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we're going to call the border ministration we need order
the first order of business to review our caller role
not that good morning
george two-year barked michael bilbrey
howard schwartz for julie chapman
tearing apart the johnstown
richard costigan
downtown miami
j_j_ charlie and senate there
henry jones
grapple i came from the locklear
prima
they'll say
thank you
and if we could all please rise in the lead us in the pledge of allegiance
and heart
let me
uh...
ans
uh...
a nation
school
sean's
and gender and three is the board president report from the start off with
the
are true first order of business days to uh... get in the holiday spirit
it's an annual tradition here that uh... our very own calpers chorus perform a
few songs for thirty summer board meeting
as many of you know rick menace from our legal office used to director course
but he has since become an official retiree of calpers
mattel personality directional bob statements
who is lending his time and voice to us
all this work from one thirty five years as a financial and management consultant
to local and state agencies
including the california high speed rail project interest flood control projects
throughout the center of alan
his science small or large courses in new york
philadelphia's laws los angeles
it is a great pleasure to welcome the calpers courses stage i'm going to ask
for your boarding please step down from a diet
and join the audit for the poor performance please welcome our course
good morning
thank you for that introduction
uh...
uh... area alone
excited to be doing this i was uh... pretty intense amateur musician for a
long time and i kind of whether laps
and so uh... and uh... i matric uh... through mutual friend and he indicated
that
he was really wanting to move on uh... we came up with this crazy idea do this
you know i don't work here
and uh... k
it's worked out extremely well you know about really talented ortiz
and uh... we're looking forward to give you any giving you a very short
multicultural programs
so we're going to have
a christmas carol uninstalling and out popped in but you may know hopefully
***
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well good morning again everyone was not a old lovely way to start our day
well thank you again to the car squire they're all a course
worry create jobs
uh... george just are we should saying i think is a string of his microphone
so continuing on with the uh...
president reporter one it was detective requirements
about are merging manager form that we had
uh... we're certainly one of the most ethically and diverse states in the
nation
in which we operate in
and we know that we cannot reach our full potential as an investor without
having the broadest pool of talent available to work with
so for this reason
we held a one-day form last week for emerging and diverse investor managers
with three goals in mind
to make our programs better
to strengthen our relationship to an outreach for the emerging manager
community
and most importantly improve our investment performance
and clears his share of but this one was a tremendous success
what was originally expected to be an intimate gathering here in this
auditorium
turned into a vent with old with nearly four hundred individuals forcing us to
move to the convention center 'cause we couldn't housing here
and uh... they were from around the nation in the world uh... coming to join
us to learn about our programs are investment opportunities
never did we imagine that they would be interested to sort of wyoming
but it certainly was a testament that we had the uh... right topic in mind
i want to thank all of our staff who work so *** putting that together
what our investment staff or
be staffers strategic management staff
pose a problem to get a lot of movie parts in a lot of things done for last
minute to move us from here to conventional center
it was just uh... great uh... way to spend our day with dark
partners and it creates a new relationships
so uh... we thank all the staff for doing that
and this summer to great start or five-year emerging manager plants or job
well done for everyone
yesterday our border the opportunity to visit our customer contact centre
were able to observe how calls are managed
and saw first hand how my calpers system works
uh... some of us also says that were able to sit in a listener live calls
handled by our staff
i actually side with the gentleman named saying greet and i'm sure i messed up
his name
uh... but uh... a what a fantastic opportunity was too sick to work with
these folks listen to what they had to say uh... we certainly learned a lot
some great takeaways were were done from and that uh... short period of time
uh... but in ink we all came to realize that our call centre staffer to arun
centers in this organization
now don't get me wrong uh... all of ur stopper equally important however have
sitting in there and realize in the day in and day out what these call center
agents go through and taking questions resolving issues remembers
with great pride and patients and i
make a key point that work patients
having sat there and listen to the call
a listen to the folks on the other and realize that they are
already impatient because i'm sitting on the phone longer they wish to
is not our call center staff day that uh... trying hard to get through these
calls
but the ability that they were able to calmly discerned to look the uh...
