ORANGE COUNTY EMPLOYEES RETIREMENT SYSTEM MEMORANDUM

Transcription

1 ORANGE COUNTY EMPLOYEES RETIREMENT SYSTEM MEMORANDUM DATE: July 8, 2015 TO: Members, Board of Retirement FROM: Steve Delaney, Chief Executive Officer SUBJECT: STRATEGIC PLANNING WORKSHOP AGENDA FISCAL YEAR 2016 FINAL Recommendation: Approve the September 9 10, 2015 Strategic Planning Workshop Agenda. Background: Last month the Board was provided a memo listing possible topics for consideration at its annual Strategic Planning Workshop, to be held over two days September 9 and 10, As has been the Board's preference for many years, that preview allows for adjustments to the agenda, ensuring the Board considers the issues it considers most important in preparation for the coming calendar year. No individual Board member requests for changes to the proposed topics were received, so before you for consideration is staff s recommended final OCERS Board Strategic Planning Workshop Agenda for September 9 and 10, If the Board would like to make any adjustments to the proposed agenda, this item would return in August for final approval. Submitted by: Steve Delaney Chief Executive Officer C-6 Strategic Planning Workshop Agenda-Fiscal Year 2016-Final Regular Board Meeting, July 20, 2015 Page 1 of 1

2 Orange County Employees Retirement System 2015 MACROECONOMIC OUTLOOK FORUM Perspectives on Inflation, Disinflation, Lowflation & Deflation Mile Square Regional Park Euclid St. Fountain Valley, CA (714) Wednesday, September 9, 2015 PROGRAM 8:00am 8:30am Breakfast 8:30am 8:45am Welcome & Introductory Comments: Girard Miller, CFA Orange County Employees Retirement System 8:45am 9: 30am David Windreich Head of U.S. & European Investing, Och Ziff 9:30am 9:45am Refreshment Break 9:45am 10:30am David Dowsett BlueBay 10:30am 11:15pm Todd McClone Emerging Markets, William Blair 11:15am 11:30am Refreshment Break 11:30am 12:15pm Richard Oswald, Senior Portfolio Manager Global Fixed Income & Currencies, J.P. Morgan 12:15pm 1:15pm Lunch 1:15pm 2:00pm Francesco divakmarana & Dushy Sivanithy Pantheon 2:00pm 2:45pm Teall Edds OCP Asia 2:45pm 3:00pm Refreshment Break 3:00pm 4:30pm 10-Year Strategic Plan Discussion Girard Miller, CFA Orange County Employees Retirement System 4:30pm 5:00pm Closing Comments The goal of the Forum is to be a high quality educational event for OCERS Board members and stakeholders, and to be a forum for the exchange of ideas among Board members, staff, investment managers, consultants, and our various constituents.

3 Todd M. McClone, CFA, Partner Todd McClone is a Portfolio Manager for the Emerging Markets strategies. Prior to joining William Blair in 2000, he was a senior research analyst specializing in international equity for Strong Capital Management. Previously, he was a Corporate Finance Research Analyst with Piper Jaffray. At Piper Jaffray, he worked with the corporate banking financials team on a variety of transactions including initial public offerings, mergers and acquisitions and subordinated debt offerings as well as issued fairness opinions and conducted private company valuations. Education: B.B.A. and B.A., University of Wisconsin Madison. Francesco di Valmarana, Partner (joined 2008, 18 years of private equity experience) Francesco is a senior member of Pantheon's European investment team and a member of the European Investment Committee. Francesco was previously with Unigestion, where he managed the firm s global secondaries programme. Prior to Unigestion he was a partner and co-founder of the European venture capital firm DN Capital, having spent three years prior to that as part of the European investment team at Advent International. He has a BA in East Asian studies from Princeton University, and received an MBA from Insead. In addition to his native English and Italian, Francesco also speaks French. Francesco is based in London. Dushy Sivanithy, Principal (joined 2005, 13 years of private equity experience) Dushy is a member of the European and Emerging Markets Investment Committees and has a particular focus on African Private Equity, Dushy is also co-chair of Pantheon s Responsible Investment Committee. Prior to joining Pantheon, Dushy worked for Hermes Private Equity as an analyst working on both fund and direct investments. Previously, he worked for Morgan Stanley as a research analyst in the investment banking division, primarily involved in the telecoms and media sectors. Dushy received a BSc in biochemistry from the University of London. Dushy is based in London. Richard W. Oswald, managing director, is a senior client portfolio manager (CPM) within the Global Fixed Income, Currency & Commodities (GFICC) group. Based in New York, Richard is responsible for overseeing the North & South America CPM specialists covering the EMD, High Yield and Unconstrained strategies. In addition, he helps identify market opportunities to develop new products to meet client needs. An employee since 1996, Richard previously served as the head of Fixed Income Product Management, overseeing the New York and Columbus CPM teams. Before this, he headed the International Fixed Income Group in London for seven years and was a portfolio manager and head of the Short Term Fixed Income Group for four years. Prior to joining the firm, Richard was the corporate treasurer of CBS Inc. and president of its investment subsidiary Granite Holdings Inc. He also held financial positions with Primerica Corporation and Price Waterhouse. Richard holds a B.A. in liberal arts from the University of Toronto and an M.B.A. from the Rochester Institute of Technology.

