staff report - ac transit...consultant !segdwick noble lowndes, marsh to milliman) • managed high...

107

Report No:

Meeting Date:

Alameda-Contra Costa Transit District

STAFF REPORT TO: AC Transit Board of Directors

FROM: linda A. Nemeroff, District Secretary

14-245b

March 25, 2015

SUBJECT: Appointment of Representatives to the AC Transit Retirement Board

ACTION ITEM

RECOMMENDED ACTION(S):

Consider adoption of Resolution No. 15-013 appointing one non-ATU member and two public members to the Alameda-Contra Costa Transit District Retirement Board.

EXECUTIVE SUMMARY:

The terms of the publ ic member positions and one non-ATU position on the Retirement Board will expire on March 31, 2015. During the recruitment period, one application from a non-ATU employee, as well as nine applications from members of the public were received, with five of nine applicants being selected for an interview. Upon conclusion of interviews, it is requested that the Board of Directors consider the appointment of representatives whose terms will commence on April 1, 2015.

BUDGETARY/FISCAL IMPACT:

There is no fiscal impact associated with this report.

BACKGROUND/RATIONALE:

On October 22, 2014, the Board of Directors authorized staff to begin the recruitment of one non-ATU representative and two public member representatives to the AC Transit Retirement Board. The terms of the current appointees will expire on March 31, 2015.

The recruitment for the three vacancies commenced in late December with a deadline of noon on February 4, 2015 to submit letters of interest/applications. For the non-ATU representative position, a notice outlining the duties of the Retirement Board, desirable qualifications, and application were published on the Board's intranet page and posted at the various divisions and the General Offices. The notice and application were also distributed via email to all District employees. For the two public member representatives, the recruitment notices and application were distributed to the general public (via eNews), local community colleges and universities. This information was also posted on the District's website.

108

Report No. 14-245b of 2

One application was received from a non-ATU employee, and nine applications were received from members of the public interested in serving on the Retirement Board. On February 11, 2015, the Board received an update on the recruitment process. It determined that the current non-ATU representative on the Retirement Board would be reappointed, and the two existing public members and three of the outside applicants would be interviewed.

Upon conclusion of the interviews, the Board is requested to consider adoption of Resolution No. 15-013 appointing the non-ATU representative listed below and two public representatives from the following pool of candidates submitted for consideration:

Non-ATU Applicants: • Sue Lee (UN REP)

Public Member Applicants • Jeffrey Lewis (existing member)

• Davis Riemer (existing member) • Ralph Goldsticker

• Gohn Marie McFadden • Melissa Mayhew

ADVANTAGES/DISADVANTAGES:

This report does not recommend a course of action with notable advantages or disadvantages.

ALTERNATIVES ANALYSIS:

There were no other alternatives investigated as the non-ATU representative and two public member representatives serve at the pleasure of the Board of Directors.

PRIOR RELEVANT BOARD ACTIONS/POLICIES:

Ordinance No. 10 establishing the process for making appointments to the AC Transit Retirement Board.

Report No. 12-276: Authorize the recruitment of two Public Members and one Non-ATU Member to the AC Transit Retirement Board.

Report No. 12-27Gb: Update on recruitment and request to schedule interviews.

ATTACHMENTS: 1: Interview Schedule

2: Applications

3: Resolution No. 15-013

Reviewed by:

Prepared by:

Denise C. Standridge, General Counsel

Linda A. Nemeroff, District Secretary

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SR 14-245b Attachment 1

2015 INTERVIEW SCHEDULE FOR VACANCIES ON THE

AC TRANSIT RETIREMENT BOARD

Wednesday, March 25, 2015

Interview Time Applicant Name

Public Member Candidates

1:30 p.m. Gohn Marie McFadden (Teleconference)

1:45 p.m. Jeffrey Lewis

2:05p.m. Melissa Mayhew

2:25p.m. Davis Riemer

2:45p.m. Ralph Goldsticker

This page intentionally left blank.

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SR 14-24Sb Attachment 2

APPLICATION FOR APPOINTMEN TO THE JAN 1 6 2015

AC TRANSIT DISTRICT RETIREMEN B~RIDiiCT SECRETARY'S

OFFICE

I am: llJ A member of the public D A non-ATU AC Transit employee

Name: Gohn Marie McFadden

Responses to the following questions may be printed or typed In the space below or attached on a separate sheet of paper. Please answer each question as completely as possible.

1) Please describe the Insights, knowledge and experience and/or education you would bring to the Retirement Board. My name is Gohn Marie MrEadden, Principal & Sr Consultant of McFadden & Associates

Insurance Services, LLC. My firm specializes in Consulting Union Groups on Health & Welfare Benefits for Actives and Retirees. I bring 28 years of experience in retiree benefits and a passion to serve.

2) Please list the specific areas of Interest you would best represent on the Retirement Board and reasons why. As a Cons11ltant my goals in reviewing any iss11e is looking at unlq11e ways to preserve benefits in the most effective manner while preserving assets with effective cost saving measures.

3) Individuals currently Involved In the community can bring special Insights to the Board. In what ways are you active In the community? (List organizations or community activities with which you have been Involved.) I (l!rrentl\' serve on the Covered Caljfornja Small BIJSjness Health Option program (SHOP)

Advisory Board in Sacramento as an Industry Expert to help establish policies/procedures within the Health Exchange.

I understand that If appointed to the Retirement Board, I will file a financial disclosure statement (Statement of Ec~nomic Interest, Form 700) as required by Jaw.

