Retirement Board Meeting Special Meeting - February 18, 2015 - Agenda Packet 2.18.15

Sep 4, 2026

Agenda and committee memorandum for the CCCERA Retirement Board Special Meeting on February 18, 2015, outlining public input, the Investment Consultant Search Committee update, and a presentation by Wurts & Associates (9:30–10:30 a.m.). It includes an open-session decision on potential repairs and upgrades to the Willows Office Building and possible authorization for attendance at an investor roundtable. A closed-session item covers consideration of the sale of a particular pension fund investment under California Government Code 54956.81.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages194

Reading Time8 h 9 min

AccessFree to download

Retirement Board Meeting - Special Meeting

Open Session Items

Closed Session

Memorandum

Overview and Recommendation

Search Rationale

Search Goals

Consultant Search Process

Process Overview

AGENDA RETIREMENT BOARD MEETING SPECIAL MEETING February 18, 2015 9:00 a.m. Retirement Board Conference Room The Willows Office Park 1355 Willow Way, Suite 221 Concord, California THE RETIREMENT BOARD MAY DISCUSS AND TAKE ACTION ON THE FOLLOWING: 1. Pledge of Allegiance. 2. Accept comments from the public. 3. Update from Investment Consultant Search Committee and staff regarding the finalist for the General Investment Consultant Search. 4. Consultant presentation: 9:30 – 10:30 am Wurts and Associates 5. Consider and take possible action to retain Wurts and Associates as the General Investment Consultant. CLOSED SESSION 6. The Board will continue in closed session pursuant to Govt. Code Section 54956.81 to consider the sale of a particular pension fund investment. OPEN SESSION 7. Consider and take possible action regarding repairs and upgrades to the Willows Office Building as recommended by Transwestern. 8. Consider authorizing the attendance of Board and/or staff: a. Institutional Investor Roundtable for Public & Taft Hartley Plans, April 22-24, 2015, Los Angeles, CA. (Note conflict with Board meeting.) 9. Miscellaneous a. Staff Report b. Outside Professionals’ Report c. Trustees’ comments The Retirement Board will provide reasonable accommodations for persons with disabilities planning to attend Board meetings who contact the Retirement Office at least 24 hours before a meeting. . MEMORANDUM Date: February 11, 2015 To: CCCERA Board of Retirement From: Consultant Search Committee Subject: Committee Review of Consultant Search I. Overview and Recommendation Introduction The Investment Consultant Search Committee has worked with CCCERA Investment Staff and Tom Iannucci of Cortex Consulting to identify candidates for the General Investment Consultant role. At the January 28, 2015 Board meeting the Committee recommended that the Board interview Wurts & Associates for this role. The interview is scheduled for the February 18, 2015 Board meeting. This memo outlines the search rationale and process, recommendation, and proposed transition to Wurts & Associates. Search Rationale The CCCERA Board authorized a search for a general investment consultant on January 13, 2014. This followed a series of personnel departures from CCCERA’s retained consultant, Milliman, which included the planned retirement of CCCERA’s long time consultant Bob Helliesen. The Board authorized the formation of an Investment Consultant Search Committee which would develop and issue the RFP, and review candidate firms with assistance from an outside vendor (Cortex Consulting) and CCCERA Investment Staff. Search Goals The Committee operated under a two part mandate in conducting the search for the investment consultant. First, the Committee needed to identify a team and firm that would provide CCCERA with the basics of a high quality, responsive consulting relationship. This includes: performance reporting, asset allocation studies, manager searches, and due diligence roles. Second, the Committee needed to assure itself that the team and firm selected would bea long term partner to CCCERA. Incumbent in this is the ability of a firm to maintain its business model, incentivize its key individuals, attract new talent, and deliver solutions and guidance to the CCCERA Board for years to come. Important in the role of a long term partner is the ability of the selected firm to evolve and adapt to the environment in which it operates. This requires the firm to be forward thinking and proactive in helping CCCERA face challenges that are still beyond the horizon and as of yet are unknown. Currently, CCCERA faces a number of intersecting challenges. CCCERA is becoming an actuarially mature plan where benefit payments exceed contributions. To date, current income from the investment program has largely bridged that gap, but contributions will soon decline and the investment program will need to produce

FAQs

What matters are scheduled for the open session on February 18, 2015?

The agenda includes public comments, an investment consultant search update, a Wurts & Associates presentation, and decisions on retaining Wurts & Associates as the general investment consultant. It also covers possible repairs and upgrades to the Willows Office Building and related authorization for board/staff attendance at a specified investor roundtable.

What is the closed-session topic for the Retirement Board?

The board will continue in closed session under Government Code Section 54956.81 to consider the sale of a particular pension fund investment.

What does the memorandum describe about the consultant search?

The memorandum explains the search rationale, goals, and process used to identify candidates for the general investment consultant role, including prior authorizations, committee formation, the RFP timeline, and the criteria for selecting a long-term partner.

Sep 4, 2026

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