Laborers' & Retirement Board Employees' Annuity Benefit Fund of Chicago Board of Trustees met March 7.
Here is the minutes provided by the Board:
The following were Present:
Victor Roa - President
Erin Keane - Vice President
Michael LoVerde - Secretary
Carol Hamburger - Trustee (arrived at 9:14 am)
James Capasso, Jr. - Trustee
Carole Brown - Trustee (arrived at 9:14 am)
James Joiner - Trustee
Graham Grady - Taft Stettinius & Hollister LLP, Fund’s Attorney
James Wesner - Marquette Associates, Fund’s Investment Consultant
Kweku Obed - Marquette Associates, Fund’s Investment Consultant
Neil Capps - Marquette Associates, Fund’s Investment Consultant
Michael Walsh - Executive Director and Chief Investment Officer
Peggy Grabowski - Comptroller
John Carroll - Compliance Administrator
Sheila Jones - Administrative Coordinator
Nadia Oumata - Manager of Accounting and Investments
Christopher Lucas - Staff Actuary/Senior Developer
Absent: Kurt Summers - Trustee
A special meeting of the Retirement Board (“Board”) of the Laborers’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago was held at the Fund office on March 7, 2018. President Roa declared there was a quorum after Secretary LoVerde took attendance. There was no public participation.
EXECUTIVE SESSION NO. 1
At 9:14 a.m., Trustee LoVerde requested an executive session under 5 ILCS 120/2(c)(7) to discuss the sale or purchase of securities, investments or investment contracts. Trustee Joiner seconded the motion.
Roll-call: For-- Trustees Roa, Keane, LoVerde, Hamburger, Capasso, Brown and Joiner.
Against -- None.
At 9:16 a.m., Trustee LoVerde made a motion, seconded by Trustee Hamburger, that the executive session be adjourned and that the Board return to open session.
Roll-call: For-- Trustees Roa, Keane, LoVerde, Hamburger, Capasso, Brown and Joiner.
Against -- None.
EXECUTIVE SESSION NO. 2
At 9:16 a.m., Trustee LoVerde requested an executive session under 5 ILCS 120/2(c)(7) to discuss the sale or purchase of securities, investments or investment contracts. Trustee Hamburger seconded the motion.
Roll-call: For-- Trustees Roa, Keane, LoVerde, Hamburger, Capasso, Brown and Joiner.
Against -- None.
At 10:40 a.m., Trustee Hamburger made a motion, seconded by Trustee LoVerde, that the executive session be adjourned and that the Board return to open session.
Roll-call: For-- Trustees Roa, Keane, LoVerde, Hamburger, Capasso, Brown and Joiner.
Against -- None.
The Trustees gave direction to begin contract negotiations for the discussed investment
EXECUTIVE SESSION NO. 3
At 10:50 a.m., Trustee LoVerde requested an executive session under 5 ILCS 120/2(c)(7) to discuss the sale or purchase of securities, investments or investment contracts. Trustee Joiner seconded the motion.
Roll-call: For-- Trustees Roa, Keane, LoVerde, Hamburger, Capasso, Brown and Joiner.
Against -- None.
At 12:59 p.m., Trustee Summers made a motion, seconded by Trustee LoVerde, that the executive session be adjourned and that the Board return to open session.
Roll-call: For-- Trustees Roa, Keane, LoVerde, Hamburger, Capasso, Brown and Joiner.
Against -- None.
The Trustees gave direction to begin contract negotiations for the discussed investment
Gabriel Roeder Smith & Company (GRS) Experience Study
Alex Rivera and Ryan Gunderson of Gabriel Roeder Smith & Company (“GRS”) presented the 2017 Actuarial Experience Study which they prepared for the period from January 1, 2012 through December 31, 2016. See attached document. GRS reminded the Trustees of the purpose of the Experience Study and reviewed a PowerPoint presentation outlining the demographic and economic assumptions that they recommend be implemented by the LABF. See attached GRS Experience Review presentation. The Trustees followed-up with questions on the recommendations. The Trustees discussed and requested additional information regarding the recommended investment return assumption, and specifically asked that the asset allocation mapping used in the investment return recommendation be reviewed by staff and the Fund’s investment consultant. The Trustees decided to continue the discussion of GRS Experience Review at the March 20, 2018 Board meeting when they have the additional information they had requested.
House Bill 4413
The Trustees discussed House Bill 4413 and expressed concerns related to some of the administrative hurdles the Fund would need to overcome if the bill became law. The Board directed the Executive Director to inform the Fund’s legislative liaison that the Fund opposes the legislation as written.
ADJOURNMENT
With no further business, at 2:35 p.m., Trustee LoVerde made a motion to adjourn. Trustee Joiner seconded the motion.
Roll-call: For-- Trustees Roa, Keane, LoVerde, Hamburger, Capasso, Brown and Joiner. Against – None.
http://www.labfchicago.org/assets/1/33/Special_Meeting_Reg_Minutes_March_7_2018_Final_With_Attachments.pdf
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