MINUTES WEST KERN COMMUNITY COLLEGE DISTRICT RETIREMENT BOARD OF AUTHORITY MEETING May 10, 2013 10:30 – 11:40 A.M. West Kern Community College District Science Building – Room 11 29 Emmons Park Dr. Taft CA 93268 Call to Order The Retirement Board of Authority (RBOA) meeting was called to order at 10:35 a.m. by Superintendent/President Dr. Dena Maloney. Roll Call The following members and guests were in attendance: Retirement Board of Authority (the “Board”) Members: Superintendent/President Dr. Dena Maloney Chief Business Officer Vacant Management Representative Shelley Klein Faculty Representative Craig Johnson Faculty Representative Mike Mayfield Classified Representative Sheri Black Classified Representative Amber Anderson Consultant: RPM Consultant Group Chuck Thompson Guests: Human Resource Director Jana Peters Vice President of Student Services Brock McMurray Public Comments No comments were presented. Administration A. Discussion, Possible Action and Timeline Development for the District’s Process of Disseminating a Request for Quotations (RFQ) to Obtain Updates and Answer Questions Pertaining to Administrative, Trust and Investment Management Services by Selected Potential OPEB GASB 43 & 45 Compliance Vendors for the West Kern Community College District Futuris Public Entity Investment Irrevocable Trust for Retiree Health Benefits RBOA Meeting May 10, 2013 Page 2 Dr. Dena Maloney reviewed that the current contracts of the financial and administrative service providers for the Retirement Board of Authority are due to expire February 23, 2014. Each contract requires a 90-­‐day notice if the District intends to terminate the respective contracts. The Board indicated that they wished to perform its due diligence by researching the market for price comparisons. Secondly, the Board wished to review the current agreement with RPM Consultants (Chuck Thompson) for services related to the District’s GASB 43 & 45 compliance processes which expires 12/31/13. Mr. Thompson reviewed the Sample Draft (#2) OPEB GASB 43 & 45 Compliance Vendor Services and Fees Request for Quotes (RFQ) (copy attached to official minutes). He reported that several years prior the District went through this same process of examining vendors, services and fees. The Draft RFQ is composed of the following items: I. Overview II. Description of District Demographics III. Description of District’s OPEB GASB 43 & 45 Liability Funding and Trust Assets IV. Instructions and Conditions V. List of Questions and Requests for Updates VI. Program Fee Parameters VII. Evaluation and Award VIII. Appendix I – Fee Illustration Assumptions and Forms Suggestions for minor changes in the Draft RFQ were made as the document was reviewed. Mr. Thompson then reviewed the documents to be included in VIII – Appendix I – Vendor “Net Annual” Costs and Vendor “Net Annual” Cost. He also distributed and reviewed a sample vendor mailing list (copies attached to official minutes). He noted that PFM Assessment Management LLC is no longer providing these types of services. Mr. Thompson then excused himself from the meeting. B. Review and Discussion of the Current Consultant Agreement with RPM Consultant Group (Chuck Thompson) for Consulting Services Related to the District’s GASB 43 & 45 Compliance Process Strategies, 1/1/12 – 12/31/13, $3,950/Month Plus Reimbursement of Approved Travel Expenses Not to Exceed $5,000.00/Year Dr. Maloney reviewed the District’s relationship with Mr. Thompson. He was originally engaged to assist the District with the Health Benefits Committee in their efforts to identify cost containment strategies to manage employee and retiree health benefits. Eventually, the Retirement Board of Authority was formed to oversee the District’s GASB trust for retiree health benefits and Mr. Thompson assisted greatly with the dissemination of the RFQs and the evaluation and selection process for the service providers the District now engages. He worked with Keenan & Associates in developing the District’s Substantive Plan. Mr. Thompson’s role at this point in time is to serve as a resource for both the Health Benefits Committee and the Retirement Board of Authority. Dr. Maloney briefly reviewed his current contract which expires 12/31/13 (copy attached to official minutes). In recognizing that the same level of services that Mr. Thompson has provided in the past will not be needed in the near future by the District, it was agreed that the scope of Mr. Thompson’s future services required by the District will be diminished. It was also agreed that Dr. Maloney will initiate a discussion with Mr. Thompson on the subject. RBOA Meeting May 10, 2013 Page 3 Next Meeting The next meeting of the Retirement Board of Authority is scheduled for August 30th. 5. Adjournment On a motion by Mike Mayfield, seconded by Sheri Black and unanimously carried, the meeting was adjourned at 11:40 a.m.