people's questions and concerns
and at the end of each call
they were all satisfied when they hung up
and i was very overwhelming to hear that and i want to uh...
on behalf of the board thank all of the folks in the call center
by the took the time to let us coming in
bother your work site yesterday and sit in and listen
i'm not sure many of us who want somebody sitting next to us or we're
doing our job every day
uh... so it's not an easy task either when i do want to say that
uh... the the gentleman i was with an excellent job very professional and i'm
sure that that was the same for all the experience at all a board member said
so i want again
thank everyone who was involved in thank the board members for taking the time to
go over there actually learn first hand
what this was about
and again ugh job well done
so uh... tip my hat to all of the folks in this organization
but especially those shut out of that group that uh... works hard every day
uh... dealing with some very difficult to situations in some difficult folks at
times
by me and a half of the uh... copper story one wish
you your family your loved ones of the joys in spirit holiday season no matter
what your persuasion we'll be taking time to
heal yourself take some free time for yourself and spend time with your family
and friends
uh... never a better time year realizing this is a tough time here for a lot of
individuals
holiday times are not easy
so we'll be a little more patient
and a little more caring and giving but at the same time take time to reflect
upon yourself
and what that i'm going to turn it over to item for our executive order
the twenty-four technological and install
great thank you good morning mister president and members of the board
uh... my report this morning will include a recap of our recent activity
since last month's board meeting
a look at head at two thousand thirteen is always some staff recognition
uh... as we all know we've had a really busy month here calpers and i wanna
commander staff
and the board for the flexibility and managing the multiple
on priorities going on right now
uh... starting with pepper implementation implementation of that
pension reform legislation which we all now refer to as pat brown
continues as a top priority
uh... dole legislation is affected january one which is now just around the
corner
yesterday at the pension and health benefits committee we provided a full
report on implementation activities
employers and stakeholder groups obviously have a very strong interest in
hearing from us on how the new law is going to be implemented
we've been participating in a number of meetings and four others to pushed out
the messages and information that we have around capra and how it'll be an
implemented
for example this week for hosting telephone conference sessions to provide
our employers with additional information about
interpretation of the law
and actions to take starting in the new year enough last i've heard six hundred
employers had signed up for the teleconferences
we're also continuing to me with our member groups and to push and
information
on the web
the continued to analyze the but various provisions of paper that i am pleased to
report that we've been able to answer the most critical and questions and that
those that need to be answered by january one
urgency legislation has been introduced as you know to make technical changes
required for successful implementation
and we do anticipate additional clean up legislation later on this year
in the first quarter of two thousand thirteen will be launching a regulatory
process
relating to patrick implementation
particularly in the area of pensionable compensation and will be including
various venues for stakeholders to give inputting condition in connection with
that process will be reaching out to stakeholders
before we'd start the regulatory process
even to talk with them about how is the best way to effectuate this process
uh... anak two aerial side this month are actuarial staff completed all the
annual
uh... valuations that's about twenty five hundred valuations for local
agencies
it's a huge task on
that they had to undertake at the same time is implementation so
congratulations to them for getting that done
the valuations include a new discount rate sensitivity analysis as well as a
hypothetical termination cost
and that's information designed to assist our employers in their decision
making
and all the valuations will be posted online within the next couple of weeks
our legal staff has been busy working on the bankruptcy litigation the various
cases
on november twenty seven we filed a motion for relief from the automatic
stay in this and bernie dino case
that motion is focused on getting the city to pay its contributions to calpers
at every quired by state law
previously on october twenty four we filed an objection to simply dinos
eligibility to file for bankruptcy
there's a status hearing i've scheduled on december twenty one it's a hearing on
the eligibility for bankruptcy as well as on our route quest for relief from
the automatic stay
finely peres forge president mentioned since our last meeting we held an
emerging and diverse managers forum here in sacramento at the convention center
it was attended by about four hundred abridging managers
and was the important beginning of the new engagement and dialogue on the issue
