MINUTES OF THE REGULAR MEETING OF THE … representatives presented an overview of the firm's assets...

•

403

MINUTES OF THE REGULAR MEETING OF THE

BOARD OF ADMINISTRATION

CITY EMPLOYEES' RETIREMENT SYSTEM

Board of Pension Commissioners' Board RoomRoom 700, 360 East Second Street

Los Angeles, California

Tuesday, January 25, 1994

AT 1:03 P. M.

•PRESENT: President

Vice President

Commissioners

Manager-Secretary

Investment Counselor

Legal Counselor

Denise Lamaute

Jose L. Figueroa

William H. DohenyMichael J. GalvinJan Charles Gray

Oscar Peters

State StreetChancellor Capital Mgmt.

Eudon Ferrell

•

•

•

The Items in the Minutes are numbered to correspond with the Agenda.

I

PUBLIC COMMENTS ON MATTERS WITHIN BOARD'S JURISDICTION - PresidentLamaute asked if there were any persons who wished to speak, to whichthere were no responses.

II

CONSIDERATION OF MINUTES FOR BOARD OF ADMINISTRATION FOR BOARD MEETINGOF DECEMBER 28, 1993 - The Minutes of the Board Meeting of December 28,1993 were approved on motion by Commissioner Figueroa, dUly seconded byCommissioner Galvin and adopted by the following vote: ayes,Commissioners Doheny, Figueroa, Galvin, Gray, and President Lamaute - 5;nays, none.

January 25, 1994

404

III

REVIEW AND RECOMMENDATIONS BY INVESTMENT COUNSELORS:

B. Chancellor Capital Management investment review - Lindsay Toddand Tyle Beebe, both Managing Directors, represented Chancellor. Theirreport included an overview of the firm, the CERS portfolio review,Chancellor's equity investment process, Affirmative Action and MBE/WBEreports, and a report on brokerage commissions.

Mrs. Todd reported that Chancellor was hired in the Spring of 1992 tomanage a growth equity portfolio; that she and Mr. Beebe were foundingpartners in the firm in April 1992; and that Chancellor has opened upstock options to 26 additional employees, for a total of 72 partialowners.

The representatives reported that the firm's objective is to achieveperformance within the top 50% of the SEI universe of equity total fundreturns; exceed the performance of the S&P 500 Index; and achieveperformance within the top 40% of the SEI Growth Manager Universe.

The written report indicated an initial funding of $289.3 million onApril 20, 1992; additional funding was $36.2 million August 3, 1992; andthe market value was $391.6 million as of January 14, 1994.

Mr. Beebe explained that they are essentially 100% invested with returnsfor the fourth quarter of 3.9% compared to 2.3% for the S&P 500; that,since inception, returns were 11.3% compared to 10.5% for the S&P 500.

A column will be added to the ten top holdings, and the actualperformance during the time held will be shown.

Commissioner Doheny arrived at 1:07 p.m.

A. State Street Global Advisors investment review DavidHoneyman, Vice President from the San Francisco Office; and Lynn Blake,Senior Portfolio Manager, represented State Street. They reported staffchanges within the firm--that Peter Stoneburg is now Chief InvestmentOfficer; vick Thompson is the new head of fixed income; and Bill Shipmanis Director of Marketing and Sales for the U. S.

The representatives presented an overview of the firm's assets undermanagement, organizational structure, and international investmentcapabilities.

Portfolio performance as of November 30, 1993 was 3.15% for October 1993and -8.82% for November 1993 compared with the MSCI EAFE Free Index of3.15% for October 1993 and -8.76 for November 1993.

President Lamaute directed that the ethnic composition of the StateStreet workforce be included in future reports.

January 25, 1994

•

-

•

•

• C. other investment recommendations:

405

•

-

•

•

1. Loomis Sayles & Company (fixed income) Prudent Person The request was approved as presented.

LOOMIS SAYLES & COMPAY (FIXED INCOME)Prudent Person List

Commissioner Doheny moved approval of the following Resolution to addAirbone Freight, Black & Decker, Canadian Pacific Forest, General MotorsAcceptance Corporation, General Motors Corporation, McDonnell DouglasCorporation, McDonnell Douglas Finance, News America Holdings (NewsCorp), Rohr, and weirton steel to the list:

RESOLUTION NO. 94155

BE IT RESOLVED, on the basis of the recommendation by Loomis Sayles &Company, Investment Counselor to the Board, that the Manager-Secretarybe, and he is authorized to purchase on behalf of the Board ofAdministration, Prudent Person securities of the corporationshereinafter enumerated, in amounts not to exceed $20 million in anyonecompany:

NAME OF COMPANY

A. M. R. CorporationAirbone FreightArizona Public ServiceArkansas Power & LightArklaArmcoAsarcoBank America CorporationBarnett Banks of FloridaBlack & DeckerBoise CascadeBorg WarnerBoston EdisonBVPS Funding (Ohio Edison)Canadian Pacific ForestCentel Capital CorporationChase Manhattan CorporationChrysler Finance CorporationChrysler Motors CorporationChrysler Corporationciticorpcities ServicejOxyCleveland Electric IlluminatingCoastal CorporationColumbia Gas SystemCommonwealth EdisonConnecticut Light & PowerConsumer Powercontinental Illinois CorporationDelta AirlinesDetroit EdisonEnronFirst Interstate Bank of Los AngelesFirst Tennessee National CorporationGeneral CinemaGeneral Motors Acceptance CorporationGeneral Motors Corporation

