New Orleans Municipal Employees' Retirement System public meetings in 2021
14 substantive meetings from 2021, with official agendas or minutes and plain-English summaries.
Board of Trustees
The Board of Trustees reviewed portfolio performance and discussed international equity management. The board adopted a contribution notification policy and approved December retirement allowances.
- Settlement of Mattel case for $98 million
- Adoption of the contribution notification policy
- Approval of December retirement allowances
- Approval of accidental disability retirement for Ms. Faith Guerra
- Consensus to issue an RFP for an international equity manager
The Board of Trustees approved the contribution notification policy and authorized retirement allowances for December. The board also approved an accidental disability retirement request and decided to issue an RFP for an international equity manager.
- Approved November 21, 2021 regular meeting minutes
- Approved retirements for the month of December
- Adopted the contribution notification policy
- Approved accidental disability retirement request for Ms. Faith Guerra
- Decided to issue an RFP for an international equity manager
Board of Trustees
The Board of Trustees of the New Orleans Municipal Employees' Retirement System met virtually on November 17, 2021. They approved the conversion of a $2,887,656 year-end distribution from the Millennium Fund to a less liquid share class (GG-C2). The board also discussed funding options for a 10% infrastructure allocation but made no decision, and reviewed investment performance through September 30, 2021.
- Approved conversion of $2,887,656 Millennium Fund distribution to GG-C2 share class
- Discussed but made no decision on funding 10% infrastructure allocation from fixed income
- Reviewed investment portfolio performance through September 30, 2021
- Approved retirements for November 2021
- Noted JP Morgan and KKR infrastructure fund documentation under City Attorney review
The Board of Trustees approved the conversion of a year-end distribution from the Millennium Fund into a less liquid share class. The board also ratified November retirements and approved previous meeting minutes. No decision was reached regarding the funding of infrastructure managers.
- Approved conversion of $2,887,656 Millennium Fund distribution to GG-C2 share class (4-0)
- Approved retirements for the month of November (3-0)
- Approved October 21, 2021 regular meeting minutes (3-0)
- Tabled decision on infrastructure manager funding options
Board of Trustees
The Board of Trustees decided on new investment allocations for the retirement fund. Members also discussed potential employee contribution rate increases and the procurement of actuarial services.
- Allocated approximately $36 million (7.5%) to the KKR Diversified Core Fund
- Allocated approximately $12 million (2.5%) to the JP Morgan Global Transport Income Fund
- Approved retirement allowances for September and October
- Discussed a $15/hr minimum wage for city employees
- Reported an extension for the 2020 annual audit due date to December 31, 2021
The Board of Trustees approved new investment allocations for the retirement fund. The board also ratified retirement allowances for September and October.
- Allocated 7.5% (approx. $36 million) to KKR Diversified Core Fund (4-0)
- Allocated 2.5% (approx. $12 million) to JP Morgan Global Transport Income Fund (4-0)
- Approved September 15 and October 6 meeting minutes (3-0)
- Approved retirement allowances for September and October (3-0)
Board of Trustees
The Board of Trustees reviewed presentations from Macquarie Infrastructure and Real Assets, KKR, and JP Morgan Asset Management regarding various infrastructure funds. The board plans to discuss these presentations in more detail at the next regular meeting. The Chairman also requested details on potential funding options for up to $40 million.
- Presentation by Macquarie Infrastructure and Real Assets on a new fund with a $3 billion hard cap
- Presentation by KKR regarding a $500 million investment in a new commingled investment fund
- Presentation by JP Morgan Asset Management on the Infrastructure Investment Fund and Global Transport Income Fund
- Request for details on potential funding options for up to $40 million
The Board of Trustees heard presentations from Macquarie Infrastructure and Real Assets, Kohlberg Kravis Roberts & Co. (KKR), and JP Morgan Asset Management regarding infrastructure funds. No investment decisions were made during this meeting.
- Requested funding options for up to $40 million for the October 21 meeting
- Adjourned meeting (3-0)
Investment Committee Meeting
The committee reviewed presentations from Macquarie, KKR, and JP Morgan on new infrastructure investment funds. No decisions were made; the board plans further discussion at its regular meeting. The committee also noted that up to $40 million in potential funding options may be considered.
- Macquarie presented a new infrastructure fund with $2.5B raised and a $3B hard cap
- KKR presented a new commingled infrastructure fund with $500M from KKR itself
- JP Morgan presented its Infrastructure Investment Fund and Global Transport Income Fund
- Board discussed potential funding of up to $40 million for future investments
The board heard presentations from Macquarie Infrastructure and Real Assets, Kohlberg Kravis Roberts & Co. (KKR), and JP Morgan Asset Management regarding infrastructure funds. No funding decisions were made during the meeting. The board scheduled further detailed discussions for the October regular board meeting.
