April 27, 2004 – Board Agenda

Public Session

1.

Call to Order

2.

Roll Call

3.

Approval of the Minutes

4.

Oral Communications

4.1

Oral Communications From the Board

4.2

Oral Communications From the Public

5.

Benefit & Actuarial Services

5.1

Adoption of Consent Calendar  (Special Order at 1:15 p.m.)

5.2

Consideration of items removed from Consent Calendar

5.3

Interest Crediting Workshop and approval of potential changes to SamCERA’s Interest Crediting Policy and issues related to the use of undistributed earnings (Special Order at 11:00 a.m.)

5.4

Selection of Actuary

5.5

Amend Resolution 03-04-09 regarding Medicare Part-B to correct “termination” to “suspension”

5.6

Consideration of proposal to initiate a Taxable Medicare Part-B Premium Reimbursement Program

6.

Investment Services

6.1

Acceptance of Monthly Portfolio Performance Report

6.2

Selection of Domestic Equity Small Cap Value Managers (Special Order at 9:15 a.m.)

6.3

Selection of Domestic Equity Small Cap Growth Managers (Special Order at 1:30  p.m.)

6.4

Adoption of Criteria to be Employed in SamCERA’s Domestic Enhanced Equity Manager Searches

6.5

Selection of finalists for SamCERA’s International Core Value & Core Growth Manager Structure

6.6

Approval of State Street Bank & Trust's Contract Renewal

6.7

Approval of the Structure for SamCERA’s Real Estate Allocation – Commingled Core Real Estate Fund

6.8

Approval of Barclays Global Investor’s Compliance Certification Statement

7.

Board & Management Support Services

7.1

Acceptance of Monthly Financial Reports

7.2

Acceptance of Third Quarter 2003-2004 Administrative & Professional Budget Reports

7.3

Public Hearing on SamCERA’s Fiscal Year 2004/2005 Budget

8.

Approval or Acceptance of Reports

8.1

Chief Executive Officer's Report

8.2

Assistant Executive Officer’s Report

8.3

Investment & Finance Manager’s Report

8.4

County Counsel's Report

8.5

Report on Actions taken in Closed Session

          C1     Public Employee Performance Evaluation—Chief Executive Officer

          C2     Conference with Counsel on Teamsters Local 856 vs. Board of Retirement (JCCP4049)

9.

Adjournment

Special Board Meeting, May 5, 2004:  Minutes

April 27, 2004 – Board Minutes, as corrected

0404.1

Call to Order:  Ms. Colson, Chair, called the Public Session of the Board of Retirement to order at 9:07 a.m.  April 27, 2004 in SamCERA’s Board Room, Suite 125, 100 Marine Parkway, Redwood Shores.

0404.2

Roll Call:  Ms. Colson, Mr. Bryan, Mr. Hooley, Mr. McMahon, Ms. Salas, Ms. Tashman, Ms. Stuart & Mr. Lewis.  Ms. Arnott for Mr. Buffington.  Staff:  Mr. Hood, Mr. Clifton & Ms. Lamica.  Counsel:  Ms. Carlson.  Consultants:  Dr. Fracchia, Ms. Jadallah & Mr. Thomas.  Custodian: Mr. Azfar.  Retirees: 2, County: 1. 

0404.3

Approval of the Minutes:  Ms. Arnott submitted the following correction to the Minutes:  0403.7.3 ¶3 L2:  “called the Ventura Reserve, was has been established…”.  Motion by Bryan, second by Salas, carried unanimously, to approve the Minutes of March 23, 2004 as corrected.

0404.4.1

Oral Communications From the Board:  None.

0404.4.2

Oral Communications From the Public:  John Murphy, representing SCORPA, suggested that the Board include the approved and amended Board Minutes in each month’s Board packet along with the normally enclosed proposed Minutes.  Ms. Colson informed Mr. Murphy that the amended Board Minutes are posted on the website.  Mr. Murphy expressed his wish that they be on hard copy in order to better observe the actual revisions made to the Minutes.

