BOARD OF TRUSTEES, LOUISIANA ASSESSORS’ RETIREMENT FUND

 

Lance Futch (Union) Chairperson(s)

Members

Jeffrey D. Gardner, Vice President (East Feliciana), Ex-Officio
Gabe Marceaux, Treasurer (Vermilion), Ex-Officio
Michael Bealer (Vernon)
Emmett “Lee” Brown, III (Richland)
Conrad Comeaux (Lafayette)
Richard C. Earl (Allen)
Charles R. Henington, Jr.(Caddo)
James A. “Jimbo” Stevenson (Washington)
Glenn Waguespack (St. James)
Erroll G. Williams (Orleans)
Irby Gamble, Retiree Representative
Glenda Gaspard, Employee Representative
Louis A. Hebert, Employee Representative
Phyllis Mendoza, Retiree Representative
Ed Price, Senator
Phillip DeVillier, State Representative

BOARD OF TRUSTEES, LOUISIANA ASSESSORS’ RETIREMENT FUND Article Updates.

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Article Posted 04/01/2015
MINUTES OF MEETING

LOUISIANA ASSESSORS’ ASSOCIATION RETIREMENT BOARD OF TRUSTEES

WEDNESDAY, MARCH 25, 2015 9:00 A.M.

A meeting of the Louisiana Assessors ‘Association Retirement Board of Trustees was held Wednesday, March 25, 2015 at 9:00 a.m. at the Margaritaville Resort Casino located at 777 Margaritaville Way, Bossier City, Louisiana. The following members were present: President Jimmy Laurent, Jr., Vice President Rick Ducote, Treasurer Barney “Frog” Altazan and Members Erroll Williams, James “Jimbo” Stevenson, Rhyn Duplechain, Richard Earl, James Johnson, Charlie Henington, Brian Wilson, Louis Hebert, Glenda Gaspard, Irby Gamble, and Phyllis Mendoza. Absent were Representative Kevin Pearson and Senator Elbert Guillory.

Following the roll call, prayer, Pledge of Allegiance, and Public Comment period wherein no members of the public spoke a motion entered by Louis Hebert, seconded by Charlie Henington passed to approve the minutes of the February 25, 2015 meeting of the Retirement Board of Trustees.

Next on the agenda was an update on the Assessors’ Retirement House Bill 48 sponsored by Representative Thibaut and a report on House Bill 40 being sponsored by Representative Gaines regarding the purchase of military credit.

The next item on the agenda was a presentation by Ms. Denise Akers, the assessors’ newly hired legal counsel for the retirement system. Ms. Akers addressed the Board regarding the Board’s previous decision to approve the filing of a concursus for a deceased retiree. Ms. Akers stated that after her review of the deceased member’s file and all supporting documentation that, in her opinion, it was clear to whom disbursements should be made from the remaining funds of the deceased retiree. A motion was entered by Phyllis Mendoza and seconded by Charlie Henington to proceed with disbursements of remaining funds for the deceased retiree without filing a concursus. The motion passed with unanimous consent.

A motion was made by Irby Gamble, seconded by Jimbo Stevenson and passed unanimously to approve the contract for legal services presented by Ms. Akers.

There being no further business to come before the Board, a motion to adjourn was entered by Louis Hebert, seconded by Jimbo Stevenson and the meeting was subsequently adjourned.

Meeting Agenda – 3/25/2015

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Article Posted 03/09/2015
MINUTES OF MEETING

LOUISIANA ASSESSORS’ ASSOCIATION RETIREMENT BOARD OF TRUSTEES

WEDNESDAY, FEBRUARY 25, 2015 9:00 A.M.

A meeting of the Louisiana Assessors ‘Association Retirement Board of Trustees was held Wednesday, February 25, 2015 at 9:00 a.m. at the Louisiana Assessors’ Association Office located at 3060 Valley Creek Drive, Baton Rouge, Louisiana. The following members were present: President Jimmy Laurent, Jr., Vice President Rick Ducote, Treasurer Barney “Frog” Altazan and Members Erroll Williams, James “Jimbo” Stevenson, Rhyn Duplechain, Richard Earl, James Johnson, Stephanie Smith, Charlie Henington, Brian Wilson, Louis Hebert, Glenda Gaspard, Irby Gamble, and Phyllis Mendoza. Absent were Representative Kevin Pearson and Senator Elbert Guillory.

Following the roll call, prayer, Pledge of Allegiance, and Public Comment period wherein no members of the public spoke a motion entered by Irby Gamble, seconded by Louis Hebert passed to approve the minutes of the January 27, 2015 meeting of the Retirement Board of Trustees.

Next on the agenda was a presentation by actuary Greg Curran of the 2014 funding valuation report. Though the report was presented in January and accepted by the Board, additional discussion was warranted on the funding of COLAs from the deposit funding account and any effects of an early payoff of the unfunded accrued liability. The Curran’s will present additional information regarding the early payoff at the April meeting.

Following the report by Greg Curran on information necessary to prepare financial statements in accordance with the Governmental Accounting Standards Board Statements 67 and 68 for the fiscal year-ending September 30, 2014, a motion was made by Louis Hebert and seconded by Erroll Williams to accept the report. The motion carried with no objections.

