Download January 22, 2009 - Jackson County, MI

MINUTES OF
JACKSON COUNTY EMPLOYEES’ RETIREMENT SYTEM
Thursday, November 17, 2016
6th Floor Room 604
The November 17, 2016 Regular Meeting of the Jackson County Employee’s Retirement System
Board of Trustees was called to order at 8:00 a.m. by Chairperson Shotwell.
The following Trustees were present: Best, Elwell, Huttenlocker, Johnson, Maurer, Wandell, and
Shotwell. Also in attendance: Matthew Augustine – Morgan Stanley; Steven Lutenski – Morgan
Stanley; Debby Gorz - Pension Coordinator; Stephanie Drumhiller – Pension Coordinator
Assistant; James Latham – Director of Finance; and Jack Timmony - VanOverbeke Michaud
and Timmony.
Approval of Agenda:
MOTION: Moved by Maurer, supported by Best to approve the Agenda. Motion carried.
PUBLIC COMMENT: None
Morgan Stanley Wealth Management Update
MOTION: Moved by Best, supported by Huttenlocker to receive the Morgan Stanley Wealth
Management 3rd Quarter Investment Manager Monitor Report. Motion carried.
MOTION: Moved by Elwell, supported by Maurer to receive the Minutes of October 27, 2016.
Motion carried.
MOTION: Moved by Best, supported by Maurer to receive the Financials as presented by
James Latham for October 2016. Motion carried.
Consent Agenda:
MOTION: Moved by Elwell supported by Johnson to concur with the Consent Agenda:
Comerica Bank Custodial Statements of Account for October ()
Purchase of Service
Refunds of Contributions
Distribution of DROP Balances
Approve Application for Retirement
-None
F. Approve Application(s) for entrance into the Deferred Retirement Option Plan
(DROP):
-Ronald L. Rose, Union, General, Effective 12/1/2016
G. Statements Paid
H. Correspondence:
1. Brandes 3rd Qrt 2016 Portfolio Review
2. ClearBridge 3rd Qrt 2016 Portfolio Summary
3. Calamos Qrtly Performance Report (6/30/2016)
4. GH&A Portfolio Review (9/30/2016)
5. NWQ 3rd Qrt Market Commentary and Portfolio Review
6. Robbins Geller Settlement, Portfolio Monitoring & Summary (10/28/16)
7. Robbins Geller Litigation 3rd Qrt 2016
8. SSGA Performance & Analysis (10/31/2016)
A.
B.
C.
D.
E.
Roll call. Motion carried unanimously, 7 – yes.
Jackson County
Retirement System Board of
Trustees – Minutes for
November 17, 2016 - Page 2
Investment Manager Review Committee:
Steve Lutenski of Morgan Stanley reported at the October Investment Manager Review
Committee Meeting, the discussion was about State Street Global Advisors and their
performance. It is reported SSGA is doing all of the things they were hired to do.
Legal Counsel:
Legal Counsel Jack Timmony discussed Kathlyn J. Chapin v. William C. Chapin, and receipt of
the Second Addendum to a Judgement of Divorce dated September 2, 2016. Kathlyn Chapin,
the participant is awarded her entire pension and the alternate payee, William Chapin, is not
entitled to claim any portion of the benefit. Kathlyn Chapin is entitled to a Straight Life pension
benefit and must be sent back to the actuary for calculations of the Straight Life benefit.
Motion: Moved by Wandell, supported by Maurer to adopt the resolution recommended by
Legal Counsel. Motion carried.
Chapin
Resolution.pdf
Timmony also discussed the memorandum dated November 7, 2016 regarding IRC Section
401(a)(9) compliance. He went on to say it is vital for the Retirement board to maintain updated
member records, periodic internal audits and information verification procedures to ensure
compliance with Section 401(a)(9) of the Code.
Roll call – Motion carried unanimously, 7 – yes.
Policy Committee – None
Large Cap Manager Presentations:
9:00 a.m.
9:45 a.m.
Delaware Investments
Cambiar Investors
10:30 a.m. Aristotle Capital Management
11:15 a.m. JP Morgan Equity Income
Following the interviews, the Trustees held extensive discussion regarding the candidates.
MOTION: Moved by Maurer, supported by Best to hire Aristotle Capital Management and to
direct Board Legal Counsel Jack Timmony to prepare the Investment Management Agreement
and work with Counsel from Aristotle regarding same and to present a final Agreement to the
Board when completed.
Roll call. Motion carried unanimously, 7 – yes.
Morgan Stanley Wealth Management will communicate the decision of the Board with the firms
that presented to the Board.
MOTION: Moved by Elwell, supported by Maurer to adjourn the Retirement Board Meeting at
12:45 p.m. Motion carried.
_____________________________
Chairperson
_____________________________
Pension Coordinator Assistant