January 25, 1994

406

Name of Corporation

Georgia PacificGeorgia PowerGoodyear Tire & RubberGreat Northern NekoosaHartford Electric LightHouston IndustriesIllinois PowerInco Limited, Inc.Indiana & Michigan ElectricJames River Corporation VAKansas Gas & ElectricKentucky PowerLitton IndustriesLong Island LightingLouisiana Power & LightManufacturers Hanover BankMasco IndustriesMay Department storesMcDermottMcDonnell Douglas CorporationMcDonnell Douglas FinanceMellon Bank CorporationMiddle Southern EnergyMontana PowerNavistar FinancialNew York city (Taxable)New York state Electric & GasNews America Holdings (News Corp)Niagara Mohawk PowerNo. Indiana Public ServiceNoranda ForestOccidental PetroleumOhio EdisonPennsylvania Power CompanyPhiladelphia ElectricPhillips PetroleumPNPP FundingPublic Service of IndianaRJR Nabisco Inc.RohrTelecommunications Inc.TennecoTennessee Gas PipelineTexas Eastern CorporationTexas Eastern TransporationTime WarnerTime Warner EntertainmentToscoTucson Electric PowerTJX (Zayre)Union oil Californiaunited AirlinesUSX (U.S. Steel)Weirton SteelWestinghouseWestinghouse CreditZayre

BE IT FURTHER RESOLVED, that the Manager-Secretary is hereby authorizedand directed, for all such purchases consummated, to execute, whenevernecessary, on behalf of the Board of Administration, City Employees'Retirement System, all necessary documents and to arrange for delivery,upon payment of principal and charges, of said securities to TheNorthern Trust Company or its designated agent for the account of thecity Employees' Retirement Fund;

January 25, 1994

.,

•

.,

•

•

•

..

•

•

407

which motion was seconded by Commissioner Figueroa, and adopted by thefollowing vote: ayes, Commissioners Doheny, Figueroa, Galvin, Gray, andPresident Lamaute - 5; nays, none.

2. Fiduciary Trust International Prudent Person Therequest was approved as request.

FIDUCIARY TRUST INTERNATIONALPrudent Person List

Commissioner Doheny moved approval of the following Resolution to addDentsply International, Eaton Vance, IHOP Corp, KLA Instruments, andwestcott Communications to the list:


BE IT RESOLVED, on the basis of the recommendation by FIDUCIARY TRUSTINTERNATIONAL, Investment Counselor to the Board, that the ManagerSecretary be, and he is hereby authorized to purchase on behalf of theBoard of Administration, equity-type securities (Prudent Person) of thecorporations hereinafter enumerated:

Name of corporation

America On LineAmerican Colloid

Arkansas BestAu Bon Pain Co. Inc .

Automotive IndustriesAvid Technology

BabbagesBallard Medical

Barnes & Noble Inc.Baybanks

BB&T FinancialBellsport

Ben & Jerry's HomemadeBlyth Holdings Inc.

Books-A-MillionBorg-Warner security Corp.

Brinker InternationalCabletron Systems

California MicrowaveCallaway

Cardinal DistributionCash America Investments Inc

Catalina MarketingCatherine Stores

Celestial SeasoningsCharter One Financial Inc.

Cheesecake Factorycintas Corp.Cirrus Logic

Concord EFS Inc.Cott Corp.

Crompton & KnowlesCross Timbers oil

CUC International

January 25, 1994

408

January 25, 1994

Name of corporation

Cullen Frost BankersDentsply International

Devon EnergyDSC Communications

Eaton VanceElan Corp PLC

Electronic ArtsExpress ScriptsFalcon Products

First Pacific NetworksFirst Security Corp

FiservFoundation Health

Franklin Electronic PUblishingFranklin Quest

General NutritionGerrity oil & Gas Corp.Gilat Satellite Networks

GTechGlenayre Technologies

Global IndustriesGMIS Inc.

Goody's Family clothing Inc.Gymboree

HaemoneticsHayes WheelsHeilig Meyers

Horace Mann EducatorsHuntco

IHOP CorpInfinity BroadcastingInformation Resources

InterpoolInvacare Corp.

Ionics Inc.KLA InstrumentsLearning Corp.Life Re Corp.

LincareMarine Drilling Co. Inc.

Masco IndustriesMesa Airlines

Media Vision Inc.MFS Communications Co. Inc.

MosineM.S. Carriers Inc.

Nac ReNelson (Thomas) Inc.New Image IndustriesOxford Health Plans

Paging NetworkPaychex

PeoplesoftPerrigo

Phillips Van Heusen Corp.Policy Management

Preferred Entertainment Inc.Proffits

Progress SoftwarePyxis

Quickresponse Services Inc.Scholastic

A. Schulman Inc.Seagull Energy

Serenpet

•

•

•

•

•

•

•

•

409

Name of Corporation

Sigma-AldrichSoftware Etc.

Software ToolworksSports and Recreation

StarbucksState Auto Financial

Stein MartStratacom Inc.

Structural Dynamics ResearchStryker

Sunrise MedicalSwift Transportation

SybaseS3

Takecare Inc.Tech Data Corp .TNT Freightways

Transatlantic HoldingsUnited Meridian

Universal ElectronicsUSX-Delhi Group

Value Healthventritex

Viking Office ProductsWeatherford InternationalWestcott CommunicationsWellfleet Communications

West OneWisconsin Central Transportation

York InternationalZoom Telephonics Inc .