·---t' . · -7-fi-L~{v0Jtty.bJL_ _1/6_12_01_5 ___ _ Signature of Applicant Date

APPLICATIONS ARE DUE NO lATER THAN 12:00 Noon on Wednesday, February 4, 2015. Mail or fax to: District Secretary, AC Transit, 1600 Franklin Street, Oakland 94612, (510) 891·4705.

Rev.8/14

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RECEIVED

JAN I 6 2015 Ms. Gohn Marie McFadden

__!~!:B.!!lSgECRET ARY'S Emeryville, CA 94608 *Tel: (510) OFFICE

SUMMARY Individual possessing over twenty years of experience in the employee benefits field with an emphasis in managing and consulting Cmporate Accounts, while specializing in Multiemployer Taft-Hartley Tmst Funds with an objective to analyze and aide in the clarification of client needs, manage expectations, uphold work integrity and protect client assets. My objective is to utilize my expertise and diverse experience that I've gained over my career and add value and great service to McFadden & Associates Insurance Services, LLC as a result-oriented organization.

EDUCATION B.A. in Health Services Administration- St. Mary's College of California

LICENSES California Life & Health Agent License No. OC22629 California Licensed Notruy/Certified Loan Signing Agent California Certified Tax Preparer

PROFESSIONAL EXPERIENCE McFadden & Associates Insurance Services, LLC 2005 -Present Independent Health & Welfare Consultant & Insurance Brokers- Berkeley, CA

• Attend quarterly Board meetings to present overall financial status of the Fund. • Act as primary contact between client and insurance carriers. • Negotiate all carrier contracts and present renewals for Board approval. • Prepare financial reports and forecast on a quarterly and annual basis. • Calculate Incurred But Not Reported (IBNR) Claims and overall Estimated Liability. • Calculate COBRA, Self-Pay and Annual Employer Contribution Rates. • Assess and Project cost impact of self-funded plan improvements/changes. • Act as liaison between Fund and other professionals, i.e., legal counsel and auditor. • Prepare and maintain Summary Plan Description (SPD) • Prepare Amendments to the Plan and Employee Member Communication. • Facilitate resolution of plan administration.

Innovative Cost Management, San Jose, CA Senior Consultant

• Specialized in Multi-Employer Taft-Hartley Tmst Funds/Pension Plans.

2002-2005

• Responsible for twelve (12) Taft-Hartley Clients throughout California and Nevada. • Constructed proposals for prospective clients/contractual agreements for new

0

• •

• •

business. Established intemal Peer Review Process and Trained Staff. Responsible for underwriting new self-funded medical plans for existing clients . Coordinated and managed marketing of new and existing products for fully insured accounts. Assured clients were ERISA and HIP AA Compliant. Coordinated Development of Benefit Summaries and General Communication Materials.

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Ms. Gohn Marie McFadden Emeryville, CA 94608 • Tel: (51 0)

Milliman USA, San Francisco CA 1998-2002 Consultant !Segdwick Noble Lowndes, MARSH to MILLIMAN)

• Managed high profile Taft-Hartley Trust Funds and Corporate Clients. • Prepared all fmancial reporting, calculations and estimates for client meetings. • Responsible for training actuarial staff on reporting guidelines. • Responsible for Managing Administrative Staff.

United HealthCare, San Francisco, CA 1995-1998 Account Manager/Project Leader .

• Liaison between clients and all internal departments (Eligibility, Billing, Contracts, ID Cards and System Structure).

• Maintained 15-20 accounts for Medical and Behavioral Health Plans. • Department Project Leader (i.e., System Conversions, Account Restructuring, etc.) • Coordinated and facilitated employee training on internal policies and procedures. • Consulted IT Department on the development and rollout of company Intranet site.

Cigna HealthCare, Oakland, CA 1993-1995 Customer Services Representative

• Educated members and providers on specific account benefits and payment levels. • Consistently met and exceeded required productivity levels for department. • Effectively trained new analysts and facilitated internal team meetings. • Facilitated/processed claim appeals in compliance with the department of corporation. • Successfully resolved claim and billing issues between billing analyst and benefits

administrator.

Kaiser Permanente, Oakland, CA 1986-1992 Business Office Claims Processor and Administrative Clerk

• Prepared general correspondence for the Chief Executive Officer in accordance with procedures.

• Coordinated travel arrangements and appointments for Chief Executive Officer. • Processed Medicare and Third Party Liability Claims. • Scheduled patient appointments.

COMPUTER SKILLS • Software Proficient in Microsoft Office Suite: Word, Excel, Power Point, Access,

Entourage and Project Gallery. • Proficient in Mac Operating System and Software: Pages and Keynote. • Software Proficient in Lotus Office Suite: AmiPro and Lotus 123

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Cohn Marie McFadden, Principal & Sr. Consultant

Gohn Marie Mcfadden founded Mcfadden & Associates Insurance Services, LLC in 2005, a full service Insurance/Brokerage Firm located in Emeryville, California across from Disney's Pixar.

Ms. McFadden started her professional career as a third party liability claims analyst in the Business Office of Kaiser Permanente in 1986. This introduction to health care led to a continuous yet diversified history within the insurance industry. In 1991 she became a data analyst with the California Health Department working alongside medical teams evaluating public health care issues for the communities of Solano and Alameda County. She then moved into the private sector working for Fortune 500 private insurers, including Cigna, United Behavioral Health, UnitedHealth Care. She was most recently Sr. Consultant specializing in Health & Welfare Consulting of TaftHartley Trust Funds/Unions with Marsh & Mclennan and Milliman, the largest Brokerage and Actuarial firms in the world.