speaking of diversity and please to mention that tomorrow calpers and cal
stores are co-hosting an event in new york
in partnership with the treat a foundation in that event is focused on
diversity on corporate boards
and um... that identifies an attempt to match board ready candidates with
companies that are seeking new talent for their boards
uh... we've used are diverse director datasource we call it the three d
to selecting invite candidates and i'm proud to report that board member henry
jones will be making on the presentation
at this event
calpers staff continuously throughout the year engages in community activities
this time of year is one of on my personal favorite stay in your state
employees through dr
we've already collected over eleven thousand pounds of food toward our goal
which is fifty two thousand five hundred pounds this year
for the california emergency food link in the food drive continues through
january fifteen two thousand thirteen
turning to two thousand thirteen as we launched the new year were focused on a
number of priorities that align with our strategic and business plan and i'd like
to touch
on what i see as a priorities going forward
a first i'm excited to announce the upcoming launch of our third major
release of member self-service that'll be at the end of january
this release three will allow our new members to perform several additional
functions online
i think most significantly members will now be able to apply for retirement
online
on this applies to all members except judges and legislators who will be added
in future release
on the area of asset liability management for the last couple of years
now are actuarial office has been reviewing the boards actuarial policies
and in the coming months they'll be bringing forth an evaluation and
recommendations on the assets moving and the amortization policies that desert
determine how gains and losses are calculated unpaid
will be holding aboard workshop on that here in sacramento in february and then
staff
will be presenting their recommendations on the policies at the march
to thirty thousand thirteen board meetings
and then looking ahead to november two thousand thirteen bergiy ringing up to
do our triennial asset liability management workshop
uh... this is uh... multi session engagement that's a collaborative
process including the board the investment office the boards investment
consultants as well as the executive staff
and it will result enough policy portfolio to guide the investment
activities for the next few years
spur that we had to pick up session scheduled for january offsite
at both the asset allocation and the actuarial activities will be guided by
the new asset liability management framework that was first presented to
the board last july
be the subject again at the workshop in january in this framework contains our
provides a very important contacts for setting risk tolerances and for taking
an integrated delivery assets and liabilities and managing are funding esq
so we're really excited about doing our work going forward within the context of
that framework
in the area of health were in the final stages of the search for a new health
plan partners we anticipate making the final selection for the p_p_l_ and
h_m_o_ in march and or march and april of two thousand thirteen
in the area of policy development we're continuing work on the first ever set of
investment beliefs consistent with our strategic goal tak clarify and
communicate our perspective on various areas including financial markets
this work will be discussed at the january offsite
we hope to complete mid-year
uh... last but not least on the internal front now that our new c_f_o_ its chief
financial officer is on board
uh... will be working this year on building out in philly developing the
financial office
and also this year consistent with the strategic plan were starting work on a
comprehensive talent management strategy
so those are a few but not all of the initiatives for the coming year but i
think reflect the highlights uh... of the work over the coming months
so now for their traditional moment of appreciation
i'm pleased this morning to recognize a group of dedicated employees from the
investment office
this team includes colleen herron fenton jiang john prine word he sees her quayle
ace phoebe on
james millions dan tenor spencer voting tom baker chris packet may help lattice
and colin crane
if y'all could stand the light talk about yourself
this group
this group developed a consistent quarterly report for every partnership
investment that we have in our private equity portfolio which is over two
hundred and seventy-five relationships and investments
the reports are now in a standardized format that includes performance
information and staffs current perspective on the
previously the reporting um... for this area was provide prepared by consultants
at a cost of over three million dollars per year so we're very proud to be
bringing it can house
it's a great achievement that allows us to strategically positioned the
portfolio and achieve significant cost savings on consultant fees so
congratulations on your work
uh... before i close this morning i want to remind everyone will be holding our
winter all staff gathering on the first floor in in this building this afternoon
at one thirty with entertainment provided again by the wonderful calpers
holiday chorus
