agenda anchorage police and fire retirement board … · agenda anchorage police and fire...
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AGENDA
ANCHORAGE POLICE AND FIRE RETIREMENT BOARD MEETINGThursday, June 20, 2013, 1: 30 p.m.
Columbia Rooms B & C, The Hotel Alyeska
Girdwood, Alaska 99587
I. CALL TO ORDER:
II. MEMBERS' REQUESTS TO BE HEARD
None
III. PRESENTATIONS
1. Board Review and Discussion of Investment Performance for Columbia SmallCap Growth Portfolio: Presented by Larry Lin, Senior Portfolio Manager, ColumbiaManagement Investment Advisors, LLC
2. Board Review and Discussion of Investment Performance for Wellington LargeCap Growth Portfolio: Presented by Robert M. Gelwick, CFA Vice President,Investment Director
IV. STAFF INFORMATION TO BOARD
V. CONSENT AGENDA
A. Approval of Minutes of the May 15, 2013 Regular Board MeetingVI. BOARD MEMBER AND STAFF TRAINING
B. Board Member Conference/ Training Requests and JustificationC. Board and Staff Conferences and Attendance Reports ( Oral Presentations)
VII UNFINISHED BUSINESS
None
VIII. NEW BUSINESS
D. Election of Board Chairman
E. Election of Board Vice Chairman
F. Board Members' Selection of Disability Committee Members
IX GUESTS' REQUESTS TO BE HEARD - See Note 0 None
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ANCHORAGE POLICE AND FIRE RETIREMENT BOARD MEETINGThursday, June 20, 2013, 1: 30 p.m.
Columbia Rooms B & C, The Hotel Alyeska
Girdwood, Alaska 99587
X. FINANCIAL AND OTHER REPORTS - See Note
1. Investment Performance/ Asset Allocation
2. BNY/Mellon Bank Monthly Reports
3. Disability Committee Reports4. List of Retirees
XI. INFORMATION - See Note
5. Information Section
XII. ADJOURNMENT
The next regular Board meeting is scheduled for Wednesday, July 17, 2013beginning at 9: 00 a.m. at the Public Transportation Department' s Building, at3600 Dr. Martin Luther King, Jr. Avenue, Anchorage, Alaska, Second FloorConference Room.
LTHE EXECUTIVE, INVESTMENT, FINANCEBENEFITS, AND DISABILITYCOMMITTEES MAY MEET DURING THE MONTH; PLEASE CONTACT STAFFAT 343-8400 FOR EXACT TIMES, LOCATIONS, AND AGENDAS.
O Persons desiring to be heard under the Police and Fire Retirement System Business which isnot on the normal agenda shall submit their names and the specific topic( s) they wish toaddress to the Chairman of the Police and Fire Retirement Board in care of the Director notless than 3 working days prior to the meeting at which the person desires to appear. Personsto be heard under this Agenda Item shall be granted the opportunity to appear before theBoard on a timely basis, provided that in all instances the topics to be addressed are relevantto Police and Fire Retirement System Business. Contact Staff at 343- 8400 if you wish toaddress the Board under GUESTS' REQUESTS TO BE HEARD.
O Information only, no action required.
Oral report only, no documents included.
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TAB
A
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MEETING MINUTES
ANCHORAGE POLICE AND FIRE RETIREMENT BOARD
Wednesday, May 15, 2013 at 9: 00 a. m.3600 Dr. MLK Jr. Avenue, Suite 213
Anchorage, Alaska 99507
ATTENDANCE
MEMBERS PRESENT: Jim Bauman( Chair) Paul Burns
Kevin Ehm Dave Koch
Lucinda Mahoney Daniel Moore
Andrew Provencio
ABSENT: Larry BakerEverett Robbins
STAFF: Edward Jarvis, Director
Fonda Deans, Retirement Specialist IV
Ana Wood, Retirement Specialist IV
GUESTS:
thilw I. CALL TO ORDER
Chair Jim Bauman called the meeting to order at 9: 05 a.m. All members were present exceptMr. Baker and Mr. Robbins who were not expected.
The certified results for the police representative to the Board election became available after the
Board books were delivered. The item was on the Agenda under Section VIII. New Business,
Item F.
Mr. Burns moved to accept the addition of the certified election results to be included inthe Board book under Item F. Seconded by Mr. Ehm.
AYE: Bauman, Burns, Ehm, Koch, Moore, Provencio, Mahoney
ABSENT: Baker, Robbins
MOTION PASSED
II. MEMBERS' REQUESTS TO BE HEARD
None
III. PRESENTATIONS
None
IV. STAFF INFORMATION TO BOARD
thaw Mr. Jarvis welcomed Ms. Wood as the newest staff member.
PFRB Regular Meeting POLICE& FIRE RETIREMENT BOARD May 15, 2013
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Mr. Jarvis informed the Board that the office hours will remain the same, 8 a.m. to 4:30 p.m.,with appointments available before and after hours.
He will schedule a meeting with the Finance Committee to discuss the 2014 annual budget.
He announced the dates for the June conference, and added that the draft agenda included guestspeakers from Columbia and Wellington.
Mr. Jarvis informed the Board that he was reviewing the Statement of Investment Policy andplans to review investment manager and vendor contracts, including fees and services, to makesure services and fees are in compliance.
He assured the Board that his acceptance to the Municipality of Anchorage 457 DeferredCompensation Committee would not decrease his available office hours because he has been
working additional hours to more than make up for his attendance to the quarterly meetings.A survey of Board members showed no one opposed Mr. Jarvis participation in the 457Committee meetings.
V. CONSENT AGENDA
A. Approval of the Minutes of the March 27, 2013 Board Meeting
Mr. Burns moved to approve the Consent Agenda with accepted minor changes tocorrect a typo. Seconded by Mr. Ehm.