Her consistent yet diversified background allowed Ms. McFadden to gain first hand expertise in Health Services Administration, Employee Benefits Consulting, Merger & Acquisitions, Financial Risk Assessment, Project Management/Outreach, Account Management, and Health & Welfare Consulting.

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Ms. McFadden has established herself as an insurance industry expert with specialized experience in Health & Welfare Benefits Consulting. Her many years of experience has led to her nurturing numerous long-term vendor and client relationships - resulting in the preservation of the highest level of benefits while protecting client assets.

Ms. McFadden's insight and methodologies serves as best practices for the structure and culture of McFadden & Associates, LLC.

Ms. McFadden received her B.A. in Health Services Administration from St. Mary's College of California. She has a passion for community service and working with Non Profit Organizations for the betterment of minorities.

On December 21, 2012, Ms. McFadden was elected by the State of California Health Exchange Board to serve alongside 11 other industry veterans, as an Advisor to the Covered California Small Employer Health Options Program (SHOP). Ms. McFadden serves in a volunteer capacity and is chartered with assisting SHOP in implementing the Health Care Reform initiative throughout California.

For more on SHOP click here: www.healthexchange.ca.gov


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APPLICATION FOR APPOINTME AC TRANSIT DISTRICT RETIREM

RECEIVED

TTO TI:JJIN 2 6 1015 NT BOARD

DISTRICT SECRETARY'S

OFFICE

!;derst~~d-;hat I am ~bligated to be complete and truthful in pr~viding information on this applicatl~~-~ understand that all of the Information provided by me on this application will be subject to public disclo~

I am: [l] A member of the public 0 A non-ATU AC Transit employee

Name:

City Oakland

Responses to the following questions may be printed or typed in the space below or attached on a separate sheet of paper. Please answer each question as completely as possible.

1) Please describe the insights, knowledge and experience and/or education you would bring to the Retirement Board.

Please see attached separate sheet of paper

2) Please list the specific areas of interest you would best represent on the Retirement Board and reasons why. please see attached separate sheet of paper

3} Individuals currently involved in the community can bring special insights to the Board. In what ways are you active in the community? (list organizations or community activities with which you have been Involved.) Plan Committee of the Goodyear Tire and Rubber Company Health Care Trust; American Bar Association, Employee Benefits

Committee of the Labor and Employment section- former Co-chair and currently active member; regular speaker at educational

programs regarding employee benefits plans; Alternative Dispute Resolution Program, United States District of California

services as court-appointed mediator, primarily in employee benefits plan lawsuits.

I understand that if appointed to the Retirement Board, I will file a financial disclosure statement (Statement of Econom·c Interest, Form 700} as required by law.

Date

APPLICATIONS ARE DUE NO LATER THAN 12:00 Noon on Wednesday, February4, 2015. Mall or fax to: District Secretary, AC Transit, 1600 Franklin Street, Oakland 94612, (510)891-4705.

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Application for Appointment to the AC Transit District Retirement Board: Jeffrey Lewis

I) Please describe the insights, knowledge and experience and/or education you would bring to the retirement board

a) During my entire 39 year career as an attorney, I have engaged in the following activities:

(a) reviewing, interpreting, drafting, and litigating disputes regarding the interpretation of

retirement plan provisions; (b) evaluating the work of individuals and entities who

provide services to employee benefit plans (including but not limited to actuaries,

attorneys, and investment advisors), advising fiduciaries and attorneys about the selection

and monitoring of such service providers, and litigating issues regarding the selection,

monitoring, and performance of such providers; (c) reviewing actuarial reports and

issues, working with actuaries, and occasionally litigating issues regarding actuaries'

work for employee benefit plans; (d) analyzing plan fiduciaries' conduct in the setting of

investment strategies, policies, and guidelines, advising fiduciaries regarding that

conduct, and litigating issues regarding that conduct; (e) analyzing and litigating issues

regarding individuals' disability status, and (f) analyzing claims for disability benefits.

I am presently a member of the Plan Committee which has responsibility for the Retirees

of Goodyear Tire and Rubber Company Health Care Trust, an independent plan

providing health care coverage to approximately 30,000 retirees of Goodyear and their

dependents. The Committee has responsibility for all phases of the trust's operations,

including investment of approximately

Also, see attached resume.

2) Please list the specific areas of interest you would best represent on the Retirement Board and reasons why.

a) I am interested in serving on the Retirement Board because I have served as a Board

member since September, 2003, presently setve as the Board's chair, and want to

continue the work that I have been doing in that capacity. I believe that I have played a positive and constructive role on the Board since my appointment. In patiicular, the

minutes of Board meetings will reflect, among other things, the following: (1) I have

been the most active Board member in questioning out investment consultant, investment

managers, actuaries, and other professional advisors about their opinions, assumptions,

and work; (2) I took an active role in changing our actuarial assumptions so as to solidity

the plan's funding; (3) I played the leading role in pushing for the development,

finalization, and distribution of the summary plan booklets that were distributed to

employees so that they could better understand their benefits and options; (4) I have

119

Application for Appointment to the AC Transit District Retirement Board: Jeffrey Lewis Page 2

helped to build and maintain a harmonious working relationship among Board members,

even as changes have occurred in our membership, so as to enable us to function

efficiently on behalf of the retirees and employees; (5) I played a key role in changing our

investment consultant and beginning to re-structure our investment portfolio; and (6)

while keeping the interests of the retirees and future retirees first and foremost in our

deliberations, I have attempted to be sensitive to the needs and problems of the District. I

pa1iicularly welcome the challenge of helping continue to steer the Plan through its

recovery from the 2008-2009 economic market collapses. I want to work with the other

Board members and our staff advisors to keep the Plan on a sound basis, while avoiding,

if possible, drastic increases in the District's contributions.