BE IT RESOLVED, that the Manager-Secretary is hereby authorized anddirected, for all such purchases consummated, to execute, whenevernecessary, on behalf of the Board of Administration, city Employees'Retirement System, all necessary documents and to arrange for delivery,upon payment of principal and charges, of said securities to TheNorthern Trust Company or its designated agent for the account of thecity Employees' Retirement Fundi

which motion was seconded by Commissioner Figueroa, and adopted by thefollowing vote: ayes, Commissioners Doheny, Figueroa, Galvin, Gray, andPresident Lamaute - 5i nays, none .

IV

COMMITTEE REPORT ON REVIEW OF INVESTMENT PORTFOLIOS OF LOOMIS SAYLES &COMPANY (FIXED INCOME) AND LINCOLN CAPITAL MANAGEMENT - CommissionerDoheny said he will have a written report on this sUbject as soon as hisassignment returns. He reported that both Lincoln and Loomis aremeeting their goals.

January 25, 1994

410

v

COUNCIL OF INSTITUTIONAL INVESTORS MEMBERSHIP - The Board adopted thestaff recommendation as presented.

Commissioner Gray moved that the Board not renew membership in theCouncil of Institutional Investors, which motion was seconded byCommissioner Doheny, and adopted by the following vote: ayes,Commissioners Doheny, Figueroa, Galvin, Gray, and President Lamaute - 5;nays, none.

VI

AUDITORS' FINANCIAL STATEMENTS FOR FISCAL YEAR 1992/93 - The report wasreceived and filed.

VII

EMPLOYEE ASSISTANCE CONSULTANT REPORT - A report was prepared by theCommittee designated by the Board to review the assessment by MCC of thecity Employees' Retirement System, and provided to the Board for theirconsideration. commissioner Figueroa asked if implementation of therecommendations would incur any costs, and the Manager-Secretary said heestimates the cost may be approximately $20,000.

•

•

commissioner Gray moved that the Manager-Secretary prepare and presentto the Board a plan including estimated costs necessary to implement therecommendations contained in the draft report of the brief studyconducted by MCC of California, which motion was seconded byCommissioner Figueroa, and adopted by the following vote: ayes,Commissioners Doheny, Figueroa, Galvin, Gray, and President Lamaute - 5;nays, none. •

VIII

MANAGER'S REPORT:

A. Portfolio Division Report as of November 30, 1993 - The reportwas received and filed.

January 25, 1994 •

•

•

.,

•

411

B. Earthquake damage - The Manager-Secretary reported that abouthalf of the 35,000 member files were thrown to the floor, as well aspaperwork around the office. Several suggestions were offered by theBoard Members regarding restoration of the office. The ManagerSecretary will bring a report to the next meeting regarding a proposalto transfer the files from paper to compact disk, and the time frameinvolved as it will relate to how the files are handled at this time.

IX

NEW BUSINESS - There was nothing to be considered under this item .

X

UNFINISHED BUSINESS:

A. Investment Officer Examination - The Manager-Secretary reportedthat the exam will be given; it will be rated 100% oral; and that ifanyone has outreach suggestions they can contact Jeff Sylvan in thePersonnel Department .

B. Performance of CERS investments - commissioner Doheny said hereviewed the SEI report and found that performance figures do notcompare favorably with other funds in the same universe, and he wouldlike to explore why this is happening.

C. Underpayment of contributions by Airports and HarborDepartments - The Manager-Secretary explained that meetings were heldwith these departments and the CAO, and agreement was reached regardingsalary figures to be used as a basis for calculations in the future. Heexplained that he will have a revised budget at the next meeting toreflect changes made .

REPORT ON TERMINATIONS

PAYMENTS DISCONTINUED BECAUSE OF DEATH

service - single Life

•

Name & Department

KING, John F.(PW/Sanitation)

Date ofDeath

11/29/93

Effective Dateof Retirement

7/13/69

Amount

$2,044.26

January 25, 1994

412

Services - Joint & Survivor

Date of Effective DateName & Department Death of Retirement Amount

ADCOCK, Dewey W. 12/04/93 9/29/71 $ 593.64(PW/st. Maintenance)($296.82 continuance to Ruby Adcock under Sec. 508.2)

AROZ, Raul A. 12/24/93 5/15/90 $ 386.67(Rec. & Parks)($386.67 continuance to Carmen Aroz under Sec. 508.2)

BANNING, Thomas M. 12/18/93 5/05/84 $1,048.84(BId. & Safety)($524.42 continuance to Betty J. Banning under Sec. 508.2)

BROUWERS, Robert 12/27/93 10/05/80 $2,221.61(Build. & Safety)($1,110.81 continuance to Betty Ann Brouwers under Sec. 509.1)

•

CHUTE, Nelson H. 11/26/93 9/01/78 $ 777.50(PW/Pub. Bldg. )(Spouse predeceased member, so there's no continuance) .

FAUBION, Lester L. 10/30/93 6/07/77 $ 777.54(Build. & Safety)(Spouse predeceased member, so there's no continuance) .