A motion was entered by Charlie Henington and seconded by Jimbo Stevenson to authorize the executive director to work with both the auditor and actuary to come up with the correct GASB 68 allocation for the Association. The motion was passed unanimously.

The next item on the agenda was review of correspondence received from the Attorney General’s office concerning termination of the contract for legal counsel between the AG’s Office and the Louisiana Assessors’ Retirement Board. The letter, dated February 3, 2015, explained that due the fact that the Department of Justice lost one of its attorneys most involved in assisting LARF with its legal needs and the unavailability of another attorney on their staff to provide the level of service desired by both parties, the Attorney General’s office decided to furnish a 90 day notice, versus the 30 days-notice required by the contract, to cancel the contractual agreement to provide legal representation for the Retirement Board.

Present at the Retirement board meeting was Ms. Denise Akers of Akers & Wisbar, L.L.C. to meet the Board and interview with the Board as LARF’s new legal counsel. Ms. Akers has a background in family practice law as well as experience in public pension law. Ms. Akers currently represents Parochial Employees Retirement System of Louisiana, Louisiana State Police, Clerks’ of Court, Registrar of Voters, and Employees’ Retirement System of the City of Baton Rouge and Parish of East Baton Rouge.

On motion by Irby Gamble and second by Richard Earl the Board voted unanimously to hire Ms. Akers as LARF’s new legal counsel effective March 1, 2015 and to authorize the Executive Director and President James Laurent, Jr. to approve a contract with Ms. Akers.

Next on the agenda was the presentation of the written Consent to Change in Internal Control for The Bogdahn Group. Mr. Hebert made a motion seconded by Erroll Williams to sign the contract. The motion passed.

The next item on the agenda was to request formal approval from the Assessors’ Retirement Board to fund the purchase of Condo Unit C, formerly owned by Dr. Lawrence Wade. A motion was entered by Rhyn Duplechain to loan the money to the Louisiana Assessors’ Association to purchase Condo C. The terms of the sale were to pay the sales price of $120,000, request the Association transfer $30,000 from its LAMP account as a downpayment, payoff the remaining balance of the note funded to the Association for the purchase of Condo D and finance the balance for 25 years at a rate of 7.25%. Phyllis Mendoza seconded the motion and the motion passed with unanimous consent. The new monthly note for the Association would be less than $1,000 per month payable to the Assessors’ Retirement Fund.

There being no further business to come before the Board, a motion to adjourn was entered by Richard Earl, seconded by Jimbo Stevenson and the meeting was subsequently adjourned.

 

Meeting Agenda – 2/25/2015

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RETIREMENT BOARD xx
Article Posted 02/09/2015
MINUTES OF MEETING

LOUISIANA ASSESSORS’ ASSOCIATION RETIREMENT BOARD OF TRUSTEES

TUESDAY, JANUARY 27, 2015 1:30 P.M.

A meeting of the Louisiana Assessors ‘Association Retirement Board of Trustees was held Tuesday, January 27, 2015 at 1:30 p.m. at the Louisiana Assessors’ Association Office located at 3060 Valley Creek Drive, Baton Rouge, Louisiana. The following members were present: President Jimmy Laurent, Jr., Vice President Rick Ducote, Treasurer Barney “Frog” Altazan and Members Erroll Williams, James “Jimbo” Stevenson, Rhyn Dupechain, Richard Earl, James Johnson, Stephanie Smith, Charlie Henington, Brian Wilson, Louis Hebert, Glenda Gaspard, Irby Gamble, and Phyllis Mendoza. Absent were Representative Kevin Pearson and Senator Elbert Guillory.

Following the roll call, prayer, Pledge of Allegiance, and Public Comment period wherein no members of the public spoke a motion entered by Irby Gamble, seconded by Louis Hebert passed to approve the minutes of the December 3, 2014 special meeting of the Retirement Board of Trustees.

The next agenda item was the presentation of the November 2014 Retirement financial reports by Anita Owens. A motion was entered by Richard Earl and seconded by Glenda Gaspard to accept the financial reports. The motion passed with no objections.

The next agenda item was the presentation by Kathy Bertrand of the report of refunds, reciprocals, transfers, retirees and deaths. A motion to accept the report was entered by Phyllis Mendoza, seconded by James Johnson passed unopposed.

A motion was made by Louis Hebert and seconded by Jimbo Stevenson to amend the order of items on the agenda and take up agenda item 10 prior to agenda item 9. The motion passed unanimously.

Investment Consultant, Jon Breth, provided an update of the Retirement Fund performance. The monthly flash report of investment returns was reviewed as well as a real estate overview and market update.

Mr. Breth also expounded on the change of internal control at The Bogdahn Group.

Mr. Breth ended his presentation with a review of hedge fund of funds. A motion was then entered by Rhyn Duplechain and seconded by Irby Gamble requesting Mr. Breth bring in two different core real estate managers, namely American Core Realty and Morgan Stanley Prime, to address the Retirement Board at the next April meeting. The motion passed unanimously. 2

Returning to Agenda Item 9, system attorney Sonia Mallett updated the Board on the filing of a concursus regarding the residual contributions of a deceased retiree. Ms. Mallett assured the Board that the concursus would be filed at the beginning of the following week.

