Members Present:

Member Excused:

Staff Present:

The meeting of the Board of Trustees of The Anne Arundel County Retirement and Pension System (Board) was called to order at 12:23 p.m. by Chairman John Hammond.

Minutes

• A motion was made and seconded to approve the minutes of January 11, 2007 and were so adopted unanimously.

Investment Committee

• Sands Capital Management, LLC - Mike Hotchkiss and David Levanson were in attendance and provided materials and a synopsis that covered Large Cap Growth Equity performance. 

• The Investment Committee met on January 31, 2007 and discussed HRJ of the Silicon Valley area in California or Tuckerbrook being the vehicle for a portion of the proposed $50,000,00 allocation to the private equity space.  Mr. Wilkison acknowledged the Committee’s recommendation to utilize HRJ due to the volume and depth compared to Tuckerbrook and moved to except the Committee’s advise.  The motion was seconded by Mr. Brown and was unanimously approved.

• The next Investment Committee meeting will be scheduled for May 2007.  The specific date and time of the meeting will be provided at a later time.

• Rhett Humphries of New England Pension Consultants distributed and discussed the Allocation of Assets by Plan & Asset Class report for period ending 12/31/06. 

Administrative Report

• Judi Lohn reported that the preliminary information for the pension valuation is being complied and an introductory report will be available April 1, 2007. 

• Judi distributed the pension retirement report as of February 2007.  During February 2006, five (5) retirements were processed compared to seventeen (17) throughout February 2007.

• Judi also reported that several Employee Pension Plan Seminars are scheduled to be held during March and April 2007. Public Safety Pension Plan Seminar dates were distributed.  Life Planning Seminars are being planned for the near future. 

• Mrs. Lohn also announced the premier of the new on-line Pension Webpage on February 14, 2007, and noted that it has the ability to calculate pension projections.     

Other Business

• Mr. Wilkison stated that a Retiree did not receive his January 2007 retirement check.  He voiced his concerns as to how an address change could cause such a problem and he also wanted assurances that the problem was being reviewed.  Judi informed the Board that the problem was already under review and identified by ADP.  A patch would be installed to prevent further such system glitches. 

• Mr. Wilkison inquired on the status of the new provider for 457 Plan (Deferred Compensation.  Mrs. Lohn stated the provider selection would be announced within a week. 

• Mr. Wilkison made inquiries of flow-charts which would out-line the backup for various employees.  Mr. Hammond requested that Mrs. Lohn provide the information in the near future.  Mrs. Lohn stated that the current staff is at present undergoing some measure of cross training by alternating various responsibilities in order to ensure the flow of services.