UNAPPROVED
GAVILAN JOINT COMMUNITY COLLEGE DISTRICT
Retirement Board
Tuesday, September 8, 2009
Gavilan College, Office of the President
| 1) | Call Meeting to Order: | |
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Joe Keeler called the meeting called to at 5:31 p.m. The Retirement Board members, all present: Tom Breen, Clerk of the Board of Trustee, Joseph Keeler, "Designated Primary Member" to the Retiree Health Benefit JPA, Steve Kinsella, "Designated Alternate Member" to the Retiree Health Benefit JPA |
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| 2) | Approve Minutes, 9/30/08: | |
| MSC (Kinsella/Breen) unanimously carried to approve minutes as presented. | ||
| 3) | Comments from the Public: This is a time for the public to address the Committee | |
| No comments from the public. | ||
| 4) | Review investment options: | |
| Steve reviewed investment options. Joe noted that $1.5 million was lost; however, since the last quarter investments have increased by $500,000 and are now at $ 4.8 million and are continuing to climb. | ||
| 5) | Review investment results and recommendation to the Board of Trustees concerning investment allocation method. | |
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At the Oct. 14, 2008 board meeting the Board of Trustees approved the recommendation to select the "balanced" option (CCLC Retiree Heath Benefits Program, How the Investment Committee Develops its Investment Options) described below: (50% fixed income/50% equity) blends equal parts of managed equity portfolios of the United States and other developed countries to capture gains, while depending on core fixed income markets to provide stability. Steve stated that there is a trustee, who is a financial advisor, from Kern County on the Retiree Heath Benefit JPA. Steve recommended that the Board remain with balanced approach. There is no immediate need for cash and the annual cost is built into budget. MSC (Keeler/Breen) to continue to remain in the balanced option portfolio. |
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| 6) | Adjourned: | Meeting adjourned at 5:40 p.m. |
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