new private market investments. The Board also certified election results for two district seats.
- Approved Annual Actuarial Valuation for FY ended June 30, 2020
- Approved investment in IPI Partners II up to $50 million
- Approved investment in ISQ Global Infrastructure Fund III up to $50 million (8-1)
- Approved primary election results for District 5 (Holly B. Gildig elected)
- Approved primary election results for District 6 (Ricky Julien, Sr. elected)
- Approved Administrative Rules Regarding Chapter 1 as a Notice of Intent
- Approved update to Investment Policy: Global High Yield Bond
- Approved Quarterly Compliance Audit Reports
Teachers' Retirement System of Louisiana Board of Trustees
The Teachers' Retirement System of Louisiana will hold a series of committee and board meetings on September 3, 2020. The Executive Committee will discuss the assumed rate of return and approve administrative rules on benefit calculations and the Deferred Retirement Option Plan. The Investment Committee will review potential private market investments, including a real estate fund. The full Board will then vote on committee recommendations and other business.
- Discussion of the assumed rate of return (actuarial education for trustees)
- Review and approval of administrative rules on computation of final average compensation (Chapter 5)
- Review and approval of administrative rules on the Deferred Retirement Option Plan (DROP) (Chapter 9)
- Potential private market investments: Waterton Residential Property Venture XIV, L.P., Morgan Stanley Prime Property Fund, and TCV XI, L.P.
- Annual evaluations of custodian Bank of New York/Mellon and investment consulting firms Mercer and Aon Investments
The Board of Trustees and its committees approved a new discount rate for employer contribution calculations and updated administrative rules for retirement compensation and DROP. The Investment Committee authorized several private market investments totaling up to $500 million. The Personnel Committee approved 3% pay increases for nine unclassified employees.
- Adopted 7.4% discount rate for FY 2021-2022
- Approved Administrative Rules for Chapter 9 (Final Average Compensation) and Chapter 5 (DROP)
- Approved Strategic Plan and FY 2020-2021 Balanced Scorecard Goals
- Authorized investment in Waterton Residential Property Venture XIV, L.P. (up to $50 million)
- Authorized investment in Morgan Stanley Prime Property Fund, LLC (up to $400 million)
- Authorized investment in TCV XI, L.P. (up to $50 million)
- Approved annual evaluations for consultant firms Mercer and Aon Investments
- Approved 3% pay increase for nine unclassified employees effective October 1, 2020
Teachers' Retirement System of Louisiana Board of Trustees
The Teachers’ Retirement System of Louisiana will hold a series of committee meetings to review investment strategies and audit reports. The body will discuss a reduction plan for the assumed rate of return and approve several board governance policies. Personnel transitions and quarterly investment reviews will also be addressed.
- Review and adoption of 2021 Fiscal Year Private Market Strategic Plan
- Potential investments in Castlelake V Dislocated Opportunities, L.P. and ICG Recovery Fund II, L.P.
- Approval of the TRSL Annual Audit Plan for Fiscal Year 2020-2021
- Approval of Board Governance Policies 100.32 through 100.37
- Discussion and approval of succession/transition personnel
The Board of Trustees approved the appointment of Katherine Whitney to the Director's position effective January 1, 2021. The board also adopted the 2021 Private Market Strategic Plan and reduced inflation and salary assumptions. Additionally, the board approved several governance policy revisions and audit plans.
- Approved Katherine Whitney to fill Director's position effective Jan 1, 2021
- Authorized Katherine Whitney to sign TRSL contracts effective Oct 5, 2020
- Adopted 2021 Fiscal Year Private Market Strategic Plan
- Approved investments up to $50M in Castlelake V Dislocated Opportunities, L.P.
- Approved investments up to $50M in ICG Recovery Fund II, L.P.