Ms. Colson then took up agenda item 6.2

0404.5

Benefit & Actuarial Services

0404.5.1

Adoption of Consent Calendar:  Without objection, Ms. Colson removed the application of Barbara Estrada (Mr. Lewis) from the Consent Calendar for consideration under Agenda Item 5.2.  Motion by Salas, second by Stuart, carried unanimously to adopt the Consent Calendar as amended, as follows:

Disability Retirements:

The Board finds that Donald Evans is unable to perform his duties as a Sheriff Correctional Officer, finds that the heart presumption contained in GC§ 31720.5 applies and, on that basis, GRANTS his application for a Service Connected disability.

The Board finds that Robert Wong is unable to perform his duties as a Sheriff’s Identification Technician, finds that his disability is Non-service Connected and GRANTS his application for a Non-service Connected disability.

The Board finds that Deborah Kaczor is unable to perform her duties as a Staff Nurse, finds that her disability is not Service Connected, DENIES her application for Service Connected disability retirement and GRANTS her a Non-service Connected disability.

Routine Actions taken by staff pursuant to the Board's Delegation of Authority and the Regulations of the Board of Retirement:

Service Retirements:

James, Hermia

March 31, 2004

Department of Human Services Agency

Kirkpatrick, Sandra

March 31, 2004 (from deferred)

Assessor’s Office

Anderson, Pamela

April 1, 2004

Probation Department

Denton, Linda

April 1, 2004

San Mateo County Medical Center

DiLorenzo, Richard

April 1, 2004

Sheriff’s Department

Estrada, Barbara

April 1, 2004

San Mateo County Superior Court

Headd, Lovece

April 1, 2004

Sheriff’s Department

Lundquist, John

April 1, 2004

Assessor’s Office

Mok, Ivy

April 1, 2004

Human Services Agency

Scott, Doreta

April 1, 2004

Probation Department

O’Donnell, Sharon

April 11, 2004

San Mateo County Superior Court

Krenzer, Thomas

April 16, 2004

Department of Public Works

Garcia-Siddall, Lilimari

April 17, 2004

Human Services Agency

Continuance of Benefits:

O’Brien, Edwin

Beneficiary of Linnea

Fitzgerald, Hazel

Beneficiary of E. G.

Falk, Howard

Beneficiary of Margarete

Daniel, Celestine

Beneficiary of Robert

Sardi, Helen

Beneficiary of Vasto

Patania, Carol Ann

Beneficiary of Carmelo

Deferred Retirements:

Ferreira, Manuel

Plan 3 vested

Caruso, Joe

G4 non vested

Reciprocity

Sanchez, John

G4 non vested

Reciprocity

Williams, Lucinda

G4 non vested

Reciprocity

Refunds for April 2004:

Caceres, Alexandra

G4 non vested

$1,818.18

Chua, Jeremiah

G4 non vested

$1,074.26

Hardy, Deirdre

G4 non vested

$404.63

Daguia, Nubia

G4 non vested

$4,289.65

Ferreira, Manuel

G2 vested

$25,746.61

Hockaday, Natasha

G4 non vested

$3,728.13

Oss, Eric

G4 non vested

$301.44

Rushmore, Sandra

G4 non vested

$17,274.41

Total Refunds for April 2004:

$54,637.31

Rollovers for April 2004:

Bassler, Sara

G2 vested

$22,329.59

Do, Nga

G4 non vested

$6,472.47

Hermogeno, Giancarlo

G4 non vested

$9,945.95

Holland, Bridget

G4 non vested

$5,336.13

Noble, Brian

G4 non vested

$7,743.80

Palmer, Keith

G4 non vested

$13,499.72

Roy, Janaye

G4 non vested

$1,839.73

Yeh, Sylvia

G4 non vested

$6,050.96

Total Rollovers for April 2004:

$73,218.35

0404.5.2

Consideration of items removed from Consent Calendar:  Mr. Lewis requested background concerning Barbara Estrada’s inability to perform her regular duties.  Dr. Fracchia informed the Board that Ms. Estrada had developed lung disease derived from second hand cigarette smoke and subsequently experienced heart failure.   He stated that her poor health has required her to be on oxygen 24 hours a day.  Dr. Fracchia noted Ms. Estrada’s exhaustion with minimal exertion and opined that she is unable to perform her regular duties.