Ms. Mallett then proceeded to explain that a member could actually name two different beneficiaries on their retirement paperwork, one being a beneficiary designated to receive a survivor monthly retirement benefit and one being a beneficiary to receive any undisbursed employee contributions upon the death of a member. Ms. Mallett further explained that the current retirement form being used by the Assessors’ Retirement Fund should be updated to include the election for both types of beneficiaries. A motion was made by Phyllis Mendoza and seconded by Charlie Henington for legal counsel to assist in drafting a new retirement form to accommodate both types of beneficiaries.

A motion entered by Louis Hebert, seconded by Stephanie Smith passed unanimously to adopt a Resolution in the amount of $1,351,034.20 to be presented to the State Treasurer making demand upon the City of Orleans for the revenue sharing funds currently due to the Assessors’ Retirement Fund.

Agenda item 11 was the presentation by the system actuary. Mr. Greg Curran asked that we defer presentation of the 2013 and 2014 GASB valuation reports until the next meeting. Mr. Curran then proceeded to provide an overview of the 2014 funding valuation report. A motion was made by Phyllis Mendoza and seconded by Erroll Williams to accept the 2014 funding valuation report. The motion passed with no objections.

During the actuary’s presentation, Ms. Margaret Corley of the Louisiana Senate Retirement Committee advised that advertisements for the legislation the Assessors’ Retirement Fund is seeking this session to allow COLAs to be granted out of its funding deposit account will be published January 28 and January 29, 2015.

There being no further business to come before the Board a motion to adjourn was made by Charlie Henington, seconded by Jimbo Stevenson and the meeting was adjourned

Meeting Agenda – 1/27/2015

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BOARD OF TRUSTEES xx
Article Posted 12/3/2014
VIDALIA CONFERENCE & CONVENTION CENTER
112 FRONT STREET
VIDALIA, LOUISIANA 71373
A meeting of the Louisiana Assessors’ Retirement Fund Board of Trustees was held December 3, 2014 at 11:00 a.m. at the Vidalia Conference & Convention Center in Vidalia, Louisiana. The following members were present: President Lee Brown, Vice President Jimmy Laurent, Jr., Treasurer Rick Ducote, and Members Erroll Williams, James “Jimbo” Stevenson, Rhyn Duplechain, Richard Earl, Stephanie Smith, Charlie Henington, Louis Hebert, Glenda Gaspard, Irby Gamble, and Phyllis Mendoza. Absent were Members James Johnson, Brian Wilson, Representative Kevin Pearson and Senator Elbert Guillory.
Following the roll call, prayer, Pledge of Allegiance, and Public Comment period wherein no members of the public spoke a motion entered by Irby Gamble and seconded by Charlie Henington passed with no objections to approve the minutes of the October 22, 2014 meeting.
The next agenda item was the presentation of the 2015 Louisiana Assessors’ Association budget amended by the Association Board of Directors to increase funding to the Association Office by increasing the share of the administrative expenses shared by the Assessors’ Retirement Fund and Assessors’ Insurance Fund by 3%. A motion was made by Rhyn Duplechain and seconded by Louis Hebert to accept the recommendations of the Board of Directors to increase by 3% the funding from both the Retirement Fund and Insurance Funds to cover the increasing administrative costs of the Association Office.
A presentation was then provided by system actuary Gary Curran. Mr. Curran reviewed several items, among them the valuation interest rate, the unfunded accrued liability, and COLA’s.
After Mr. Curran completed his analysis, the Retirement Board voted on the following matters:

– On motion by Charlie Henington and second by Stephanie Smith, the Board unanimously voted to reduce the valuation interest rate from 7.50% to 7.25%. The motion carried.
– A motion was entered by Louis Hebert and seconded by Phyllis Mendoza to authorize the system’s legal counsel to draft legislation allowing the Assessors’ Retirement System to include use the funding deposit account to fund COLAs. The motion passed with no objections.

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Article Posted 11/05/2014
MEETING MINUTES

RETIREMENT BOARD OF TRUSTEES
OF THE LOUISIANA ASSESSORS RETIREMENT FUND

TUESDAY, OCTOBER 21, 2014

A meeting of the Board of Trustees of the Louisiana Assessors Retirement Fund was held at 1:00 p.m. on October 21, 2014, at the Louisiana Assessors Association Office located at 3060 Valley Creek Drive, Baton Rouge, Louisiana. The following officers were present: President Lee Brown, Vice President James Laurent, Jr., Treasurer Rick Ducote and Members Erroll Williams, James Stevenson, Rhyn Duplechain, Richard Earl, James Johnson, Stephanie Smith, Charlie Henington, Brian Wilson, Louis Hebert, Glenda Gaspard, Irby Gamble and Phyllis Mendoza. Absent were Senator Elbert Guillory and Representative Kevin Pearson.

Following the call to order, roll call, prayer, Pledge of Allegiance, and Public comment period wherein no members of the public spoke, a motion by Glenda Gaspard seconded by James Johnson passed unanimously to approve the minutes of the special meeting held October 7, 2014.

After the presentation of the financial report for August 2014, a motion was entered by Irby Gamble and seconded by Stephanie Smith to accept the financial report. The motion passed unanimously.