AYE: Bauman, Burns, Ehm, Koch, Moore, Provencio, MahoneyABSENT: Baker, Robbins
MOTION PASSED
VI. BOARD MEMBER AND STAFF TRAINING
B. Board Member Conference/Training Requests and JustificationNone
C. Board and Staff Conferences and Attendance Reports ( Oral Presentations)
Mr. Provencio provided an oral report on his attendance to the UBS 2013 Clientconference in Carlsbad, CA, in April 2013.
Mr. Burns provided an oral report on his attendance to the UBS 2013 AgriVest Farmland
annual shareholders meeting in Napa, CA, in April 2013.
Mr. Koch provided an oral report on his attendance to the IFEBP Investment Institute inPhoenix, AZ.
VII. UNFINISHED BUSINESS
D. Board Discussion Regarding Policy for Business Meal Expenses.
Mr. Jarvis presented a draft Business Meal Expense Policy, per the Board' s requestduring the March meeting. The Board discussed the policy and whether alcohol should be
titsw considered a reimbursable expense.
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Mr. Provencio moved that the Business Meal Expense Policy should state thatalcohol is not a reimbursable expense. Seconded by Mr. Koch.
AYE: Bauman, Burns, Ehm, Koch, Moore, Provencio, Mahoney
ABSENT: Baker, Robbins
MOTION PASSED
Mr. Moore suggested additional changes to the Business Meal Expense Policy whichwere accepted by the Board.
Mr. Moore moved to approve Policy and Procedures 2013- 1, Business Meal ExpensePolicy with accepted changes. Seconded by Mr. Koch.
AYE: Bauman, Burns, Ehm, Koch, Moore, Provencio, Mahoney
ABSENT: Baker, Robbins
MOTION PASSED
VIII. NEW BUSINESS
E. Board Discussion, Acceptance and Approval of the KPMG 2012 Plan Year Audit Report
The Audit Report was included in Board Book distribution.
Mr. Provencio moved to accept and approve the KPMG audit dated December 31,
2012 Plan Year Audit Report as presented. Seconded by Mr. Koch.
AYE: Bauman, Burns, Ehm, Koch, Mahoney, Moore, Provencio,
ABSENT: Baker, Robbins
MOTION PASSED
F. Board Certification of the Police Board Seat Election Results
The Board reviewed the certified election results for the police department representative
to the Retirement Board vacancy. The vacancy was due to the June 30, 2013 expired termfor Mr. Robbins.
Mr. Koch moved to enter into Executive Session to discuss personnel matters.
Seconded by Ms. Mahoney.
AYE: Bauman, Burns, Ehm, Koch, Moore, Provencio, Mahoney
ABSENT: Baker, Robbins
MOTION PASSED
The Board went into Executive Session at 10: 37 a.m. and came out 10: 48 a. m. The Chair stated
that no votes or actions were taken during Executive Session.
taw
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Mr. Provencio moved to accept the results of the Election Committee electing
tkire Jeffrey Martin to the Police Board Seat for the term July 1, 2013 through June 30,2016. Seconded by Mr. Koch.
AYE: Bauman, Burns, Ehm, Koch, Moore, Provencio, Mahoney
ABSENT: Baker, Robbins
MOTION PASSED
The Chair noted that as the System matures, it may be harder to find members to run forthe Board. At a later meeting the Board might want to discuss the need to have someoneother than a System member serve on the Board.
Mr. Provencio suggested that the use ofmulti-media and a larger expense reimbursement
to assist in travel for those members that live out of state might encourage more members
to run.
G. The Annual 2013 Surplus Benefit Distribution Decision by the Board
Mr. Burns moved that as none of the Plans are above the 116% funding level, nosurplus distribution will be made for this Plan year. Seconded by Mr. Koch.
AYE: Bauman, Burns, Ehm, Koch, Moore, Provencio, Mahoney
ABSENT: Baker, Robbins
MOTION PASSED
H. Board Discussion Regarding Policy for Travel and Training
The Board reviewed the current travel policy and discussed that attendance toconferences should remain on an as needed basis subject to Board approval, rather than
setting a limit. No action was taken.
Board Discussion on SIP ( Statement of Investment Policy) Technical Correction.
Mr. Jarvis explained the technical correction needed on the SIP.
Mr. Provencio moved to approve the technical correction to the Statement of
Investment Policy, according to the April 30, 2013 memo details to the Board by theDirector. Seconded by Ms. Mahoney.
AYE: Bauman, Burns, Ehm, Koch, Moore, Provencio, Mahoney
ABSENT: Baker, Robbins
MOTION PASSED
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LJ. Board Discussion on Smith Graham Request for SIP exception
The Board discussed Smith Graham' s request for an exception to the SIP provision
regarding sector weighting.
Mr. Moore moved to approve the exception to the Statement of Investment Policyincreasing Smith Graham' s sector weighting limits to 125%. Seconded by Mr.Provencio.
AYE: Bauman, Burns, Ehm, Koch, Moore, Provencio, Mahoney
ABSENT: Baker, Robbins
MOTION PASSED
IX. GUESTS' REQUESTS TO BE HEARD
None
X. FINANCIAL AND OTHER REPORTS (Information Only)
1. Investment Performance/Asset Allocation
2. BNY Mellon Bank Monthly Reports
3. Disability Committee Reports
4. List of Retirees
5. Vanguard All-In Fee Disclosure
6. Columbia Returns
7. Wellington Returns
XI. INFORMATION
8. Chuck' s Letter to the Board
9. June' s Board Meeting Agenda( Draft Copy).
The next regular Board meeting is scheduled for Wednesday June 19 & Thursday June20, 2013 beginning at 8: 30 a.m. at The Hotel Alyeska, 1000 Arlberg Ave, Girdwood, AK99587
XII. ADJOURNMENT
The meeting adjourned at 11: 20 p.m.
