March 21, 2024 CTPF Board of Trustee Meeting
The meeting started at 9:41 am.
Trustees in attendance:
Representing Active Members: Paula S. Barajas, Jeffery Blackwell, Victor Ochoa, Jacquelyn Price Ward, Tammie F. Vinson, Quentin S. Washington ( All in attendance)
Representing Retired Members: Lois Nelson, Mary Sharon Reilly, Maria J. Rodriguez (All in attendance)
Representing Principal: Vacant, No representation
Representing the Board of Education: Tanya D. Woods (not in attendance), 2nd Member Vacant, No representation
During the public participation, only one speaker, a member of the Pension Advocacy Group named Tina Padilla, reminded the Board of Trustees about the importance of the Freedom of Information Act (FOIA) in keeping members and citizens informed about the government's operations and retirement savings. She raised a question about the recent move of hearing managers' presentations, consultant's analysis of managers, and frank discussions behind closed doors, which obstructs members from accessing vital public information.
Trustee Maria Rodriguez asked about the question raised by the public. The Executive Director informed the attendees that he had sent an email regarding the matter. Trustee Rodriguez then requested that the executive session be postponed to a later time in the meeting. The Recording Secretary, Trustee Nelson, clarified that she was not involved in the decision-making process regarding this change. The Executive Director, Mr. Lenoir, confirmed that he was responsible for making the changes to the executive session schedule.
Trustees went into executive session at approximately 9:52. The Board came back into open session after lunch at approximately 1:30 pm., after roll call the voting agenda was motioned and moved. (see Agenda #8A - #8L )Agenda
The frank and honest discussion was backed with facts around the motion to Approve a Recommendation to Invest $10 million with KKR Ascendant Fund. Trustees voted No to the recommendation with 7 No to 2 Yes.
The Proposed Motion to Approve Investment Committee Recommendation to Invest $30 Million with Heltman Value Partners Fund VI Trustees voted Yes to the recommendation with 1 No to 8 Yes.
#9 of the agenda, Report of the President's Report, Trustee Blackwell appointed Trustees Vinson, Baraja, and Price Ward to the committee that will recommend the representative of the Principals/Administrators. Vacancy information will be posted on the CTPF website. Applications from interested individuals are due to the fund by April 19, 2024. This committee will meet on Friday, May 3rd to review the application and make a recommendation to the Board.
#10 A - #10D Items moved to the Omnibus included Report of the Committee on Claims and Service Credits, Report of Committee on Investments, Report of the Committee on Finance and Report of the Financial Secretary. Omnibus was acepted Yes 8 No 1.
#11 Report of the Committee on Pension Laws and Administrative Rules. 11A Report of the Lobbyists James Clayborne,m Clayborne and Wagner, LLP . Director Lenior read the lobbyist report he received by email. (see Agenda #11A )Agenda
#12 Report of the Committee on Investments, Callan's consultants reviewed Fund performance his closing thoughts, while 2023 defied most expectations with inflation moderating and the economy displaying resilience, 2024 is not without challenges. Never-ending geopolitical worries and another looming government shutdown may cast shadows on the economic picture. The lagged effect of higher interest rates poses an unknown threat to the outlook, and premature Fed rate cuts could re-ignite inflation. It seems unlikely that the returns experienced in 2023 will be repeated though it is important to recognize that those results were unexpected by most. Callan continues to recommend a disciplined investment process that includes a well-defined long-term asset-allocation policy.
#13 Report of the Executive Director
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