GOODEN, Fred 12/03/93 12/05/76 $1,633.98(PW/st. Maintenance)($816.99 continuance to Donzell Gooden under Sec. 508.2)

GRANT, William D. 12/19/93 8/01/81 $ 637.66(Airport)($318.83 continuance to Mildred M. Grant under Sec. 508.2)

JIMINEZ, Jese 12/22/93 1/03/89 $1,137.16(PW/Sanitation)($568.58 continuance to Mary A. Jiminez under Sec. 508.2)

MOORE, Thomas G.(PW/st. Maintenance)($382.80 continuance to

10/21/93 7/08/73 $3,016.26

to Dorothy E. McCollum under Sec. 508.2)

12/21/93 5/09/89 $2,458.11

to Hazel L. Mitchell under Sec. 508.2)

12/02/93 7/06/82 $ 765.59

Lucy Moore under Sec. 508.2)

12/22/93 4/03/84 $4,122.30

to Shirley G. Port under Sec. 508.2)

MITCHELL, Murphy F.(PW/st. Maintenance)($1,229.06 continuance

MCCOLLUM, John A.(PW/Sanitation)($1,514.80 continuance •

PORT, Charles J.(City Clerk)($2,061.15 continuance

January 25, 1994 •

•

413

Survivors

Name & DepartmentDate of

DeathEffective Dateof Retirement Amount

•

MACDONALD, Gladys 11/17/93 3/13/70 $ 437.68(Surviving spouse of Francis MacDonald, Build. & Safety)

PASTER, Helen A. 7/24/93 2/25/68 $ 767.05(Surviving spouse of Loy Paster, PW/st. Maintenance)

Limited Pension

Name & Department Eff. Date Exp. Date Amount

•

•

•

HARRISON, Margie 1/01/93 12/31/93 $ 961.11(surviving spouse of Albert J. Harrison, General Services, who died onDec. 12, 1992)

LIPPMAN, Patricia 5/01/93 12/31/93 $1,201.47(surviving spouse of Burt B. Lippman, Rec. & Parks, who died on April20, 1993)

JOHNSON, Frances 5/01/93 12/31/93 $ 280.97 ea(Guardian of Devoria J. Rosborough and William R. Rosborough,beneficiary of William Rosborough, Police/Civ, who died on Dec. 20,1992)

AND

WILSON, Juanita 5/01/93 12/31/93 $ 280.97 ea(Guardian of Jacob Rosborough, Jamel William Rosborough, JeremiahRosborough and Joshua Rosborough, beneficiary of William Rosborough,Police/Civ, who died on Dec. 20, 1992)

SERVICE RETIREMENT

Single Life - Sec. 508continuance to Surviving Spouse - Sec. 508.2

Optional - section 509 (1), (2), or (3)

Commissioner Figueroa moved approval of the following Resolution:


WHEREAS, the following petitions for service retirement have been filedin regular and proper form; and

January 25, 1994

414

WHEREAS, the records submitted by the petitioners established themarital status and respective ages of the petitioner and spouse, if •applicable, and

WHEREAS, an investigation of the employment record established theperiods of service, final compensation, and accumulated contributions asset forth therein, and

WHEREAS, the respective retirement allowance components were calculatedin accordance with the provisions of Article XXXIV of the Charteramended by Chapter 10 of Divison 4 of the Los Angeles AdministrativeCode with the cash refund or life annuity elected by the member underSec. 508 or 509.1; and

WHEREAS, the optional retirement allowances were calculated inaccordance with the provisions of Sec. 509 (1), (2), or (3) as theactuarial equivalent of member's unmodified retirement allowance toprovide an optional continuance; and

WHEREAS, all such calculations had been certified to by the ConsultingActuaries;

NOW, THEREFORE, BE IT RESOLVED, that the following members be retiredfrom further service with the City of Los Angeles as of the respectiveeffective date shown, and that from and after said date the member soretired be paid from the city Employees' Retirement Fund a monthlyallowance in the total amount shown, in said display under the caption"Member", and other than single life, upon said member's death, providedthe spouse designated in the display is the then surviving spouse ofsaid member, the amount shown under the caption "Spouse" shall be paidto and during the lifetime of said spouse;

.,

..service Member Spouse Effective Date

ABNEY, virginia D. - 55 - Life AnnuityPolice/civ. (Secretary - Code 1116)

Retirement Allowance: $1,997.29*

31.06350 yrs. Jan. 11, 1994

* Increased due to Life Annuity elected.

ALLEY, Robert F. - 55 - (Jerry L. - 53) - Life AnnuityPolice/civ. (Pr. Cartographer - Code 7206-0)

Retirement Allowance: $2,967.74* $2,671.53*

35.97230 yrs. Jan. 5, 1994

* Increased due to Life Annuity and reduced to provide 90% continuance.

BARRETT, Arthur R. - 60 1/4 - (Olivia E. - 61 3/4) - Cash Refund AnnuityRec. & Parks (Gardener Caretaker - Code 3141)

•

Retirement Allowance:

25.80955 yrs.

January 25, 1994

$1,295.95 $ 647.97

Jan. 11, 1994

•

• service Member Spouse

415

Effective Date

BASOCO, Andrew - 67 1/4 - Cash Refund AnnuityPW/Engineering (Field Engr. Aide - Code 7228)


6.71125 yrs.

$ 488.29

Jan. 1, 1994(508.2 Refund)

BERRY, Carl E. - 55 3/4 - Cash Refund AnnuityCity Clerk (Sr. Management Analyst I - Code 9171-1)

36.01065 yrs. Jan. 9, 1994(508.2 Refund)

* Modified to provide a separate allowance for the ex-spouse CaroleBerry.