Chair, Jim Bauman Director, Edward Jarvis
Date: Date:
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TAB
B
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ANCHORAGE POLICE & FIRE RETIREMENT SYSTEM
2013 CONFERENCESANCHORAGE POLICE & FIRE RETIREMENT BOARD
TRIP
APPROVED EXPENSEDATE CONFERENCE ATTENDEE TO ATTEND TOTAL
Callan Investments Institute' s 33rdNational Conference, San Francisco,
1/ 28- 30/ 2013 CA Baker X 3, 039.47
UBS 2023 Client Conference4/ 13- 17/2013 Carlsbad, CA Bauman X** 0. 00
UBS 2023 Client Conference04/ 13- 17/ 2013 Carlsbad, CA Koch X** 0. 00
UBS 2023 Client Conference4/ 13- 17/ 2013 Carlsbad, CA Provencio X 348. 64
USS 2013 AgriVest Farmland Annual4/ 17- 19/2013 Sharesholder Meeting, Napa, CA Burns X 1, 002.67
IFEBP Investment Institute, Phoenix,4/ 22- 24/2013 AZ Koch X 3, 715.35
NCPERS 2013 Annual Conference Expense not yet5/ 19- 23/ 2013 Honolulu, HI Mahoney X finalilzed
2013 TRAVEL EXP TOTAL: 8, 106. 13
Trip cancelled. Did not Attend Conference
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w TABLE OF CONTENTS
CONFERENCES - 2013
LOCATION
TAB BEGIN DATE END DATE CONFERENCES CITY STATE
IFEBP New Trustees Institute/Advanced
1 6/ 24/2013 6/26/ 2013 Trustees Institute San Francisco CA
2 7/ 16/ 2013 7/ 17/ 2013 Callan College- Standard Session Chicaco IL
Opal Financial Group- Public Funds Summit3 7/ 22/2013 7/24/2013 East _ Newport RI
IFEBP Wharton School- Advanced Investments
4 9/ 9/2013 9/ 12/2013 Management Philadelphia PA
IFEBP 59th Annual Employee Benefits
5 10/ 20/2013 10/ 23/2013 Conference Las Vegas NV
6 ! 10/ 22/2013 10/ 23/2013 Callan College- Introduction to Investments San Francisco CA
Noe
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TAB
C
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TAB
D
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QCCE fl F/
AF
t Municipality of Anchorage
FjAnchorage Police & Fire9c
Mayor Dan SullivanRetirement System
MEMORADUM
Date: June 6, 2013
To: The Retirement Board
From: Edward Jarvis, Director .,,)
Subject: Board Chairman and Vice Chairm osition Election
Following the settlement and re- establishment of the new Retirement System in April 2000,the Board decided, by consensus, that the positions of Chair and Vice Chair would bereviewed annually. There are no specific AMC code sections or P& P that governs theselection process. Mr. Bauman is the current Chairman.
The Board will also need to elect the Vice Chair position. Currently, Mr. Ehm is the ViceChairman.
Please let me know if you have any questions prior to the Board meeting. Thank you.
L
L3600 Dr. Martin Luther King Jr. Avenue, Suite 207• Mailing Address: P. O. Box 196650, Anchorage, Alaska 99519
Phone:( 907) 343- 8400• Toll Free: ( 877) 650-8400• Fax:( 907) 343- 8439
http://www.muni.org/departments/ apfrs 1
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TAB
E
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900CE4
NoRETIREMENT C
r Municipality of AnchorageTIREME
O9
Anchorage Police & Firec
A
Mayor Dan SullivanRetirement System
MEMORADUM
Date: June 6, 2013
To: The Retirement Board
From: Edward Jarvis, Director as).„QSubject: Board Chairman and Vice Chairma osition Election
Following the settlement and re- establishment of the new Retirement System in April 2000,the Board decided, by consensus, that the positions of Chair and Vice Chair would bereviewed annually. There are no specific AMC code sections or P& P that governs theselection process. Mr. Bauman is the current Chairman.
The Board will also need to elect the Vice Chair position. Currently, Mr. Ehm is the ViceChairman.
Please let me know if you have any questions prior to the Board meeting. Thank you.
L
L3600 Dr. Martin Luther King Jr. Avenue, Suite 207• Mailing Address: P.O. Box 196650, Anchorage, Alaska 99519
Phone: ( 907) 343- 8400• Toll Free: ( 877) 650- 8400• Fax:( 907) 343- 8439
http:// www.muni.org/ departments/ apfrs 1
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TAB
F
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a
1;•_ it
AnchorageDAN SULLIVAN Police and Fire Retirement System
MAYOR
MEMORANDUM
DATE: June 3, 2013
TO: APFRS Board
FROM: Edward Jarvis, Director
SUBJECT: Election of Disability Committee Mem ers
The current members of the Disability Committee are as follows:
Disability Committee:
1. Daniel Moore-Chair
2. Larry Baker3. Kevin Ehm
4. Paul Burns
David Koch( 5th Member)
New appointments to the Disability Committee need to be made at this meeting.According to AMC 8. 85. 080 B, the police trustee shall be chosen by the three policetrustees; the fire trustee shall be chosen by the three fire trustees; and the two municipaltrustees shall be chosen by the three municipal trustees.
The fifth member shall be chosen by the four trustees appointed to the DisabilityCommittee at the next Disability Committee Meeting. The fifth trustee should be a firetrustee since David Koch (police) was the fifth member this past year.