- Tabled funding decisions for further discussion at the October regular board meeting
- Requested potential funding options for up to $40 million for the next meeting
Board of Trustees
The Board of Trustees reviewed the market environment and portfolio performance through July 31, 2021. Members also reviewed infrastructure manager profiles to prepare for upcoming interviews.
- Approval of August 18, 2021 meeting minutes
- Review of investment portfolio performance through July 31, 2021
- Review of JP Morgan Asset Management (JPMAM) profiles
- Review of Kohlberg Kravis Roberts & Co. (KKR) profiles
- Review of Macquarie Infrastructure and Real Assets (MIRA) profiles
The Board of Trustees approved the minutes from the August 18, 2021 meeting. Trustees reviewed the investment portfolio performance through July 31, 2021, and infrastructure manager profiles. The board agreed to hold formal interviews with infrastructure managers at a special meeting on October 6.
- Approved August 18, 2021 meeting minutes (3-0)
- Agreed to hold formal infrastructure manager interviews on October 6
Board of Trustees
The Board of Trustees reviewed the annual actuarial valuation and adopted a redrafted Investment Policy Statement. The body also approved August retirement allowances and scheduled interviews for infrastructure investment managers.
- Actuarially determined contribution for the upcoming year set at $23,973,368
- Funded ratio reported at 58.84%
- Adoption of redrafted Investment Policy Statement
- Decision to interview JP Morgan, KKR, and Macquarie for infrastructure RFP in October
- Approval to advertise an RFP for actuarial services
The Board of Trustees adopted a redrafted Investment Policy Statement and accepted the annual actuarial valuation report. The board also approved August retirements and authorized a request for proposals for actuarial services.
- Approved July 21, 2021 meeting minutes (5-0)
- Approved retirements for the month of August (5-0)
- Accepted annual actuarial valuation report (5-0)
- Adopted redrafted Investment Policy Statement (5-0)
- Approved advertising an RFP for actuarial services (5-0)
- Agreed to interview JP Morgan, KKR and Macquarie for infrastructure RFP in October
Board of Trustees
The Board of Trustees approved the 2022 annual required contribution rate to be submitted to the City Council. The board also discussed creating an internal policy regarding the timing of submitting contribution rates to the City.
- Approved 2022 annual required contribution rate for submission to City Council
- Ratified retirement allowances for the month of July
- Approved attendance of board members at the upcoming LAPERS conference
- Reviewed investment portfolio performance through May 30, 2021
- Reported that BIVIUM Small Cap Accounts are fully funded and trading
The Board of Trustees approved the 2022 annual required contribution rate and ratified retirement allowances for July. Trustees also approved attendance for the upcoming LAPERS conference in New Orleans.
- Approved 2022 annual required contribution rate for submission to City Council (4-0)
- Approved July retirement allowances (4-0)
- Approved June 16, 2021 meeting minutes (3-0)
- Approved attendance of all board members to the LAPERS conference (4-0)
Board of Trustees
The board approved retirement benefits for June, ratified the meeting minutes, and received updates on the BIVIUM investment, a pending City Council ordinance on COVID-19 vaccine leave, and pension deductions for furlough compensation. No public comments were made.
- Approved retirement benefits for June
- Ratified minutes of previous meeting
- Heard update on BIVIUM agreement with target funding date of June 28, 2021
- Discussed pending ordinance on COVID-19 vaccine leave day
- Discussed pension deductions for furlough compensation from late 2020/early 2021
The Board of Trustees approved retirement allowances for June and authorized Chairman Dr. Chase to attend the NCPERS Public Pension Funding Forum in August. The board also approved the minutes from the May 19, 2021 meeting.
- Approved May 19, 2021 meeting minutes (3-0)
- Approved retirement allowances for June (3-0)
- Approved attendance of Dr. Chase at NCPERS Public Pension Funding Forum August 22-24 (3-0)
Board of Trustees
The Board of Trustees approved two $10 million investments and a request for proposal regarding private infrastructure. The board also ratified May retirement allowances and reviewed year-to-date market performance.
- Allocated $10 million to BIVIUM for Small Cap US Core
- Approved the infrastructure Request for Proposal (RFP)
- Committed $10 million to Crescent Direct Lending Fund III
- Ratified retirement allowances for the month of May
- Approved April 21, 2021 meeting minutes
The Board of Trustees approved two $10 million investment allocations and authorized a request for proposals for private infrastructure. The board also ratified retirement allowances for May and approved the previous meeting's minutes.