•Retirement Allowance: $2,855.78*

BERRY, Carole EX-Spouse's allowance

Retirement Allowance: $ 893.21*

Jan. 9, 1994

•

* Allowance determined by court order.

ENRIQUEZ, Francisco H. - 65 1/4 - (Amada V. - 54 1/4) - Cash RefundAnnuityRec. & Parks (Gardener Caretaker - Code 3141)


22.70320 yrs.

$1,139.98 $ 569.99

Jan. 15, 1994

FITZPATRICK, Reta S. - 72 3/4 - (John S. - 73 1/4) - Life AnnuityCouncil (Council Aide III - Code 0182)

•


14.18950 yrs.

$ 727.51* $ 373.40*

Jan. 9, 1994


FURMAN, Rami - 55 - (Sima - 45 1/2) - Cash Refund AnnuityHarbor (Chief Financial Officer - Code 9230-0)


5.25395 yrs.

$ 678.98* $ 509.24*

Jan. 2, 1994

•

* Reduced to provide 75% continuance.

January 25, 1994

416

Service Member Spouse Effective Date

GILL, Diane v. - 55 - Life AnnuityRec. & Parks (Recreation Supervisor - Code 2460)


25.58000 yrs. Dec. 15, 1993

* Increased due to Life Annuity and Additional contributions (508.2)elected.

GOULD, Max - 71 1/2 - (Therese - 81) - Life AnnuityRec. & Parks (Photographer I - Code 1793-1)

•Retirement Allowance:

22.28135 yrs.

$1,532.08* $ 802.69*

Jan. 11, 1994


HARRIS, Joanne L. - 59 1/2 - Cash Refund AnnuityPolice/Civ. (Police service Rep. - Code 2207-0)

Retirement Allowance: $2,194.49

30.06640 yrs. Jan. 13, 1994

HEIBEIN, Neil W. - 70 - (Ezell - 64) Life AnnuityAirports (Maint. & Constr. Helper - Code 3115)


20.33055 yrs.

$1,090.75* $ 552.06*

Jan. 11, 1994


HENDERSON, Arthur L. - 62 3/4 - (Vera - 65) - Life AnnuityPW/st. Maintenance (Maint. Laborer - Code 3112)


16.86750 yrs.

$ 854.49* $ 430.70*

Jan. 14, 1994•


JENSEN, Nancy A. - 55 - Life AnnuityRec. & Parks (Recreation Director I - Code 2434-1)


15.60845 yrs.

$ 674.49*

Jan. 2, 1994

* Increased due to Life Annuity and Additional contributionselected.

January 25, 1994

(508.2)

•

" service Member Spouse Effective Date

JOHNSON, Julius M. - 55 - (Joan - 43 1/4) - Cash Refund AnnuityPW/Sanitation (Refuse ColI. Truck Operator II - Code 3580-2)


27.76540 yrs.

$1,584.46 $ 790.64

Dec. 26, 1993

KENNARD, Edward - 58 - Life AnnuityAirport (Custodian - Code 3156)

•Retirement Allowance:

25.11925 yrs.

$1,115.81*

Jan. 4, 1994

•


KOGE, Kazuo - 58 - Life AnnuityPW/Contract Admin. (Sr. Construction Inspector - Code 7294-5)


31.21690 yrs. Jan. 15, 1994


OLIPHANT, Robert o. - 63 3/4 - Cash Refund AnnuityLibrary (Library Clerical Asst. - Code 1140)


22.85660 yrs. Jan. 11, 1994

* Increased due to Additional contributions (508.2).

ROBERTS, Yvonne P. - 57 1/4 - Cash Refund AnnuityCity Attorney (Pr. Clerk City Attorney II - Code 0578-0)

• Retirement Allowance:

30.06640 yrs.

$2,493.94

Jan. 19, 1994(508.2 Refund)

SMITH, William B. - 67 - Cash Refund AnnuityPW/sanitation (Maintenance Laborer - Code 3112-6)


16.37545 yrs.

$ 860.09*

Jan. 2, 1994

•

* Increased due to Additional contributions (508.2) elected.

January 25, 1994

418

service Member Spouse Effective Date •

STUBBS, Patricia A. - 56 1/2 - (Jerry L. - 56 1/4) - Cash Refund AnnuityPensions (Executive Secretary II - Code 1117-2)

Retirement Allowance: $2,466.69* $1,233.35*

31.16400 yrs. Jan. 11, 1994

TRIBBLE, Willie - 55 1/4 - (Delores - 54) - Cash Refund AnnuityPW/Sanitation (W/W Treatment Opere - Code 4122)


30.04450 yrs.

$2,916.30 $1,458.15

Jan. 11, 1994•

VANDAGRIFT, Rosemary - 65 - Cash Refund AnnuityLibrary (Library Asst. I - Code 1172-1)


23.62360 yrs. Jan. 11, 1994

* Increased due to Additional Contributions (508.2).

WILLIAMS, Charlie - 85 1/4 - Cash Refund AnnuityAirports (Custodial Serve Attn. - Code 3156)


30.37320 yrs. Jan. 11, 1994(508.2 Refund)

which motion was seconded by Commissioner Doheny, and adopted by thefollowing vote: ayes, Commissioners Doheny, Figueroa, Galvin, Gray, andPresident Lamaute - 5; nays, none.

CONTINUANCE TO SURVIVING SPOUSE AUTHORIZED BYELECTION MADE PURSUANT TO SEC. 4.1044.3 OF THE L.A.A.C.