Motion by Bryan, second by Salas, carried unanimously to find that Barbara Estrada is unable to perform her duties as a Fiscal Office Specialist, find that her disability is Non-service Connected and GRANT her application for a Non-service Connected disability.

0404.5.3

Interest Crediting Workshop and approval of potential changes to SamCERA’s Interest Crediting Policy and issues related to the use of undistributed earnings:  Ira Summer from Public Pension Professionals provided a workshop regarding SamCERA’s Interest Crediting Policy to the Board.  He also noted that he will be attending the SACRS meeting and would also be available for questions there.  Without objection, Ms. Colson instructed Mr. Summer to create a draft policy for presentation at next month’s Board meeting. 

0404.5.4

Selection of Actuary:  Mr. Hood reviewed the insurance policies of each of the two actuarial finalists. 

After extensive discussion, motion by Salas, second by McMahon, failed with three ayes (Salas, McMahon, and Lewis) to six noes (Bryan, Colson, Stuart, Tashman, Hooley & Arnott) to select Milliman USA as the Association’s new actuary subject to further due diligence on the firm’s insurance policy. 

Motion by Bryan, second by Arnott, carried six ayes (Bryan, Colson, Stuart, Tashman, Hooley & Arnott) to three noes (Salas, McMahon and Lewis) to select Public Pension Professionals as the Association’s new actuary.

0404.5.5

Amend Resolution 03-04-09 regarding Medicare Part-B to correct “termination” to “suspension”:  Ms. Colson reminded the Board of her wish to ensure that the language contained in the Resolution showed that the Medicare Part-B Reimbursement Program is not in fact terminated.  She requested that the Resolution be amended to show that the benefit payments under the Medicare Part-B Reimbursement Program have merely been suspended due to the inability to meet the funding conditions agreed upon with the Board of Supervisors in 1998.  Motion by Lewis, second by Bryan, carried unanimously to amend Resolution 03-04-09, correcting the term “terminate” with “suspend”:

Whereas, Resolution 97-98-11 as amended governs SamCERA's Medicare Part-B Reimbursement Program; and

Whereas, Resolution 97-98-11 as amended provides in part as follows:

No existing or future employee, retiree, spouse or dependent shall have any vested rights, contractual rights or other rights in or to any retiree medical benefits or payment or subsidy for any such benefits.  The Board of Retirement may modify or terminate, at any time and without any limitation, any retiree medical benefits provided by the Board of Retirement.  Modification or termination may occur even if the retiree medical benefits have been provided without modification or termination on or after the date of hire of any employee, the date of retirement of any retiree, and/or the date of marriage or beginning of dependency of any spouse or dependent. In addition, neither SamCERA, the Board of Retirement, or any other party shall have any liability to pay any medical benefits (or contribution or subsidy for any such benefits) to the extent that such benefits (or contribution or subsidy) would exceed the assets allocated to the 401(h) Reserve

Whereas, Resolution 97-98-11 as amended provides in part as follows:

Prior to the beginning of each fiscal year, the Board of Retirement shall review the results of the prior year’s actuarial valuation and…if the actuarial funding ratio therein was less than 80%, the Board shall suspend funding for the 401(h) Reserve program at the end of the current fiscal year”; and

Whereas, the Board has received, reviewed and approved the reports and recommendations from its actuary, Mercer, and the Chief Executive Officer setting forth the changes necessary to assure the actuarial soundness of the Retirement Fund, including the finding that as of June 30, 2003 SamCERA’s GASB 25 Funding Ratio was 76.0%.  Therefore, be it

Resolved that the Board affirms that SamCERA’s GASB 25 Funding Ratio was 76.0% as of June 30, 2003. Be it further

Resolved that the Board affirms that Resolution 97-98-11 as amended requires the Board to suspend funding for the 401(h) Reserve program at the end of the current fiscal year.  Be it further 

Resolved that the Board hereby suspends funding for SamCERA's Medicare Part-B Reimbursement Program as of June 30, 2004 pursuant to the terms and conditions of Resolution 97-98-11 as amended.  Be it further

resolved that the chief executive officer is hereby authorized to take all steps necessary for the orderly suspension of payments under the program.

