August 24, 2004 – Board Agenda

Call to Order: Ms. Salas, Chair, called the Public Session of the Board of Retirement to order at 1:00pm, August 24, 2004 in SamCERA’s Board Room, Suite 125, 100 Marine Parkway, Redwood Shores.

0408.2.1

Roll Call: Mr. Bryan, Mr. Buffington, Ms. Colson, Mr. Hooley, Mr. Lewis, Mr. McMahon (1:03 pm), Ms. Salas, Ms. Stuart & Ms. Tashman. Staff: Mr. McCausland, Mr. Hood & Mr. Clifton. Counsel: Ms. Motley. Consultants: Dr. Fracchia. Retirees: 1, County: 4.

0408.2.2

Swearing-in of Trustees: Mr. Bryan swore to serve as a faithful fiduciary for all members, retirees and beneficiaries; to serve as a prudent administrator of the County's Retirement System; and to support, defend and bear true faith and allegiance to the Constitutions of the United States of America and the State of California in accordance with Regulation 3.20.

0408.2.3

Appointment of Committees: Ms. Salas appointed Ms. Colson, Chair; Mr. Hooley, Ms. Stuart and Mr. Buffington to the Ad Hoc Audit Committee per Regulation 2.5.1. (Mr. McMahon declined Ms. Salas’ assignment to the Committee.) Ms. Salas appointed Mr. Lewis, Chair; Mr. Bryan, Ms. Tashman and Ms. Salas to the Investment Committee per Regulation 2.5.1. Ms. Salas appointed Ms. Tashman, Chair; Mr. Lewis, Mr. Bryan and Ms. Salas to the Ad Hoc Chief Executive Officer Selection Committee.

0408.2.4

Acceptance of Status Report on the Chief Executive Officer Selection Process: Steve Boles, Assistant Director of Employee and Public Services,reviewed the SamCERA CEORecruitment Schedule with the Board. He noted that September 9^th is the final date for filing applications for the position. There will be a resume screening session with the Ad Hoc CEO Selection Committee. Members of the Committee will receive resume and evaluation materials in advance for that screening process. The Ad Hoc Committee will then hold first round interviews with the semi-finalists. The finalists, selected by the Ad Hoc Committee, will be interviewed by the Board in closed session on October 26^th. Per Mr. Boles’ recommendation that there be an alternate, Ms. Salas appointed Ms. Stuart to serve as the alternate member of the Ad Hoc CEO Selection Committee. [Ms. Carlson subsequently informed the Chair that a majority of the Board may not attend a meeting of an Ad Hoc Committee, unless it is noticed as a meeting of the Board. Thus, there can be no more than four members attending a meeting of the Ad Hoc Committee, including alternates. Consequently, Ms. Salas determined that the Alternate would not attend the Ad Hoc meetings or otherwise participate unless Ms. Salas determined that the Alternate would be needed.]

0408.3

Approval of the Minutes: Ms. Arnott submitted the following corrections to the Minutes: 0407.2.2: Without objection, ~~Mr.~~ Ms. Colson accepted…”; 0407.5.1 under Deferred Retirements: “~~Sonja, Roberts~~ Roberts, Sonja”. Motion by Buffington, second by Lewis, carried unanimously to approve the Board Meeting Minutes of July 27^th as amended.

0408.4.1

Oral Communications From the Board: Ms. Stuart stated that several members of SCORPA and other retirees would like the Board to reconsider the topic of a retiree alternate. She noted that several other retirement systems have a Board alternate for the retired member as permitted by law. Ms. Salas indicated that new legislation has been passed, permitting the Safety alternate to sit on any elected trustee’s seat, including that of the retired member’s. Ms. Stuart stated that retirees would not feel truly represented unless done so by another retiree. Without objection, Ms. Salas instructed staff to place the topic on the September agenda.

Mr. McMahon reported that he attended Pacific Pension Institute’s summer roundtable. He stated that they had very informative discussions on the investment analysis of new regions and industries, primarily focusing on China and India. Mr. McMahon also noted that they discussed other very interesting topics such as demographics, nanoscience and biogenetics. He opined that the roundtable’s format proved extremely conducive for the exchange of thoughts and ideas, recommending it to the rest of the Board. Ms. Colson indicated that, unfortunately, with the presence of new Board members, some trustees have not been receiving a few of the conference invitations. She reported that she had asked Staff to request that the hosts of these conferences send an invitation addressed to Staff who will forward the invitation to the Chair so that all members of the Board can be aware of such events.