The Manager submitted the following display on continuance to SurvivingSpouse Benefits authorized by elections made pursuant to section4.1044.3 of the Los Angeles Administrative Code, and reported that thepetition for said surviving spouse benefits has been duly filed inregular and proper form; that the records submitted by the petitionerestablished the marital status of the petitioner; that an investigationof the employment records established the periods of service, finalcompensation, and accumulated contributions of the former member, andthat the continuance to surviving spouse benefits as set forth hereafterwas calculated in accordance with the provisions of section 4.1044.3 ofthe Los Angeles Administrative Code and is payble to said petitionerpursuant to elections properly made thereunder;

January 25, 1994

•

•

• continuance to SurvivingSpouse Components

419

EffectiveDate

•

JONES, WILLIS N., survivingspouse of Gwendolyn E. JonesPolice/Civ.

Sr. Clerk Typist - Code 1368Date of Retirement - September 10,Date of Death - January 29, 1993

Pension:Annuity:Cost of Living:

TOTAL

1978

$192.71112.52214.40

$519.63 Sept. 15, 1978

•

•

After discussion by the Board and consideration of said petition it wasmoved by Commissioner Figueroa, seconded by Commissioner Doheny, thatthe above-named petitioner be granted the continuance to survivingspouse allowances as shown in the above display, and that from and afterthe effective date shown and for the balance of his life he be paid therespective monthly amount as set forth, which motion was adopted by thefollowing vote: ayes, Commissioners Doheny, Figueroa, Galvin, Gray, andPresident Lamaute - 5; nays, none.

DEATH PAYMENTS



BE IT RESOLVED, that the following claims for payment due pursuant toSec. 511 A (1), B, and C of the City Charter, in the amounts shown inthe following display, be paid to the respective claimants namedtherein, and that the Manager-Secretary be authorized to draw thenecessary demands accordingly:

(FINAL PAYMENTS - DECEASED RETIRED)Sec. 511B and C

DECEASED BENEFICIARY/PAYEE PAYMENT

ADCOCK, Dewey W. RUBY ADCOCK, surviving spouse anddesignated beneficiary of Dewey W.Adcock, who died on December 4, 1993,for payment of the Death Benefit =

Effective December 5, 1993 the dayfollowing the date of death, paymentof a continuing allowance of $296.82to the surviving spouse was initiated.

$ 500.00

• January 25, 1994

PAYMENT

420

DECEASED

AROZ, Raul A.

BENEFICIARY/PAYEE

CARMEN AROZ, surviving spouse anddesignated beneficiary of Raul A.Aroz, who died on December 24, 1993,for payment of the Death Benefit =


$ 500.00

..

BANNING, Thomas M. BETTY J. BANNING, surviving spouse anddesignated beneficiary of Thomas M.Banning, who died on December 18, 1993,for payment of the Death Benefit = $


500.00 ..

BROUWERS, Robert

CHUTE, Nelson H.

BETTY ANN BROUWERS, surviving spouse anddesignated beneficiary of Robert Brouwers,who died on December 27, 1993, forpayment of the Death Benefit = $ 500.00

Effective December 28, 1993 the dayfollowing the date of death, paymentof a continuing allowance of $1,110.81to the surviving spouse was initiated.

CAROL L. PARKER, surviving daughter anddesignated beneficiary of Nelson H. Chute,who died on November 26, 1993, forpayment of the death benefit, and theaccrued retirement allowance:

Death Benefit = $ 500.00

Accrued Retirement Allowance fromNovember 1 through November 26, 1993,at $777.50 per month =TOTAL

$ 673.83$ 1,173.83

FAUBION, Lester L. MARIE C. FAUBION, surviving spouseand a designated beneficiary of Lester L.Faubion, who died on October 30, 1993for payment of the accrued retirementallowance. WAYNE KEITH RICHMOND,surviving step-son and a designatedbeneficiary, for payment of the deathbenefit:

..

Accrued Retirement Allowance fromOctober 1 through October 30, 1993at $777.54 per month $ 752.45

January 25, 1994

Death Benefit =TOTAL

PAYMENTS TO BE MADE AS FOLLOWS:Marie C. Faubion $752.45Wayne Keith Richmond $500.00

$ 500.00$ 1,252.45

..

• DECEASED BENEFICIARY/PAYEE

421

PAYMENT

GOODEN, Fred DONZELL GOODEN, surviving spouse anddesignated beneficiary of Fred Gooden,who died on December 3, 1993,for payment of the Death Benefit = $


500.00

•GRANT, William D. MILDRED M. GRANT, surviving spouse and

designated beneficiary of William D. Grant,who died on December 19, 1993,for payment of the Death Benefit = $ 500.00


•

HILLIARD, Donell P. BERTHA M. HILLIARD, surviving spouseand designated beneficiary of Donell P.Hilliard, who died on May 31, 1993,for payment of the Death Benefit = $ 500.00

•

JIMINEZ, Jese

KING, John F.