4 2015 Macroeconomic Outlook Forum & Strategic Planning Workshop September 9 & 10, 2015 Page 3 Strategic Planning Workshop Mile Square Regional Park Euclid St. Fountain Valley, CA (714) Thursday, September 10, 2015 BREAKFAST: 7:00 8:00 WELCOME & INTRODUCTORY COMMENTS Steve Delaney, CEO, Orange County Employees Retirement System 8:00 8:15 A. STAKEHOLDER VIEWS 8:15 9:00 Comments by Frank Kim, County of Orange; Mary Ruth Storer, Public Law Library; Ray Geagan, Orange County Public Firefighters Association Goal: Understand how plan sponsors and member organizations will address their pension needs and obligations given current economic climate. B. ILLINOIS MUNICIPAL RETIREMENT FUND (IMRF) OVERVIEW 9:00 10:00 Presentation by Louis Kosiba, Executive Director, IMRF Goal: Practically down the street from the Illinois State Employees Retirement system that is receiving such bad press for their poor funding and other challenges are the offices of the Illinois Municipal Retirement Fund, considered one of the better run systems in the country. The Executive Director of IMRF will provide background on what his fund is doing right. REFRESHMENT BREAK 10:00 10:15 C. ACTUARIAL SCIENCE 10:15 11:45 Presentation by John Bartel, President, ASA, FCA, MAAA, Bartel & Associates and Daniel Wade, FSA, EA, MAAA, Milliman Goal: Education and discussion regarding actuarial science and its application to public pension. D. PLAN COMPLEXITY OVERVIEW 11:45 12:15 Presentation by Suzanne Jenike, Assistant CEO, External Operations

5 2015 Macroeconomic Outlook Forum & Strategic Planning Workshop September 9 & 10, 2015 Page 4 Goal: Enhance understanding of how plan modifications add complexity in administration. LUNCH 12:15 1:00 E. OCERS MISSION STATEMENT 1:00 2:00 Presentation by Steve Delaney, CEO, and Girard Miller, CIO Goal: Consider options for updating the OCERS Mission Statement. F. QUALITY OF MEMBER SERVICES 2:00 2:30 Presentation by Suzanne Jenike, Assistant CEO, and Catherine Fairley, Director of Member Services Goal: A Board charter goal, to better understand the quality of services rendered to our membership. BREAK: 2:30 2:45 G PRELIMINARY BUSINESS PLAN 2:45 3:30 Presentation by Steve Delaney, CEO Goal: Review tentative business goals and provide direction for developing the final business plan and budget for H PRELIMINARY STRATEGIC PLAN 3:30 4:00 Presentation by Steve Delaney, CEO Goal: Review tentative strategic plan and benchmarks and provide direction for developing final strategic plan for I OCERS BOARD ANNUAL WORK PLAN 4:00 4:30 Presentation by Steve Delaney, CEO Goal: Overview of Board goals and objectives in 2016 with related timeline and provide direction. There will be free parking in the Mile Square parking lot alongside Warner Avenue. If the parking lot becomes full, there will be free parking on Warner Avenue.

6 2015 Macroeconomic Outlook Forum & Strategic Planning Workshop September 9 & 10, 2015 Page 5 John E. Bartel John is president of Bartel Associates, LLC. He has more than 40 years employee benefits experience primarily in pension and retiree healthcare consulting, serving over 300 California public sector clients. John specializes in: GASB 43/45 (OPEB) plan valuation, study and design CalPERS public agency consulting Helping clients understand actuarial, accounting, and regulatory issues Public sector retirement plan review, valuation, and design He is a member of the California Actuarial Advisory Panel, appointed by Governor Schwarzenegger January He has spoken at an array of organizational meetings, is a member of GASB's OPEB task force, and has authored and co-authored several articles. He is an Associate of the Society of Actuaries, a Member of the American Academy of Actuaries, and a Fellow in the Conference of Consulting Actuaries.