120

LEWIS, FEINBERG, LEE, RENAKER & JACKSON, P.C. A'ITORNEYS AT LAW

476 9ili STREET OAKLAND, CALIFORNIA 94607

PHONE: (510) 839-6824 o FAX: (510) 839-7839 SENDER'S E-MAIL: [email protected]

RESUME

JEFFREY LEWIS

Jeffrey Lewis is a shareholder in the firm of Lewis, Feinberg, Lee, Renaker & Jackson, P.C. He has specialized in ERISA and pension and employee benefit law litigation since 1975. Mr. Lewis also serves as a Mediator and Early Neutral Evaluator for the U.S. District Court for the Northern District of California and privately. Outside ofthe law firm, he has served since 2003 as a member ofthe Retirement Board of the Alameda-Contra Costa County Transit District Employees' Retirement Plan (to which he was appointed as a representative of the public and of which he presently serves as Chair). The Board has fiduciary responsibility for all aspects ofthe Plan. He also serves as a member of the Plan Committee of the Retirees of Goodyear Tire and Rubber Company Health Care Trust, which has fiduciary responsibility for all aspects of the trust. including investment oftrust assets. He also has served, pursuant to a U.S. Department of Labor recommendation, as an independent fiduciary of a 401(k) Plan abandoned by its sponsoring employer.

Mr. Lewis' legal work involves a broad spectrum of employee benefit questions, including fiduciary standards, service-provider malpractice, benefit entitlement, reporting and disclosure requirements, plan tenninations, preemption, and other ERISA and related labor law and state law issues. He and the seventeen-attorney fim1 are litigating and have litigated employee benefit plan issues in federal courts throughout the U.S. Mr. Lewis and the firm also advise fiduciaries, employers, and unions with regard to employee benefit plans and issues.

Mr. Lewis is one of the co-chairs of the Board of Senior Editors of Employee Benefits Law (3d ed., Bureau of National Affairs), a publication of the American Bar Association's Labor and Employment Section.

Professional Recognition

From1998 to 2001, Mr. Lewis served as one of the Co-Chairs of the Employee Benefits Committee of the Labor and Employment Section of the American Bar Association.

He was selected as a charter fellow of the American College of Employee Benefits Counsel, of which he is presently a member of the Board ofGovemors, and as a member ofthe College of Labor and Employment Lawyers. Mr. Lewis has testified before Congressional committees regarding pension issues. He was named as one of the top 40 employee benefits attorneys in the countJy by the National Law Joumal and as one of the two leading employee benefits attomeys in the San Francisco Bay Area by the Recorder.

121

For the past several years, he has been named as one ofNorthem Califomia's "Super Lawyers" by an independent survey and for the past tluee years has been named as one of the top 100 lawyers (out of tens of thousands in all areas of practice) in Northem California.

2013, 2014:

1998, 1999:

Law School Teaching

Lecturer, U.C. Berkeley School of Law- "Einployee Benefits Law"

Adjunct Professor, Hastings College of Law-- "Pension/Employee Benefit Law''

1983, 1984 & 1986: Adjunct Professor, University of San Francisco School of Law -- "Pension Funds and Employee Benefits"

1983:

Editor:

Lecturer, Golden Gate University Law School--"Employee Retirement Law"

Programs and Publications

Co-Chair, Board of Senior Editors, Lewis, eta!., Employee Benefits Law (BNA), publication written by the American Bar Association, Employee Benefits Committee of the Labor and Employment Section.

Editor, ERISA chapter in Employee Rights Litigation: Pleading and Practice (Matthew Bender).

Contributing editor, employee benefits, for The Court TV Cradle-to-Grave Legal Survival Guide (Little, Brown and Company)

Co-author (with Dan Feinberg), "Varity Corp. v. Howe: The Plaintiff's Perspective", ERISA Litigation Reporter, Vol. 5, No. 2 (June, 1996).

"The Future of Private Pensions," Employee Rights and Employment Policy Joumal, Vol 5, No. I (200 1 ), pp. 377 et seq.

Seminar Faculty Member:

Mr. Lewis has been a speaker on many occasions at the annual "ERISA Litigation: Tactics and Strategy" conferences sponsored by the American Bar Association. He also has spoken many times at the annual ABA "ERISA Basics" conference and other Continuing Legal Education seminars and conferences, pa11icularly with regard to ERISA's fiduciary standards. He has spoken on ERISA topics on many occasions at the Annual Meeting of the American Bar Association, including the summer, 2006 meeting. Other presentations on ERISA-related matters

122

included teleconferences sponsored by the American Bar Association in December, 2003 and Januaty, 2004 on "Enron Part One: Officer and Director Liability for Employer Stock Investments" and "Enron Part Two: Directed Trustees and Employer Stock." In November, 2008, he spoke during an ABA-sponsored teleconference entitled "Is the San Francisco Health Care Security Ordinance a Roadmap for States to Avoid ERISA Preemption." In November, 2009, he spoke on "How Should I Deal with My Opponent's Expert Witness Report" at a conference of the Labor and Employment Section of the American Bar Association.

Other Professional Activities

Mediator and Early Neutral Evaluator for U.S. District Court, Northern District of California, and privately.

Past Co-Chair, Fiduciary Responsibility subcommittee of the American Bar Association Employee Benefits Committee.

Past Co-Chair, Pension Committee, National Employment Lawyers Association.

Bar Admissions

State Bar of California

U.S. District Courts --

Northern District of California, Eastem District of California, Central District of California, Southern District of California.

