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

April 20, 2017 12:00 PM

Description/Agenda

MINUTES OF THE ADMINISTRATIVE/INVESTMENT BOARD MEETING April 20, 2017, 12:00 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. Dan Andersen, Executive Director Mr. Ed Archer, Chief Compliance Officer, Investments Mr. Dave Bjarnason, Sr. Compliance Officer, Investments Mr. Kevin Catlett, Investment Counsel Mr. Bruce Cundick, Chief Investment Officer Mr. Rich Eggett, Portfolio Manager, Investments Mr. Guy Foutz, Investment Risk Officer Mr. Mike Gleue, Investment Analyst, Real Estate Mr. Tom Graham, Investment Analyst, Real Estate Mr. Dan Larsen, Portfolio Manager, Real Estate Mr. Dee Larsen, General Counsel Mr. Mike Maires, Sr. Real Estate Portfolio Manager, Investments Ms. LuAnn Miskin, Administrative Assistant, Administration Mr. Mark Van Mondfrans, Investment Operations Associate Mr. Ted Nelson, Investment Analyst, Real Estate Mr. Devon Olson, Real Estate Director Mr. Jerry Sanchez, Investment Counsel Mr. Joel Sheppard, Marketing Director Mr. Craige Stone, DC Savings Plans Director Mr. Bryant Weber, Sr. Portfolio Manager, Investments Mr. Wilford Wong, Investment Analyst, Real Estate Visitors: Ms. Heather Christopher, Albourne Mr. Mark White, Albourne Call to Order President Bill Wallace called the meeting to order at 12:14 p.m. and welcomed Board members, staff, and guests. Approval of Minutes ACTION: Mr. Ryan Hessenthaler moved, seconded by Mr. Ed Alter, to approve the minutes of the March 9, 2017, Investment Board Meeting. The motion passed unanimously, 5-0. Mr. Dave Damschen and Mr. Roger Donohoe were absent for this vote. ACTION: Ms. Sheri Nelson moved, seconded by Ms. Laura Houston, to approve the minutes of the March 16, 2017, Administrative Board Meeting. The motion passed unanimously, 5-0. Mr. Dave Damschen and Mr. Roger Donohoe were absent for this vote. Letter from PARC Mr. Dan Andersen shared a letter from PARC, a participating employer with URS, thanking URS Retirement and Legal staff for their understanding, compassion, and professionalism during a difficult process. FTE Requests Mr. Dan Andersen reviewed the two new FTE requests: - Retirement Division Communications Manager - Defined Contribution Savings Plans Customer Service Specialist ACTION: Mr. Ed Alter moved, seconded by Mr. Ryan Hessenthaler, to approve the two new FTEs for the Retirement Division and the Defined Contribution Savings Plans with the associated budget costs. The motion passed unanimously, 7-0. At 12:23 p.m., Ms. Laura Houston moved, seconded by Mr. Ryan Hessenthaler, to move into Closed Session to discuss legal, investment, and fiduciary matters. The motion passed unanimously, 7-0. At 4:37 p.m., Ms. Sheri Nelson moved, seconded by Mr. Roger Donohoe, to move back into Open Session. The motion passed unanimously, 7-0. Final Motions PEHP Renewals ACTION: Mr. Dave Damschen moved, seconded by Mr. Ed Alter, to approve the LGRP Medical insurance rate renewal increase of 5.2%, effective July 1, 2017, as discussed in the April 18, 2017, Board Insurance Committee Meeting. The motion passed unanimously, 7-0. ACTION: Mr. Roger Donohoe moved, seconded by Ms. Laura Houston, to approve the Salt Lake City Medical insurance rate renewal increase of 3.5%, effective July 1, 2017, as discussed in the April 18, 2017, Board Insurance Committee Meeting. The motion passed unanimously, 7-0. ACTION: Mr. Dave Damschen moved, seconded by Ms. Sheri Nelson, to approve the State Medical insurance rate renewal increase of 6.5%, effective July 1, 