A motion was made by Charlie Henington, seconded by Louis Hebert and passed with no objections to accept the report of refunds, transfers, reciprocals, retirees, and deaths as presented by Kathy Bertrand.

The next agenda item was a presentation by Brendan McDonough with D. E. Shaw. He provided information about the firm, the Investment process and the portfolio performance. State Street representatives David Settles and Christopher Laine were present to update the board on its international equity index and active emerging markets within the portfolio. A review of overall investment portfolio and investment returns by Jon Breth was given. There was a brief discussion on core real estate investments and hedge funds opportunities. The board asked that Jon Breth provide a review of hedge funds and a recap of the 3 investment managers (Titan, Iron Wood, Intrust) who made presentations in the July meeting. Gary Curran expressed his concern with regards to the ability of a fund to fund hedge funds company to present financial statements in a timely manner. He advised that the group work with our Auditor on the type of financials required to complete our fiscal year end audit.

A motion was made by Erroll Williams, seconded by Charlie Henington to accept the audit contract not to exceed $19,500 from Hawthorn, Waymouth & Carroll, L. L. P. to conduct the GASB 67 & 68 audit tasks. The motion passed unanimously. .

A short summary on the status of our granting the October 1, 2014 Cost of Living Increase, was provided by Lindsey Hunter. A review of the Attorney General Opinion #14-0130 was provided, allowing the board to grant the COLA with an effective date of October 1, 2014. As provided in the statute, R. S. 11:241, the COLA formula, is defined as a monthly increase in the benefit of each recipient determined in accordance with the formula “X(A + B)”, where X is equal to $1 and A is equal to the number of years of credited service accrued at retirement or at death of the member or retiree and B is equal to the number of years since retirement or since death of the member or retiree to June thirtieth of the initial year of such increase. Clarification was needed on whether to included DROP or Back DROP participation years in the years of service calculation. On a motion by Phyllis Mendoza and a second by Charlie Henington, the board unanimously voted to exclude the years of participation in DROP or Back DROP from the years of service, in calculating the COLA.

A motion entered by Erroll Williams, seconded by Irby Gamble, passed, to approve the 2015 quarterly meeting dates as January 27th, April 28th, July 28th, October 27th and
a tentative meeting at the annual conference, March 25th. With regards to the December 2014 meeting, Gary Curran mentioned several decisions that he expects the board to provide, once the valuation process begins. It was determined that the retirement board will meet on December 3rd, at the Annual December function.

The next agenda item was consideration of any retirement legislation for 2015. The board discussed waiting until after the December 3rd meeting to determine if any Legislative changes are needed.

Lindsey Hunter then provided a brief summary of 3 retirees being paid the wrong monthly retirement benefit amount. In scenario #1 the retiree has been underpaid $11.70 per month, for 70 months, totaling an underpayment of $819.00. A recommendation was made to pay the retiree in the form of a check, the amount of the underpayment and correct the monthly amount going forward. Authority was provided to Lindsey Hunter to draft a letter, giving the retiree a 30 day notice to correct the monthly benefit going forward. A motion was made by Rhyn Duplechain and seconded by Erroll Williams to proceed as such with correcting the underpayment. The motion passed unanimously. Scenario #2 was a retiree who was overpaid $1 per month for 99 months. A motion was made by Erroll Williams and seconded by Stephanie Smith, approved unanimously to self-insure the overpayment of $99, provide a 30 day written notice to the retiree of our intent to correct the monthly benefit amount going forward.
Senario #3 was a retiree who has been overpaid $141.87 per month for a total overpayment of $17,024.40. A motion was made by Charlie Henington, seconded by James Stevenson, approved unanimously to self-insure the overpayment, reflect it in our financial statements, send 30 day written notice that the monthly retirement payment will be adjusted by $141.87 per month.

A motion to adjourn was made by Richard Earl, seconded by Glenda Gaspard, approved unanimously, the meeting was adjourned.

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Article Posted 10/08/2014
MEETING MINUTES

RETIREMENT BOARD OF TRUSTEES
OF THE LOUISIANA ASSESSORS RETIREMENT FUND

TUESDAY, OCTOBER 7, 2014

A Special meeting of the Board of Trustees of the Louisiana Assessors Retirement Fund was held at 1:00 p.m. on October 7, 2014, at the Louisiana Assessors Association Office located at 3060 Valley Creek Drive, Baton Rouge, Louisiana. The following officers were present: President Lee Brown, Vice President James Laurent, Jr., Treasurer Rick Ducote and Members Erroll Williams, James Stevenson, James Johnson, Stephanie Smith, Brian Wilson, Louis Hebert, Glenda Gaspard, Irby Gamble and Phyllis Mendoza. Absent were Ryan Duplechain, Richard Earl, Charlie Henington, Senator Elbert Guillory and Representative Kevin Pearson.

Following the call to order, roll call, prayer, Pledge of Allegiance, and Public comment period wherein no members of the public spoke, a motion by Irby Gamble seconded by Louis Hebert passed unanimously to approve the minutes of the meeting held July 29, 2014.