U.S. Court of Appeals --

Ninth Circuit Second Circuit Third Circuit Fourth Circuit Fifth Circuit Tenth Circuit

U.S. Supreme Court

Education

J.D., 1975, Boalt Hall (University of California, Berkeley), Order of the Coif

B.A., 1970, Yale University.

123

LFL R&J

Lewis Feinberg Lee Renaker

&jackson, P.C.

ATTORNEYS AT LAW

4 7 6 9'" Street Oakland, CA 94607 www.lewisfeinberg.com tel: 510.839.6824 fax: 510.839.7839

RECEIVED

January 23, 2015 JAN 2 6 2015

Board of Directors AC Transit Retirement Board 1600 Franklin St. Oakland, CA 94612

Re: Application for Retirement Board

Dear Board of Directors:


..._ ____ o_FFICE

---...J

Enclosed please find a completed application (with attachment) for reappointment as one of the public representatives on the AC Transit Retirement Board, together with my resume. As you know, I have served on the Board for over I 0 years, and served as its chair for the last several years. As discussed in greater detail in the enclosed application, I believe that I have made positive contributions to the management and functioning of the Retirement Plan throughout my tenure on the Board. I also believe that the last few years have witnessed a significant improvement in the Retirement Board's communications with the District Board, as we seek to jointly ensure the retirement security of the District's hard-working employees while keeping in mind, to the extent possible, the District's financial situation.

I would welcome the opportunity to continue my work on the Board. Thank you for your consideration.

s·c k y,

,..,._. .... yLewis

[email protected]


124

125

RECEIVED APPLICATION FOR APPOINTMEN TO THE

AC TRANSIT DISTRICT RETIREME T BOARlJY\N - 7 2015


I am: 1111 A member of the public 0 A non-ATU ACTransit employee

Daytime Phone (510)

Address: Apt.

City Alameda Zip 94502 Email


1) Please describe the insights, knowledge and experience and/or education you would bring to the Retirement Board. In my professional life, I have experience in the administration and compliance of

non-contributory defined benefit plans, including those sponsored by governmental

agencies. I have also counseled pension funds in the selection and retention of advisors

(legal and tnvestment) and hductary duttes.

21 Pl11.ase list the specific areasfobf inter.@st you wo1,1ld best r1~present on thbe ~etirement B,oard and reaso,ns why. I believe my lu+ years o enettts expenence allow me to nng a practtcal approacn to

problem solving as a Board member. I believe strongly in transparency and

accountability, but I also recognize that complex pension laws require practical

sou tons.

3) Individuals currently involved in the community can bring special insights to the Board. In what ways are you active in the community? (List organizations or community activities with which you have been involved.) I am an active member with my local elementary school PTA, recently completing a 2

year term as auditor. I am also a volunteer with Alameda Little League, where I

I understand that if appointed to the Retirement Board, I will file a financial disclosure statement (Statement of Economic Interest, Form 700) as required by law.

Date

APPLICATIONS ARE DUE NO LATER THAN 12:00 Noon on Wednesday, February 4, 2015. Mail or fax to: District Secretary, AC Transit, 1600 Franklin Street, Oakland 94612, (510)891-4705.

Hcv.S/14

126

I am interested in the open position on the AC Transit Retirement Board. I have submitted my resume which details my employment background.

I have over 10 years of employee benefits experience, in both the legal and consulting spaces. I am familiar with the intricacies of maintaining a traditional defined benefit plan. I have also counseled clients (including governmental entities) on fiduciary duties, responsibilities and liability. I also have practical experience advising benefits committees on the review of appeals of benefits decisions.

I take great pride in my ability to handle multiple projects simultaneously, all while providing top quality service to my clients. I am extremely motivated, organized and disciplined. In my spare time, I assist my local public school with auditing their financial records on a semi-annual basis.

Thank you in advance for your time and consideration. I look forward to hearing from you soon.

Best regards,

Melissa Mayhew

127

RELEVANT PROFESSIONAL EXPERIENCE

Sedhom & Mayhew, PLLC 2013-present

Areas of practice include corporate governance, structure and employment matters. Advise clients regarding leave plans, healthcare plans, sickness plans, vacation and related policies and other health, welfare and pension benefit plans and policies as well as employee wage and hour issues.

Buck Consultants, LLC 2007-2013

Advised clients regarding responsibilities to ensure ongoing operational and legal compliance with respect to employer-sponsored benefit plans. Assisted clients with periodic reviews of benefit plan options to reduce costs, ensure competitiveness and improve benefit delivery. Provided training to internal and external clients regarding staff and C-suite regarding fiduciary obligations. Directed filing of annual employee benefit plan reports, and periodic filings regarding ongoing tax qualification status. Reviewed, investigated and advised internal and external clients on questions and inquiries related to legal and ethics compliance, including analysis and correction of compliance failures.

Thelen Reid Brown Raysman & Steiner LLP 2006-2007

Advised private and public corporations with respect to benefit plans compliance. Additional duties included developing merger and acquisition implementation plans to transition employees and merge existing retirement and welfare plans. Provided advice on plan qualification issues including employee plan corrections and closing agreements.

Trucker Huss, APC 2003-2006

Advised private and public corporations with respect to qualified and non-qualified benefit plan compliance. Representation included plan design and drafting, qualification of plans with the Internal Revenue Service, counseling on plan administration issues, and interpretation and application of plan and statutory provisions.

Kraw&Kraw 2001-2003

Counsel to Taft-Hartley funds, including health and welfare funds and qualified and non-qualified retirement plans. Representation included counseling on plan administration issues, interpretation and application of plan and statutory provisions, preparation of summary plan descriptions and plan amendments, and plan terminations. Reviewed and advised clients on qualified status of medical child support orders.