- Reduced inflation assumption from 2.5% to 2.3%
- Reduced all salary assumptions by 0.2%
- Approved revisions to Board Governance Policies 100.32, 100.34, 100.35, 100.36, and 100.37
Teachers' Retirement System of Louisiana Board of Trustees
The TRSL Board of Trustees and its committees will meet to discuss legislative updates, investment reviews, and board governance. Key actions include reviewing an emergency rule for DROP distributions under the CARES Act and approving several board governance policies.
- Review of emergency rule for DROP distributions provided by the CARES Act
- Presentation of potential private market investments including GSO Capital Opportunities Fund IV, L.P. and Kayne Anderson Real Estate Partners VI, L. P.
- Approval of Board Governance Policies regarding conduct, fiduciary duties, and financial disclosure
- Presentation of solicitation for proposals for an investment consultant
- Review of the Louisiana Compliance Questionnaire for release to an outside audit firm
The TRSL Board of Trustees approved various committee reports, updated governance policies, and reviewed potential private market investments. The Investment Committee also voted to suspend certain investment searches for up to six months due to COVID-19.
- Approved May 7, 2020 meeting minutes
- Accepted Legislative Committee report
- Approved Investment Committee recommendations
- Approved Executive Committee recommendations
- Received Hamilton Lane reports for GSO Capital Opportunities Fund IV, L.P. (up to $100M)
- Received Hamilton Lane reports for Kayne Anderson Real Estate Partners VI, L.P. (up to $50M)
- Received Hamilton Lane reports for Torchlight Debt Fund VII, L.P. (up to $75M)
- Suspended investment searches and contracts for up to six months due to COVID-19
Teachers' Retirement System of Louisiana Board of Trustees
The Teachers' Retirement System of Louisiana Board of Trustees is meeting via video conference on May 7, 2020. The board will receive updates on the 2020 legislative session and legislation affecting TRSL, review potential private market investments including several named funds, and discuss future 2020 board meetings. The meeting includes committee reports and a director's update on COVID-19 and trustee elections.
- Update and discussion of 2020 legislative session and legislation affecting TRSL
- Potential private market investments: Ares Special Opportunities Fund, Summit Partners Venture Capital Fund V, Thoma Bravo Discover Fund III, Audax Mezzanine Fund V, Crow Holdings Realty Partners IX, Silver Lake Partners VI
- Review of TRSL investments and capital market update with staff and consultants
- Director's update on COVID-19 impact on TRSL and trustee election candidates for Districts 5 and 6
- Discussion of future 2020 board meetings
The TRSL Board of Trustees, Legislative Committee, and Investment Committee met to review legislative updates and potential investments. The Board approved various due diligence reports for private market funds ranging from $25 million to $75 million. Additionally, the Board voted on positions regarding several state bills.
- Approved March 5, 2020 meeting minutes (13-0)
- Accepted Legislative Committee report and recommendations (13-0)
- Accepted Investment Committee report and recommendations (13-0)
- Rescheduled June 2020 meetings to June 30 and July 2020 meetings to July 31; cancelled August 2020 meetings (13-0)
- Voted to remain neutral on SB 484 (10-0)
- Voted to oppose HB 782 (9-0, 1 abstention)
- Voted to oppose HB 867 (9-0, 1 abstention)
- Voted to remain neutral on SB 444 (9-0, 1 abstention)
Teachers' Retirement System of Louisiana Board of Trustees
The Teachers' Retirement System of Louisiana Board of Trustees and its committees are meeting to discuss the 2020 legislative session, review responses for a mid-cap value manager, and consider potential private market investments. The Executive Committee will present and seek approval of several board governance policies covering committee charters, meeting protocol, standards of conduct, and fiduciary duties. The full board will also receive reports from the legislative, investment, and executive committees.
- Update and discussion of 2020 legislative session affecting TRSL
- Review responses and recommend finalists for Mid Cap Value Manager
- Potential private market investments: CVC Capital Partners VIII, Stonepeak Infrastructure Fund IV, Thoma Bravo XIV
- Presentation and approval of Board Governance Policies 100.10 through 100.22
- Update on incorporation of City of St. George
The TRSL Board of Trustees and its committees reviewed various 2020 legislative proposals, voting to oppose or support specific bills. The Board also approved committee reports and reviewed potential private market investments.
