New Orleans Municipal Employees' Retirement System public meetings in 2024
13 substantive meetings from 2024, with official agendas or minutes and plain-English summaries.
Board of Trustees
The Board of Trustees for the City of New Orleans Employees' Retirement System approved changes to its investment policy and fund allocations. The board also voted to advertise a notice of intention to introduce a bill regarding system membership in the upcoming legislative session.
- Approved retirement allowances for December
- Adopted Investment Policy Statement revisions removing TCW and adding PIMCO fund
- Rescinded real estate redemption requests for Intercontinental and Principal
- Transitioned investment from Corbin Opportunity Fund to Corbin ERISA Opportunity Fund (C share class)
- Approved public notice for a bill regarding membership in the Employees' Retirement System
The Board of Trustees approved revisions to the Investment Policy Statement and transitioned funds from the Corbin Opportunity Fund to the Corbin ERISA Opportunity Fund. Members also voted to rescind real estate redemption requests and authorize a public notice for a future legislative bill regarding system membership.
- Approved November 20, 2024 regular meeting minutes (4-0)
- Approved retirement allowances for December (4-0)
- Adopted Investment Policy Statement revisions removing TCW and adding PIMCO fund (4-0)
- Removed redemption requests for Intercontinental and Principal (4-0)
- Approved transition from Corbin Opportunity Fund to C share class of Corbin ERISA Opportunity Fund (4-0)
- Approved advertising public notice of intention to introduce a bill regarding system membership (4-0)
Board of Trustees
The New Orleans Municipal Employees' Retirement System Board of Trustees approved monthly retirement allowances and terminated a fixed-income investment relationship, reallocating proceeds to another fund. The board also discussed an Attorney General opinion request regarding police retirement plan opt-outs and reviewed committee reports on investments, governance, and budget.
- Approved October retirement allowances
- Terminated fixed-income relationship with TCW, allocating proceeds to PIMCO Income Fund
- Discussed draft request for Attorney General opinion on MPERS opt-out provision for civilian police employees
- Requested $1 million in 2025 budget for retiree cost-of-living adjustments
- Announced 2025 budget presentation to City Council
The Board of Trustees approved the termination of its fixed income relationship with TCW and the allocation of those proceeds to the PIMCO Income Fund. The board also approved retirement allowances for October and the minutes from the September 18 meeting.
- Approved September 18, 2024 regular meeting minutes (3-0)
- Approved retirement allowances for October (3-0)
- Terminated fixed income relationship with TCW and allocated proceeds to PIMCO Income Fund (3-0)
Board of Trustees
The Board of Trustees for the City of New Orleans Employees' Retirement System approved retirement allowances for September and liquidated assets to ensure liquidity. The board also discussed missing employer contributions from the Orleans Parish Communications District and a legislative bill regarding police civilian employees.
- Liquidated $1.5M from Vanguard S&P 500 mutual fund and $1.5M from Vanguard Growth mutual fund
- Approved retirement allowances for September
- Discussed missing 2024 employer contributions from the Orleans Parish Communications District (OPCD)
- Proposed request for a Louisiana Attorney General opinion regarding MPERS opt-out provisions for civilian police hires
- Approved meeting minutes from August 20 and 21, 2024
The Board of Trustees approved the liquidation of $3M from Vanguard mutual funds to ensure liquidity. The board also ratified retirement allowances for September and approved previous meeting minutes.
- Approved liquidation of $1.5M from Vanguard S&P 500 mutual fund (3-0)
- Approved liquidation of $1.5M from Vanguard Growth mutual fund (3-0)
- Approved retirement allowances for September (3-0)
- Approved August 20 and August 21, 2024 meeting minutes (3-0)
Board of Trustees
The New Orleans Municipal Employees' Retirement System Board of Trustees approved monthly retirement allowances and accepted the 2023 annual audit report with an unqualified opinion. The board also discussed legislative changes affecting police officer contributions and selected securities litigation firms.
- Approved August 2024 retirement allowances
- Accepted 2023 annual audit report (unqualified opinion)
- Selected Labaton Keller Sucharow, Grant & Eisenhofer, Reeves Law Firm, Bleichmar Fonti & Auld, Bernstein Litowitz Berger & Grossman, and Kahn Swick & Foti as securities litigation firms
- Discussed MPERS legislative bill affecting police officer contributions to NOMERS
- Submitted 2025 budget request including $1M COLA request
The Board of Trustees approved the 2023 annual audit report, which received an unqualified opinion with no findings. The board also selected several law firms for securities litigation and approved retirement allowances for August.