Jonathan Breth, consultant with the Bogdahn Group was present and led a discussion of our current portfolio investments with PIMCO. Mr. Breth updated the board on the recent departure of our lead portfolio manager at PIMCO. Based upon 8/31/2014 balances, the plan had $29.6 million invested with PIMCO (9.4% of the total fund). A motion was made by Louis Hebert and seconded by James Johnson and all were in favor of liquidating all shares of the PIMCO Total Return Fund, transferring $5 million of the liquidation proceeds to Loomis Sayles and transferring the remaining PIMCO liquidation funds to Orleans Capital, in the timeliest manner possible, as recommended by Jonathan Breth. A motion was made by Phyllis Mendoza and seconded by James Stevenson, all in favor, that Chairman Brown or Nannette Menou execute the transactions on behalf of the board.

A motion was made by Phyllis Mendoza and seconded by Stephanie Smith to add an agenda item to have an update on the progress of our COLA issuance. The motion passed unanimously. Kathy Bertrand provided the board with the recent communications with the retirement system computer programmer. The programmer is preparing a spreadsheet which will be utilized to calculate the amount of the Cost of Living Increase for each retiree. A motion was made by Stephanie Smith and seconded by Louis Hebert, passed unanimously, to give Kathy Bertrand the authority to reach an agreement with the programmer on the billable time needed to complete the spreadsheet in order to provide the COLA.

No further business was brought before the board.

A motion to adjourn was made by Jimbo Stevenson, seconded by Glenda Gaspard and the meeting was adjourned.

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BOARD OF TRUSTEES xx
Article Posted 07/29/2014
MEETING MINUTES

RETIREMENT BOARD OF TRUSTEES
OF THE LOUISIANA ASSESSORS RETIREMENT FUND

TUESDAY, JULY 29, 2014

A meeting of the Board of Trustees of the Louisiana Assessors Retirement Fund was held at 1:00 p.m. on July 29, 2014, at the Louisiana Assessors Association Office located at 3060 Valley Creek Drive, Baton Rouge, Louisiana. The following officers were present: President Lee Brown, Vice President James Laurent, Jr., Treasurer Rick Ducote and Members James Stevenson, Rhyn Duplechain, Richard Earl, James Johnson, Stephanie Smith, Charlie Henington, Brian Wilson, Louis Hebert, Glenda Gaspard, Irby Gamble and Phyllis Mendoza. Absent were Senator Elbert Guillory and Representative Kevin Pearson.

Following the call to order, roll call, prayer, Pledge of Allegiance, and Public comment period wherein no members of the public spoke, a motion by Erroll Williams seconded by Phyllis Mendoza passed unanimously to approve the minutes of the meeting held April 22, 2014.

After the presentation of the financial report for May by Anita Owens, a motion was entered by James Johnson and seconded by Irby Gamble to accept the financial report. The motion passed unanimously.

A motion was made by Rhyn Duplechain, seconded by Charlie Henington and passed with no objections to accept the report of refunds, transfers, reciprocals, retirees, and deaths as presented by Kathy Bertrand.

The next agenda item was a presentation by system actuary Greg Curran on the expected cost of granting a COLA with an effective date of October 1, 2014 and as allowed under La. R. S. 11:241  246 or La. R.S. 11:1461.

A motion was made by Phyllis Mendoza, seconded by Jimbo Stevenson to recommend a COLA under La. R.S. 11:242 [$1 (A+B) COLA]. A substitute motion was then made by Phyllis Mendoza to grant a COLA under La. R.S. 11:242 [$1 (A+B) COLA] without Legislative approval or an Attorney General Opinion. The motion was seconded by Erroll Williams and then a roll call vote was requested. The motion failed with 8 Nays and 4 Yeas.

A motion was then made by Charlie Henington to obtain an AG opinion to determine if the Board can grant a COLA this year without legislative approval. The motion was seconded by Louis Hebert and passed with the unanimous consent of Members present and voting.

A motion was then made by Glenda Gaspard, seconded by Charlie Henington and passed with no objections that pending a favorable opinion from the Attorney Generals office a COLA would be granted with an effective date of October 1, 2014 using the X(A+B) formula set forth in La. R.S. 11:242.

A motion entered by Erroll Williams, seconded by Jimbo Stevenson passed to approve the 2014_2015 actuarial contract for G. S. Curran & Company, Ltd. at the increased amount of $62,100 and a one-time contract in the amount of $3,500 to recalculate the 2013 Actuarial Valuation Report due to the new GASB 67 & 68 requirements.

A motion was made by Charlie Henington and seconded by Irby Gamble to approve the LARF financial audit contract in the amount of $16,950 as submitted by audit firm Hawthorn, Waymouth & Carroll, L.L.P. for the fiscal year 2014_2015. The motion carried.

The next agenda item was a presentation by Investment Consultant Jon Breth of The Bogdahn Group. Mr. Breth reviewed the Funds last quarter and year-to-date investment performance. Due to the recent losses experienced in Americus Fund IV due to the non- renewal of tenants expired leases, Mr. Breth suggested the Board consider writing down the Americus Fund IV investment to a zero balance on our books. A motion was made by Erroll Williams, seconded by Jimbo Stevenson and passed with no objections to write the balance of Americus Fund IV to a zero balance.