this event is for all our employees and is an important opportunity to
acknowledge them for all they accomplished this year and i hope this
many of the board members as possible will be able to join us
will also be having to
lou encore performances by the calpers holiday course and they do play
additional songs that these other performances those will be wednesday
this wednesday at nine
in the atrium of this building added up and that how leptin on wednesday in the
lincoln also best helping
so in closing that i'd like to wish everyone a very festive holiday season
thanks for a great year happy new year and safe travels in the coming weeks
net concludes my report mister president
moving a little mister schwartz
uh... thank you mister president i take a brief moment on behalf
calico director julie chapman
and turn the governor's office we want
thank you greatly and for that
exceptional support that you've provided personally
as well
as well as on behalf of calpers
uh... in the effort to understanding
uh... you've put together a terrific team legislatively go on
uh... benefits folks at the very top end of your organization
i've spent thousands of hours helping us interpret
that statute and you play
uh... those resources to us
uh... to help us in our efforts to understand
stature
very much appreciate that
and we want to thank you
thank you it's a pleasure working with your office
thank you seeing nothing else
engine and four b cheapen report mister dear
when mister president members of the board
and happy holidays to all of you
at the because the markets yesterday veto fund that two hundred forty five
point six billion dollars in assets
pretty healthy
uh... it grew
or two point seven percent for my report last month and four point seven prints
that uh... for the fiscal year today
all of the asset classes are within their policy ranges
since by reporting last month we brought up the allocation
global equity slightly it's now just a point three percent
uh... below the target level when combined with the overlay for the answer
return strategies program
who actually overweight by about one point eight percent that's for one of
the
we funded that change by bringing our cash down and it's just about right on
the target
at just over four percent
view behind that is what you heard on monday uh... harm moderately optimistic
you about markets next year
i'd be happy to answer any questions members have
any she's indian espn office
questions or comments from sturdier
move this to agenda item five
the action and and uh... information sent items
and i take items five a and b
as want intake c separately
so five and be on the consent calendar india was a pleasure the board
edu are known for their records if you look in your blue folders an additional
travel request for mr jones to uh... go to new orleans in february
to attend a an investor conference
uh... we have a motion by mister schiller tickets or second
seconded by mister dear
all in favor the motion say i
pose no
well she carries and five c
indiana propose decision minister of law judges in before we go to that i do want
to say that your art show
abortion attended council is on the phone
and i'm not sure are to make a comment on are the first two items in five c
shrug good morning
on them
you
thank you so five one five si wanting to have been removed
leaves three through ten as well as at the warren
uh... mister dear
thank mister president to move to accept the recommendations of our independent
work council adopt all of the proposed decisions contained agenda items five c
three
through town in their entirety as the boards on decisions
to spend moved by dear second by march thirty discussion on the motion
so you know if there is a right
coz no
motion carries five d was a separate item
distributor
i'm booked moved to accept the recommendation
of are independent board counsel and deny the petition for reconsideration an
agenda item five do you want
their second
the second about your second by martyr
motion before you any discussion c not all in favor say aye
close no
motion carries
resist item sixty consent information i don't think there's no request to move
items will offer that then we will just accept that consent item moving to a jam
seven committee reports
uh... if i seven a is investigating for that i call on the chair mister jones
soon as i let him talk
serendipity thank you mister president stupid
investment committee met on december the tutsis twenty twelve
the committee approved the transmission of the aisle and into then the bassinet
reports to the legislature
the revision of so fun benchmarks
policy to include a benchmark for the multi asset class partners program
the adoption of a strategic asset allocation investment policy for the
terminate agency pool
the adoption of a consolidated global equity program investment policy
the committee received pleasent asian spon
the following
the toll quarterly risk management report
the proposed revisions to the global fixed income policy to allow for the use
of notional leverage
proposed changes to the twenty thirteen investment committee calendar
the annual program review of the absolutely turned strategies program
program updates highlighting performance key objectives and program
characteristics for the real estate instruction forest land and targeted
investment programs the committee heard public comment on the following topic
responsible contractor policy annual report