- Approved July 17 and July 23, 2024 meeting minutes (5-0)
- Approved retirement allowances for August (5-0)
- Accepted 2023 annual audit report (5-0)
- Selected Labaton Keller Sucharow, Grant & Eisenhofer - Reeves Law Firm, Bleichmar Fonti & Auld, Bernstein Litowitz Berger & Grossman, and Kahn Swick & Foti as securities litigation firms (5-0)
Board of Trustees
The Board of Trustees heard presentations from eight firms regarding a Fixed Income Request for Proposal (RFP). The board discussed the presentations and agreed to continue the discussion at the next regular meeting.
- Fixed Income RFP presentation by BBH Core Plus Fixed Income
- Fixed Income RFP presentation by Victory "VII" Core Plus Fixed Income
- Fixed Income RFP presentation by Raymond James Core Plus Fixed Income
- Fixed Income RFP presentation by PIMCO Income Fund
- Fixed Income RFP presentations by Loomis Sayles, Capital Group, and Loop Capital
The Board of Trustees heard presentations and conducted Q&A sessions with eight firms regarding a Fixed Income RFP. No final selection was made; the board agreed to continue discussions at the next regular meeting.
- Tabled Fixed Income RFP decision for further discussion at the next regular meeting
Board of Trustees
The Board of Trustees heard presentations from several law firms regarding a Request for Qualifications (RFQ) for securities litigation. The board discussed the presentations and agreed to continue the discussion at the next regular meeting.
- Presentations from Labaton Keller Sucharow
- Presentations from Grant & Eisenhofer and Reeves Law Firm
- Presentations from Kehoe and Berger Montague
- Presentations from Bleichmar Fonti & Auld
- Presentations from Bernstein Litowitz Berger & Grossman, Kahn Swick & Foti, and Saxena White
The Board of Trustees heard presentations from several law firms regarding a Securities Litigation Request for Qualifications (RFQ). No decisions were made on the presentations, and the board agreed to continue discussions at the next regular meeting.
- Tabled decision on Securities Litigation RFQ presentations to the next regular meeting
- Adjourned meeting (4-0)
Board of Trustees
The Board of Trustees appointed a new chairman and vice-chairman and approved retirement allowances for July. The board discussed delinquent contributions from the Orleans Parish Communications District and planned a request for $1 million for 2025 retiree cost of living adjustments.
- Appointment of Ms. Kahn as chairman and Mr. Bourgeois as vice-chairman
- Approval of retirement allowances for July
- Plan to request $1 million for one-time lump sum cost of living adjustments (COLAs) for retirees in 2025
- Identification of delinquent contributions from the Orleans Parish Communications District
- Selection of seven candidates for fixed income RFP interviews on August 20
The Board of Trustees appointed a new chairman and vice-chairman and approved retirement allowances for July. The board also agreed to register all members for the LAPERS conference and identified seven candidates for a fixed income search.
- Appointed Ms. Kahn as chairman of the board (5-0)
- Appointed Mr. Bourgeois as vice-chairman of the board (5-0)
- Approved retirement allowances for July (5-0)
- Approved June 26, 2024 regular meeting minutes (5-0)
- Approved registration of the entire board for the LAPERS conference (5-0)
- Agreed to invite seven candidates for fixed income interviews on August 20
Board of Trustees
The Board of Trustees approved employee and employer contribution rates for 2025 and authorized a Five-Year Actuarial Experience Study. The board also decided to request $1 million from the city council for a 2025 retiree COLA payment.
- Approved 6% employee and 17.45% employer contribution rates for 2025
- Authorized Segal Group to conduct a Five-Year Actuarial Experience Study
- Agreed to send a formal delinquent letter to the Orleans Parish Communications District regarding missing contributions
- Requested $1 million from city council for a $500 lump sum COLA in 2025
- Reported market value of assets increased from $422M in 2023 to $461.8M in 2024
The Board approved the 2025 employee contribution rate of 6% and employer rate of 17.45%. Trustees also authorized a Five-Year Actuarial Experience Study and approved retirement allowances for June.
- Approved 6% employee and 17.45% employer contribution rates for 2025
- Approved Five-Year Actuarial Experience Study by Segal Group
- Approved retirement allowances for June
- Approved May 15, 2024 meeting minutes
- Agreed to send formal delinquent letter to Orleans Parish Communications District
- Agreed to request $1 million from city council for a $500 lump sum COLA in 2025
- Scheduled selection committee interviews for Securities Litigation RFQ on July 23
Board of Trustees
The Board of Trustees for the City of New Orleans Employees' Retirement System approved retirement allowances for May and meeting minutes from April and May. The board discussed the selection process for securities litigation firms and reviewed investment performance through March 31, 2024.
