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Friday, June 27, 2014

Investment report affords positive news in May
At its regular meeting held on June 25, 2014, the Investment Committee received a complete update about OCERSí fund performance as of May 31, 2014.

Chief Investment Officer Girard Miller reported that OCERSí total fund recorded a 1.60 percent positive return during the month of May, while the fundís year-to-date return was 4.09 percent. OCERS reported a trailing one-year return of 10.55 percent, and three-year return of 7.38 percent as of that date. OCERSí five-year return as of May 31 was a strong 10.52 percent. As of the end of May 2014, OCERSí trailing 10-year return was 7.58 percent.

As of May 31, 2014, OCERSí total fund was more than $11.8 billion.

Strategic Alternatives for Small Cap Value Management
In other action at the June 25 meeting, the Investment Committee voted to continue to review the performance of Artisan as OCERSí small-cap value manager, pending an exploratory search for a Small-Mid (SMID) Cap value manager as an alternative and to research passive management in the small cap space, to be coordinated by NEPC.

Board of Retirement approves 2013 Actuarial Valuation, Contribution rates for Fiscal Year 2015-2016
At the Regular Board meeting held on June 16, 2014, the Board of Retirement approved the December 31, 2013 Actuarial Valuation and adopted contribution rates for Fiscal Year 2015-2016 as recommended by The Segal Company (OCERSí consulting actuary).

The Actuarial Valuation is prepared and adopted annually, with one of the principal goals to establish contribution rates that fully fund the retirement systemís liabilities, and that as a percentage of payroll, remain as level as possible for each generation of active members.

The rates calculated in this report for the Fiscal Year that extends from July 1, 2015 through June 30, 2016 will go into effect during the pay period in which July 1, 2015 is included. Contribution rates that go into effect in July 2014 were adopted by the Board of Retirement last year based on the December 31, 2012 valuation.

The next Board of Retirement meeting will be held at 9 a.m. on Monday, July 21, 2014.

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