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August 8, 2001 – Special Board Meeting Agenda
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| Closed Session – The Board may meet in Closed Session prior to Adjournment for a Conference with Counsel on Litigation – Teamsters Local 856 vs. Board of Retirement - None. | |
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Public Session – The Board will meet in Public Session at 1:00 p.m. |
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| 1.0 Call to Order | |
| 2.0 Roll Call | |
| 3.0 Interview of Investment Consultant Finalists | |
| 4.0 Selection of Investment Consultant | |
| 5.0 Report of Actions Taken in Closed Session – None | |
| 6.0 Adjournment | |
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August 8, 2001 – Special Board Meeting Minutes |
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0108sp.1 |
Call to Order: Mr. Cottle, Chair, called the Public Session of the Board of Retirement to order at 1:02 p.m., August 8, 2001 in SamCERA’s Board Room, Suite 280, 702 Marshall, Redwood City. |
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0108sp.2 |
Roll Call: Mr. Bryan, Mr. Buffington, Ms. Colson, Mr. Cottle, Mr. Hoffman, Mr. McMahon (1:03), Ms. Salas & Ms. Stuart. Excused: Mr. Carberry. Staff: Mr. McCausland & Mr. Clifton. Counsel: Ms. Carlson. Actives 1, County 1. |
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0108sp.3 |
Interview of Investment Consultant Finalists: Mr. Cottle requested that all trustees conduct themselves in a collegial matter at all times. In response to a question from Mr. Buffington, Ms. Carlson advised the Board that trustees must be in attendance to vote; there are no provisions for trustees to vote by proxy. Mr. Buffington advised the Board that he would have to leave the meeting at 2:30 and that Ms. Arnott would not be available to sit as his Constitutional Alternate. The Board received presentations from the two finalists remaining from the May 23, 2000 interview process and engaged in a question and answer session with each. Strategic Investment Solutions: Margaret Jadallah, Director, Manager Research, & Patrick Thomas, Vice President, made the presentation on behalf of SIS. Wurts & Associates: Jeffrey MacLean, President; David New, Senior Consultant & Director of Research, & John West, Sr. Consultant, made the presentation on behalf of Wurts & Associates. |
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0108sp.4 |
Selection of Investment Consultant: Following the conclusion of the presentations, the Board reviewed the strengths and weaknesses of each firm. Mr. Buffington expressed his desire to have more time to discuss the selection with the Board. Motion, by McMahon, second by Buffington, withdrawn, to select Wurts & Associates. Mr. Bryan noted that it was important for the Board to take time to try and reach a consensus. It was agreed that the selection decision would be delayed until the August 28th meeting so that Mr. Buffington could participate fully in the discussion. Mr. Buffington then left the meeting. Mr. McMahon noted that he felt that Wurts offered the better fee, utilized better technology and provided a better presentation. Mr. Hoffman, Mr. Bryan, Ms. Salas, Ms. Stuart, Ms. Colson and Mr. Cottle spoke in favor of SIS for a variety of reasons, highlighting their public plan experience, professional depth, familiarity with SamCERA’s issues and proximity. Because of concerns regarding the proposed retainer fee, it was the consensus of the Board that staff should evaluate the scope of services and fees of the Alameda, San Joaquin and Stanislaus contracts with SIS prior to the August 28th meeting. |
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0108sp.5 |
Report of Actions Taken in Closed Session: No Closed Session was held. |
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0108sp.6 |
Adjournment: There being no further business, Mr. Cottle adjourned the meeting at 3:17 p.m. |
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William R. Cottle, Chair |
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