After hearing presentations by three different hedge fund managers, Erroll Williams made a motion to invest $15 million with Titan Advisors. A substitute motion was then made by Stephanie Smith and seconded by Charlie Henington to invest $15 million with Ironwood without legislative approval. A roll call vote taken on the substitute motion failed with 7 Nay votes and 5 Yea votes.

A motion was made by Rhyn Duplechain and seconded by Phyllis Mendoza to transfer $10 million from D. E. Shaw and invest $5 million each in the Orleans Capital and Pimco investment portfolios. The motion carried with unanimous consent.

After consideration of the proposed LARF budget for 2014_2015, a motion to accept the budget as presented was entered by Erroll Williams, seconded by Louis Hebert and passed.

A motion was made to go into Executive Session to consult with counsel and receive legal advice pursuant to La. Statute 42:17 (A)(10) and La. Code of Evidence Article 506 regarding overpayments and underpayments made by the system and the necessary steps to recoup/reimburse system funds. The motion was made by Charlie Henington, seconded by Jimbo Stevenson, and passed with unanimous consent.

A motion to end the Executive Session was made by Irby Gamble, seconded by James Johnson and carried with no objections.

Mr. Louis Hebert made a motion, seconded by James Johnson to authorize counsel to compose letters to provide notice to affected members of over and under payments by the Retirement System. The motion passed.

A motion to adjourn was made by Charlie Henington, seconded by Jimbo Stevenson and the meeting was adjourned.

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Article Posted 04/24/2014
MEETING MINUTES

RETIREMENT BOARD OF TRUSTEES
OF THE LOUISIANA ASSESSORS ASSOCIATION

TUESDAY, APRIL 22, 2014

A meeting of the Board of Trustees of the Louisiana Assessors Retirement Fund was held at 1:30 p.m. on April 22, 2014, at the Louisiana Assessors Association Office located at 3060 Valley Creek Drive, Baton Rouge, Louisiana. The following officers were present: President Lee Brown, Vice President James Laurent, Jr., Treasurer Rick Ducote and Members James Stevenson, Erroll Williams, Rhyn Duplechain, James Johnson, Charlie Henington, Brian Wilson, Louis Hebert, Glenda Gaspard, and Irby Gamble. Absent were Members Richard Earl, Stephanie Smith, Phyllis Mendoza, Senator Elbert Guillory and Representative Kevin Pearson.

Following the call to order, roll call, prayer, Pledge of Allegiance, and Public Notice a motion by Erroll Williams seconded by James Stevenson passed unanimously to approve the minutes of the special meeting held February 10, 2014.

After the presentation of the financial report for February by Anita Owens, a motion was entered by Louis Hebert and seconded by Erroll Williams to accept the financial report. The motion passed unanimously.

A motion was made by Irby Gamble, seconded by James Johnson and passed with no objections to accept the report of refunds, transfers, reciprocals, retirees, and deaths as presented by Kathy Bertrand.

The next agenda item was an update by James Laurent, Jr. on the status of the Assessors Retirement system House Bill 39. Mr. Laurent informed the Board that House Bill 39 had cleared the House Committee and would be scheduled in the near future to be considered by the Senate Committee.

Agenda Item 10 was a presentation by Investment Consultant, Jon Breth. Jon re-capped the Hedge Fund training provided on Monday, April 21 for the benefit of those Board members who missed the training session. Jon then provided information on five different investment funds. A motion was made by Rhyn Duplechain and seconded by Irby Gamble to allow both Ironwood Capital Management and Titan Advisors to make a presentation at the July quarterly meeting. The motion passed with no objections.

Jon also presented a comparison of the results of a request for quotes for custodial fees from five financial institutions including Regions latest quote. On motion by Charlie Henington and second by Erroll Williams the Board voted unanimously to allow Regions to continue at this time as custodial bank for the Assessors Retirement Fund and to monitor Regions performance and fees throughout the year.
Agenda Item 11 was consideration of pending legislation presented by Attorney Lindsey Hunter. Ms. Hunter reviewed House Bill 63, House Bill 45 and House Bill 80.
A motion was entered by Erroll Williams, seconded by Charlie Henington and passed to oppose House Bill 80 if asked.

A motion was entered by Charlie Henington and seconded by Irby Gamble to add an agenda item to discuss the Assessors Retirement Fund contract with the Department of Justice to provide general legal advice, advice with legislative matters and other legislation affecting the Assessors Retirement Fund, said contract to commence July 1, 2014 and end June 30, 2015 at a maximum cost of $31,500. The motion was passed with unanimous consent.

A motion entered by Louis Hebert was seconded by James Johnson passed with no objections to approve the contract with the Department of Justice for legal counsel for the period July 1, 2014 through June 30, 2015.

Next on the agenda were comments delivered by system actuary Gregory Curran.

Agenda Item 13 was consideration of the 2013 financial audit report prepared by Auditors Hawthorn, Waymouth and Carroll, L.L.P. On motion by Irby Gamble and second by Erroll Williams the motion passed unanimously to accept the financial audit report for Year 2013.

There being no further business to come before the Board, a motion to adjourn was entered by Erroll Williams, seconded by James Stevenson and passed with no objections.