0404.5.6

Consideration of proposal to initiate a Taxable Medicare Part-B Premium Reimbursement Program:     

Mr. Hood introduced Ms. Stuart’s proposal to initiate Medicare Part-B Reimbursements on a taxable basis and encouraged the Board to evaluate the proposal as part of its discussion of SamCERA’s excess earnings and interest crediting policies.  Ms. Stuart introduced Beverly Skalinsky to the Board.  Ms. Stuart informed the Board that Ms. Skalinsky will be leading SCORPA’s request to the Board of Supervisors to lower the 80% funding ratio limit.  John Murphy then reported that he had sent a letter to each of the members on the Board of Supervisors regarding the suspension of the Medicare Part-B Program.  He stated that he received a response from Supervisor Richard Gordon.  In a letter dated April 19^th, Mr. Murphy reported that Supervisor Gordon stated that the decision to discontinue the benefits under the Medicare Part-B Reimbursement Program was made by the Board of Retirement and not the Board of Supervisors.  Secondly,Mr. Murphy referred the Board to the interest policy plumbing diagram, noting the Board’s control over every valve.  Mr. Murphy also noted the newspaper article regarding the County’s anticipation of 500 additional retirees before April 2005 due to enhanced benefits.  Lastly, he reported that, in San Francisco, retirees had successfully negotiated increased benefits.

Mr. Bryan informed the Board that the Medicare Part-B Reimbursement was initially taxable when it was first employed.  Mr. Hooley indicated that he wished to wait to hear the Board of Supervisors’ response to SCORPA’s petition to decrease the funding ratio limit before proceeding on this agenda item.

Without objection, Ms. Colson deferred the discussion regarding initiating the Medicare Part-B Premium Reimbursement Program on a taxable basis until the May Board meeting.    

0404.6

Investment Services

0404.6.1

Acceptance of Monthly Portfolio Performance Report:  Mr. Clifton presented the monthly performance report.  He noted that the period ended March 21, 2004 showed a negative return in SamCERA’s Total Plan, marking this fiscal year’s first negative performance month.  He attributed the decline in large part due to the underperformance of the Association’s international equity manager.  He noted Staff’s recommendation to reallocate $25 million from International Equity to the US Debt Index Fund to better meet target allocation but reported that the Investment Committee felt it prudent to wait until the completion of the International Equity Manager search before proceeding.

Asset Class

Market Value

1-Month

1-year TTWRR

5-year TTWRR

$766,095,932

-0.90%

41.44%

1.98%

International Equity

           226,847,373

-1.35%

50.72%

1.52%

Total Equity

992,943,305

-1.00%

43.45%

1.67%

Fixed Income

390,512,894

0.81%

6.04%

7.30%

Real Estate Aggregate

59,307,612

2.35%

9.92%

10.28%

Cash Equivalents

4,033,237

0.20%

2.35%

Total Fund

$1,446,797,048

-0.37%

29.35%

4.69%

Benchmark

0.02%

30.68%

3.84%

Without objection, Ms. Colson accepted the report.

0404.6.2

Selection of Domestic Equity Small Cap Value Managers:  The Board conducted interviews of the two finalists in the Domestic Equity Small Cap Value Manager asset class.  Each firm provided a 30-minute overview of their proposal and then responded to 15 minutes of questions. 

Ben Giele, Patrick Krumm and Lawrence Remstedt represented American Century Investment Management.

Michael Israel and Jeffrey Meyer represented Brandes Investment Partners.

After extensive discussion, motion by Lewis, second by Salas, carried unanimously to select Brandes Investment Partners as the Association’s Domestic Equity Small Cap Value Manager.

