HomeMy WebLinkAboutHandouts_Pension General_11/02/200910/31/2009 4:55:00 PM
VOT -General Pension BOD
November 2, 2009 Meeting
Review Notes & Questions
V. Presentations
2. Actuarial Report
• Changes incorporated into valuation and effects make sense.
• What about $173K AVA > Mkt Value amortization...Will 5 yr
amortization amounts decline if actual invest performance is more
positive than assumption?
• Confirm actuarial review and calculation process per year.
• Communication requirements to VOT Council?
3. Bogdahn Q4 Report
• Where is the investment manager performance scorecard - vs plan
objectives?
• Where are the comparative peer rankings for various performance
returns?
• Overall Q4 performance rebound "allowed" for total year
"breakeven".
1. Total Fund at $1.265M versus $1.060M
2. Net Contributions @ $193K...
3. Capital Appreciation + Income of $35K and Fees/Exps
totaled $24K.
• What's thinking/plan behind the decrease in Fixed Income -pie
charts show where absolute $ amount went from $490K down to
$443K. Shift in policy allocation (%) or timing issue? See increase
in cash reserves too.
• Any major changes -decisions acted on during past quarter?
• Int'I Equities. What's difference in amounts shown on top and
bottom pie charts - $93,496 versus $95,998?
• Also on the Dana detailed "compliance schedule (?)" total of
individual Int'I Equity holdings is $78,452?
• Sector analysis -where's schedule showing our equity split by
sector? Did we participate in most recent run-up or not at market
--~ I ~ A n!~ o uT ~~~~09
levels due to underlying noted "quality" issues that drove the
market? Attached schedule suggests plan equities benefited from
IT holdings given their market performance.
Any comments on specific sector exposures versus plan holdings.
E.g. health care, drug companies, banks? Value Line rankings per
Dana report?
• What is last page suppose to be telling us compared to current
levels?
• Comments and suggested steps/calendar on roll-out of new IPS.
How will coordination and oversight by Bodghan with Dana work?
VI. Unfinished Business
4. Update & Formalize New IP -Same rollout question for Dan
5. IRS Determination Letter - Bonni's assessment still to go with time slot
approval process versus advance rulings?
VII. Consent Agenda
6. No additional questions or comments
VIII. Budget Report
15. Quarterly Budget & Expenditure Update
• Received Monica's email response to question on Miscellaneous Exp
and split of IM fees from Consultant...thanks
• Did Steve P provide his input - $5.5K amount still in budget?
• Fy10 Worksheet laying out budget and format for future activity -
comparative Fy08 and Fy09 Actual trend columns would be very
helpful.
IX. New Business
16. Approval of Dana Investment Report
• Total value ($1,252,760) versus Bogdahn ($1,265,195); not shown
to be reconciled due to accruals and dividend timing etc.
• Why YTD results against calendar year versus plan Fiscal year
dates?
• "Not Classified" holdings?
• Attempt to pull together quick sector standing and market
participation overview (see attached schedule) resulted in question
on total portfolio amounts -bottom line differences of approx
$15 K??
• Proxy Voting Recap. Any background comment on votes for
Google, Apple or Occidental Petro or "for/against" votes for specific
individual Directors? Against certain policies?
17. Updated Admin Rules
• Lori maintains noted calendar dates and notifies BOD of upcoming
required actions?
• Record retention policy?
18. State Law Changes
• No questions or comments
VOT GPP
30-Sep-09
Total 1 Yr 1 Yr
Mkt % Total R1000 R2000
Cost Mkt Value Value Equities Returns Returns
Corp Bonds $136,515 $142,061 11.3%
Mortgage Bonds 32,259 34,463 2.8%
Agency Bonds 87,058 91,935 7.3%
Energy 92,578 97,736 7.8%
Total Fixed $348,410 $366,195 29.2%
Consumer Disc $59,144 $65,889 5.3% 10.0% 1.1% -1.4%
Consumer Staples 88,733 90,595 7.2% 13.7% -4.3% -2.2%
Energy 50,173 53,522 4.3% 8.1% -14.1% -32.6%
Financials 61,175 67,995 5.4% 10.3% -22.3% -23.5%
Health Care 97,042 98,270 7.8% 14.9%0 -2.8°k -5.8%
Industrials 60,362 69,833 5.6% 10.6% -11.6% -15.9%
IT 154,575 164,349 ~. 13.1°k 24.9% 8.9% 9.1%
Materials 23,120 24,786 2.0% 3.7% -3.6% 5.0%
Telcom 12,200 10,927 0.9% 1.7% -1.0% -11.0%
Utilities 14,875 14,919 1.2% 2.3% -5.7% -7.3%
Total Equities $621,399 $661,085 52.8% 100.0%
Total Int'I Equities $73,314 $78,452 6.3%
Non-Classified #1 ??: $15,093 $15,045 1.2%
Non-Classified #2 ??~ $66,114 $67,223 5.4%
Dividend/Accruals $5,152 0.4%
Cash _ $59,611 $59,611 4.8%
Total Portfolio ###### ###### 100.0%
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