0408.4.2

Oral Communications From the Public: None.

0408.5

Benefit & Actuarial Services

0408.5.1

Adoption of Consent Calendar: Motion by Mr. Bryan, second by Ms. Colson, carried unanimously to adopt the Consent Calendar as submitted as follows:

Disability Retirements: The Board finds that Johnny Hunter is unable to perform his duties as a Custodian, finds that his disability is Service-connected and GRANTS his application for a Service-connected disability.

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

Service Retirements:

Prevot, Robert

August 20, 2004

Sheriffs’ Department

Mattila, Vicki

August 31, 2004

Human Services Agency

Continuance of Benefits:

Brannock, Kelly

Beneficiary of Donald

Ganley, Kathleen

Beneficiary of William

League, Nancy

Beneficiary of Michael

Whyte-Shearer, Ida

Beneficiary of Charles

Deferred Retirements:

Giles, Carma

G4 vested

Wong, Daniel

G4 vested

Rubenstein, Adam

G4 non vested

Reciprocity

Refunds For August 2004:

Baliwag, Maria

G4 non vested

$1,286.67

Brooks, Sonya

G4 non-vested

$1,910.81

Bryant, Christine

G4 non-vested

$8,080.70

Castano, Claudia

G4 non vested

$2,015.74

Jensen, Richard

G4 non vested

$4,032.30

Lewis, Geraldina

G4 non vested

$7,098.42

Lopez, Karina

G4 non vested

$725.78

Peterson, Richard

G4 non vested

$12,076.03

Rivera, Raquel

G4 non vested

812.87

Romani, Michael

G4 non vested

$6,432.82

Tovar, Cynthia

G4 non vested

$994.91

Total Refunds August 2004:

$45,467.05

Rollovers For August 2004:

Arroyo, Jeniffer

G4 non vested

$2,794.26

Hanks, Christopher

G4 non vested

$8,326.58

Jones, Bridgette

G4 non vested

$12,636.62

Lieskovsky-Peyton, Ahsi

G4 non vested

$9,341.50

Manernow, Lydia

G4 non vested

$2,057.86

Mendoza, Linda

P4 non vested

$10,766.11

Rain, Robin

G4 non vested

$7,996.57

Saenz, Valerie

G4 non vested

$13,861.95

Steiger, Tracy

G4 non vested

$8,855.12

Volokitin, Alex

G4 non vested

$1,451.85

White, Deshone

G4 non vested

$7,920.13

Yu-Shears, Jeanette

G4 non vested

$1,420.82

Zarate, Erika

G4 non vested

$10,925.46

Total Rollovers for August 2004:

$98,354.83

0408.5.2

Consideration of items removed from Consent Calendar: None.

0408.6

Investment Services

0408.6.1

Acceptance of Monthly Portfolio Performance Report: Mr. Clifton presented the monthly performance report for the period ending July 31, 2004. SamCERA’s began the new fiscal year with a negative return for the month of July of -2.36% primarily due to the fall in equities and the uncertainty of oil prices. Mr. Clifton then reported that the Investment Committee had discussed Manager Reconciliation. He stated that Staff was instructed to work with State Street and Deutsche Asset Management to narrow the amount of basis points in reconciliation between returns. Mr. Clifton reported that he has discussed the situation with both parties and have begun monitoring it and will continue to do so for the next 6 months.

Asset Class

Market Value

1-Month

1-year TTWRR

5-year TTWRR

Domestic Equity

$736,242,463

-4.20%

13.95%

-0.29%

International Equity

219,147,622

-3.32%

18.71%

-0.37%

Total Equity

955,390,085

-4.00%

14.99%

-0.68%

Fixed Income

442,660,826

1.05%

5.45%

7.31%

Real Estate Aggregate

59,422,293

0.55%

8.48%

9.35%

Cash Equivalents

18,686,518

0.18%

2.26%

3.69%

Total Fund

$1,476,159,722

-2.36%

12.01%

3.14%

Benchmark

-2.23%

12.77%

2.63%

Without objection, Ms. Salas accepted the report.