- Approved retirement allowances for the month of May
- Decided that candidates from the Securities Litigation RFQ will make presentations to the board
- Reviewed March 31, 2024 performance report and investment policy compliance
- Discussed legislative impacts of HB 15, HB 42, HB 43, and HB 963
- Reviewed staff organizational chart and retirement eligibility dates for legacy planning
The Board of Trustees approved the retirement allowances for May and the minutes from two previous meetings. The board also decided that candidates for the Securities Litigation RFQ must make presentations before a final selection is made at a future meeting.
- Approved April 17, 2024 and May 6, 2024 meeting minutes (3-0)
- Approved retirement allowances for May (3-0)
- Decided Securities Litigation RFQ candidates must make presentations to the board
Board of Trustees
The Board of Trustees met to discuss amendments to HB 15 to prevent civilian employees of the New Orleans Police Department from being required to join the Municipal Police Employees’ Retirement System (MPERS). The board explored adding specific language naming the city or using a population number to achieve this protection.
- Discussion of HB 15 exemptions from MPERS membership
- Proposal to add "...and the City of New Orleans" to HB 15
- Proposal to use a population number instead of naming a specific municipality
The Board of Trustees met to discuss amendments to HB 15 regarding membership exemptions for the Municipal Police Employees’ Retirement System (MPERS). Trustees and legal counsel discussed adding specific language or population thresholds to protect civilian employees of the New Orleans Police Department. No formal votes on the bill were taken.
- Discussed adding 'and the City of New Orleans' to HB 15 to protect civilian employees
- Agreed to explore using a population number instead of naming the municipality to achieve protections
- Adjourned meeting (4-0)
Board of Trustees
The Board of Trustees approved a new board travel policy and ratified retirement allowances for April. Members discussed state legislation regarding benefit suspensions and membership exemptions, and requested a draft policy to penalize late pension contributions.
- Approval of the board travel policy
- Ratification of retirement allowances for April
- Review of 31 responses to the Fixed Income RFP
- Discussion of HB 963, HB 15, and SB 5 regarding retirement benefits and fiduciary obligations
- Request for a draft policy regarding penalties for late pension contributions
The Board of Trustees approved the retirement allowances for April and adopted a new board travel policy. The board also reviewed investment performance and discussed several legislative bills and a potential policy for late pension contributions.
- Approved March 20, 2024 regular meeting minutes (All in favor)
- Approved retirement allowances for April (All in favor)
- Approved board travel policy (All in favor)
Board of Trustees
The Board of Trustees reviewed investment performance and real estate holdings. The board also discussed a data security issue at JP Morgan and the status of a contribution lawsuit against the City.
- Approval of retirement allowances for February
- JP Morgan to notify retirees and offer two years of free credit monitoring after unauthorized vendor access to member data
- Annual travel budget per board member set to $10,000 for 2024
- Fixed Income RFP update with 24 investment managers planning to respond
- Securities Litigation RFQ closed with 10 submissions
The Board of Trustees approved the retirement allowances for February and the minutes from the February 21 meeting. The board also received updates on a JP Morgan data access issue and a pending contribution lawsuit against the City.
- Approved February 21, 2024 regular meeting minutes (All in favor)
- Approved retirement allowances for February (All in favor)
Board of Trustees
The Board of Trustees approved a resolution supporting specific retirement bills in the Louisiana State Legislature. The board also set an annual travel budget of $10,000 per member and approved a 2% member account interest rate for the calendar year.
- Approved a resolution supporting certain retirement bills in the 2024 Louisiana State Legislature regular session
- Set an annual travel budget of $10,000 per board member for 2024
- Approved a member account interest rate of 2% for the calendar year
- Approved a Core Plus Fixed Income Manager RFP
- Approved investment policy changes allowing small cap managers to invest up to 5% in large cap names
The Board of Trustees approved the 2024 member account interest rate and set a per-member annual travel budget. The board also passed a resolution supporting specific retirement bills in the Louisiana State Legislature and approved a search for a Core Plus Fixed Income Manager.
- Approved 2% member account interest rate for the calendar year (4-0)
- Set annual travel budget per board member at $10,000 (4-0)
- Approved resolution supporting 2024 Louisiana State Legislature retirement bills (4-0)
- Approved RFP for Core Plus Fixed Income Manager search (4-0)
- Approved investment policy allowing small cap managers to invest up to 5% in large cap names (4-0)
- Approved Consent for Assignment of the Investment Advisory Contract for Mariner Institutional (4-0)
- Approved February retirement allowances (4-0)
- Approved December 15, 2023 and February 15, 2024 meeting minutes (4-0)