New Orleans Municipal Employees' Retirement System public meetings in 2023
12 substantive meetings from 2023, with official agendas or minutes and plain-English summaries.
Board of Trustees
The Board of Trustees approved December retirement allowances and discussed updates to the retiree election process. The board also reviewed investment policy revisions and the status of legal matters regarding the partial dissolution of the system.
- Approval of retirement allowances for December
- One-time $500 bonus Cost of Living Adjustment (COLA) for retirees as of December 31, 2023
- Agreement to allow nomination forms for elections via fax or email
- Review of draft Fixed Income RFP Scope of Work
- Proposed investment policy change to allow small cap managers to invest up to 5% in large cap names
The Board of Trustees approved the November 15 meeting minutes and retirement allowances for December. Members agreed to expand notification and submission methods for retiree elections to increase participation. The board also reviewed investment policy drafts and the status of legal matters regarding plan dissolution.
- Approved November 15, 2023 regular meeting minutes (unanimous)
- Approved retirement allowances for December (unanimous)
- Approved expanded election notification and nomination form acceptance via fax or email
- Maintained required nominations for elections at twenty-five (25)
- Agreed to simplify the nomination form to minimize errors
- Tabled final approval of Fixed Income RFP Scope of Work pending review
- Tabled final passage of Investment Policy revisions regarding small cap managers pending review
Board of Trustees
The Board of Trustees decided on a cost of living adjustment for retirees and discussed aligning investment policies with the C40 Divest/Invest pledge. The board also reviewed portfolio performance and the potential for fossil fuel free investment programs.
- Approved a one-time $500 COLA in 2024 for all eligible retirees
- Approved retirement allowances for the month of November
- Moved the C40 Initiative Divest/Invest pledge review to the governance committee
- Discussed implementation of a fossil fuel free investment program
- Discussed converting Channing portfolio from Small Cap to Small and Mid-Cap (SMID)
The Board of Trustees approved a one-time $500 Cost of Living Adjustment (COLA) for eligible retirees for 2024. The board also agreed to move the C40 Initiative's divest/invest pledge to the governance committee for further review.
- Approved one-time $500 COLA in 2024 for all eligible retirees (5-0)
- Approved October 18, 2023 regular meeting minutes (4-0)
- Approved retirement allowances for November (4-0)
- Moved C40 Initiative review to the governance committee
Board of Trustees
The Board of Trustees discussed the potential impact of moving civilian police department employees from the city's plan to the Municipal Police Employees’ Retirement System (MPERS). Actuaries presented reports on benefit structures and contribution rates related to City Council resolution NO. R-23-343.
- Estimated $1.4 million increase in employer contributions if employees move to MPERS
- Approval of retirement allowances for August
- Approval of disability application for Lori Hillburn
- Approval for Trustee Kim T. DeLarge, Sr. to attend the NCPERS 2024 Summit in Washington, DC
- Review of August 31, 2023 performance report and YTD market environment
The Board of Trustees approved retirement allowances for August and a disability application for Lori Hillburn. Trustees also reviewed actuary reports regarding the potential movement of civilian police employees to the Municipal Police Employees’ Retirement System.
- Approved September 20, 2023 regular meeting minutes (4-0)
- Approved retirement allowances for August (4-0)
- Approved attendance of Mr. DeLarge at the 2024 NCPERS Summit and Legislative Conference (4-0)
- Approved disability application for Lori Hillburn (4-0)
Board of Trustees
The board approved retirement allowances for August and received monthly reports. Investment committee reviewed YTD performance (10% vs. 12.4% benchmark) and discussed converting a small-cap account to small/mid-cap. Governance committee requested an actuarial analysis of moving civilian employees to MPERS.
- Approved retirement allowances for August 2023
- Investment policy statement adjustments: large cap 18% to 19%, international equity 9% to 10%, hedged 2% to 0%
- Discussed converting Channing Capital account from small-cap only to small/mid-cap
- Approved attendance at BLB&G Forum for Institutional Investors in New York (Nov 16-18)
- Governance committee requested actuarial study on moving civilian employees to MPERS
The Board of Trustees approved the retirement allowances for August and authorized two trustees to attend an institutional investors forum in November. The board also reviewed investment performance and discussed potential changes to small cap account guidelines.