Ms. Colson then took up agenda item 5.3

0404.6.3

Selection of Domestic Equity Small Cap Growth Managers:  The Board conducted an interview with the finalist in the Domestic Equity Small Cap Growth Manager asset class.  The firm provided a 30-minute overview of their proposal and then responded to 15 minutes of questions.

Edward N. Antoian and David Gallagher represented Chartwell Investment Management.

After extensive discussion, motion by Hooley, second Stuart, carried unanimously to select Chartwell Investment Management as the Association’s Domestic Equity Small Cap Growth Manager. 

Ms. Colson then took up agenda item 6.1

0404.6.4

Adoption of Criteria to be Employed in SamCERA’s Domestic Enhanced Equity Manager Searches: Mr. Clifton reported that the Investment Committee had accepted the proposed criteria and screening steps for the Large Cap and Small Cap Enhanced Index Searches.  Without objection, Ms. Colson accepted the report.

0404.6.5

Selection of finalists for SamCERA’s International Core Value & Core Growth Manager Structure:  Ms. Colson reported that the Investment Committee had chosen (1) Delaware International Advisors, Ltd. and (2) LSV Asset Management as the finalists for the International Core Value asset class and (1) Capital Guardian Trust Company and (2) Julius Baer Investment Management as the finalists for International Core Growth.  Without objection, Ms. Colson accepted the Investment Committee’s recommendation on final candidates for the International Core Value and Core Growth mandates.  The Board will conduct the interviews on May 25^th. 

0404.6.6

Approval of State Street Bank & Trust's Contract Renewal:  Mr. Clifton reported that the Investment Committee had voted 3 to 1 to approve State Street’s Contract Renewal.  State Street had decreased their annual escalator to a flat rate of 2.5%, which is half of their originally proposed 5%.  Motion by Bryan, second by Lewis, carried unanimously to approve Resolution 03-04-14 , renewing the contract with State Street Bank & Trust: 

Whereas, Board Resolution 95-96-15 implements the provisions of Assembly Bill 1021 (Chapter 584, Statutes of 1995) which empowers the Board to delegate functions to “the treasurer or other entity authorized by the board.”; and

Whereas, Government Code §31595.1 (a) & (b) states in pertinent part:

(a)    “The Board may authorize the treasurer to control and safely keep some or all of the moneys of the retirement system . . .

(b)     The Board, in lieu of acting pursuant to subdivision (a), may delegate to another entity some or all of the powers prescribed in that subdivision.; and

Whereas, the Board, pursuant to Government Code §31595, has approved contracts for Investment Management Services which mandate the use of Global Custody Services; and

Whereas, the Board issued a Request for Proposal for Global Custodian and determined that of the respondents State Street is the best qualified provider of Global Custody Services to pension plans; and

Whereas, Board Resolution 98-99-17 authorized the Chair to execute a contract for custodial services on behalf of SamCERA, which was approved as to form by the Board and County Counsel; and

Whereas, County Counsel approved the amendment as to form and the Investment & Finance Manager recommended renewal of the contract as amended.  Now, therefore, be it

Resolved, that the Board hereby approves the amended contract between the Board and State Street for a term of five years, which may be extended in the sole discretion of the Board, cancelable by either party on forty-five days notice.  Be it further

Resolved, that the Board hereby delegates full discretionary authority to State Street to manage the custody of the assets of the Retirement Fund in accordance with the terms of the contract, the Investment Plan (as incorporated into the contract), and applicable law governing the conduct of fiduciaries entrusted with the management of public employees' retirement funds.  Be it further

Resolved, that the Board hereby approves the fees as specified in the amended contract and authorizes the disbursement of funds as provided for in GC§31596.1(b) in accordance with SamCERA's internal controls as set forth in Resolution 94-95-02.    Be it further

Resolved, that the Board hereby authorizes the Chair to execute the contract amendment on behalf of SamCERA.  Be it further

Resolved, that the Board hereby designates the Chief Executive Officer as its designee to perform those functions so identified in the contract and hereby authorizes the Chief Executive Officer to take all actions necessary to initiate, implement and monitor assignments, approve payments and provide the Board with timely reports regarding the progress and satisfactory completion of the assignments authorized pursuant to the contract.