Ernst & Young LLP 1998-2001

Provided analysis and recommendations for benefits and other internal administrative programs. Provided clients with an assessment of the current state of their administrative operations, identifying areas of risk, levels of client exposure, areas of inefficiency, and recommending solutions to reduce risk and increase compliance.

EDUCATION

Juris Doctor- Dickinson School of Law of the Pennsylvania State University Bachelor of Arts- Pennsylvania State University

LICENSES AND CERTIFICATIONS

PHR (Professional in Human Resources), 2013 Active member of the California Bar


128

129

RECEIVED

,IAN 2 0 2015 APPLICA ~-J.I

~ .c;'\ ~-c),

- _.,:\,'; ~'

. ./ p >-FOR APPOINT,JYI)NTTO TfiE {/ l~

DISTRICT RETIREME},!;~~,~~. ' :-, ~ .()

Please print in ink or type on this document. _ _ _. "'~0~;~~~~:;... I understand that I am obligated to be complete and truthful in providing information on this ai$Ji~tion. 1 understand that all of the information provided by me on this application will be subject to public dili'rl~re.

-~

I am: llJ A member of the public 0 A non-ATU AC Transit employee

Name: Daytime Phone (

City


1) Please describe the insights, knowledge and experience and/or education you would bring to the Retirement Board.

"Perleno.< prr.a.c.hu """' f:K•tt!AIJ. ~t~th• s,.;ac.tt (4""- ocQ~U&wsCA.if

?t::J:::~=;:;:tt;; ~:f~~#c::l·!~;;;!~ ;sz, 1, f··r,., \1')0- f"ls~AM:. :se..va·C! ....... t\CC f\9.

: I understand that if appointed to the Retirement Board, wi I f1le"a f~fil~ure statement (Statement 9f.Economjc In , rm 700) as required by law.

'"" 0- (?.:........ .__.--- • ir- . r ,~. .=· c Signature of Applicant

APPLICATIONS ARE DUE NO LATER THAN 12:00 Noon on Wednesday, February 4, 2015. Mail or fax to: District Secretary, AC Transit, 1600 Franklin Street, Oakland 94612, (510) 891-4705.

130

DHR Investment Counsel, Ltd. Registered Investment Advisor

To:

From: Re:

Date:

June, 1966: June, 1966: 1969-1979: 1979-1982: 1982-1985:

Linda Nemeroff, CMC District Secretary, AC Transit District Davis Riemer Professional Resume of Davis Riemer, Supplementing Application for Retirement Board Service, February 2015 February I, 2015

Graduated B.A. Stanford University Management Trainee and Sales, Connecticut General Life Insurance Co. Assistant Manager, Connecticut General, Oakland Sales office Sales Agent, Connecticut General, Oakland office Founder and Partner, The 401(k) Corporation, a Defined Benefit Design and Administration firm

1985 -1989: Registered Representative, Investments, Protected Investors of America 1989- Founder, Principal, DHR Investment Counsel, Ltd.

Davis Riemer, Founder and Principal, directs investment strategy and all advisory services, oversees marketing and communications, and works directly with most of the firm's clients. He has accumulated 40+ years of professional experience in financial services, including financial planning, estate planning, life and health insurance, and investment portfolios. Davis began his career in 1966 and worked in insurance for complex estate plan and pension plans until 1985. He then worked with several investment companies in the Bay Area, before starting DHR Investment Counsel in I 989. Davis grew up in Wisconsin, and received his B.A. from Stanford University in History, with added emphasis in Psychology and Political Science. Continuing study in those fields inform his work. When not working, music, theatre, art and literature occupy his time - as does grand-parenting. He has always been involved in his community and has served a number of community boards as member and officer. (Hillcrest PTA, Suzuki Music Association, East Bay, Charila Foundation, San Francisco, American Civil Liberties Union, Oakland, Northern California and National, Kala Art Foundation, Berkeley)

DHR Investment Counsel I 5435 College Ave • Suite 200 I Oakland CA 94618 I (510)596-2580

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DHR Investment Counsel Ltd -·-·- ··Registered investment Advis r

To:

From: Re:

Date:

Linda Nemeroff, CMC District Secretary, AC Transit District Davis Riemer Letter of Interest for Retirement Board s Supplementing Application, February 20 February 1, 2015

Dear Ms. Nemeroff,

Kl::l.,;t:IVI:.U

JAN 2 0 2015


OFFICE

ervice. 15

Thank you for prompting me regarding my additional information in the application process for service on the retirement board. Also, after having submitted my application form, I realized that it was perhaps too brief, in that I did not make use of supplementary pages. I hope that this letter of interest, with the accompanying resume, will "fill in" portions of the application.

I have a strong interest in continuing to serve as a public member on the Retirement Board for ACTransit. My interest is based on several factors: I believe my past service has been of value to the board and of significant assistance in the management of the portfolio. Based on my familiarity with the other members of the Board, I believe I bring a unique combination of skills and knowledge to the group, which has proven helpful in decisions.

With respect to particular aspects of the ACTransit portfolio, by virtue of working in the investment profession for approximately 35 years, and doing so with strategies almost identical to those used by the plan, I am significantly acquainted with the various strategies underlying the plan's portfolio, including mutual funds, the companies that offer them, asset allocation, so-called "active investing," "index investing" and the use of consultants. I am familiar with the tensions present in the establishment and pursuit of the target rate of return. I have also had experience in the insurance field with Disability Income policies and am basically familiar with the issues pertaining to the awarding of disability income.