at this time i will like to share some highlights of what to expect at upcoming
investment committee meetings in february the investor committee will
receive an update on the performance address
the toll fine
from the chief investment officer
additionally staff would present the absolute return strategy strategic plan
the next meeting of the investment committee's scheduled for february
nineteen
twenty thirteen sacramento california that concludes my report
thank you
phrase to
and savimbi pension health committee report without a culture his mother
thank you mister president
the pension health benefits committee met on december eleventh two thousand
twelve
the committee recommends a mind of the board approved of cockpit and a m five
approve staff recommendation to sponsor legislation to make policy technical
changes
two sections of the government code administered by california public
employees retirement system calpers on motion by committee in a discussion on
the motion
sitting on a whatever syria
close no
computers
who's no mister dunne mourners abstaining
the committee received reports have on two topics at one was a status update on
calpers progress implementing pension reform
although the timelines are extraordinarily tight everything is on
track to accommodate new hires for our agencies and january first
two thousand thirteen
we also heard uh... and informative discussion
doctors arnie mill steen
alan glasser often elemento then
uh... from stanford
an account that's him
but damn
that's ok happy let it fly
and in fact this is an innovative to improve competition in the marketplace
and reduce unwarranted casts it was
are very good discussion and it could've gone on all day i think
at the back some highlights from what i expected february pension and health
benefits committee meeting
is of course the election of the committee chairman's chair
and then also the committee will continue discussions about pension
reform implantation
discount rate policy for the terminate agency cool
health open enrollment results and regulations for risk adjustment in the
health benefits program
the next meeting of the pension and health benefits committee
is scheduled for february of two thousand thirteen
in sacramento california and that they prepare for mr president
thank you will use to attend item
seven-c_ finance administration ready for that i call on the chair mister dear
thank you mister president the finance administration committee met on december
twelfth
two thousand twelve the committee recommends and i move the board approved
the following agenda item three b semiannual contracting prospective
report approved december two thousand twelve
prospective report of solicitations contracts
purchase orders and letters of impeachment
ambushed by committing any discussion of motion
stain on all of their is a lie
close no
she cared
agenda five a_ midyear budget revision second reading approve the fiscal year
two thousand twelve thirteen midyear budget
bozell zones with the beagle one approved proposed fiscal year two
thousand twelve thirteen mid-year increase of eighty-six point zero
positions
increasing calpers total authorized positions to two thousand five hundred
seventy-one along with increasing administrative budget by sixteen million
three hundred and two thousand
to three hundred seventy three million eight hundred ninety two thousand and
approved the budget as a second reading
approve the post fiscal year two thousand twelve thirteen mid-year
increase of forty one million
twenty six thousand to the enterprise project budget for a total budget of
eighty-four million five hundred ninety six thousand
and approved the budget as a second reading
approve the proposed fiscal year two thousand twelve thirteen cost allocation
adjustments to the public employees retirement fund and other funds and
approve the cost allocation adjustments as a second reading
and four approved the transmittal of the subject line up to the appropriate
parties as noted in the item
on bush my committee in discussion on the motion
so you know if there is a lie
opposed no
the committee received reports of several topics that can be received the
semiannual contracting prospective report which lists all pro helper for
criminal activities anticipated to be for exceed one million dollars
because i did receive information on the calpers budget
your todate expenditures percentage of the budget expended encumbrances by
function and division for the first quarter fiscal year two thousand twelve
thirteen
staff also presented the quarterly diversity for in which the committee was
updated on the diversity outreach program illegal offices diversity
program
highs of what to expect
over the next two months include
the presentation by the financial office of the state budget outlook for two
thousand thirteen
at the january two thousand thirteen or off-site meeting
also at the february two thousand thirteen finance administration
committee meeting
the committee will be holding the election of the finance administration
committee chaired by stir staff will be presenting the two thousand thirteen
member at large notice of the election and schedule of events
the next meeting of the president's traced committee is scheduled for
february twenty two thousand thirteen
sentimental california
mister president that who's a report of the ethics committee
