General Information

Government Type

Independent or Quasi-Government

Entity

Utah State Retirement Office

Public Body

Utah State Retirement Board

Notice Information

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Notice Title

Administrative/Investment Board Meeting Minutes

Notice Tags

Retirement

Notice Type(s)

Meeting

Event Start Date & Time

June 21, 2018 01:30 PM

Description/Agenda

MINUTES OF THE ADMINISTRATIVE/INVESTMENT BOARD MEETING June 21, 2018, 1:30 p.m., Utah Retirement Office Present: Ms. Laura Houston, Board Vice-President Mr. Ed Alter, Board Member Mr. David Damschen, Board Member Mr. Ryan Hessenthaler, Board Member Mr. Bill Wallace, Board Member Excused: Mr. Roger Donohoe, Board President Ms. Sheri Nelson, Board Member Staff: Mr. Jeff Allen, Shared Services Director Mr. Dan Andersen, Executive Director Mr. Ryan Ashcraft, Retirement Planning Director Mr. Dave Bjarnason, Chief Compliance Officer, Investments Ms. Lisa Chernov, Administrative Assistant, Investments Mr. Bruce Cundick, Chief Investment Officer Mr. Rob Dolphin, Finance Director Ms. Liza Eves, Associate General Counsel Ms. Heidie George, Sr. Compliance Officer, Investments Mr. Dee Larsen, General Counsel Ms. LuAnn Miskin, Administrative Assistant, Administration Mr. Jason Morrow, Deputy Chief Investment Officer Mr. Todd Rupp, Deputy Executive Director Mr. Craige Stone, Defined Contribution Director Guests: Mr. John Wald, Lighthouse Research & Development, Inc. Mr. Mike Reid, CEM Benchmarking, Inc. Call to Order Vice-President Laura Houston called the meeting to order at 1:36 p.m. and welcomed Board members, staff, and guests. Approval of Minutes ACTION: Mr. Bill Wallace moved, seconded by Mr. Ed Alter, to approve the minutes of the May 10, 2018, Administrative Board Meeting. The motion passed unanimously, 5-0. ACTION: Mr. Ryan Hessenthaler moved, seconded by Mr. David Damschen, to approve the minutes of the May 15, 2018, Audit/Risk Committee Meeting. The motion passed unanimously, 5-0. ACTION: Mr. Ed Alter moved, seconded by Mr. Bill Wallace, to approve the minutes of the May 17, 2018, Investment Board Meeting. The motion passed unanimously, 5-0. Lighthouse URS Satisfaction Survey Results Mr. John Wald reviewed the 2018 URS Employer telephone survey results, including the following items: Background Information Communication with URS Website Usage URS Literature Understanding of URS Products Training and Employers Guide Final Thoughts CEM Benchmarking DB Administrative Report Mr. Mike Reid reviewed the URS Defined Benefit Pension Administration Benchmarking Results for the calendar year 2017 and indicated that URS is a low cost, high service provider within its peer group which is also a fairly low cost, high service peer group. Mr. Reid noted that the total service score increased to 84 over the previous four years due to improvements to the member website, call center, and pension inceptions. Board Website Software Update Mr. Jeff Allen gave an update on the progress of the new Board website software. He distributed three different sizes of iPads for the Board to look at to determine which would best meet their needs to access the new website. The iPads will be available for the Board members at the August 9, 2018, Administrative Board Meeting. They will then be able to set up one-on-one training with the website support staff. Both the old and new websites will be used for the two August Board Meetings. Any issues will be addressed at the September 27, 2018, Board Workshop. New Employer - Big Plains Water and Sewer Special Service District Mr. Dan Andersen reviewed the application for Big Plains Water and Sewer Special Service District to participate in the Public Employees' Retirement System. He reported that all eligibility requirements have been met and recommended approval of the application. ACTION: Mr. Ed Alter moved, seconded by Mr. Ryan Hessenthaler, to approve Big Plains Water and Sewer Special Service District as a participating employer in the Public Employees' Retirement System. The motion passed unanimously, 5-0. At 2:51 p.m., Mr. Bill Wallace moved, seconded by Mr. Ryan Hessenthaler, to move into Closed Session to discuss confidential fiduciary, investment, and legal matters. The motion passed unanimously, 5-0. At 3:49 p.m., Mr. David Damschen moved, seconded by Mr. Bill Wallace, to move back into Open Session. The motion passed unanimously, 5-0. Final Motions Independent Auditor RFP ACTION: Mr. Ryan Hessenthaler moved, seconded by Mr. Bill Wallace, to approve the hiring of Eide Bailly as the Independent Auditor to perform the URS, SOC 1, OPEB, and PEHP audits for the next five years with an option for up to an additional three years, subject to additional client reference checks. The motion passed unanimously, 5-0. Variance Report ACTION: Mr. Ryan Hessenthaler moved, seconded by Mr. David Damschen, to accept the Variance Report as of May 31, 2018, as presented. The motion passed unanimously, 5-0. Order to Dismiss 15-27D ACTION: Mr. David Damschen moved, seconded by Mr. Ed Alter, to approve the Order to Dismiss 15-27D as submitted by the Adjudicative Hearing Officer. The motion passed unanimously, 5-0. At 3:51 p.m., Mr. David Damschen moved, seconded by Mr. Ryan Hessenthaler, to move into Executive Session to discuss fiduciary matters. The motion passed unanimously, 5-0. The following were present: Board Members present Mr. Dan Andersen Mr. Todd Rupp Mr. Dee Larsen Ms. Liza Eves Mr. Craige Stone Executive Session Mr. Bill Wallace moved, seconded by Mr. Ryan Hessenthaler, to move back into Open Session. The motion passed unanimously, 5-0. The meeting resumed at 4:35 p.m. Adjournment Mr. Ryan Hessenthaler moved, seconded by Mr. Ed Alter, to adjourn the meeting. The motion passed unanimously, 5-0. The meeting adjourned at 4:36 p.m. __________________________________ Laura Houston, Board Vice-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

August 10, 2018 11:01 AM

Notice Last Edited On

August 10, 2018 11:01 AM

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