I have been involved in community service of various kinds for fifty years, and especially value this opportunity, as it combines my professional knowledge and experience with my desire to help the community. I honor labor and have seldom had a chance to fill a valuable role in its support. Last, having now completed a meaningful period of time on the Board, I have become acquainted with the actuarial, investment, policy and personnel aspects of the Board's concerns. I believe I am "up to speed" and able to serve at full capacity immediately and continuously.

I would be pleased to be re-appointed. Thank you for considering my application.

Sincerely yours,

DHR lnvestmenl Counsel I 5435 College Ave • Suite 200 I Oakland CA 94618 I (510)596-2580

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APPLICATION FOR AP~•niiiiTMI1NT TO ffiECEIVED AC TRANSIT DISTRICT RETIRE BOARD

JAN 2 3 2015 Please print In Ink or type on this document.

I am: l./'1 A member of the public D A non-ATU AC Transit employee

Address: Apt. 709W

City San Francisco Zip 94111

Responses to the following questions may be printed or typed In the space below or attached on a separate sheet of paper. Please answer each question as completely as possible.

1) Please describe the Insights, knowledge and experience and/or education you would bring to the Retirement Board.

Please see attached doC! rment

2) Please list the specific areas of interest you would best represent on the Retirement Board and reasons why.

Please see attached doc11ment

3) Individuals currently involved in the community can bring special insights to the Board. In what ways are you active in the community? (List organizations or community activities with which you have been involved.)

Please see attached dowment

I understand that if appointed to the Retirement Board, I will file a financial disclosure statement (Statement of Economic Interest, Form 700) as required by law.

January 8, 2015 Signature of Applicant Date

APPLICATIONS ARE DUE NO LATER THAN 12:00 Noon on Wednesday, February 4, 2015. Mail or fax to: District Secretary, AC Transit, 1600 Franklin Street, Oakland 94612, (510) 891-4705.

Rev. 8/14

134

Ralph Goldsticker -Application for Appointment to the AC Transit District Retirement Board

1.) Please describe the insights, knowledge and experience and/or education you would bring to the Retirement Board.

Setting the investment policy is the Board's most important decision. The most relevant skill set that I would bring to the Board is my investment experience. Asset allocation has been the primary focus of my career for the last 15 years. I am a senior investment strategist. In that role I work closely with large institutional investors to develop and implement their investment policy. This includes managing risk, setting the strategic asset allocation, as well identifying and employing opportunistic "tilts". Monitoring and evaluating investment managers is also an important part ofthe Board's responsibilities. In addition to developing, managing and communicating asset allocation strategies, I have worked with, and observed specialist asset class managers throughout my career. I served on the Manager Review Committee of the Investment Strategies and Solutions Group of BNY Mellon. We evaluated all of the strategies managed by our 15 boutiques, as well as those of a number of external managers. The strategies included both traditional asset classes and alternatives. I also have the perspective gained by working with asset managers. In addition to asset allocation, Mellon Capital managed active and passive equity, fixed income and commodity strategies. I was the Manager of Equity Research at Van Kampen American Capital. Knowing how to interpret the reports produced by the consultant and the custodian bank is a crucial skill. In addition to using the reports as an asset manager, at Vestek Systems I developed performance measurement and performance attribution systems, and advised our clients on their use.

2.) Please list the specific areas of interest you would best represent on the Retirement Board and reasons why.

The areas my contributions to the Board would be most valuable relate to investment policy and implementation. That has been the focus of much of my career, and is where I have significant and broad experience.

In addition, my experience working as a senior executive in large organizations would allow me to thoughtfully address other areas including legal and contractual matters.

Lastly, while I have not worked as an actuary, my years of working with defined benefit pension plans, and helping design, evaluate and implement liability hedging strategies for them provide me with experience that would be useful when discussing actuarial issues.

3.) Individuals currently involved in the community can bring special insights to the Board. In what ways are you active in the community? (List organizations or community activities with which you have been involved.)

My community involvement has involved the investment community and education. I am on the board of the Institute for Quantitative Research in Finance, a member ofthe continuing education committee ofthe San Francisco CFA Society, and on the steering committee ofthe local chapter of the QWAFAFEW. In addition, I have given guest lectures to investment and economics classes at UC Berkeley and MIT. I will give a guest lecture on investment management at Golden Gate University this Spring. Most recently, I spoke on the topic of Smart Beta to the State Association of County Retirement Systems.

135

January 30, 2015

Alameda-Contra Costa Transit District 1600 Franklin Street Oakland, CA 94612

To whom it may concern,

...---···----------. RECEIVED

JAN 2 3 2015


OFFICE

I am writing to express my interest in serving on the AC Transit District Retirement Board: I believe that I am well qualified for the position. My most valuable contribution to the Board would be derived from my more than 30 years of varied institutional investment management and client advisory experience.

Properly managing the Plan's assets to achieve or exceed the actuarial assumption is probably the most difficult challenge facing defined benefit pension plans today. In addition, that objective must be balanced with maintaining sufficient liquidity, and not taking undue risks. As a result, I believe that asset allocation is the Board's most important investment decision.

Working with the advice of the investment consultants and actuary, the Board must establish the investment, and importantly the asset allocation policy for the Plan's assets. As an investment strategist, I advised my clients as they made similar decisions. I also served on the Investment Committee that managed the asset allocations of several Bank managed portfolios. And, my experience at Mellon Capital developing asset allocation and risk models gives me insights into them that can only be obtained with hand-on experience.

While the role a Board Member is not that of a consultant or fund manager, selecting them, evaluating their advice, and monitoring their results requires skill sets similar to those of asset managers. Once the asset allocation is determined, fund managers must be selected to implement the portfolio and their

results must be monitored. My experience serves me well in this area. I have seen many investment managers and styles over the course of my career. I also worked with the Bank's Manager Research Group, and served on the Manager Review Committee that monitored and selected managers.