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TAB
1
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LCallan
April 30, 2013
1Anchorage Police & Fire
Retirement System
Investment Measurement Service
Monthly Review
The following report was prepared by Callan Associates Inc. (" CAI") using information from sources that include the following: fund trustee(s); fundcustodian(s); investment manager(s); CAI computer software; CAI investment manager and fund sponsor database; third party data vendors; and other outsidesources as directed by the client. CAI assumes no responsibility for the accuracy or completeness of the information provided, or methodologies employed, byany information providers external to CAI. Reasonable care has been taken to assure the accuracy of the CAI database and computer software. In preparingthe following report, CAI has not reviewed the risks of individual security holdings or the compliance/ non-compliance of individual security holdings withinvestment policies and guidelines of a fund sponsor, nor has it assumed any responsibility to do so. Copyright 2013 by Callan Associates Inc.
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Table of Contents
Anchorage Police & Fire Retirement SystemApril 30, 2013
L
Asset Allocation and Performance
Actual vs. Target Asset Allocation 1
Investment Manager Asset Allocation 2
L
L
Callan
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Actual vs Target Asset Allocation
Target Allocation effective 9/ 30/ 10
Lir
Actual Asset Allocation
Large Cap Equity32%
Cash& Equivalents0%
Real Estate/Mortgages Small/Mild Cap Equity
dida12%
I Equity21%
26%
CreTargetAsset Allocation
Large Cap Equity32/ 0
Cash& Equivalents1%
Small/ MidCap EquityReal Estate/Mortgages 8%_All12%
ILInt'I20%
Equity
Fixed Income27%
000s Percent Percent Percent 000sAsset Class Actual Actual Target Difference DifferenceLarge Cap Equity 107,771 32.4% 32. 0% 0. 4% 1, 264Small/ MidCap Equity 27,463 8. 3% 8.0% 0. 3% 836Intl Equity 69,621 20.9% 20.0% 0. 9% 3,054Fixed Income 86, 173 25.9% 27. 0% 1. 1%) 3,692)Real Estate/Mortgages 40,872 12.3% 12.0% 0. 3% 932Cash& Equivalents 934 0. 3% 1. 0% 0. 7%) 2,395)
ikareTotal 332, 834 100.0% 100.0%
Current Month Target Performance is calculated using monthly rebalancing.
Callan` Anchorage Police& Fire Retirement System1
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Investment Manager Asset Allocation
The table below contrasts the distribution of assets across the Fund' s investment managers as of April 30, 2013, with theN! distribution as of March 31, 2013. The change in asset distribution is broken down into the dollar change due to Net New
n Investment and the dollar change due to Investment Return.
Asset Distribution Across Investment Managers
April 30, 2013 March 31, 2013
Market Value Percent Net New Inv. Inv. Return Market Value Percent
Domestic Equities 135,234, 102 40. 63% $( 1, 670,632) 1, 795,987 $ 135,108,747 41. 02%
Large Cap Equities 107,771, 020 32. 38% $( 1, 645, 818) 1, 780,326 $ 107,636, 511 32. 68%
SKBA 33,295,930 10.00% ( 1, 645, 818) 498,746 34,443, 003 10.46%
Wellington LCG 34,418,495 10.34% 0 524,304 33,894, 191 10. 29%
MCM EB DV Stock Index 40, 056,594 12.04% 0 757,276 39, 299,318 11. 93%
Small/Mid Cap Equities 27,463,083 8. 25% 24,814) 15,661 $ 27,472,236 8.34%
Smith Graham 13, 377,088 4. 02% 24,814) 167,718 13,234, 185 4.02%
Columbia Small Cap Growth 14,085, 994 4. 23% 0 152,057) 14,238,051 4.32%
International Equities 69,621, 156 20.92% 0 2, 152, 831 $ 67,468, 325 20.48%
Lazard 34, 922,417 10.49% 0 1, 139,056 33,783, 361 10.26%
Capital Guardian 34, 698,739 10.43% 0 1, 013,775 33, 684,965 10. 23%
Domestic Fixed Income 86,172,911 25. 89% $ 2,000, 000 877,448 $ 83,295,463 25.29%
Barrow Hanley 86, 172,911 25. 89% 2,000, 000 877,448 83,295,463 25.29%
Real Estate/Mortgages 40,871, 986 12. 28% $( 2, 113, 160) 717,027 $ 42,268, 119 12. 83%
Adelante Capital 9,924, 227 2. 98% 0 624,395 9,299,832 2. 82%
UBS Realty 13, 205,016 3.97% ( 2, 113, 160) 92,632 15,225,544 4. 62%
UBS AgriVest Farmland 17, 742,743 5.33% 0 0 17, 742,743 5. 39%
Cash& Equivalents 933,695 0. 28% $( 291, 468) 25 $ 1, 225, 138 0.37%
APF-Cash Management 933, 695 0. 28% 291, 468) 25 1, 225, 138 0. 37%
Total Fund 332, 833,850 100.0% $( 2,075,260) 5,543,318 $ 329,365,792 100.0%
Callan Anchorage Police& Fire Retirement System 2
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Investment Manager Returns
The table below details the rates of return for the fund' s investment managers over various time periods ended April 30,
illtaiw2013. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The firstset of returns for each asset class represents the composite returns for all the fund' s accounts for that asset class.