0408.6.2

Acceptance of Quarterly Investment Performance Analysis for periods ending June 30, 2004: Mr. Clifton reported that the format of the booklet from Strategic Investment Solutions will change starting the next quarter. Mr. Clifton reported that the Fund was up 10 basis points for the last quarter of the fiscal year, which was above the policy index and median. Mr. Clifton also noted that over the short term (<2 years), SamCERA’s Total Fund return is beating the Median manager. Mr. Clifton reported that Ms. Jadallah had reviewed each of the individual managers with the Investment Committee. He reported that the Committee noted SamCERA’s passive Fixed Income return typically ranks in the lower 3^rd of fixed income managers. The Investment Committee will review the role of the passive fixed income allocation next Spring to determine if any further changes are desirable.

0408.6.3

Selection of Finalists for SamCERA’s Core Plus Fixed Income Manager: Mr. Lewis reported that the Investment Committee had reviewed the estimated transition costs submitted by Deutsche Asset Management, PIMCO, and Western Asset Management Company for the Core Plus Fixed Income mandate. The Investment Committee assessed the candidates’ transition costs, management fees and past returns. In response to a question by Mr. Bryan, Mr. Lewis indicated that BGI’s transition cost estimate for Deutsche was much higher than Deutsche’s due to the fact that BGI was unaware that Deutsche will be merely adding supplemental holdings, due to the fact that they are already a manager for SamCERA. Mr. Lewis stated that the Investment Committee selected Deutsche Asset Management and Western Asset Management as the finalists for the Core Plus Fixed Income mandate. Motion by Bryan, second by Ms. Salas, carried unanimously to interview the two finalists.

0408.6.4

Approval of BGI Investment Management Agreement Amendment to include an Enhanced Equity Mandate: Mr. Clifton reported that Ms. Arnott, Mr. Hooley, and himself conducted an onsite visit to BGI, accompanied by Ms. Jadallah and Mr. Harte from Strategic Investment Solutions. Mr. Clifton reported that SIS remained impressed with the depth of BGI’s capabilities.

Mr. Clifton presented the amendment to the BGI contract that will allow for investment in BGI’s Russell 1000 Alpha Tilts. He noted that Trey Haskell from BGI, lowered the fee structure for the U.S. Debt Index Fund. Ms. Colson requested that BGI include favored nation language into the contract.

Motion by Bryan, second by Salas, carried unanimously, to adopt Resolution 04-05-04, subject to the addition of “favored nation fee” language.

Whereas, Article XVI, §17 of the Constitution of the State of California vests the Board with "plenary authority and fiduciary responsibility for the investment of moneys and the administration of the system"; and

Whereas, Government Code §31595 vests in the Board “. . . exclusive control of the investment of the employees retirement fund.” and

Whereas, Government Code §31596.1 (d) authorizes the Board to retain investment managers “. . . in connection with administration of the Board's investment program . . . "; and

Whereas, Board Resolution 03-04-05 approved a contract between the Board and Barclays Global Investors for a term of three-years, effective November 30, 2003; and

Whereas, the provisions of SamCERA’s Investment Plan, BGI’s Collective Investment Fund Guidelines and Investment Management Fees, including any amendment(s) thereto are incorporated into the Agreement as Exhibit A, Exhibit B and Exhibit C respectively; and

Whereas, the Board wishes to amend Exhibit B, “Collective Investment Fund Guidelines” and Exhibit C, “Investment Management Fees” to include provisions that allow for investment in Barclays Global Investors’ Russell 1000 Alpha Tilts Fund ; and

Whereas, County Counsel has approved the contract amendment as to form and the Investment and Finance Manager has recommended approval of the amendments. Therefore, be it

Resolved that the Board hereby approves the amendments to the SamCERA/BGI Investment Management and Custody Agreement to allow investment in BGI’s Russell 1000 Alpha Tilts Fund. Be it further

Resolved that the Board hereby delegates full discretionary authority to Barclays Global Investors to manage the assets of the Retirement Fund as allocated by the Board in accordance with the terms of the contract, the Investment Plan, 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 contract and authorizes the disbursement of funds as provided for in GC §31596.1 in accordance with SamCERA's internal controls. Be it further

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

Resolved that the Board hereby designates the Investment & Finance Manager as its designee to perform those functions so identified in the contract and hereby authorizes the Investment & Finance Manager 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

0408.6.5

Approval for BGI to Transition SamCERA Assets from BGI’s Russell 1000 Index to BGI’s Russell 1000 Alpha Tilts: Motion by Buffington, second by Bryan, carried unanimously to adopt Resolution 04-05-05, authorizing BGI to transition 50% of SamCERA’s investments in the BGI Russell 1000 Index Fund into units of the BGI Russell 1000 Alpha Tilts Fund.

