ABOUT LACERA

OPERATIONS & OVERSIGHT COMMITTEE MINUTES 2-12-09

PRESENT

• Yves Chery, Chair
• Ed C. Morris, Vice Chair
• Edward L. Blecksmith
• James P. Harris
• Sadonya Antebi, Alternate

MEMBERS AT LARGE

• William de la Garza
• Les Robbins
• Simon S. Russin

STAFF, ADVISORS, PARTICIPANTS

• Robert Hill
• Janice Golden
• Kaelyn Ung

The meeting was called to order by Chairman Chery at 11:50 a.m.

1. APPOINTMENT OF VOTING MEMBER(S) IN THE EVENT ONE OR MORE REGULAR COMMITTEE MEMBERS ARE ABSENT

   All regular members of the Committee were present.

2. APPROVAL OF THE MINUTES OF THE REGULAR MEETING OF JANUARY 15, 2009

   A motion was made by Mr. Harris seconded by Mr. Morris, to approve the minutes of the regular meeting of January 15, 2009.

   The motion passed unanimously.

3. FOR INFORMATION
   1. 2008-2009 Budget Control Report, as of December 31, 2008

      Kaelyn Ung Kaelyn Ung presented the Budget Control Report for the first six months of fiscal year 2008-2009, based on actual expenditures through December 31, 2008. Total operating expenses for the LACERA Administrative Budget are projected to be $50.1 million, an underexpenditure of approximately $3.6 million from LACERA’s operating budget. One of LACERA’s goals has been to budget closer to actual expenditures. With the underexpenditure approximately $1 million less than last year, we are making significant progress in our budget process. The Retiree Health Care Benefits Program Budget’s total operating expenses are projected to be $3.3 million. This represents an over expenditure of approximately $67,000 from the operating budget. The major contributing factors for this over expenditure are higher than anticipated costs for postage, and professional and specialized services. Postage costs are higher than budgeted due to invoices for fiscal year 2007-2008 not being received until after the year-end books were closed. In addition, Mercer services costs were higher than anticipated.

4. MISCELLANEOUS
5. PUBLIC COMMENT
6. GOOD OF THE ORDER (For discussion purposes only)
7. ADJOURNMENT

The Board of Retirement has adopted a policy permitting any member of the Board to attend a standing committee meeting open to the public. In the event five or more members of the Board of Retirement (including members appointed to the Committee) are in attendance, the meeting shall constitute a joint meeting of the Committee and the Board of Retirement. Members of the Board of Retirement who are not members of the Committee may attend and participate in a meeting of a Board Committee but may not vote on any matter discussed at the meeting. The only action the Committee may take at the meeting is approval of a recommendation to take further action at a subsequent meeting of the Board.

Documents distributed to members of the Committee less than 72 hours prior to the meeting will be available for public inspection at LACERA at the time they are distributed to a majority of the Committee, provided the documents are subject to public disclosure and relate to an open session of the Committee. Such documents may be viewed Monday through Friday during normal 9:00 a.m. to 5:00 p.m. business hours. LACERA is located at 300 N. Lake Avenue, Suite 820, Pasadena, California.

Persons requiring an alternative format of this agenda pursuant to Section 202 of the Americans with Disabilities Act of 1990 may request one by calling Cynthia Guider at (626)-564-6000, from 8:30 a.m. to 5:00 p.m. Monday through Friday, but no later than 48 hours prior to the time the meeting is to commence. Assistive Listening Devices are available upon request. American Sign Language (ASL) Interpreters are available with at least three (3) business days notice before the meeting date.