Returns for Periods Ended April 30, 2013
Last Year Last
Last 3 to 12
Month Months Date MonthsDomestic Equities 1. 35% 6. 73% 12. 19% 15.45%
Total Equity Target* 1. 41% 6. 93% 12.98% 17. 52%
Large Cap Equities 1. 68% 7. 04% 12. 16% 15.29%Large Cap Target** 1. 81% 7. 16% 12.95% 17. 15%
SKBA 1. 52% 7.62% 12.99% Russell 1000 Value Index 1. 51% 7.05% 14. 01% 21. 80%
Wellington LCG 1. 55% 6.27% 10. 73% 8.46%Russell 1000 Growth 2. 12% 7.27% 11. 87% 12.60%
MCM EB DV Stock Index 1. 93% 7. 19% 12.74% S& P 500 Index 1. 93% 7. 18% 12. 74% 16. 89%
Small/Mid Cap Equities 0. 06% 5.58% 12. 36% 15.83%Small Cap Target*** 0.74% 6. 43% 14.04% 19. 31%Russell 2500 0.31% 5. 95% 13.20% 18. 96%
Smith Graham 1. 27% 6. 80% 13.94% 21. 28%Russell Midcap Value 1. 12% 7. 51% 15.49% 23. 66%Russell Midcap 1. 28% 7. 08% 14.41% 19.20%
Columbia Small Cap Growth 1. 07%) 4. 44% 10.88% 10.44%Russell 2000 Growth Index 0.66%) 5. 52% 12.47% 15. 67%
irally International Equities 3. 19% 3. 79% 8. 54% 17. 50%Lazard 3. 37% 4.09% 8. 53% 17.92%
MSCI ACWI ex-US Index 3.77% 2. 96% 7. 16% 14. 69%Capital Guardian 3. 01% 3.48% 8. 55% 17.05%
MSCI EAFE Index 5.21% 5.07% 10.61% 19.39%MSCI ACWI ex-US Index 3. 77% 2.96% 7. 16% 14.69%
Total Equity Target= 33.3% MSCI AC World ex US Index, 18. 3% Russell 1000 Growth Index, 18. 3% Russell 1000 Value Index16.7% Russell 1000 Index, 6. 7% Russell 2000 Growth Index, and 6. 7% Russell 2500 Value Index.
Large Cap Target= 34.4% Russell 1000 Growth Index, 34.4% Russell 1000 Value Index, and 31. 2% Russell 1000 Index.Small Cap Target= 50.0% Russell Midcap Value Index and 50.0% Russell 2500 Growth Index.
Callant`
mm
Anchorage Police& Fire Retirement System3
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Investment Manager Returns
The table below details the rates of return for the fund' s investment managers over various time periods ended April 30,2013. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The firstset of returns for each asset class represents the composite returns for all the fund's accounts for that asset class.
Returns for Periods Ended April 30, 2013
Last Year Last
Last 3 to 12
Month Months Date MonthsDomestic Fixed Income 1. 03% 1. 73% 1. 26% 5.13%
Barrow Hanley 1. 03% 1. 73% 1. 26% 5. 13%Barclays Aggregate 1. 01% 1. 60% 0.89% 3. 68%
Real Estate/Mortgages 1. 78% 4.00% 4.84% 11. 85%Adelante Capital 6.71% 9.28% 12.07% 14. 45%
Dow Jones Wilshire RESI 6. 13% 10. 15% 13.99% 17.36%NAREIT Equity Index 6.33% 10. 89% 14.94% 21. 28%
UBS Realty 0.70% 1. 37% 2.08% 8. 10%NCREIF Total Index*
NCREIF Open End Div Cor Eq Net* UBS AgriVest Farmland 0. 00% 3. 14% 3. 14%
NCREIF Farmland Index*
Total Fund 1. 70% 4.46% 7.54% 12.55%Policy Target** 1. 81% 4.42% 7. 59% 12.67%
L
The NCREIF Total Index, NCREIF Open End Div Cor Eq Net, and NCREIF Farmland Index returns are only available on aquarterly basis and will not reflect in the monthly performance reports.
Current Month Target= 27.0% Barclays Aggregate Index, 20.0% MSCI AC World ex US Index, 11. 0% Russell 1000 GrowthIndex, 10.0% Russell 1000 Index, 11. 0% Russell 1000 Value Index, 4. 0% Russell 2000 Growth Index, 4. 0% Russell 2500Value Index, 6. 0% Wilshire RESI, 6.0% NCREIF Total Index, and 1. 0% 3- month Treasury Bill.
Callan Anchorage Police& Fire Retirement System4
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TAB
2
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r rAccountSummary By Type Report ID: GL8
Cash Includes Global Cash, Equivalents, Receivables/ PayablesBNY MILLON
Market Value - 4/ 30/ 2013
Cash and
Portfolio Name Equities Jo Fixed Income % Other % Equivalents % Net Assets
APF- CASH MANAGEMENT 0. 00 0 0.00 0 0. 00 0 933,695.05 100 933,695.05
LEHMAN LIQUIDATION 0. 00 0 0.00 0 0.00 0 383, 085. 65 100 383,085.65
WELLINGTON LG CAP GR 33, 460,434. 61 97 0. 00 0 0.00 0 957,826. 33 3 34,418,260. 94
MCM EB DV STK IND FD 40,056, 594.00 100 0.00 0 0. 00 0 0. 00 0 40, 056, 594. 00 I
SKBA LRGE CAP VAL EQ 32, 429, 523. 00 97 0.00 0 0. 00 0 866, 407.48 3 33, 295,930.48
SMITH GRAHAM MID CAP 13, 174,740.02 98 0. 00 0 0. 00 0 202, 205.42 2 13, 376,945.44
COLUMBIA SM CAP 14, 085,994. 56 100 0. 00 0 0. 00 0 0. 00 0 14, 085,994. 56
CAP GUARDIAN INTL 34,698,739. 13 100 0.00 0 0. 00 0 0. 00 0 34,698,739. 13
LAZARD ASSET INTL EQ 33, 922,416. 69 97 0. 00 0 0,00 0 1, 000,000.00 3 34, 922,416.69