Whereas, Government Code §31595 vests in the Board “. . . exclusive control of the investment of the employees retirement fund.” and

Whereas, Government Code §31596.1 (d) authorizes the Board to retain investment managers “. . . in connection with administration of the Board's investment program . . . "; and

Whereas, Board Resolution 03-04-05, as amended, approved a contract between the Board and Barclays Global Investors (BGI) for a term of three-years, effective November 30, 2003; and

Whereas, the Board adopted a manager structure for SamCERA’s large cap equity mandate that invests monies equally in the BGI Russell 1000 Index Fund and the BGI Russell 1000 Alpha Tilts fund; and

Whereas, SamCERA’s large cap equity investments are currently 100% in the Russell 1000 Index Fund and therefore need to be restructured into the new mandate. Therefore, be it

Resolved that the Board hereby approves a Letter of Authorization (LOA) with Barclays Global Investors that directs BGI to restructure an investment portfolio of domestic securities and cash from an investment in the BGI Russell 1000 Index Fund into units of the BGI Russell 1000 Alpha Tilts Fund on or around August 31, 2004 and subsequent funding dates as necessary. Be it further

Resolved that the Board hereby approves the costs as specified in BGI’s August 3, 2004 analysis of transition from the BGI Russell 1000 Index Fund to the BGI Russell 1000 Alpha Tilts Fund. Be it further

Resolved that the Board hereby authorizes the Chair, to execute the Letter of Authorization on behalf of the Board. Be it further

Resolved that the Board hereby designates the Investment & Finance Manager as its designee to perform those functions so identified in the Letter of Authorization and hereby authorizes the Investment and Finance Manager 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 Letter of Authorization.

Mr. Clifton then reported on the Investment Committee’s discussion regarding manager due diligence site visits. The Board’s original instructions had been to wait until all the new managers were selected and then to combine site visits into the optimum number of trips. He reported that these trips will occur during the later part of September and the early October. Ms. Colson noted that Patrick Thomas of SIS had recently performed a due diligence visit to Delaware’s offices in London. She opined that it was not worth the cost nor time of traveling to London, since the Board can rely on Mr. Thomas’ comments and analysis from his site visit. It was noted that Mr. Bryan and Mr. Clifton had recently performed a due diligence visit to Deustche in Philadelphia, while in the area for the GFOA conference. Ms. Colson suggested that Staff ask SIS to indicate which firms their consultants have recently visited. Ms. Colson requested that an item regarding the due diligence policy be placed on the September agenda. The Chair noted that it seemed to be the consensus of the Board that it was appropriate for staff to conduct manager due diligence site visits in the course of establishing liaison with the appropriate investment and operations staff.

0408.7

Board & Management Support Services

0408.7.1

Acceptance of Monthly Financial Reports: Mr. McCausland presented Mr. Clifton’s Preliminary Monthly Financial Report for the Period ending July 31, 2004. He noted that SamCERA’s Net Assets totaled $1,467,533,937 with an increase of $32,174,515 in July. Ms. Colson questioned the Staff’s use of the County’s prepayment to rebalance the fixed income portfolio. Mr. McCausland responded that prior to the County’s pre-payment, SamCERA had been overweight equities and underweight fixed income, the rebalancing brought the asset classes back close to the asset allocation target. He noted that, in July, the stock portfolio was down 4% and the bond portfolio was up 1%. Without objection, Ms. Salas accepted the report.

0408.7.2

Adoption of the Deletion of Paragraph 4.12 from the Regulations of the Board of Retirement: Mr. Hood reminded the Board that there had been a public hearing on the deletion of Paragraph 4.12 from the Regulations of the Board of Retirement at the July Board meeting. Having not received any public comment on the matter, the issue was now before the Board for adoption. In response to a question from Ms. Stuart, Mr. McCausland stated that approximately 3 years ago, SamCERA had changed their policy to not grant interest to terminated non-vested members to perhaps encourage them to withdraw their contributions. Subsequently, legislation was changed to permit these members to keep their funds with SamCERA and Staff felt it prudent to rescind this policy in light of the fact that SamCERA was the only system not granting interest for these members. They will be granted interest at the lower of the smoothed rate or the actuarial earnings rate.

