DATE: February 12, 2019
TO: Board of Supervisors
SUBMITTED BY: Fresno County Employees' Retirement Association
SUBJECT: Salary Resolution Amendment - Fresno County Employees' Retirement Association
RECOMMENDED ACTION(S):
TITLE
Approve Amendment to the Salary Resolution adding one (1) Retirement Investment Officer position and one (1) Retirement Investment Analyst I/II/III position to the Retirement Association Org 9200, effective March 11, 2019, as reflected on Appendix D.
REPORT
Approval of the recommended action will ensure that the Fresno County Employees' Retirement Association (FCERA) has resources dedicated to plan, monitor, implement and report on the investments of FCERA.
ALTERNATIVE ACTION(S):
If the recommendation is not approved, the Salary Resolution would remain as currently written and FCERA will not be able to improve its investment oversight of the pension assets, managers, and consultants.
FISCAL IMPACT:
There is no Net County Cost associated with the recommended action in the current fiscal year. Position vacancy cost savings provide sufficient appropriations for the remainder of the current FY 2018-2019 FCERA Org 9200 Adopted Budget to provide for the $47,000 salary with benefits cost associated with the recommended actions. Future appropriations will be included in subsequent FCERA Org 9200 budget recommendations. Administrative costs of FCERA are shared with other participating agencies and employees.
DISCUSSION:
In consultation with the Department of Human Resources, FCERA continues to evaluate functions and classifications within the department. FCERA seeks the addition of Retirement Investment Officer and a Retirement Investment Analyst I/II/III position. Initially, FCERA plans to fill only one Retirement Investment Officer position, and then, when the work volume warrants, fill the Analyst position.
Over the past decade, FCERA's investment portfolio has expanded to include over 40 investment managers, ranging from publ...
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