APF- BARROWHANLEY FIX 0. 00 0 82,816,330.82 96 0.00 0 3, 356, 579. 82 4 86, 172, 910. 64
ADELANTE CAP MGMT 0. 00 0 0. 00 0 9, 924,227.24 100 0. 00 0 9, 924, 227. 24
UBS REALTY INVESTORS 0. 00 0 0.00 0 13, 205,015.98 100 0. 00 0 13, 205,015. 98
UBS AGRIVEST FRMLD 0. 00 0 0.00 0 17, 742,742. 86 100 0. 00 0 17, 742, 742. 86
201, 828,442.01 61 82, 816, 330.82 25 40,871,986.08 12 6,933,628. 45 2 332, 450, 387.36
5/ 16/ 2013 3: 03:52PM EDT 1 Workbench
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Statement of d_...nge in Net Assets Report ID: GL8
Hh hll LtJd Base Currency: USD
COMBINED MANAGER- APFG00010000 4/ 1/ 2013 - 4/ 30/ 2013Status: FINAL
NET ASSETS- BEGINNING OF PERIOD 328,978,612. 85
RECEIPTS:
RECEIVED FROM PLAN ACCOUNTS
799, 771. 28
799,771. 28
INVESTMENT INCOME:
DIVIDENDS 84, 343. 90
INTEREST 328,035. 99
REALIZED GAIN/ LOSS 801, 031. 14
UNREALIZED GAIN/ LOSS- INVESTMENT 4, 333,624. 76
5, 547,035. 79
TRANSFERS IN:
CASH 5, 713, 160.73
5, 713, 160.73
TOTAL RECEIPTS: 12, 059,967.80
DISBURSEMENTS:
ADMINISTRATIVE EXPENSES:
TRAVEL EXPENSES 1, 487.92
INVESTMENT MANAGEMENT 134,621. 83
ACCOUNTING/ AUDIT 25, 000.00
ACTUARIAL 10, 466.25
CONSULTING 24, 427. 88
ADMINISTRATION 150, 000. 00
LEGAL 345. 78
MISCELLANEOUS 2, 523. 50
348,873. 16
DISTRIBUTION TO PLAN ACCOUNTS
2, 526, 159.40
2, 526, 159.40
TRANSFERS OUT:
CASH 5, 713, 160, 73
5, 713, 160.73
TOTAL DISBURSEMENTS: 8, 588, 193.29
NET ASSETS- END OF PERIOD 332,450, 387.36
5/ 20/ 2013 7:23: 03PM EDT 4 Workbench
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Statement of Change in Net Assets Report ID:
GL880uM111ti'Y MELLON Base Currency: USD
COMBINED PLAN- APFG00020000 4/ 1/ 2013 - 4/ 30/ 2013Status: FINAL
NET ASSETS- BEGINNING OF PERIOD 328, 978, 613. 50
RECEIPTS:
CONTRIBUTIONS:
COMPANY 769, 204. 00
EMPLOYEE- ELECTIVE PRE-TAX 26, 220. 23
795,424.23
INVESTMENT INCOME:
REALIZED GAIN/ LOSS 1, 405, 105. 16
UNREALIZED GAIN/ LOSS- INVESTMENT 3, 793, 056. 51
5, 198, 161. 67
TOTAL RECEIPTS: 5, 993,585.90
DISBURSEMENTS:
DISTRIBUTION OF BENEFITS:
PAYMENTS TO PARTICIPANTS 2, 519, 340.96
2, 519,340.96
ADMINISTRATIVE EXPENSES:
MISCELLANEOUS 2, 471. 39
2,471. 39
TOTAL DISBURSEMENTS: 2,521, 812. 35
NET ASSETS- END OF PERIOD 332, 450,387.05
5/ 20/ 2013 7:23:03PM EDT 5 Workbench
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Statement of Change in Net AssetsReport ID: GL88bu
BI Y NBase Currency: USD
PLAN I- APFF99900102 4/ 1/ 2013 - 4/ 30/ 2013Status: FINAL
NET ASSETS- BEGINNING OF PERIOD 74,987,790.40
RECEIPTS:
CONTRIBUTIONS:
COMPANY 172,742. 00
172,742.00
INVESTMENT INCOME:
REALIZED GAIN/ LOSS 407, 505.37
UNREALIZED GAIN/ LOSS- INVESTMENT 774,857. 19
1, 182, 362. 56
TOTAL RECEIPTS: 1, 355, 104. 56
DISBURSEMENTS:
DISTRIBUTION OF BENEFITS:
PAYMENTS TO PARTICIPANTS 721, 994. 58
721, 994.58
ADMINISTRATIVE EXPENSES:
MISCELLANEOUS 2, 441. 60
2, 441. 60
TOTAL DISBURSEMENTS: 724,436. 18
NET ASSETS- END OF PERIOD 75, 618,458.78
5/ 20/ 2013 7:23:03PM EDT 1 Workbench
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Statement of Change in Net AssetsReport ID: GL88 0
BNIr
ME L1 G)Base Currency: USD
PLAN II- APFF999002024/ 1/ 2013 - 4/ 30/ 2013
Status: FINAL
NET ASSETS- BEGINNING OF PERIOD 55, 565, 106. 73
RECEIPTS:
CONTRIBUTIONS:
COMPANY 134,970.00
EMPLOYEE- ELECTIVE PRE-TAX 1, 639.63
136,609. 63
INVESTMENT INCOME:
REALIZED GAIN/ LOSS 269,782. 00
UNREALIZED GAIN/ LOSS- INVESTMENT 607,367.61
877, 149. 61
TOTAL RECEIPTS: 1, 013,759. 24
DISBURSEMENTS:
DISTRIBUTION OF BENEFITS:
PAYMENTS TO PARTICIPANTS 480,401. 92
480,401. 92
ADMINISTRATIVE EXPENSES:
MISCELLANEOUS 29.79
29. 79
TOTAL DISBURSEMENTS: 480,431. 71
NET ASSETS- END OF PERIOD 56, 098, 434.26
5/ 20/ 2013 7:23:03PM EDT 2 Workbench
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Report ID: GL8 -Statement of C nge in Net Assets
BIN` MELLONBase Currency: USD
PLANIII- APFF99900302 4/ 1/ 2013 - 4/ 30/ 2013Status: FINAL
NET ASSETS- BEGINNING OF PERIOD 198,425,716.37
RECEIPTS:
CONTRIBUTIONS:
COMPANY 461, 492. 00
EMPLOYEE- ELECTIVE PRE- TAX 24, 580.60
486,072. 60
INVESTMENT INCOME:
REALIZED GAIN/ LOSS 727,817.79
UNREALIZED GAIN/ LOSS- INVESTMENT 2, 410,831. 71
3, 138, 649.50
TOTAL RECEIPTS: 3, 624,722. 10
DISBURSEMENTS:
DISTRIBUTION OF BENEFITS:
PAYMENTS TO PARTICIPANTS 1, 316, 944.46
1, 316,944.46
TOTAL DISBURSEMENTS: 1, 316,944.46
NET ASSETS- END OF PERIOD 200,733,494.01
5/ 20/ 2013 7:23: 03PM EDT 3 Workbench
