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Pensions and Benefits
TEACHERS' PENSION AND ANNUITY FUN
APRIL 22, 2015 — 2:00 P.M.
ORDER OF BUSINESS

Adequate notice of this meeting has been provided through a special notice which was filed and posted with the Secretary of State on April 1, 2015 and is published in the Star Ledger and the Times of Trenton on April 15, 2015.

DISCLOSURE OF THE OPEN PUBLIC MEETINGS ACT

When necessary, the Board shall adopt Resolution B to go into executive session to request/receive attorney-client advice from the Deputy Attorney General.
     
(In accordance with the provisions of the Open Public Meetings Act, N.J.S.A. 10:4-13, be it resolved that the Board of Trustees go into closed session to discuss matters falling within the attorney client privilege, and/or matters in which litigation is pending or anticipated, pursuant to N.J.S.A. 10:4-12(7).)

The minutes of such meeting shall remain confidential until after such time as the Board determines that the need of confidentiality no longer exists and the matters discussed can be disclosed and the Board waives the attorney-client privilege.)


OPEN SESSION


Called to Order: 2:05 p.m.

Adjourned: 4:32 p.m.

Roll Call:

James Joyner, Martha Liebman, Ed McCarthy, Howard Lipoff, Paul Orihel, Susanne Culliton


Absent: None

Also Present: SDAG Eileen Den Bleyker; Mary Ellen Rathbun; Jackie Bussanich; John Megariotis; Scott Porter, Milliman; Tim McMullen; Henry Matwiejewicz; Nancy Ronaghan; Florence Sheppard; Samantha Marcus, Star Ledger; Robert Murphy, NJPSA; Julie Plotkin, NJEA


OPEN SESSION

Miscellaneous Issues

B-1+ Actuarial Valuation Report as of June 30, 2014 as presented by Milliman prepared as of July 1, 2014 – Approved
B-2+ GASB 67 Disclosure – FY July 1, 2013 to June 30, 2014 presented by Milliman - Noted
   

New Business

A motion was made requesting Christopher McDonough, Director, Division of Investment, make a presentation explaining various issues of concern to the Board. Specifically, (1) The process by which investment managers are selected; (2) Explain the fee structure and the fees that are paid for each investment including, but not limited to, bonuses, benchmark performances, allocations of either a specified or unspecified purpose and any other management or similar fees for fiscal years ending 2012, 2013 and 2014 and for any other year that Director McDonough deems relevant; and (3) Comment on the appropriateness of the fees and how the fees compare to the industry standard. (Trustee Culliton abstained.)
 

"+" Indicates personal appearance

The next meeting of the Board will be held on May 7, 2015 at 10:30 a.m.

 
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