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FRESNO COUNTY BOARD OF RETIREMENT

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    BOARD OF RETIREMENT

    FRESNO COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION

    February 4, 2009

Trustees Present:

     Alan Cade, Jr. Michael Cardenas

     Nick Cornacchia Vicki Crow

     Eulalio Gomez James Hackett

     Steve Jolly Phil Larson

     John Souza

Others Present:

     Ronald S. Frye, Alternate Trustee

     Michael Cunningham, FCERA Member

     Roger Greening, FCERA Member

     Jeffrey MacLean, Wurts & Associates

     Kyle Theodore, Pacific Investment Management Company

     Lisa Kim, Pacific Investment Management Company

     Ryan Korinke, Pacific Investment Management Company

     Curtis Arledge, BlackRock, Inc.

     Dan McLaughlin, BlackRock, Inc.

     Matt Eagan, Loomis Sayles & Company, LP

     Laurie Deaton, Loomis Sayles & Company, LP

     Kent Wosepka, Standish Mellon Asset Management Company

     Daniel Richter, Standish Mellon Asset Management Company

     Conor Hinds, Supervising Accountant

     Susan Coberly, Senior Deputy County Counsel

     Roberto L. Peña, Retirement Administrator

     Becky Van Wyk, Assistant Retirement Administrator

     Elizabeth Avalos, Administrative Secretary

1. Call to Order

    Chair Cade called the meeting to order at 8:38 AM.

2. Pledge of Allegiance

    Recited.

3. Public Presentations

    Michael Cunningham, FCERA Member, requested that Administration provide agenda backup

    material [investment items related to the selection of an investment manager] to the public

    either by overhead projection or hardcopy when it is not made available to the public prior to

    the meeting.

02/04/09 Regular Meeting Minutes

    2

    Roberto L. Peña, Retirement Administrator, noted that, when appropriate, agenda backup

    information is available on the FCERA website and in the future Administration will provide

    backup material either by overhead projection or hardcopy to the public as needed.

     Trustees Crow and Jolly joined the Board at 8:41 AM.

Consent Agenda/Opportunity for Public Comment

     Consent Agenda Items 4, 13, 14, 15, and 16 were pulled for discussion.

    A motion was made by Trustee Souza, seconded by Trustee Larson, to Approve

    Consent Agenda Items 5-12 and 17. VOTE: Unanimous

    *4. Approve the January 21, 2009 Retirement Board Regular Meeting Minutes and the

    January 28, 2009 Special Meeting Minutes

     Trustee Hackett requested that the January 21, 2009 Regular Board Meeting minutes reflect

    his opposition to the Board direction regarding Item 17 [Tier III discussion]. Administration

    agreed.

    A motion was made by Trustee Crow, seconded by Trustee Souza, to Approve the

    January 21, 2009 Regular Meeting minutes with the noted correction. VOTE: Unanimous

    RECEIVED AND FILED; APPROVED

*5. Retirements

    RECEIVED AND FILED; APPROVED

    Glenda Allen-Hill Superior Court, Deferred 21.42

    Deborah Anderson District Attorney 18.38

    Dan D. Boria General Services 12.53

    Marc Boswell Community Health, Deferred 6.16

    Geraldine Brown ACTTC 17.41

    Charles Thomas Charnock Probation 32.01

    Elva N. Christensen Superior Court 19.79

    B. Susan Cogdill Behavioral Health 9.37

    Kathryn Cordero Child Support Services 24.13

    Sheila M. Gallardo E&TA 17.59

    Robert M. Guerra E&TA 23.69

    Deborah A. Hansen Children & Family Svs, Deferred 9.76

    Lynn Hedrick Sheriff 12.57

    Joyce Hemphill Administrative Office, Deferred 14.34

    Jeff L. Hollis Sheriff 32.59

    Charles Janiel, Jr. Public Works & Planning 16.57

    Lilly Jimenez Community Health 11.27

    Sandra D. Knudson Community Health 10.01

    Randolph W. La Joie ACTTC, Deferred 26.48

    Jose Leon-Barraza Administrative Office 33.71

    02/04/09 Regular Meeting Minutes

    3

    Susan S. Macdonald Sheriff 31.16

    Delia Martinez Children & Family Svs 28.91

    Carol E. Mayfield E&TA, Deferred 17.46

    James R. Oppliger District Attorney, Deferred 27.08

    Charles K. Palmer E&TA 24.56

    David L. Parker NCFPD, Deferred 7.84

    Sandra Pellanda County Counsel 19.41

    Cathi J. Peters General Services 28.27

    Robert R. Reed, II Sheriff, Deferred 14.28

    Curtis Replogle VMC, Deferred 15.13

    Janice A. Robinson Sheriff 20.72

    B. Elizabeth Rojas Superior Court, Deferred 12.66

    Mary H. Shepherd Sheriff 20.39

    David C. Stone Sheriff, Deferred 14.96

    Pat Strombeck General Services, Deferred 6.73

    Yok Tea E&TA, Deferred 3.83

    Lydia Verdugo Public Defender 22.41

    Bob Waterston Board of Supervisors 7.92

    Linda Jean Wright Sheriff 35.84

     *6. Disability Retirement

     RECEIVED AND FILED; APPROVED

    Maria McClure Behavioral Health 10.86

*7. Request to Rescind Deferred Retirement

     RECEIVED AND FILED; APPROVED

    Raymond Rodriquez Behavioral Health 6.91

*8. Public Records Requests and/or Retirement Related Correspondence from Ken Mandler,

    Public Pay Institute; Mary Frances Johnson, FCERA Member; Sandra Brock, FCERA

    Member; Dennis and Connie Plann, FCERA Members; Donald Nelson, FCERA Member;

    Irina Solomonik, Thomas Reuters; and Gilbert Sacks, FCERA Member

    RECEIVED AND FILED

    *9. Update of Board of Retirement directives to FCERA Administration

    RECEIVED AND FILED

*10. Most recent investment returns, performance summaries and general investment

    information from investment managers

    RECEIVED AND FILED