0404.6.7

Approval of the Structure for SamCERA’s Real Estate Allocation – Commingled Core Real Estate Fund:  Mr. Clifton reported that he had received INVESCO’s responses to SamCERA’squestions as part of the Association’s ongoing due-diligence.  He reported that, since the Investment Committee had raised further questions regarding voting rights and industry standards, Max Swango, of INVESCO attended April’s Investment Committee and responded to additional questions.  

Margaret Jadallah of Strategic Investment Solutions stated that Private Placement Memorandums (PPM) all have their own idiosyncrasies.  Therefore, one will find a range of practices rather than just one given industry standard.  Regarding the availability of other commingled funds, Ms. Jadallah reported that the top half dozen commingled funds are essentially closed.  While SamCERA has some leverage as a founding investor, she cautioned that there is significant pent up demand for the INVESCO commingled fund.  She also noted the alternative commingled funds currently open to new investment.  Without objection, Ms. Colson instructed the Investment Committee to perform additional due-diligence and report back to the Board on May 25^th.

0404.6.8

Approval of Barclays Global Investor’s Compliance Certification Statement:  Mr. Clifton reported that he had received BGI’s semi-annual Compliance Certification Statement (CCS) and responses to SamCERA’s questionnaire.  He stated that Staff found no irregularities in the report.  Motion by Bryan, second by Stuart, carried unanimously to approve Barclays Global Investor’s Compliance Certification Statement. 

0404.7

Board & Management Support Services

0404.7.1

Acceptance of Monthly Financial Reports:  Mr. Clifton presented the Preliminary Monthly Financial Report for the Period ending March 31, 2004.  Without objection, Ms. Colson accepted the report. 

0404.7.2

Acceptance of Third Quarter 2003-2004 Administrative & Professional Budget Reports:  Mr. Clifton presented the Third Quarter Budget Report consisting of administrative and professional services.  He noted that there was nothing irregular about the budget to report.  Without objection, Ms. Colson accepted the report. 

0404.7.3

Public Hearing on SamCERA’s Fiscal Year 2004/2005 Budget:  Mr. Clifton noted the two major changes to the Budget.  He added strategic planning into SamCERA’s initiatives in order to better state the development of long term goals.  The other major change to the Budget is the addition of a textual report to the Board containing Staff weekly reports as a method of capturing client services and to give the Board a better idea of the routine and non-routine activities of the office.

In response to Ms. Arnott’s request, Mr. Hood clarified the proposed additions to the Staff: (1) one permanent Retirement Analyst I/II (2) two unclassified Retirement Analysts I/II (3) two extra help Office Specialists.  The permanent Retirement Analyst will be a much needed addition to the Benefits Division in order to help ensure the smoother functioning of Staff workload and requests for service via peer review and internal audit.  The two unclassified Retirement Analysts will assist in the Ventura implementation and the upcoming increased workloads pertaining to the EDMS Implementation, Spring 2005 retirements under the new retirement formulas, and other factors including the possible implementation of ARC time and the mobilization of the AEO for 1 year.  These two positions will only last as long as they are funded.  The extra help Office Specialists will perform Ventura research.  In essence, all these additional positions will help ensure that SamCERA runs as smoothly as possible with the imminent increased workload as legislative changes are implemented.

No action required.

0404.8

Approval or Acceptance of Reports

0404.8.1

Chief Executive Officer's Report:  Not present. 

0404.8.2

Assistant Executive Officer’s Report:  Mr. Hood reported that he received a response from Linea Solutions regarding the EDMS market analysis.  He concurred with Linea’s recommendation to hold off on accepting Levi, Ray and Shoup’s offer in order to allow time to explore other cost-effective solutions.  Mr. Hood stated that LRS provides a large amount of expertise and is quite exceptional with their pension management software.  However, he noted that other vendors can perform the EDMS project just as effectively and could prove to be much more economical.