2017, as discussed in the April 18, 2017, Board Insurance Committee Meeting. The motion passed unanimously, 7-0. ACTION: Mr. Roger Donohoe moved, seconded by Ms. Laura Houston, to approve the LGRP Dental insurance rate renewal increase of 2%, effective July 1, 2017, as discussed in the April 18, 2017, Board Insurance Committee Meeting. The motion passed unanimously, 7-0. ACTION: Mr. Ryan Hessenthaler moved, seconded by Mr. Ed Alter, to approve the Salt Lake City Dental insurance rate renewal with a 0% rate hold, effective July 1, 2017, as discussed in the April 18, 2017, Board Insurance Committee Meeting. The motion passed unanimously, 7-0. ACTION: Ms. Sheri Nelson moved, seconded by Mr. Ryan Hessenthaler, to approve the State Dental insurance rate renewal with a 0% rate hold, effective July 1, 2017, as discussed in the April 18, 2017, Board Insurance Committee Meeting. The motion passed unanimously, 7-0. State Dental Risk Pool - Refund of Excess Reserves ACTION: Mr. Roger Donohoe moved, seconded by Mr. Dave Damschen, to approve the refund of $4M to the State Dental risk pool, with 90% going to employers and 10% going to employees as discussed in the April 18, 2017, Board Insurance Committee Meeting. The motion passed unanimously, 7-0. Order to Dismiss 16-47D ACTION: Mr. Ed Alter moved, seconded by Mr. Ryan Hessenthaler, to approve the Order to Dismiss 16-47D as submitted by the Adjudicative Hearing Officer. The motion passed unanimously, 7-0. Findings of Fact, Conclusions of Law, and Order 2016-20H ACTION: Mr. Dave Damschen moved, seconded by Ms. Laura Houston, to approve the Findings of Fact, Conclusions of Law, and Order 2016-20H as submitted by the Adjudicative Hearing Officer. The motion passed unanimously, 7-0. Order to Dismiss 14-07D ACTION: Mr. Roger Donohoe moved, seconded by Mr. Dave Damschen, to approve the Order to Dismiss 14-07D as submitted by the Adjudicative Hearing Officer. The motion passed unanimously, 7-0. Variance Report ACTION: Mr. Ryan Hessenthaler moved, seconded by Ms. Sheri Nelson, to accept the Variance Report as of March 31, 2017, as presented. The motion passed unanimously, 7-0. Private Equity Policy (IPS) ACTION: Mr. Dave Damschen moved, seconded by Mr. Roger Donohoe, to approve the changes to the Private Equity Policy within the Defined Benefit Investment Policy Statement (IPS) as presented at the March 9, 2017, Investment Board Meeting. The motion passed unanimously, 7-0. Private Equity Strategic Plan ACTION: Ms. Laura Houston moved, seconded by Mr. Dave Damschen, to approve the changes to the Private Equity Strategic Plan as presented at the March 9, 2017, Investment Board Meeting. The motion passed unanimously, 7-0. At 4:43 p.m., Mr. Ryan Hessenthaler moved, seconded by Mr. Dave Damschen, to move into Executive Session to discuss fiduciary matters. The following were present: - Board Members present - Mr. Dan Andersen Executive Session Mr. Ed Alter moved, seconded by Ms. Sheri Nelson, to move back into Open Session. The motion passed unanimously, 7-0. The meeting resumed at 4:44 p.m. Adjournment Mr. Roger Donohoe moved, seconded by Ms. Laura Houston, to adjourn the meeting. The motion passed unanimously, 7-0. The meeting adjourned at 4:45 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
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Contact Name

Stacie Petersen

Contact Email

stacie.petersen@urs.org

Notice Posting Details

Notice Posted On

May 12, 2017 08:47 AM

Notice Last Edited On

May 12, 2017 08:47 AM

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