MARY A. JIMINEZ, surviving spouseand designated beneficiary of JeseJiminez, who died on December 22, 1993,for payment of the Death Benefit = $


MADELINE KING, surviving spouseand a designated beneficiary of John F.King, who died on November 29, 1993for payment of the accrued retirementallowance. JOHN J. KING, survivingson and a designated beneficiary,for payment of the death benefit:

500.00

Accrued Retirement Allowance fromNovember 1 through November 29, 1993at $2,044.26 per month = $ 1,976.13

Death Benefit = $ 500.00

TOTAL

PAYMENTS TO BE MADE AS FOLLOWS:Madeline King $1,976.13John J. King $ 500.00

$ 2,476.13

• January 25, 1994

422

DECEASED BENEFICIARY/PAYEE PAYMENT •

MCCOLLUM, John A. DOROTHY E. MCCOLLUM, surviving spouseand designated beneficiary of John A.McCollum, who died on October 21, 1993,for payment of the Death Benefit = $

Effective October 22, 1993 the dayfollowing the date of death, paymentof a continuing allowance of $1,514.80to the surviving spouse was initiated.

500.00

MACDONALD, GladysS.

JACK A. MACDONALD, surviving step-son andand designated beneficiary of Gladys S.MacDonald (surviving spouse of FrancisMacDonald), who died on November 17, 1993,for payment of the Accrued RetirementAllowance from November 1 throughNovember 17, 1993 at $437.68 per month= $ 248.02

•

MITCHELL, Murphy F. HAZEL L. MITCHELL, surviving spouseand designated beneficiary of Murphy F.Mitchell, who died on December 21, 1993,for payment of the Death Benefit = $


500.00

MOORE, Thomas G. LUCY MOORE, surviving spouse anddesignated beneficiary of Thomas G.Moore, who died on December 2, 1993,for payment of the Death Benefit =


$ 500.00

PASTER, Helen A.

PORT, Charles J.

January 25, 1994

JOHN H. PASTER, surviving son andand designated beneficiary of Helen A.Paster (surviving spouse of Loy Paster),who died on July 24, 1993, for paymentof the Accrued Retirement Allowancefrom July 1 through July 24, 1993, at$767.05 per month = $

SHIRLEY G. PORT, surviving spouseand designated beneficiary of Charles J.Port, who died on December 22, 1993,for payment of the Death Benefit = $


593.85

500.00

•

•

•

.. -----.

423

which ~otion was seconded by Commissioner Doheny, and adopted by thefoll~wlng vote: ayes, Commissioners Doheny, Figueroa, Galvin, Gray, andPresldent Lamaute - 5; nays, none.

XIII

SURVIVORSHIPS


The Manager-Secretary presented the following displays for Survivorshipand 60% Survivorship Allowances and reported that the petitions had beenduly filed and were in regular and proper form; that from the proof ofdeath submitted there was no indication that death was the result ofintemperance or the willful misconduct of the employees; that therecords submitted by the petitioners established the marital status andages of the petitioners and spouses; that concerning the 60% DisabilityAllowances the employees would have been eligible to receive adisability retirement allowance pursuant to section 510 of City Charterat the time of death; and that an investigation of the respectiveemployment records established the period of service, finalcompensation, accumulated contributions, and limited pension amount asfollows:

100 % SURVIVORSHIP ALLOWANCE - DECEASED ACTIVESec. 511A (3)

BYRNE, Georgianna, widow ofRalph Byrne - General Services(Equipment Mechanic - Code 3711-6)Date of death - October 17, 1993Final Compensation:Accumulated contributions:Limited Pension

12 x $1,766.97 = $21,203.64Service Credit: 28.45570 yearsMale, age 55 - Female, age 53 3/4

$ 3,533.94$62,669.02

..

As the surviving spouse and designated benef iciary, the widow isentitled to payment of (a) the accumulated contributions and limitedpension amount, or (b) a monthly allowance for life equeal to 60% of thedisability retirement allowance the member would have been eligable tosurvivorship allowance for life. As recited in the application, she hasbeen fully advised as to her rights and has determined to take thebenefits as described in (c) above as follows:

BYRNE, GEORGIANNA

serviceCredit

survivorshipAllowanceComponents*

EffectiveDate

Pension:Cash Refund Annuity:

TOTAL

28.45570 yrs. $1,355.44391.07

28.45570 yrs. $1,746.51 Oct. 18, 1993

..* Calculated in accordance with the provisions of Sec. 509.1 as theactuarial equivalent of Mr. Byrne's unmodified service retirement, forwhich he was eligible as the day preceding his death, with the transferof $7,476.01 under Sec. 510.1E (Cost of Living)

January 25, 1994

$ 3,793.20$ 33,706.87

424

60% SURVIVORSHIP ALLOWANCE - Sec. 4.1054. L.A.A.C.

STALLWORTH, Marvin, widower ofMarion A. Stallworth, Building & Safety(Accounting Records Supervisor II - Code 1119-2)Date of death - October 21, 1993Final compensations:Accumulated contributions:Limited Pension Amount,

12 x $1,896.60 = $22,759.20Service Credit: 24.46730 yearsMale, age 54 3/4 - Female, age 52 3/4

As the surviving spouse and designated beneficiary, the widower isentitled to payment of (a) the accumulated contributions and limitedpension amount, or (b) a monthly allowance for life equal to 60% of thedisability retirement allowance the member would have been eligible toreceive had she retired the day prior to the date of her death. Asrecited in the application, he has been fully advised of his rights andhas determined to take the benefits as descr ibed in (b) above asfollows:

60% SurvivorshipService Allowance EffectiveCredit Components Date

STALLWORTH, Marvin

Pension: 24.46730 yrs. $536.60Cash Refund Annuity: 258.91

TOTAL 24.46730 yrs. $795.51 Oct. 22, 1993

After discussion by the Board and the consideration of said petitions,it was moved by Commissioner Figueroa, seconded by Commissioner Dohenythat the petitioners be granted the survivorship allowances as shown inthe above display, and that from and after said effective date and forthe balance of their lives they be paid the amounts specified per month,which motion was adopted by the following vote: ayes, CommissionersDoheny, Figueroa, Galvin, Gray, and President Lamaute - 5; nays, none.