- Approved April 21, 2021 meeting minutes (4-0)
- Approved retirements for the month of May (4-0)
- Allocated $10 million to BIVIUM (5-0)
- Approved infrastructure RFP as presented (5-0)
- Committed $10 million to Crescent Direct Lending Fund III (5-0)
Board of Trustees
The Board of Trustees reviewed updates on the retirement incentive program and discussed private infrastructure investment options. The board also approved April retirement allowances and authorized staff to attend upcoming retirement system conferences.
- Approval of April retirement allowances
- Update on Segal Company retirement incentive program and plan changes
- Discussion regarding a draft RFP for private infrastructure vehicles
- Review of February 28, 2021 investment performance report
- Authorization for trustees to attend the NCPERS trustee education conference
The Board of Trustees approved retirement allowances for April and authorized attendance at a virtual trustee education conference. The board also agreed to develop a draft RFP for infrastructure and invite BIVIUM to a future meeting.
- Approved March 17, 2021 meeting minutes (4-0)
- Approved retirement allowances for April (4-0)
- Approved virtual attendance for Ms. Trepagnier and Mr. Evans at the NCPERS conference
- Agreed to provide a draft infrastructure RFP for the next meeting
- Agreed to invite BIVIUM to the next meeting
Board of Trustees
The Board of Trustees of the New Orleans Municipal Employees' Retirement System met virtually to approve minutes and retirements, receive monthly reports, and discuss investment matters. Key topics included a review of the $454M fund balance, the status of the Attucks agreement and Legato commingled fund, and plans for future education on infrastructure and cryptocurrency.
- Approved retirements for March 2021
- Fund balance reported at $454M as of January 31, 2021
- Attucks small cap accounts to be funded on March 26, 2021
- Legato could not offer the $200M commingled fund as selected; board to review other options
- Board requested education on private infrastructure and cryptocurrency at future meetings
The Board of Trustees approved the retirement allowances for March and the minutes from the February 17, 2021, meeting. Trustees discussed investment manager options and requested educational presentations on private infrastructure and cryptocurrency for the next meeting.
- Approved February 17, 2021 meeting minutes (4-0)
- Approved retirements for the month of March (4-0)
- Approved adjournment of meeting (4-0)
Board of Trustees
The Board of Trustees for the City of New Orleans Employees' Retirement System approved a member interest rate of .10% and ratified February retirements. The board also decided to reduce public equities by 3% to fund cash needs for the remainder of 2021. Members discussed the current pension legal landscape and reviewed fund performance.
- Approved member account interest rate of .10%
- Reduced public equities by 3%, allocating 1% to the reserve account and 1% each to GMO and Blackrock
- Reported fund balance of $458M as of December 31st
- Proposed RFP for infrastructure as a diversifying asset class
- Proposed RFP for accounting services to assist with annual financial statements
The Board of Trustees approved a strategy to generate funds for the remainder of 2021 by reducing public equities. They also set the member account interest rate and ratified February retirements.
- Reduced public equities by 3%, placing 1% in the reserve account and 1% each with GTAA managers GMO and Blackrock (5-0)
- Approved member account interest rate of .10% (5-0)
- Approved retirements for the month of February (4-0)
- Approved January 20, 2020 meeting minutes (4-0)
- Scheduled trustee training for March 12 at 9:30am
Board of Trustees
The board approved a refined asset allocation model for the pension fund, adopted new equity targets, and discussed potential legislation to allow employees to buy back service time lost due to COVID-19 layoffs or furloughs. Routine reports on contributions, retirements, and contracts were also received.
- Approved refined asset allocation model with updated equity targets (domestic, international, small/mid cap)
- Discussed potential MERS legislation for COVID-19-related service buybacks
- Noted higher custody fees for some new investment managers compared to current equity managers
- Approved January retirement allowances
- Ratified minutes from December 9 and December 16, 2020 meetings
The Board of Trustees approved a refined asset allocation model and integrated these new equity targets into the revised Investment Policy Statement. The board also ratified retirement allowances for January and swore in a new trustee.
- Sworn in Amy Trepagnier as trustee
- Approved December 9 and December 16, 2020 meeting minutes (3-1 abstention)
- Approved retirements for the month of January (4-0)
- Approved refined asset allocation model (4-0)
- Adopted new equity targets as part of the revised Investment Policy Statement (4-0)