- Approved August 16, 2023 regular meeting minutes (3-0)
- Approved retirement allowances for August (3-0)
- Approved attendance of Mr. White and Mr. DeLarge at the 2023 Forum for Institutional Investors (3-0)
Board of Trustees
The Board of Trustees approved revisions to the investment policy statement and ratified retirement allowances for August. Members discussed the potential impact of moving police department civilian employees from NOMERS to the Municipal Police Employees’ Retirement System (MPERS).
- Adopted investment policy statement revisions dated August 16, 2023
- Ratified retirement allowances for August
- Planned Request for Qualification (RFQ) for securities litigation firms
- Discussion of $235 million recovered for investors by Bernstein Litowitz Berger & Grossman
- Proposed actuarial review of moving police civilian employees to MPERS
The Board of Trustees approved revisions to the investment policy statement and authorized retirement allowances for August. The board also decided to issue a Request for Qualification (RFQ) for securities litigation firms.
- Approved July 19, 2023 regular meeting minutes (3-0)
- Approved retirement allowances for August (3-0)
- Adopted revisions to the investment policy statement dated August 16, 2023 (4-0)
- Decided to issue an RFQ to review qualifications of securities litigation firms
- Moved discussion regarding the possible transfer of police department civilian employees to the governance committee
Board of Trustees
The Board of Trustees approved monthly retirement allowances and registration for the full board to attend the upcoming LAPERS conference. Members also discussed cost-of-living adjustments and election signature requirements before referring the matter to the Member Relations committee.
- Approval of July retirement allowances
- Approval of full board attendance at the LAPERS conference
- Approval of Bruce Ball's disability retirement application
- Discussion regarding COLA policy and election signature requirements
The Board of Trustees approved retirement allowances for July and a disability retirement application for Bruce Ball. The board also authorized all members to attend the LAPERS conference in September.
- Approved retirement allowances for July (5-0)
- Approved disability retirement application for Bruce Ball (5-0)
- Approved registration and attendance of full board for LAPERS conference (5-0)
- Approved June 17, 2023 regular meeting minutes (5-0)
- Referred member relations items regarding COLAs and election signatures to the Member Relations committee
Board of Trustees
The Board of Trustees reviewed the annual actuarial valuation and approved the employer contribution rate for 2024. The board also authorized a new private equity investment and reallocated funds from a liquidated asset.
- Adopted 18.15% employer contribution rate for 2024
- Allocated $5 million to Mesirow Private Equity Fund IX
- Reallocated liquidated Millennium funds to increase large cap core (18% to 19%) and international equity (9% to 10%)
- Approved retirement allowances for June
- Reported funded ratio decrease from 59.59% to 58.83% as of January 1, 2023
The Board of Trustees approved the 2024 employer contribution rate and authorized a $5 million investment in a private equity fund. Trustees also reallocated funds from a liquidated hedge allocation into large cap core and international equity.
- Adopted 18.15% employer contribution rate for 2024 (3-0)
- Allocated $5 million to Mesirow Private Equity Fund IX (3-0)
- Increased large cap core allocation from 18% to 19% (3-0)
- Increased international equity allocation from 9% to 10% (3-0)
- Approved retirement allowances for June (3-0)
- Approved May 17, 2023 regular meeting minutes (3-0)
Board of Trustees
The Board of Trustees of the New Orleans Municipal Employees' Retirement System met to approve minutes and retirement allowances, receive monthly reports, and discuss investment matters. Key discussion items included a possible commitment to Mesirow Private Equity Fund IX (decision deferred to June) and reallocation of the 2% hedge allocation. No public comments were made.
- Approved retirement allowances for May 2023
- Discussed possible commitment to Mesirow Private Equity Fund IX (decision by June 30 for fee discount)
- Discussed reallocation of the 2% hedge allocation (to be decided in June)
- Noted compliance with investment policy statement as of March 31, 2023
- Discussed House Resolution 70 requiring reporting of anti-fossil fuel investments
The Board of Trustees approved the retirement allowances for May and the minutes from the April 25, 2023 meeting. The board discussed a potential commitment to the Mesirow Private Equity Fund IX and a 2% hedge allocation reallocation, with decisions deferred to the June meeting.
- Approved April 25, 2023 regular meeting minutes (3-0)
- Approved retirement allowances for May (3-0)
Board of Trustees
The Board of Trustees approved retirement allowances for April and a disability retirement application. Members discussed investment performance, liquidity needs, and the feasibility of future cost of living adjustments (COLAs).