MEETING NOTICE AND TENTATIVE AGENDA
RETIREMENT BOARD OF TRUSTEES xx
Article Posted 04/15/2014
MEETING NOTICE AND TENTATIVE AGENDA

RETIREMENT BOARD OF TRUSTEES
OF THE LOUISIANA ASSESSORS ASSOCIATION

TUESDAY, APRIL 22, 2014
1:30 P.M.

3060 VALLEY CREEK DRIVE
BATON ROUGE, LOUISIANA

1. Call meeting to order

2. Roll call

3. Prayer

4. Pledge of Allegiance

5. Public Comment

6. Approval of minutes of February 10, 2014 special meeting

7. Financial report by Staff Accountant

8. Report on refunds, transfers, reciprocals, retirees, and deaths

9. Update of status of Assessors House Bill 39

10. Presentation by investment consultant, Jon Breth

11. Comments by system actuary

12. Regions custodial fee schedule

13. Adjourn

MEETING MINUTES
BOARD OF TRUSTEES xx
Article Posted 02/14/2014
MEETING MINUTES
SPECIAL MEETING OF THE

RETIREMENT BOARD OF TRUSTEES
OF THE LOUISIANA ASSESSORS ASSOCIATION

MONDAY, FEBRUARY 10, 2014

A special meeting of the Board of Trustees of the Louisiana Assessors Retirement Fund was held at 10:00 A.M. on February 10, 2014, at the Louisiana Assessors Association Office located at 3060 Valley Creek Drive, Baton Rouge, Louisiana. The following officers were present: Vice President James Laurent, Jr., Treasurer Rick Ducote and Members James Stevenson, Erroll Williams, Rhyn Duplechain, Richard Earl, James Johnson, Stephanie Smith, Charlie Henington, Brian Wilson, Louis Hebert, Glenda Gaspard, Irby Gamble and Phyllis Mendoza. Absent were President Lee Brown, Senator Elbert Guillory and Representative Kevin Pearson.

Following the call to order, roll call, prayer, and Pledge of Allegiance, a motion by Phyllis Mendoza seconded by Louis Hebert passed unanimously to approve the minutes of the meeting held January 21, 2014.

After the presentation of the Actuarial Valuation report for fiscal year ending September 30, 2013 by Gary Curran, a motion was entered by Louis Hebert and seconded by Irby Gamble to accept the Valuation Report. The motion passed unanimously.

A motion was made by Irby Gamble, seconded by Stephanie Smith and passed unanimously to go into Executive Session to review documentation from a physician documenting the disability of a child to determine if a member would qualify to choose an Option 4 retirement benefit.

A motion was entered by James Johnson, seconded by Phyllis Mendoza and with unanimous consent the Executive Session ended.

A motion was made by Phyllis Mendoza and seconded by Erroll Williams to accept the medical testimony provided by a physician and to grant the Option 4 benefit to the requesting member. The motion carried with no objections.

There being no further business to come before the Board, a motion to adjourn was entered by James Stevenson, seconded by Louis Hebert and passed with no objections.

MINUTES OF MEETING
BOARD OF TRUSTEES xx
Article Posted 01/23/2014
MEETING MINUTES

LOUISIANA ASSESSORS RETIREMENT FUND
BOARD OF TRUSTEES

TUESDAY, JANUARY 21, 2014
1:30 P.M.

3060 VALLEY CREEK DRIVE
BATON ROUGE, LOUISIANA

A meeting of the Board of Trustees of the Louisiana Assessors Retirement Fund was held at 1:30 P.M., January 21, 2014, at the Louisiana Assessors Association Office located at 3060 Valley Creek Drive, Baton Rouge, Louisiana. The following officers were present: President Lee Brown, Vice President James Laurent, Jr., Treasurer Rick Ducote and Members Errroll Williams, Rhyn Duplechain, Richard Earl, James Johnson, Stephanie Smith, Charlie Henington, Brian Wilson, Louis Hebert, Glenda Gaspard, and Phyllis Mendoza. Absent were Members James Stevenson, Senator Elbert Guillory and Representative Kevin Pearson.

Following the call to order, roll call, prayer, and Pledge of Allegiance, a motion by Brian Wilson seconded by James Johnson passed unanimously to approve the minutes of the meeting held December 3, 2013.

A presentation of the financial report as of November 30, 2013 was made by Accountant Anita Owens. A motion to accept the financial report was entered by Louis Hebert, seconded by Irby Gamble and passed with no objections.

The report on deaths, refunds, transfers, and retirements for the fourth quarter of 2013 was made by Retirement Benefits Coordinator, Kathy Bertrand. A motion to accept the report by Ms. Bertrand was entered by Glenda Gaspard and seconded by Irby Gamble. The motion passed with no objections.

Agenda Item number nine was discussion of the Valuation Report for year-end September 30, 2013. Due to delays with the transition to a new software program complete and accurate data was unable to be provided to the system actuary in order to have the Actuarial Valuation completed by the January 2014 meeting. A special Retirement Board meeting was scheduled for February 10, 2014 for consideration of the completed Actuarial Valuation report.

Next on the agenda was a portfolio update by Bob McManama of Loomis Sayles.