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TAB
3
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ANCHORAGE POLICE & FIRE RETIREMENT
2013
PERMANENT DISABILITY/SURVIVOR BENEFITS CLAIMS REPORT
DATE
FILED/ DATE OF
PLAN j - NAME I TYPE OF CLAIM DEATH STATUS
Occupational DisabilityHeart/Lung Conversion 1/ 13/ 2012 IClaim suspended at request of member1 Greg Stewart g r p q
I
L
Date of Report 6/ 6/ 2013 Page 1
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ANCHORAGE POLICE & FIRE RETIREMENT
low2013
PERMANENT DISABILITY/SURVIVOR BENEFITS CLAIMS REPORT
SETTLED CLAIMS
DATE FILED/ DATE
PLAN NAME TYPE OF CLAIM OF DEATH STATUSI
Surviving Spouse pneumonia and influenza like illness.Benefits for Dorine Non- Occupational Death Benefits
2 William Hollingsworth Hollingsworth 1/ 11/ 2013 processed for Dorine Hollingsworth
Permanent heart/lung occupationaldisability benefits awarded to Mark
Occupational Disability O' Brien at the 3/ 27/2013 Disability1 - Mark A. O' Brien Heart/Lung Conversion 2/ 6/ 2013 Committee Meeting.
I j
Surviving Spouse Cause of death- Blunt force injuries.Benefits for Barbara Non- Occ Death Benefits processed for
2 Ted R. Smith Smith 3/4/ 2013 Barbara Smith effective 4/ 1/ 2013.
L
j I
Date of Report 6/ 6/ 2013 Page 1
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ANCHORAGE POLICE FIRE RETIREMENT2013
TEMPORARY DISABILITY CLAIMS REPORT
TYPE OF DATE OF PERIOD OF I APPROVALPLAN# DEPT NAME CLAIM CLAIM DISABILITY DATE AMOUNT PAID
I
i
II
PLAN 1 TOTAL:
Ii -
PLAN 2 TOTAL:
Final Tempdisability
kire 3 P Cynthia S. Bradley TTemp- Occi
11/ 04/ 12- 12/20/ 12 , 2/ 5/2013 676.41
PLAN 3 TOTAL: I $ 676.41
TOTAL TEMPORARY BENEFITS PAID TO DATE: $ 676. 41
L
Page 1 Date of Report 6/6/2013
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TAB
4
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2013POLICE & FIRE RETIREMENT SYSTEM
RETIREES/DISABILITIES/TERMINATED PERSONNEL
PLAN I
SERVICE RETIREMENT DEPT EFF. DATE
DISABILITY RETIREMENTS DEPT TYPE EFF.DATE
Mark A. O' Brien Police Occ 3/ 27/ 2013Conversion from Normal Retirement
to Occupational Heart/Lung Disability)
DECEASED DEPT TYPE EFF. DATE
REFUND OF
tow TERMINATED DEPT CONTRIBUTIONS EFF. DATE
TERMINATIONDEFERRED RETIREMENT DEPT DATE EFF. DATE
Lir
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r
2013POLICE & FIRE RETIREMENT SYSTEM
RETIREES/DISABILITIES/TERMINATED PERSONNEL
PLAN II
SERVICE RETIREMENT DEPT EFF. DATE
Kevin E. Ehm Police 04- 02- 2013
DISABILITY RETIREMENTS DEPT TYPE EFF. DATE
DECEASED DEPT TYPE EFF. DATE
William L. Hollingsworth Police Non-Occ 01- 11- 2013
surviving spouse Dorine Hollingsworth)Ted R. Smith Police Non-Occ 03- 04-2013
L surviving spouse Barbara W. Smith)Alan P. Kraft Police Occ 03- 24- 2013
no surviving spouse)
REFUND OF
TERMINATED DEPT CONTRIBUTIONS EFF. DATE
TERMINATION
DEFERRED RETIREMENT DEPT DATE EFF. DATE
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2013POLICE & FIRE RETIREMENT SYSTEM
RETIREES/DISABILITIES/TERMINATED PERSONNEL
PLAN III
SERVICE RETIREMENT DEPT EFF. DATE
John C. Moeller Police 02- 03- 2013
Joseph A. Barth Police 02- 12- 2013
James E. Triplett Police 02- 12- 2013
Thomas W. Oels Police 02- 27- 2013
Lee W. Rohwer Police 03- 09- 2013
Sherry Price Police 05- 08- 2013
DISABILITY RETIREMENTS DEPT TYPE EFF. DATE
DECEASED DEPT TYPE EFF. DATE
REFUND OF
TERMINATED DEPT CONTRIBUTIONS EFF. DATE
TERMINATION
DEFERRED RETIREMENT DEPT DATE EFF. DATE
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PLAN III COLA ADJUSTMENTS
ANNIVERSARY
NAME YEAR DEPT EFF. DATE
L
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TAB
5
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Pkt
AnchorageDAN SULLIVAN Police & Fire Retirement System JAMES BAUMAN
MAYOR CHAIRMAN
MEMORANDUMDATE: May 30, 2013
TO: Dan Sullivan, Mayor
George J. Vakalis, Municipal Manager
Lucinda Mahoney, Chief Fiscal OfficerPeter Raiskums, Internal Audit Director
C.C. The Retirement Board
FROM: Edward Jarvis, CRSP- Director
SUBJECT: 2012 Plan-Year Valuation and Annual Audit Report
Each year following the completion of the annual actuarial valuation and the annual audit, copies of the reportsare sent to Municipal Administration with additional copies sent to the Assembly. The reports represent thefinancial management status of the Anchorage Police& Fire Retirement System as of December 31, 2012.