0404.8.3

Investment & Finance Manager’s Report:  Mr. Clifton distributed reports for Deutsche Asset Management, Bank of Ireland Asset Management, and Barclays Global Investors.  He also stated that he was in receipt INVESCO’s Form ADV Part II in PDF format.  He reported that he had spent some time responding to a questionnaire from the Counsel for Responsible Public Investment (CRPI) regarding corporate governance issues.  He also noted that he had several phone calls from journalists requesting clarifications regarding SamCERA’s Investment Committee and Board Minutes which are provided on the web.  Mr. Clifton also reminded the Board of the CALAPRS Trustee Roundtable in Ontario, CA on June 4^th.  He requested that the Board notify him should they wish to attend and to submit any items they would like to be placed on its agenda.

0404.8.4

County Counsel's Report:  Ms. Carlson reported on a controversy in San Diego regarding the cash out of sick leave at retirement.  She also reported that the Attorney General has been asked to opine on the handling of disability retirement applications in open versus closed session.  Ms. Carlson then reported on the County’s intention to file a disability retirement application on behalf of an employee.  The employee has been on full-pay “4850” time for well over a year and has no incentive to apply for disability retirement.  The trustees indicated a preference to wait for the department to file a formal application before discussing the matter further.  Mr. Carlson then reminded the trustees attending SACRS to report any gifts on their Form 700.    

0404.8.5

Report on Actions taken in Closed Session:  Mr. Hood reported that Ms. Colson convened the Board in Closed Session at 4:34 p.m. with all trustees present for roll call in attendance.  The Board conferred with Counsel on Teamsters Local 856 vs. Board of Retirement (Coordinated Proceedings JCCP4049).  The Board then discussed the Public Employee Performance Evaluation of the Chief Executive Officer.  There being no further business, Ms. Colson adjourned the Closed Session at 5:45 p.m. 

Ms. Colson called a Special Meeting of the Board of Retirement for 3:00 p.m. May 5^th to continue the Public Employee Performance Evaluation of the Chief Executive Officer.

0404.9

Adjournment in Memory of the following Deceased Members:  There being no further business, Ms. Colson adjourned the meeting at 5:45 pm, in memory of the following deceased members:

Morse, Martin

February 29, 2004

Municipal Court

Beretta, Anthony

March 8, 2004

Beneficiary Of Marie

Mann, Dennis

March 10, 2004

Assessor’s Office

Falk, Margarete

March 20, 2004

San Mateo County Medical Center

Rickes, Marie

March 21, 2004

General Services Administration

Sardi, Vasto

March 22, 2004

Sheriff’s Department

Jensen, Shirley

April 1, 2004

Probation Department

Patania, Carmelo

April 1, 2004

Human Services Department

Fuchs, Henry

April 7, 2004

Architecture & Engineering

Whitfield, William T. Jr.

April 9, 2004

Crystal Springs Rehab Center

Jones, James

April 11, 2004

Beneficiary Of June

May 5, 2004—Board Special Meeting Minutes

Public Session

1.0

Call to Order:  Ms. Colson, Chair, called the Public Session of the Special Meeting of the Board of Retirement to order at 3:08 p.m.  May 5, 2004 in SamCERA’s Board Room, Suite 125, 100 Marine Parkway, Redwood Shores.

2.0

Roll Call:  Ms. Colson, Mr. Bryan, Mr. Hooley, Mr. McMahon, Ms. Salas, Ms. Tashman, Ms. Stuart & Mr. Lewis.  Ms. Arnott for Mr. Buffington.  Staff:  Mr. McCausland

Closed Session

C1

Public Employee Performance Evaluation—Chief Executive Officer

3.0

Report on Actions taken in Closed Session:  Ms. Colson reported that the Board convened in Closed Session at 3:08 p.m. with all trustees present for roll call in attendance.  The Board continued the Public Employee Performance Evaluation of the Chief Executive Officer.  There being no further business, Ms. Colson adjourned the Closed Session at 4:26 p.m.

4.0

Adjournment:  There being no further business, Ms. Colson adjourned the Special Meeting at 4:27 pm