The next agenda item was a presentation by the Investment Consultant Jon Breth of The Bogdahn Group. Mr. Breth reviewed the investment portfolio flash report with preliminary numbers for December 31, 2013. Mr. Breth also provided a recap of the portfolio rebalancing and funding of the new investment accounts with Westfield All Cap Growth and GAMCO All Cap Value.

Jon Breth then presented the final version of the Investment Policy Statement and entertained questions from the Board. A motion to approve the revised Investment Policy Statement was made by Louis Hebert and seconded by James Johnson. The motion passed.

Mr. Breth then made the Board aware of some issues recently experienced with Regions Bank. One recent situation was Jon’s attempts to obtain copies of historical money managers statements the Bank had agreed but failed to provide in the last quarter 0f 2013. Upon further requests the Bank quoted a charge of $1.50 per statement to produce the requested statement copies.

There was another situation where the Bank requested documents from the Boards Executive Director to facilitate a trade transaction when the Director should not have been involved as it would have been a directive from the Bank. The Executive Director also made the Board aware of numerous times that the staff accountant discovered balancing errors in Regions reports to the Retirement Fund.

In light of these issues with the charges Regions assesses versus the quality of service of late, the Board discussed options. On a motion made by Richard Earl and second by Phyllis Mendoza the Board unanimously voted to request Jons assistance in reviewing the Regions contract and drawing up a Request for a Quote.

Attorney Lindsey Hunter of the Attorney Generals Office provided an update on the final draft language for the amendment to La. R.S. 11:1456.1 to provide for investment of a members Back Deferred Retirement Option Program (BACKDROP) funds to be considered in the 2014 Louisiana Legislative Session.

The next agenda item was a discussion of La. R.S. 11:233 regarding earnable compensation as it relates to the retirement system. After discussion of a recent incident, a motion was made by Irby Gamble seconded by Louis Hebert and passed unanimously to return funds overpaid by an assessor with a letter stating that the Board has determined that the overstated income is considered non-recurring income and that per our legal counsel if the assessor disagrees with the decision the assessor would be allowed 10 days to provide a written response.

A motion was then made by Charlie Henington seconded by Richard Earl and with no objections the motion passed to enter into a contract with the Attorney Generals office to hire Sonia Mallet and Lindsey Hunter to draw up a resolution to file with the State Treasurer to make demand upon Orleans for the ad valorem taxes due the Louisiana Assessors Retirement Fund in the event Orleans fails to remit such funds.

Agenda Item 16 was a discussion of the meaning of temporary reemployment of a retiree. After input by Attorney Lindsey Hunter and Actuary Greg Curran the Board made no motion after determining the statute was clear on its intent.

A motion by Irby Gamble, seconded by James Johnson passed unanimously to add an agenda item.

A motion was made by Erroll Williams, seconded by Charlie Henington and with a unanimous roll call vote of all present the motion passed to go into Executive Session to discuss the medical and mental fitness of an individual to determine if benefits are available to that person.

A motion entered by Erroll Williams was seconded by Charlie Henington to end the Executive Session.

A motion was made by Richard Earl and seconded by Phyllis Mendoza that upon receipt of acceptable documentation from a physician proving the disability of a child, said documentation to be approved at a special meeting of the Retirement Board on February 10, 2014 the Board would consider granting an Option 4 benefit request from a retiring member.

There being no further business to come before the Board, a motion to adjourn was made by Erroll Williams, seconded by Phyllis Mendoza and with no objections the meeting was adjourned.

MEETING NOTICE AND TENTATIVE AGENDA
RETIREMENT BOARD OF TRUSTEES xx
Article Posted 01/14/2014
MEETING NOTICE AND TENTATIVE AGENDA

RETIREMENT BOARD OF TRUSTEES
OF THE LOUISIANA ASSESSORS ASSOCIATION

TUESDAY, JANUARY 21, 2014
1:30 P.M.

3060 VALLEY CREEK DRIVE
BATON ROUGE, LOUISIANA

1. Call meeting to order

2. Roll call

3. Prayer

4. Pledge of Allegiance

5. Public Comment

6. Approval of minutes of December 3, 2013 meeting

7. Financial report by Staff Accountant

8. Report on refunds, transfers, reciprocals, retirees, and deaths

9. Discussion of Actuarial Valuation Report for fiscal Year End 09/30/2013; need for special meeting

10. Presentation by system actuary

11. Portfolio update by Bob McManama of Loomis Sayles

12. Presentation by investment consultant, Jon Breth:
 Performance through 12/31/13
 Recap of the rebalancing and funding of new accounts
 Address any final questions on the Investment Policy Statement
 Address the historical performance project
Address a situation at Regions

13. Update on final draft language of retirement legislation for the 2014 session of the Louisiana Legislature by Lindsey Hunter

14. Discussion of the provisions of La. R.S. 11:233 regarding earnable compensation as it relates to the retirement system; discussion of returning overpaid funds being held in over/short account

15. Discussion of ad valorem taxes from Orleans Parish; discussion of hiring attorney to file a Resolution with the LA Department of Treasury

16. Discussion of language in R.S. 11:1413 regarding reemployment of a retiree, specifically the interpretation of  temporary

17. Consideration of Option 4 election by retiring member

18. Any other business properly called to the attention of the Board

19. Adjourn