NOTICE OF RESULTS
CITY OF PHOENIX EMPLOYEES’ RETIREMENT BOARD (COPERS)Pursuant to A.R.S. Section 38-431.02, notice is hereby given to the members of the CITY OF PHOENIX EMPLOYEES’ RETIREMENT BOARD and to the general public, that the CITY OF PHOENIX EMPLOYEES’ RETIREMENT BOARD held a meeting open to the public on November 19, 2008 at 9:30 a.m. located in the Subcommittee Room, 2nd Floor, Historic City Hall, 17 South 2nd Avenue, Phoenix, Arizona. (Enter through the west door. If locked, use 1st floor entrance under the steps and press the intercom button to inform security that you want to attend the City of Phoenix Employees’ Retirement Board Meeting.) One or more members may participate via teleconference.
The results of the meeting were as follows:
RESULTS
9:33
1.
All approved
2.
Approval of Meeting Minutes
a)
September 24, 2008 (Retirement Board Meeting)
b)
October 15, 2008 (Charter Amendments/Policies & Procedures Committee Meeting)
Discussion and possible Board action
3.
Investment Committee Report
No action
a)
Consideration of Excess Benefit Arrangement Trust Report
No action
b)
Consideration of Commission Recapture Statement
No action
c)
Consideration of Securities Lending Earnings Report
No action
d)
Review of Class Action Filing Report
(Prepared by State Street)No action
e)
Proxy Vote Summary Report
1)
AXA Rosenberg – 3rd Quarter 2008
2)
Cadence Capital Management – 3rd Quarter 2008
3)
Cramer Rosenthal McGlynn – 3rd Quarter 2008
4)
Dimensional Fund Advisors – 3rd Quarter 2008
5)
Eagle Asset Management – 3rd Quarter 2008
6)
GMO – International Intrinsic Value Fund –
3rd Quarter 2008
7)
Northern Trust – 3rd Quarter 2008
8)
Pyramis – Emerging Markets Commingled Pool –
3rd Quarter 2008
9)
The Boston Company – 3rd Quarter 2008
No action
f)
Consideration of Correspondence from Barclays Capital Regarding Name Change of Lehman Brothers Indices
No items
g)
Future Agenda Items
No response
h)
Call to the Public
Discussion and possible Board action
Executive Session
Pursuant to A.R.S. Section 38-431.03.A.3 the Board may vote to convene in Executive Session for discussion or consultation with the Board’s attorney for legal advice regarding items 4, 5, 6 and 9. The Board will vote on actions to take on these items in open session.
4.
Charter Amendments/Policies & Procedures Committee Report
Continued
a)
Consideration of Request from David Hensley Regarding Continuation of an Alternate Payee’s Pension Benefits Upon the Death of the Retiree
Approved policy change
b)
Consideration of Policy 145 (Repurchasing of Credit Service Due to Refund)
Approved
c)
Consideration of Policy Regarding Payment of Plan Expenses
No action
d)
Consideration of COPERS’ Governance Policy and Application for Updated Determination Letter
No action
e)
Explanation and Clarification of Military Leave Policy 52
No items
f)
Future Agenda Items
No response
g)
Call to the Public
Discussion and possible Board action
Submit filing in 2009
5.
Consideration of COPERS’ Governance Policy Document
and IRS Application
Discussion and possible Board action
Approved changes
6.
Explanation and Clarification of Military Leave Policy 52
Discussion and possible Board action
Approved funding
7.
Review of Scope and Funding for Project: “Review of City of Phoenix Employees’ Retirement System” – Presentation by City Auditor Randy Spenla
Discussion and possible Board action
Continued
8.
Consideration of Request for Modeling and Analysis Concerning the Impact of the Pension Equalization Program (PEP) Transfer on the Investment Return for the Fund
Discussion and possible Board action
Elected
9.
Consideration of Election of Citizen Representative –
Linda Reidenbach
Discussion and possible Board action
Tabled
10.
Consideration of Appointment of Retiree Representative Member
Discussion and possible Board action
All approved
11.
Consideration of Requests for Transfer of Member Credited Service from COPERS to Arizona State Retirement System (ASRS)
a)
Scott B. Dobbins
$63,780.76
b)
William L. Grue
$29,161.14
c)
Justin B. Hall
$32,160.22
Discussion and possible Board action
All approved
12.
Consideration of Requests for Purchase of Service Credits Pursuant to Board Policy 180
a)
In-State/Out-of-State/Military
1)
Ann Enriquez
3)
Irma Perez
2)
Patricia Martin
4)
Anne Pietras
b)
City of Phoenix Full-Time Temporary
1)
Richard Beardsley
13)
Deborah Larkins
2)
David Bradley
14)
Lee Lilya
3)
Nicholas Claus
15)
Beverly Marsh
4)
Benedict Delbrocco
16)
Cheryl Martinez
5)
Carol Dodd
17)
Bonnie Morice
6)
Mary Dysinger-Franklin
18)
Patricia Nightingale
7)
Bruce Eaton
19)
Michael Norville
8)
Richard Green
20)
D’Ann O’Bannon
9)
Theodore Greene
21)
Martin Stieber
10)
Kelly Gremmel
22)
Bruce Temple
11)
Linda Henderson
23)
Alice Trimble
12)
Patrick Larkin
c)
City of Phoenix Job-Share
1)
Matilda Torres
2)
Alice Trimble
Discussion and possible Board action
All approved
13.
Bills to be Paid
Plan Expenses
a)
AXA Rosenberg
3rd Quarter 2008 Fees
$124,641.05
b)
Cadence Capital Management
3rd Quarter 2008 Fees
$142,303.00
c)
Cramer Rosenthal McGlynn
3rd Quarter 2008 Fees
$247,715.93
d)
Dimensional
3rd Quarter 2008 Fees
$90,077.78
e)
Eagle Asset Management
3rd Quarter 2008 Fees
$125,457.29
f)
Kutak Rock LLP
Professional Services
$11,056.82
Professional Services
$50.70
Professional Services
$330.50
g)
Levi, Ray & Shoup, Inc.
Maintenance & Support (11/17/2008 to 11/16/2009)
$148,699.80
h)
Pyramis Global Advisors
3rd Quarter 2008 Fees
$141,949.00
i)
Research Affiliates
3rd Quarter 2008 Fees
$265,652.74
j)
State Street Corporation
September 2008 Fees
$9,357.00
k)
The Boston Company