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Enhancing Governance for Financial Success in Public Retirement Systems

Explore the transition in public retirement system governance, its impact, challenges faced, and strategies adopted for effective decision-making and financial success.

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Enhancing Governance for Financial Success in Public Retirement Systems

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Presentation Transcript

  1. Is Governance Really Such A Big Deal??? Rich Goss Administrator California Association of Public Retirement Systems

  2. The Way We Were… • Run by an Agency Official • Clerical administration • Not much budget impact • Boring to the Press

  3. Then Things Started to Change • 1971 Myers, Millias, Brown Act • 1978 Proposition 13 • 1984 Proposition 20 – Prudent Expert • 1985 Computer Work Stations • 1986 Fiduciary Responsibility • 1992 Proposition 162 • Somewhere Along the Line - Independence

  4. We Got Lots of Help • With Some of those changes • Investment Policies • Asset Allocation Studies • Multiple Asset Classes • Multiple Asset Managers • Discretionary Relationships

  5. We Got Less Help • Data Processing • Member Communications • Staff Operations • Financial Oversight • Staff Training and Succession Planning • Media Relations • Board Operations

  6. And Then The Fresno County Employees’ Retirement Association • Went Independent!

  7. So, Who Is In Charge? • Barriers to Excellence • Time Spent on Important & Urgent • Effective Decision Making • Clear, documented, understood, mapped • The Board as Risk Controller • The Administrator as Performance Maximizer

  8. Decision Map

  9. Policies • Board Governance Policy • Board Charter • Board Elections Policy • Board Officers’ Job Descriptions • Board Operations Policy • Conflict of Interest Policy • Liability Management Policy • Investment Gain/Loss Treatment • Travel Policy • Trustee Education Policy • Board Terms of Reference • Code of Conduct • Executive Director Evaluation Policy • Policy Development Process

  10. What’s It Worth? • Clearer Operating Focus • Risk Management • Future Directed • Affects the Core of the Business

  11. And… • You have to revisit it every couple of years

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