The Valuation Report, enclosed, represents the actuarial status of the System as analyzed by the Board' sActuarial Consulting Firm, Milliman, Inc. The report depicts the actuarial liabilities, assets, actuarialassumptions, demographics, and plan provisions for each of the Retirement System' s three Retirement Plans andfor the Retirement System in total.
The most important aspect for the 2012 Plan-Year report is the decrease in actuarial liabilities over the 2011 yeardue to investment performance in 2012 (Annual Return of 13. 4%) and a corresponding increase in the fundedratio of the three retirement plans within the System. Funding levels increase in 2012 from 78%, 77% and 76%
to 81%, 80% and 80% for Plans I, II and III respectively. Therefore, in accordance with Anchorage MunicipalCode, Section 3. 85, Member and Municipal contributions will be continued in the 2014 Plan-Year beginningJanuary 1, 2014. By Code, member contributions are limited to 6% of pension-eligible wages. Municipal
contributions will be$ 8, 769,072 payable in 26 pay-period installments. That is$ 1, 230,587 less than therequirement in 2013.
With regard to the enclosed Annual Audit Report issued by KPMG, LLP, this is the fifteenth year in a row thatthe report has been issued with" No Findings" in the comprehensive audit of the System' s financials and internalcontrols. Please draw your attention to pages 7 and 8 in the Financial Statements and Schedules Tab. Thesepages show a comparison of the 2011 vs. the 2012 years. There was a savings of$67,621 in investment
management expenses and also a savings in the administrative expenses of$61, 846. Overall operating expensesdecreased. Member benefit payments increased by$ 666, 152 or 2. 3 %, due to new retirements and cost of livingincreases.
Please do not hesitate to contact the Retirement System at 907.343. 8400 ifyou have questions or require anyadditional information about either of these two annual reports.
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7 narrrir{mem
AnchoragegDAN SULLIVAN Police & Fire Retirement System JAMES BAUMAN
MAYOR CHAIRMAN
MEMORANDUMDATE: May 30, 2013
TO:
Ernie Hall, Assembly Chair Elvi Gray-Jackson, AssemblyPatrick Flynn, Assembly Paul Honeman, AssemblyBill Stan, Assembly Adam Trombley, AssemblyAmy Demboski, Assembly Chris Birch, AssemblyTim Steele, Assembly Jennifer Johnston, AssemblyDick Traini, Assembly
C.C. The Retirement Board
FROM: Edward Jarvis, CRSP— Director
SUBJECT: 2012 Plan-Year Valuation and Annual Audit Rep
Each year following the completion of the annual actuarial valuation and the annual audit, copies of the reportsare sent to Municipal Administration with additional copies sent to the Assembly. The reports represent thefinancial management status of the Anchorage Police& Fire Retirement System as of December 31, 2012.
The Valuation Report, enclosed, represents the actuarial status of the System as analyzed by the Board' sActuarial Consulting Firm, Milliman, Inc. The report depicts the actuarial liabilities, assets, actuarialassumptions, demographics, and plan provisions for each of the Retirement System' s three Retirement Plans and
for the Retirement System in total.
The most important aspect for the 2012 Plan-Year report is the decrease in actuarial liabilities over the 2011 year
due to investment performance in 2012( Annual Return of 13. 4 %) and a corresponding increase in the fundedratio of the three retirement plans within the System. Funding levels increase in 2012 from 78%, 77% and 76%
to 81%, 80% and 80% for Plans I, II and III respectively. Therefore, in accordance with Anchorage MunicipalCode, Section 3. 85, Member and Municipal contributions will be continued in the 2014 Plan-Year beginningJanuary 1, 2014. By Code, member contributions are limited to 6% of pension-eligible wages. Municipal
contributions will be $ 8, 769,072 payable in 26 pay-period installments. That is$ 1, 230, 587 less than therequirement in 2013.
With regard to the enclosed Annual Audit Report issued by KPMG, LLP, this is the fifteenth year in a row thatthe report has been issued with" No Findings" in the comprehensive audit of the System' s financials and internal
controls. Please draw your attention to pages 7 and 8 in the Financial Statements and Schedules Tab. These
pages show a comparison of the 2011 vs. the 2012 years. There was a savings of$67,621 in investment
management expenses and also a savings in the administrative expenses of$61, 846. Overall operating expensesdecreased. Member benefit payments increased by$ 666, 152 or 2.3 %, due to new retirements and cost of livingincreases.
Please do not hesitate to contact the Retirement System at 907. 343. 8400 if you have questions or require anyadditional information about either of these two annual reports.
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Greetings from Sun City!
Just wanted to thank APFRS for the lovely retirement send off. I was very touchedthat you took the time to see me off. The plaque and refreshments were much
appreciated.
Thank you also for the gift card. I purchased a hedge trimmer and as you can see no
plant is safe!
opikk
l-
Once the topiary work isk. finished it' s time for a break.
This is my favorite spot veryearly in the morning beforethe heat sets in
When I' m not pruning, Ispend my time planting,painting, procuring and
ita planning future projects.After all that, it' s off to the
pool to cool down.
Hope you are all well. If you find yourself in Arizona, please come by for a visit. Fondahas my number.
Best to you all,
Rachel