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LOS ANGELES FIREMEN’S RELIEF ASSOCIATION MINUTES OF THE BOARD OF TRUSTEES February 1, 2012


CALL TO ORDER


President John Jacobsen called the Meeting of the Board of Trustees of the Los Angeles Firemen’s Relief Association to order at 10:35a.m.


ROLL CALL In-Person Appeal


MEMBERS PRESENT: John Jacobsen, President Juan Albarran, Vice President Andrew Kuljis, Secretary Trustee James Coburn Trustee Jeff Cawdrey Trustee Robert Steinbacher Trustee Gene Bednarchik Trustee Rick Godinez Trustee Doak Smith Trustee Chris Hart Trustee Craig White Trustee Michael Overholser Trustee Mark Akahoshi Trustee Steven Domanski Trustee Gary Matsubara Trustee David Peters Trustee Steve Tufts Trustee David Ortiz Trustee David Lowe Trustee Barry Hedberg Trustee Tim Larson


David Ned Smith - Exec. Director Controller – Todd Layfer


MEMBERS ABSENT: Trustee Chris Stine (Excused) Trustee Frank Hernandez (Excused) Trustee Kurt Stabel (Excused)


GUESTS: Lee Kebler, L.A. Retired Fire & Police Dennis Mendenhall, Retired Garth Flint, Beacon Pointe Advisors


INVOCATION & Flag Salute


Andy Kuljis led the invocation. Chris Hart led the flag salute. RATIFICATION OF MINUTES


John Jacobsen entertained a motion to ratify and dispense with the reading of the minutes of the Board of Trustees meeting held January 4, 2012. Robert Steinbacher so moved. Tim Larson seconded the motion.


John Jacobsen informed the Trustees that a suspended member of the Relief was present to address the Board on her request for reinstatement.


The member appeared before the Board and stated her case. She informed the Board of her reasons for being unresponsive to the letters sent by the Relief Association as well as her current situation. She was told that she would be informed of the Board’s decision after the meeting.


After further discussion, it was stated that it was the Relief Committee’s decision to deny her request to be reinstated as a member of the Relief.


Chris Hart motioned to approve her request to be reinstated as a member of the Relief Association. Michael Overholser seconded. On the question, there were objections. 10 voted opposed to the motion, 9 in favor. Motion failed.


INVESTMENT COMMITTEE REPORT


Robert Steinbacher stated that Garth Flint and Mike Breller of Beacon Pointe would address the Board with the 4th Quarter investments. He mentioned that by Friday, the committee will give Garth two names of new managers for consideration and indicated that they will make their decision after interviews scheduled on February 24th.


Garth Flint reported that 2011 was a tough year for investments. He reviewed the current market situation


There was no further discussion or objections.


Motion carried to ratify and dispense with the reading of the minutes of the Board of Trustees meeting held January 4, 2012.


in terms of the unemployment rate, housing market and the possibility of inflation.


Mike Breller addressed the asset allocations and how the portfolio is diversified into the various asset classes. He stated that after review of performance from the sectors, he stated that Large Cap was up by 1%, Small Cap was down by 6% and International was down 12% for the year. He mentioned that St. James, Symons and The London Company were added at the end of the year as replacements for Knightsbridge and Seligman and should improve the performance. He reported that Stralem & Co. had performed fairly well and made up for some of the losses from the Knightsbridge portfolio relative to their index. He referred to the International component and stated that the Artisan Int’l Value was down 6% for the year instead of down 12% and held up substantially as well as Europacific Growth which was in line with the market and its peer groups. He also reported that IVA Int’l and Lazard Emerging Markets are in line with their peer groups and as well as the benchmark.


PRESIDENT’S REPORT


1) Jacobsen referred to the Pension Audit and stated that they have submitted the last documents to the auditor and are working on the rough draft. He mentioned that Dawna Gray and he will have a chance to review the final draft prior to it being submitted to the Pension Board.


2) Jacobsen mentioned that he attended the TriStar Open House event and mentioned that they are looking to resolve LAFRA’s workers comp issues. He also mentioned SB457 had passed legislation which states that if a worker gets treated for a work related injury, files a work comp claim and if the Work Comp Board declares it so, the City must pay dollar for dollar back to the


Robert Steinbacher presented the following motions.


The committee recommends and I so move to pay the usual and customary bills in the amount of $856,178.87. There was no discussion or objections.


Motion carried to pay the usual and customary bills in the amount of $856,178.87.


The committee recommends and I so move to pay the professional fees in the amount of $20,425.71. There was no discussion or objections.


Motion carried to pay the professional fees in the amount of $20,425.71.


May 2012 • 53


healthcare plan all costs that were incurred. He stated that this applies to Self-Funded medical plans. He indicated that this will be a positive for the LAFRA Medical Plan.


3) Jacobsen mentioned that the Buzzard Bait ride event raised approximately $13K for the WODFF. EXECUTIVE DIRECTOR’S REPORT


1) David Smith had reported that Raytheon has again committed to $25K for this year’s Golf Tournament.


2) Todd Layfer presented the 2012 Budget for the Board’s approval. He reviewed projected and actual operating costs, benefits paid and contributions.


Robert Steinbacher motioned to adopt the 2012 Budget as presented by Todd Layfer. Chris Hart seconded. There was no discussion or objections.


Motion carried to adopt the 2012 Budget as presented.


ADMINISTRATIVE COMMITTEE REPORT


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