i'm seventy performers conversation committee there was no meeting the
report
item seventy risk of heart a committee of medical chair mister dramatic
the rest of our committee
met on december tenth two thousand
and twelve
the committee recommends and i move that the board approved the following
agenda item five a comprehensive annual financial report financial
section
prove as amended the draft comprehensive annual financial report
twenty eleven twelve financial sections prepared by management
for the fiscal year ended
june thirtieth two thousand and twelve
endl
normal to absorb promotion by committee discussion on emotion
so you know if there is a ride
was no
motion carries
agenda item six a external auditors report audited financial statements
except the auditor's report of the draft basic financial statements for the year
ended june thirtieth twenty twelve
company
required communications and approval
the letter of transmittal moshe my committee discussion emotion
so you know if there is a lie
triggers
six-b_
audit resolution policy revision
approve the revised hearted resolution policy that was previously approved by
the board administration
in march of two thousand analog promotion my community discussion on the
motion
so you know if there is a lie
post now
procedures
the committee received reports of several topics including
an update on the development and implementation of the gulf remnants risk
in compliance program with focus on the rolls are responsibilities
their presentation
of the enterprise risk management dashboard
which included an overview of the risks than may impact the organization and
management's response to those identified as top risks
at this time i'd like to share some highlights of upcoming activities and
meetings
at the january
twenty thirteen board offsite
the office of enterprise risk management will be coordinating with the actuarial
office on the asset liability management
session to present information risk appetites and tolerances
at the march
twenty thirteen audit
risk and high committee meeting the external auditors management letter
related to the audit
of the fiscal year twenty eleven twelve
financial statements will pretty
be presented to
the committee for approval
this willing
clue the audit issues and recommendations management's response
staff also provide
the committee with an update on the enterprise risk
management dashboard and implementation of the government vernon's risk and
compliance program
the next meeting of the risk and i like me is scheduled for march nineteenth two
thousand thirteen
answer california and that completes my report thank you
and seven af four governors committed tonight have meeting should be no report
for iso genetic a proposed revisions to performs a conversation with a
delegation resolutions does call thank you mister president
uh... this item is an action item
uh... on november twelfth at its regular meeting the performance in compensation
committee had a discussion around calpers ability to attract and retain
staff with specific skill sets and competencies that have required to
fulfil permission
uh... as you know our new strategic plan has three overarching goals and one of
those is to cultivate a high performing risk intelligent and innovative
organization
and within that goal we have an initiative that's ongoing to develop a
comprehensive talent management strategy
that would include recruitment knowledge transfer successes planning as well as a
methodology tak
uh... and gave her gauge employee satisfaction on a regular basis
itself going back to the november twelfth meeting that committee asked
after bring back an agenda item to the board to propose expanding the scope of
the perfume com committee's authority
to include oversight of talent
management uh... reassess that certainly welcome this opportunity to elevate
these discussions uh... and have them with the board
so this agenda item presents recommended revisions to the delegation from the
board to the perfume com committee
to implement that uh... vision the current scope of the perfume com
committee um... for those of you on the committee you know it's relatively
narrow uh... the main things that the committee currently does is higher
evaluate and set the compensation for the c_e_o_ and the c_i_o_
oversee compensation for those those statutory that to alone nine eight
executives an investment positions
and approve the compensation policy for executives but they're uh... really
isn't any discussion our oversight around the organization as a whole
so given that committee's responsibility for related issues it seems the perfect
comp
uh... committee is certainly the appropriate forum for oversight of
talent management
uh... and would be a great venue for strategic discussions on that topic both
for the investment office as well as other aspects that the organization
um... the changes are relatively straightforward there in the attachment
to the agenda item in addition to that uh... wording change to change the scope
we would recommend also changing the name of the committee so that more
accurately reflects the scope to beat up
performance compensation and talent management committee
so staff recommends approval at the new delegation and i'm happy to answer any
questions
thank you
mauka
thank you mister president
well i think we have calpers has i've been very fortunate to have been able to
recruit and train and pertain
