Janet M. Dreitlein

The meeting agenda includes the Director of Elections report, the certification of the primary election results, and the Solicitor's report. Significant action items involve the authorization to pursue and implement re-districting ordinances for Haverford Township and Upper Providence Township, alongside several precinct consolidations in Concord, Nether Providence, and Upper Darby Townships. Additionally, the board will discuss necessary preparations for the upcoming general election.

The board reviewed investment performance and manager transitions for the fund. Discussions included a proposal for online service access for retirees, the annual actuarial update and contribution recommendations for the upcoming year, and approval for a pension buyback request. Additionally, the board approved initiating securities fraud litigation and authorized a request for proposal process for securities monitoring services.

The board reviewed the Treasurer's report and received an investment update from RBC Wealth Management regarding current asset allocation, market performance, and the transition of fund management services to Met Life and Ramirez. Additionally, the board received an actuarial valuation update from Korn Ferry, resulting in the adoption of the Pub-2010 mortality table for public sector employees and an actuarially determined contribution amount for 2022. The board also addressed litigation updates and procedural matters related to disability pension requests.

The board reviewed the Treasurer's report and received an investment update from RBC Wealth Management, which included recommendations to rebalance the portfolio, move international equity investments from UBS to the Vanguard International Index Fund, and restructure the investment policy. The board discussed the potential for private equity investments, specifically regarding Banner Ridge, and reviewed the need for standardizing side letter negotiations. Additionally, the custodial bank provided updates regarding the pre-migration of retirement trust services to Principal.

The board accepted the Treasurer's report and discussed potential litigation matters. They approved the retention of three firms for litigation monitoring services. The board reviewed market performance updates and discussed the underperformance of current investment managers, with plans to revisit these accounts at a future meeting. Additionally, the board approved a $5 million investment in a private equity fund and addressed the need for actuarial work regarding potential prison de-privatization.