Motion by Bryan, second by Colson, carried unanimously to adopt Resolution 04-05-06, permitting terminated non-vested members to receive interest on their contribution balance like any other active or deferred member.

Whereas, Government Code §31525 provides that this Board may make regulations not inconsistent with the California Employees' Retirement Law of 1937; and

Whereas, Government Code §31526 stipulates which provisions must be included in these regulations; and

Whereas, Government Code §31527 stipulates which provisions are permissible in these regulations. Therefore be it

Resolved that pursuant to Government Code §31525, § 31526 and §31527 the Board hereby deletes paragraph 4.12 from the Regulations of the Board of Retirement:

Paragraph 4.12 is deleted from the Regulations of the Board of Retirement:

4.12. Rates of Interest in Non-vested Terminated Members: Accounts of non-vested members who terminate employment but keep their funds on deposit will not be credited with any interest after their termination date unless the member has established reciprocity.

Be it further,

Resolved, that the Chief Executive Officer is hereby authorized under Government Code §31525 to transmit these amended regulations to the Board of Supervisors and to take all actions necessary to provide for their implementation upon approval by the Board of Supervisors.

0408.7.3

Approval for a Special Meeting on October 25^th and a change of Meeting Location for October 26^th: Mr. McCausland recommended that there be a special meeting on October 25^th in SamCERA’S Board Room to handle routine board business while devoting the selection of SamCERA’s new Chief Executive Officer on October 26^th.

Motion by Mr. Bryan, second by Mr. Lewis, carried unanimously to call (1) an Investment Committee meeting for 10:00 am, Monday, October 25^th in the Board Room; (2) a Board of Retirement Special Meeting to conduct routine business for 1:00 p.m., Monday, October 25^th in the Board Room; and (3) a Board of Retirement Special Meeting for 9:00 am, Tuesday, October 26^th at the San Mateo Marriott, with Closed Session interviews of finalists for the selection of SamCERA’s next Chief Executive Officer.

0408.7.4

Consideration of Legislative Proposals for submission to SACRS: Mr. Hoodreported that Staff has not received any recommendations regarding proposed legislative changes to be submitted through SACRS.

0408.7.5

Approval of Amendments to SamCERA’s Interest Crediting policy: Mr. Cliftonreported that the Actual Earnings Rate was 6.037% for the twelve-month period ended June 30, 2004 which was the rate at which Member Reserves were credited. Other reserves were credited at the Actuarial Interest Rate of 8.0%. The difference between the 6.073% & the 8% for the Member Reserve was credited to the County Advance Reserves. Mr. Clifton then discussed Staff’s 6/30/2004 implementation of SamCERA’s new interest crediting policy. He reported that the Contingency Reserve was taken down from $13 million to zero and the Undistributed Earnings/Losses Account to a negative balance of approximately $10 million in order to allow all Valuation Reserves to be credited at the Actuarial Interest Rate of 8.0%. He recommended that the Board discuss certain sections in the interest crediting policy during the next scheduled appearance of Ira Summer from Public Pension Professionals. Mr. Buffington requested that Staff produce a chart to illustrate the “actuarial cash flows” that stem from the five-year actuarial smoothing of actuarial gains and losses.

Motion by Mr. Bryan, second by Mr. Hooley, carried unanimously, to approve Staff’s June 30, 2004 crediting of interest.

0408.7.6

Approval of Memorandum of Understanding for County IRC§415 Replacement Benefit Plan: Mr. Hood presented the Memorandum of Understanding between SamCERA and the County of San Mateo regarding the operation of the San Mateo County IRC§415 Replacement Benefits Plan. He indicated that the Board of Supervisors is scheduled to adopt a Replacement Benefits Plan at their August 31^st meeting. In response to a question from Ms. Colson, Mr. Hood indicated that, with the implementation of the new enhanced benefit formula, there will be approximately 10 members that will exceed the tax limit within the next couple years. Motion by Bryan, second by Salas, carried unanimously to adopt Resolution 04-05-07 as follows:

Whereas; SamCERA provides retirement benefits to employees of the County of San Mateo and the Mosquito Abatement District, and;

Whereas, the amount of benefits that can be provided to SamCERA members is limited by Section 415(b) of the Internal Revenue Code (“Code”), and;

Whereas, it is the County’s responsibility under the County Employees Retirement Law of 1937 (“CERL”) to provide a program to replace benefits that cannot be paid by the SamCERA because of the limits of section 415(b) of the Internal Revenue Code , and

Whereas, the Code provides that the County can establish a replacement benefits plan to pay the full benefits earned by Association members whose benefits cannot be paid by Association under Internal Revenue

Whereas, this Board has been presented with a Memorandum of Understanding (“MOU”) between the County and SamCERA to operate the Replacement Benefits Plan and has examined and approved it as to both form and content and desires to enter into the MOU. Therefore, be it

Resolved that the Board of Retirement approves the Memorandum of Understanding (MOU) between the County and the San Mateo County Employees’ Retirement Association and authorizes and directs the Chief Executive Officer to execute the MOU and any necessary amendments to the MOU. It is further resolved that the Chief Executive Officer is hereby authorized to take all steps necessary to provide for the implementation of the Memorandum of Understanding.

0408.8

Approval or Acceptance of Reports

0408.8.1

Chief Executive Officer's Report: Mr. McCausland presented the status report on the Ventura Implementation. He reported that pay code research-to-day has identified 167 members qualified to receive Venturaenhanced benefits, which will be paid in August. He noted that the $3,316,293 Net Present Value of the benefit enhancements will be charged against the Ventura Reserve, an amount equal to ~10.3% of the Reserve. He noted that many Nurses have received enhancements of between 5% and 35%, while many Deputy Sheriff’s have received enhancements of approximately 10%. Other qualified retirees received relatively minor increases, with the total median increase being 2.9%. In response to a question from Ms. Stuart, Mr. McCausland indicated that the retroactive lump sum payment will be taxable. He then indicated that the Ventura transfers will go into the County’s Retiree Reserve. Mr. McCausland then discussed the tedious procedures required to locate the estates of SamCERA’s deceased members, but predicted that the Ventura project will be completed by the end of December.

0408.8.2

Assistant Executive Officers’ Report: Mr. Hood reported that he had spoken with Mr. Summer from Public Pension Professionals. PPP is on schedule with the Actuarial Valuation and has reportedly hired a new Analyst to help the firm. In response to a question from Ms. Tashman regarding the transition between actuaries, Mr. Hood indicated that he has spoken and worked with Deanna Van Valer from Public Pension Professionals and that she has all information required to complete the Valuation.

Mr. Hood then indicated that one of the Extra Help Ventura researchers has left employment with SamCERA; however, he does not feel the immediate need to find a replacement as of yet. Staff will hire another researcher if necessary. Mr. Hood then reported that he will be departing for 10 days of active military duty in Korea. Without objection, Ms. Salas noted that the Board approves Mr. Hood’s request to purchase SamCERA polo shirts in Korea for Staff’s use at the Benefits Fair and other County events.

0408.8.3

Investment & Finance Manager’s Report: Mr. Clifton indicated that CS Capital Management is near completion of its independent fiduciary analysis of the INVESCO Core Fund. CS should be able to make a contribution recommendation by the first week of September.

Mr. Clifton then reported that several trustees have inquired about the “Callan College” conference. He indicated that he will return with an amendment to SamCERA’s Educational Policy to include this program as an approved event.

0408.8.4

County Counsel's Report: None.

0408.9

Adjournment in Memory of the following Deceased Members: There being no further business, Ms. Salas adjourned the meeting at 2:33pm, in memory of the following deceased members:

Whyte-Shearer, Charles

June 30, 2004

General Services Department

Ganley, William A.

July 5, 2004

Sheriffs’ Department

League, Michael

July 11, 2004

Health Services Department

Sudbury, Arcy

July 12, 2004

Sheriffs’ Department

Wilson, Mildred

July 17, 2004

Beneficiary Of Albert

Tennison, Alice

July 29, 2004

Beneficiary Of Jess

Billera, Josephine

August 8, 2004

Chope Hospital

Pischke, Esther

August 11, 2004

Beneficiary Of Henry

ALMA R. SALAS, Chair

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