really talented staff within the organization
but we like
so many other state agencies are facing some effect
clip that i cut the scope that that clip
are you know we there go break we're going to see a rash of retirements and
so a lot of the talented knowledge
at swimming organization is
that's likely to at some point in the next ten years
retire into we really need to have proactive approach to tell management i
appreciate the efforts and that you chief investment officer and others
marines other executives norm station taking to really take this issue on and
i think it's
very important that we have a
a committee that specialists on infectious actually appropriate that'd
be two performance inc com committee so i waved at move that we approve
recommendation the recommendation of the performance in comp committee
to an end to the preferring to transition committee delegations
including on management
unmoved by mark the second abound
don meyer
through that again
thank you mister president i just want to express my support for this
houses will drop to the boards attention
somebody else's support just make sure you see it which is them
modification on are
executive long-term succession planning
results in a moment there that cheese it from a proven oversee to just oversee
and panel that was known about the cause that's up to fourteen swallows to make
sure the board
agrees with that which i do by the way uh... so i don't think we should be
involved in approving every single succession planning document but sort of
point that out as olson acceptable change
begins uh... having slept in the cabinet position before
and speak of government
still agree with commons that time when we are going to have a brain drain
in the state of california in the more we can do to plan
in developer talent
no here but across the state the better will be is a state so i also support
this
thank you
so you know the request motion new for you all in favor say aye
that pose no
motion carries
make you a breeze agenda tonight external affairs ten federal legislation
mister blaiser
morning mister president members of the board
like to offer you a little bit of our perspective from external affairs on the
issue of municipal bankruptcy is which is so prevalent in the news now
and let you know about some of the proactive steps we're taking to ensure
that the news coverage represents calpers abuse and actions accurately
there is no shortage of articles in the payments on the issue of bankruptcies
nor a lack of interest
every move by yasir by cities like stockton assembly dino or by other
creditors are being watched closely
we have our work cut out for us when it comes to the perception of calpers
as you know many critics in the past have painted a says arrogant more
greedy debtors
but these are wrong and inaccurate the issue is really about
responsibility and irresponsibility
and holding people
accountable
our members have been responsible
they go to work
they do their jobs
they have made their contributions to help fund the retirements
calpers has been acting responsibly by being prudent british areas and
protecting the pensions of our members
many politicians are acting extremely responsibly they have overspent they've
over committed and they're often taking actions that are certainly shortsighted
and sometimes illegal such as failing to make pension require pension payments
that are required by law
so we continue to share these messages
with the media we're able to get better traction and understanding of the facts
can clear up some of the mistaken erroneous things that are being
discussed in reported
from a communication perspective our goal is to send a clear message the cal
put calpers will champion our members
later this week will be meeting with some reporters to help discuss this
issue at length with them to give them a better understanding
we've also drafted letters to the editor and opinions for placement in various
media outlets cover bankruptcies
we know the bankruptcies affect everyone
especially those that live
pay taxes and retired affected communities
calpers actions are guided by principles
law and concern for people to us
in addition the news around bankruptcies calpers and one of our senior investment
officers
we're probably featured in a recent article on the wall street journal
rialto or share was called a crusader for his efforts to tackle the fees in
the private equity industry
brad particular public affairs team spent a great deal of time shaping the
story over a period of weeks they worked
with the reporter even the editors to make sure that they have to act the
facts accurately portrayed
of our leadership effort to reduce equity fees
with joanne re alice combined efforts to provide us the facts we were able to
have a fairy favorable outcome
in that story
people may disagree with us but at least they were able to understand what we're
doing
to be cost effective with the dollars we invest on behalf of our members and
lawyers
turning to long term care communications
we recently sat down with employing our deputy for benefit programs policy and
planning to talk with her about the changes in the long term care program
this interview is part of our video program insights conversations with
calpers leaders
and discusses the changes to the program why they were needed unwin when members
can expect to hear more from us