In addition to my investment experience, working for many years as a senior executive in large organizations would allow me to thoughtfully address the legal and contractual matters faced by the Board.

The other topic I want to address is why I want to serve on the Board. I have had a long and successful career, and serving on the Board will allow me to contribute to the Bay Area community in a meaningful manner.

Thank you for your time and consideration. I look forward to an opportunity to further describe my qualifications and interest.

Sincerely,

~ San CA 94111

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San Francisco, CA 415.-

RALPH GOLDSTICKER, CFA

SUMMARY

Senior investment strategist and research director with history of successfully partnering with clients. Advised on investment policy, asset allocation, risk management and investment strategy. Earned clients' trust and respect through discussions, thought leadership, and bespoke projects. Long and varied investment experience, across multiple asset classes and styles, with a focus on asset allocation and risk management.

Investment Strategist

Capital Markets

Asset Allocation

Director of Research

Risk Management

Thought Leadership

PROFESSIONAL EXPERIENCE

BNY Mellon Investment Management 1998- 2014

Senior Investment Strategist, Investment Strategy and Solutions Group (2010- 2014) o Advised clients on asset allocation and investment strategy. Became trusted advisor. o Member of Capital Market and Investment Committees. Set policy and asset

allocation for internally managed multi-asset class strategies. o Developed asset allocation model and capital market assumptions. o Member of Manager Review Committees for equities and alternatives. Worked with

Manager Research Group to evaluate and select managers and strategies. o Designed multi-asset class, multi-manager solutions. o Thought leadership. Conducted research and wrote viewpoints, white papers and

journal articles. Presented in meetings and at conferences.

Manager, Strategic Investment Group, Mellon Capital (2009 - 201 0) o Managed implementation of risk parity strategy o Conducted research to enhance strategy

Managing Director of Research, Mellon Capital (1998- 2009) o Managed research teams responsible for developing and enhancing asset allocation,

currency, active equity and active fixed income strategies. o Led strategic partnership relationships. Designed custom multi-asset class solutions. o Described and positioned strategies to all audiences. o Produced thought leadership. Conducted research, and wrote viewpoints, white

papers and journal articles. Presented in meetings and at conferences. o Member of the Investment and Portfolio Review Committees. Collaborated with

senior investment team to ensure strategies were properly and efficiently implemented. Adjusted strategies to meet evolving market and economic environments. ---.. -·-----,

OTHER SIGNIFICANT EXPERIENCE

Director of Research, Vestek Systems

Director of Equity Research, Van Kampen American Capital

RECEIVED

JAN 2 3 2015


OFFICE L---- ·----'

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RALPH GOLDSTICKER, CFA

41

Founding Partner, Vestek Systems

EDUCATION

MBA: University of California, Berkeley, CA

BS: Washington University, St. Louis, MO

AFFILIATIONS CFA Institute

Q-Group : Institute for Quantitative Research in Finance • Director, Member Program and Prize Committees

QWAFAFEW: Quantitative Work Alliance for Applied Finance, Education and Wisdom • Steering Committee: San Francisco chapter

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ALAMEDA-CONTRA COSTA TRANSIT DISTRICT RESOLUTION NO. 15-013


A RESOLUTION APPOINTING TWO PUBLIC MEMBERS AND A NON-ATU EMPLOYEE MEMBER TO THE ALAMEDA-CONTRA COSTA TRANSIT DISTRICT RETIREMENT BOARD

WHEREAS, the Alameda-Contra Costa Transit District Board of Directors (the District) is authorized by Public Utilities Code Sections 25301 and 25361 to establish a retirement system and a retirement board; and

WHEREAS, the District has created a retirement system and a five member Retirement Board; and

WHEREAS, with the adoption of Resolution No. 13-016 on February 27, 2013 and Resolution No. 14-022 on April 23, 2014, Mr. Jeffrey Lewis and Mr. Davis Reimer were reappointed by the Board to fill a two year term as public representatives on the Retirement Board, and Ms. Sue Lee was appointed to fill the remainder of a two year term as the non-ATU employee representative; and

WHEREAS, the Board of Directors interviewed five (5) candidates for the two seats held by public members at a Special Board Meeting on March 25, 2015.

NOW THEREFORE, the Board of Directors of the Alameda-Contra Costa Transit District does resolve as follows:

Section 1. In accordance with Sections 2.A. and 2.C. of Ordinance No. 10, appoints ________ and as the public members of the Alameda-Contra Costa Transit District Retirement Board and Sue Lee to be the non-ATU employee representative to the Retirement Board.

Section 2. The individuals identified in Section 1 of this Resolution shall serve the terms of these positions for the two-year period commencing April1, 2015.

Section 3. This resolution shall become effective immediately upon its passage by four affirmative votes of the Board of Directors.

PASSED AND ADOPTED this 25th day of March 2015.

H. E. Christian Peeples, President Attest:


Resolution No. 25-023 Page 2 ofl

140


I, Linda A. Nemeroff, District Secretary for the Alameda-Contra Costa Transit District, do hereby certify that the foregoing Resolution was passed and adopted at a special meeting of the Board of Directors held on the 25th day of March, 2015 by the following roll call vote:

AYES: NOES: ABSENT: ABSTAIN:


Approved as to Form and Content:

Denise C. Standridge, General Counsel

Resolution No. 15-013 Poge2of2

staff report - ac transit...consultant !segdwick noble lowndes, marsh to milliman) • managed high...

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