- Approved February 6, 2020 meeting minutes
- Voted to oppose Senate Bill 17 (7-1)
- Voted to oppose House Bills 26, 32, 3CD, 34, 8, 10, and 20
- Voted to support Senate Bills 19, 21, 189, and House Bill 307
- Took no position on Senate Bill 18, House Bills 24, and 25
- Approved Mid Cap Value Manager interview finalists
- Received Hamilton Lane reports for potential investments in CVC Capital Partners VIII, L.P., Thoma Bravo XIV, L.P., and Stonepeak Infrastructure Fund IV, L.P.
- Approved revisions to Board Governance Policies 100.10.3, 100.10.4, and 100.10.6
Teachers' Retirement System of Louisiana Board of Trustees
The TRSL Board of Trustees and its committees will meet to discuss the 2020 legislative session and review various board governance policies. The meeting also includes presentations on actuarial valuations, asset liability projections, and private market investment reviews.
- Review of amended actuarial valuation for fiscal year ended June 30, 2019
- Presentation and approval of Board Governance Policies 100.5, 100.6, 100.7, and 100.8
- Review of Board Committee Charters including Budget, Finance, and Investment committees
- Review of potential private market investment: Bridgepoint Development Capital IV, L.P.
- Appointment of State Medical Disability Board Physicians
The Board of Trustees accepted reports from the Legislative, Investment, and Executive committees. Key actions included approving revisions to board governance policies and authorizing a potential investment in Bridgepoint Development Capital IV, L.P.
- Approved revisions to Board Governance Policies 100.7 and 100.8
- Appointed State Medical Disability Board Physicians
- Approved Solicitation for Proposals for International Small Cap Manager
- Voted to receive Hamilton Lane report for potential investment in Bridgepoint Development Capital IV, L.P. (up to £50 million)
- Approved Minutes of the January 9, 2020 meeting
- Voted to receive Amended Actuarial Valuation for FY Ended June 30, 2019
- Tabled proposed revisions to Board Governance Policies 100.10.3, 100.10.4, and 100.10.6 for March approval
Teachers' Retirement System of Louisiana Board of Trustees
The Teachers' Retirement System of Louisiana will hold meetings for its Board of Trustees and four committees. The body will consider approving board governance policies, administrative rules for compensation and DROP, and the 2020 election schedule.
- Approval of Board Governance Policies 100.1, 100.2, 100.3, and 100.4
- Approval of Administrative Rules: Chapter 9 (Final Average Compensation) and Chapter 5 (DROP)
- Review of potential private market investments in BC Partners Credit Special Opportunities Fund II and ASI Hark Capital III, L.P.
- Approval of the 2020 Schedule of Elections for Districts 5 and 6
- Approval of the Legislative Team for the 2020 Legislative Session
The Board and its committees approved a new discount rate to set projected employer contribution rates. The Executive Committee also updated board governance policies and amended administrative rules regarding the Deferred Retirement Option Plan (DROP). The Investment Committee authorized potential private market investments totaling up to $125 million.
- Adopted 7.45% discount rate for FY 2020-2021
- Approved revisions to Board Governance Policies 100.2, 100.3, and 100.4
- Approved repealing Administrative Rule Chapter 9 and amending Chapter 5 (DROP)
- Approved potential investment in BC Partners Credit Special Opportunities Fund II up to $75 million
- Approved potential investment in ASI Hark Capital III, L.P. up to $50 million
- Approved Solicitation for Proposals (SFP) for Mid Cap Value Manager
- Approved 2020 Schedule of Elections and election information for Districts 5 and 6
- Authorized specific staff and leadership to represent TRSL at 2020 legislative hearings