this video is one of the valuable communications tools we use to make sure
that were informing on members of the actions calpers is taking
it's now available on our website and we've been sharing it with members so
ciation sp to make sure that we can get the word out to those impacted by these
changes
we plan to soon sit down with donna la mar deputy for customer services and
support
for a feature on her plans
for that branches customer service changes coming up in the future and that
if you should be available and exp weeks
moving out to our state legislative
update at the new legislative session kicked off last week with the
organizational session
since i reported to you last month
the final votes have actually been counted in a couple of races that were
undecided at the time and the democrats have picked up one additional seats in
each house giving them a one-vote cushion
further super-majority the partisan composition of the legislature at this
session
will currently be fifty five to twenty five democrats versus republicans in the
assembly
and it will be twenty nine to ten in the senate with one current vacancy
leadership positions remain the same
that's been senator steinberg re-elected as the president pro tem assembly member
john perot's as the speaker
they republicans leaders also remain the same with senator bob hoffman assembly
member connie conway
the assembly also announced it's committee chairs and the speaker named
freshman assembly member rob aren't as the chair of the public employees
retirement so security committee
assembly member bolton his represents representing the eighteenth district in
the east bay with portions of the communities of alameda
oakland
in san leandro
prior to his election
miss travolta served as the vice mayor of the city of alameda and worked as a
deputy city attorney for the city and county of san francisco
and under the new term limits line they serve continuously for twelve years and
that's it
we're still waiting for the senate to name its new committee chairs
however since andrew mcgregor mcleod has not officially resigned her seat yet
moved congress she did introduce senate bill thirteen last week
as urgency legislation to address pension reform cleanup
espy thirteen drat addresses drafting errors are over sites that are most in
need of urgent consideration and correction but nothing in the bill
changes how calpers is moving forward to implement
we anticipate that the bill will be taken up in the legislature returns in
january with the goal of fast tracking it to the extent possible
mister president that concludes my report not available for questions
thank you
mister schwartz
thank you mister president robert i want to thank you for consistently excellent
work
and particular i wanna thank you
for the work that you did on the uh... wall street journal article
uh... dealing with
rielle focusing
who worked at jewelry al amit team is doing an investment office
uh... lorena exorbitant investment fees
uh... extremely important
explore tacoma park street journal
highlighting that effort and leadership in that area
and uh... thank you
personally problem
putting that article together getting our our efforts exposed nationally
think it's easy when you have the great leadership that julie i'll put in
type of species that we have to do
mister gold
i'm the public record requests
the on page three
the very first one of the top uh... l_a_ times
read terry data on all calpers ben
recipients scale
what are they looking for
they're looking for everything i'm you know that
i mean art are they looking for names and addresses and
i mean with they as you know when we receive public records act request them
they can state the things that they specifically would like certain fields
that we are able to get the does not violate the privacy of our members who
have been defined by court decisions are statute does to but were allowed to
release
but as to why they're asking for certain things or what they're really looking
for we don't know on this one
this is another request other media have asked for basically it's to try and find
all of those that are currently receiving pensions
and it is a limited amount of
name yet and like you're retired or agency and their monthly amount few
other small things but it
it's uniform
consistent as to what we are allowed to
disclose
so you know request thank you
from the start of ten public comment
anyone from the public wish to address the board this time
c_-nine then we will adjourn this media moved into
move into closed session with him
your mission which is not reporting he was listening in a case a minute
questions but uh...
we didn't and he doesn't have a report for us distributor
since water from tom i could just like to uh...
note that i have uh... step aside but from a position of chair of the national
coalition on uh... healthcare wisely i stepped aside
and other position will be
assumed by uh... jack lewin
uh... who was formerly president of the uh... tickets call the american college
of cardiology he was he was uh... thank chief medical officer for the state of
hawaii and also had roles in california uh...
area uh... high-energy guy and he's in d_c_ media
and practice office at the end c_h_ hero cecil greatly benefit
the organization
he will be speaking at our offsite
or similar requests uh... this meeting as a journey
happy holidays everyone we're going to close session ten minutes of ten twenty