XIV

TEMPORARY DISABILITY PAYMENTS



WHEREAS, section 4.1055.1 of the Los Angeles Administrative Codeprovides that temporary monthly payments may be made to members whosedisability retirement applications are pending; and

January 25, 1994

. .

•

..

•

•

425

WHEREAS, the members whose names are set forth below have applied fordisability retirement and have made a written request for said temporarypayments as required by said Section;

NOW, THEREFORE, BE IT RESOLVED, that pursuant to section 4.1055.1 of theLos Angeles Administrative Code, temporary monthly payments to themembers named below are hereby approved, in the amounts and number ofpayments set forth opposite each of their names, and the ManagerSecretary is hereby authorized and directed to make retirement rollpayments accordingly, said payments to be effective on the first of themonth following the month in which application for said payments weremade.

CANCINO, JosephCASTLE, Edward L.LEWIS, Portia A.

TemporaryMonthly Payments

$650.76$612.82$518.52

Maximum No.of Payments

666

which motion was seconded by Commissioner Doheny, and adopted by thefollowing vote: ayes, Commissioners Doheny, Figueroa, Galvin, Gray, andPresident Lamaute - 5; nays, none.

XV

DISABILITY RETIREMENT(Deferred from the January 18, 1994 Board Meeting)

(Two of four_ Board physicians recommend disability)


The Manager-Secretary presented the following display for DisabilityRetirement, together with the medical reports, and reported that thepetition filed was in regular and proper form; that an investigation ofthe employment record established the age, period of continuous service,and final compensation as hereinafter set forth; that the amount ofpension, annuity, additional pension under Sec. 510A (2) totalretirement allowance, and effective date has been calculated inaccordance with the provisions of Article XXXIV of the Charter asamended by Chapter 10 of Division 4 of the Los Angeles AdministrativeCode; that all calculations have been certified to by the ConsultingActuaries:

Service Member Effective Date

• •

BOWDEN, John H. - 52 1/2 - Cash Refund AnnuityPw/st. Maintenance (Motor Sweeper Operator - Code 3585-0)


24.39060 yrs. Oct. 18, 1992

* Increased due to Additional contributions (508.2).

Drs. Darryl R. Brown, an Internal-Medicine Physician, and Louis R.Vazquez, an Orthopaedist, both find that Mr. Bowden is unable to performthe duties of his position. Drs. Homer L. Williams and Stanford M.Noel, both Orthopaedists, are of the opposite opinion.

January 25, 1994

426

President Lamaute reviewed the previous discussion that applied to thisapplicant for the benefit of Board Members who were absent.

The Manager-Secretary explained that if the applicant has been found byWorkers Compensation to be a "qualified injured worker", which is thecase with Mr. Bowden; has been trained through vocationalrehabilitation; and cannot be returned to his former classification;that the applicant cannot return to work for the City. He explainedthat acceptance of vocational rehabilitation is an agreement not toreturn to work for the City. In this type of case, the Board must grantthe disability retirement.

Deputy city Attorney Ferrell explained that, under these circumstances,the City must give the applicant a pension, and that the only remedy forcases such as these would be a Charter change.

After discussion by the Board and consideration of the evidencereceived, Commissioner Doheny moved that it be the finding of the Boardthat John H. Bowden has become physically incapacitated, and that he isincapable, as a result thereof, of performing his duties as a MotorSweeper Operator, and has been continuously so incapable of performingsuch duties since the discontinuance of service; and that it be thedetermination of the Board that John H. Bowden be retired on adisability retirement, and that from and after the effective date shownabove, be paid from the city Employees' Retirement Fund a disabilityallowance as provided in Article XXXIV of the Charter as amended byChapter 10 of Division 4 of the Los Angeles Administrative Code in thetotal amount shown in said display until such time as disability maycease and petitioner is restored to duty; and that John H. Bowden beexcused from further re-examination, which motion was seconded byCommissioner Figueroa, and adopted by the following vote: ayes,Commissioners Doheny, Figueroa, Galvin, Gray, and President Lamaute - 5;nays, none.

The hearing was recorded by Elizabeth Volz of M & M Court Reporters, anda transcript is available upon request.

XVI

NEXT MEETING:

The next REGULAR meeting of the Board will be held Tuesday, February 8,1994, at the hour of 1:00 P.M. in the Pension Commissioners' Board Room,Room 700, 360 East Second Street, Los Angeles, California.

January 25, 1994

•

..

•

•

.' .

..

•

427

XVII

ADJOURNMENT - There being no further business to come before the Board,it was moved by Commissioner Doheny, seconded by Commissioner Figueroa,that this meeting now stands adjourned at 2:30 p.m., which motion wasadopted by the following vote: ayes, Commissioners Doheny, Figueroa,Galvin, Gray, and President Lamaute - 5; nays, none.

President

a~~~-Manager-Secretary

January 25, 1994

MINUTES OF THE REGULAR MEETING OF THE … representatives presented an overview of the firm's assets...

Documents

Transcript of MINUTES OF THE REGULAR MEETING OF THE … representatives presented an overview of the firm's assets...