General Information

Government Type

Independent or Quasi-Government

Entity

Utah State Retirement Office

Public Body

Utah State Retirement Board

Notice Information

Add Notice to Calendar

Notice Title

Administrative/Investment Board Meeting Minutes

Notice Tags

Retirement

Notice Type(s)

Meeting

Event Start Date & Time

December 15, 2016 03:00 PM

Event End Date & Time

December 15, 2016 04:51 PM

Description/Agenda

MINUTES OF THE ADMINISTRATIVE/INVESTMENT BOARD MEETING December 15, 2016, 3:00 p.m., Utah Retirement Office Present: Mr. Bill Wallace, Board President Mr. Ed Alter, Board Member Mr. Dave Damschen, Board Member Mr. Roger Donohoe, Board Vice-President Mr. Ryan Hessenthaler, Board Member Ms. Laura Houston, Board Member Ms. Sheri Nelson, Board Member Excused: Staff: Mr. Jeff Allen, Shared Services Director Mr. Dan Andersen, Executive Director Mr. Steve Baker, PEHP Operations Director Mr. Dave Bjarnason, Sr. Compliance Officer, Investments Mr. Kevin Catlett, Investment Counsel Mr. Bruce Cundick, Chief Investment Officer Mr. Guy Foutz, Investment Risk Officer Mr. Dave Hansen, PEHP Chief Legal Counsel Mr. Dan Larsen, Portfolio Manager, Real Estate Mr. Dee Larsen, General Counsel Mr. Chet Loftis, PEHP Director Ms. LuAnn Miskin, Administrative Assistant, Administration Mr. Jason Morrow, Deputy Chief Investment Officer Mr. Jerry Sanchez, Chief Investment Counsel Mr. Joel Sheppard, Marketing Director Mr. Bryant Weber, Portfolio Manager Visitors: Mr. Jordan Fein, Unite Here Local 11 Call to Order President Bill Wallace called the meeting to order at 3:00 p.m. and welcomed Board members and staff. Approval of Minutes ACTION: Ms. Sheri Nelson moved, seconded by Mr. Ryan Hessenthaler, to approve the minutes of the November 15, 2016, Audit/Budget Committee Meeting. The motion passed 6-0. Mr. Roger Donohoe was absent for the vote. ACTION: Mr. Ed Alter moved, seconded by Mr. Dave Damschen, to approve the minutes of the November 17, 2016, Administrative/Investment Board Meeting. The motion passed 6-0. Mr. Roger Donohoe was absent for the vote. Legislative Overview Mr. Dee Larsen reviewed the five URS bills that have previously been approved as committee bills. He reviewed S.B. 30 Insurance Premium Tax Amendments and the other public bill requests that are being watched by URS. At 3:16 p.m., Mr. Roger Hessenthaler moved, seconded by Mr. Dave Damschen, to move into Closed Session for the purpose of discussing confidential, legal, commercial, and investment matters. The motion passed 7-0. At 4:49 p.m., Mr. Dave Damschen moved, seconded by Mr. Ryan Hessenthaler, to move back into Open Session. The motion passed unanimously, 7-0. Final Motions Findings of Fact, Conclusions of Law, and Order 15-30D ACTION: Ms. Laura Houston moved, seconded by Mr. Ryan Hessenthaler, to approve the Findings of Fact, Conclusions of Law, and Order as submitted by the Adjudicative Hearing Officer. The motion passed unanimously, 7-0. Order of Dismissal 15-32R ACTION: Mr. Roger Donohoe moved, seconded by Mr. Ed Alter, to approve the Order of Dismissal 15-32R as submitted by the Adjudicative Hearing Officer. The motion passed unanimously, 7-0. Variance Report ACTION: Mr. Dave Damschen moved, seconded by Ms. Sheri Nelson, to accept the Variance Report as of November 30, 2016, as presented. The motion passed unanimously, 7-0. Target Percentages for Real Assets and Absolute Return ACTION: Mr. Roger Donohoe moved, seconded by Mr. Ryan Hessenthaler, to approve the changes to the asset allocation target percentages for Real Assets and Absolute Return as discussed. The motion passed unanimously, 7-0. Private Equity Benchmark - Defined Benefit IPS Changes ACTION: Mr. Dave Damschen moved, seconded by Mr. Roger Donohoe, to approve the new Private Equity Policy Benchmark and associated changes to the Defined Benefit IPS as discussed. The motion passed unanimously, 7-0. Adjournment Ms. Sheri Nelson moved, seconded by Mr. Roger Donohoe, to adjourn the meeting. The motion passed unanimously, 7-0. The meeting adjourned at 4:51 p.m. ________________________________________ William W. Wallace, Board President ________________________________________ Daniel D. Andersen, Executive Director

Notice of Special Accommodations (ADA)

In compliance with the Americans with Disabilities Act, persons needing auxiliary communicative aids and services for this meetings should call LuAnn Miskin at 801-366-7302 or use Relay Utah (toll-free in-state 7-1-1 or Spanish-language 888-346-3162), giving her at least 48 hours notice or the best notice practicable.

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

540 East 200 South
Salt Lake City, 84102
Show in Apple Maps Show in Google Maps

Contact Name

Stacie Petersen

Contact Email

stacie.petersen@urs.org

Notice Posting Details

Notice Posted On

January 13, 2017 09:48 AM

Notice Last Edited On

January 13, 2017 09:48 AM

Subscribe by Email

Subscription options will send you alerts regarding future notices posted by this Body.