- Approved salary range for pension administrator to match other Finance Bureau Chiefs
- Approved retirement allowances for April
- Approved disability retirement application for Nora Rosa James McGee
- Reviewed February 2023 performance report and investment policy compliance
- Discussed potential commitment to Mesirow Private Equity Fund IX
The Board of Trustees approved retirement allowances for April and a disability retirement application. They also voted to keep the pension administrator's salary range consistent with other Finance Bureau Chiefs. The board discussed potential cost of living adjustments (COLAs) but took no action.
- Approved March 15, 2023 regular meeting minutes (4-0)
- Approved retirement allowances for April (4-0)
- Approved keeping pension administrator salary range in line with other Finance Bureau Chiefs (4-0)
- Approved disability retirement application for Ms. Nora Rosa James McGee (4-0)
Board of Trustees
The Board of Trustees for the City of New Orleans Employees' Retirement System met to review investment performance and fund liquidity. The board decided to liquidate the Millennium fund following a recommendation from AndCo Consulting due to fee and transparency issues.
- Decision to liquidate the Millennium fund over 20 quarters
- Review of $36 million capital call for KKR infrastructure
- Approval of retirement allowances for February
- Appointment of Ross Bourgeois as the new active employees’ representative
- Approval for three members to attend the NCPERS conference in May
The Board of Trustees approved the liquidation of the Millennium fund following a recommendation from AndCo Consulting. The board also ratified February retirement allowances and approved attendance for three members at the NCPERS conference.
- Approved liquidation of the Millennium fund (5-0)
- Approved retirement allowances for February (3-0)
- Approved attendance of Ms. Trepagnier, Mr. DeLarge, and Mr. Bourgeois at the NCPERS conference (5-0)
- Approved February 15, 2023 regular meeting minutes (3-0)
Board of Trustees
The Board of Trustees approved a revised investment policy statement and a contract for Dr. Brobson Lutz, MD to serve as the board's medical physician. The board also reviewed market performance and discussed an upcoming $36 million capital call for KKR infrastructure.
- Approval of Dr. Brobson Lutz, MD as board medical physician
- Adoption of revised investment policy statement dated February 15, 2023
- $36 million KKR infrastructure commitment capital call expected in April 2023
- Payment of $5 million board fiduciary insurance premium
- Approval of attendance for the NCPERS national conference in New Orleans
The Board of Trustees approved a contract for a designated medical physician and adopted revisions to the investment policy statement. Trustees also approved retirement allowances for February and authorized attendance at a national conference.
- Approved January 18, 2023 regular meeting minutes (unanimous)
- Approved retirement allowances for February (unanimous)
- Approved contract designating Dr. Brobson Lutz, MD as board medical physician (unanimous)
- Adopted final redlined investment policy statement dated February 15, 2023 (unanimous)
- Approved request for Ms. Bagneris and Ms. Kahn to attend NCPERS national conference (unanimous)
Board of Trustees
The Board of Trustees approved several asset allocation target revisions and a liquidation plan to fund a $36 million commitment to the KKR Diversified Core Infrastructure Fund. The board also approved a 2% interest rate on eligible member contribution balances and confirmed that funding for one-time lump sum cost of living adjustments has been received.
- $36 million commitment to KKR Diversified Core Infrastructure Fund
- Approval of 2% interest rate on all eligible member contribution balances
- Liquidation of assets from Macquarie, TCW, Corbin Capital, Ashmore, BlackRock, GMO, Intercontinental, Principal, and Millennium
- Request for additional liquidity: $2 million from Corbin, $1 million from Intercontinental, and $1 million from Principal
The Board of Trustees updated asset allocation targets and approved the liquidation of several managers to fund a $36 million KKR Diversified Core Infrastructure Fund commitment. The board also approved January retirement allowances and a 2% interest rate on eligible member contribution balances.
- Approved 2% interest rate on eligible member contribution balances (unanimous)
- Approved January retirement allowances (unanimous)
- Approved new asset allocation targets to fund KKR commitment (unanimous)
- Approved liquidating funds from 11 listed managers to meet $36M KKR capital call (unanimous)
- Approved requesting additional liquidity: $2M from Corbin, $1M from Intercontinental, and $1M from Principal (unanimous)
- Approved December 20, 2022 meeting minutes (unanimous)