NEW ORLEANS FIRE FIGHTER'S PENSION AND RELIEF FUND

William M. Carrouche'

Richard J. Hampton, Jr. Board President

Secretary-Treasurer

SUBJECT: Board of Trustees Regular Meeting Fire Fighter's Pension & Relief Fund

TIME, DATE AND PLACE: 9 am, January 2, 2013 3520 General DeGaulle Suite 3001 New Orleans, Louisiana 70130

Board Secretary-Treasurer Richard Hampton called the meeting to order. The following members of the Board of Trustees were present: Richard Hampton, William Carrouche Keith Noya, T. Hampton, Nicholas Felton, Darrel Klumpp, Dean DiSalvo and Norman Foster.

Absent: Charles Parent, and Tim McConnell

Total as follows: Eight (8) members present and two (2) members absent. A quorum being present, the Secretary-Treasurer declared the meeting duly convened to conduct business.

Also, present: Pam Meyer Louis Robein, Board attorney Paul Mitchell Richard Connor, Jr., Firefighter Jesse Evans, NOMERS K. Prevost, Firefighter Ryan Mast, Firefighter Derrick Francis, Mayor's office

COMMUNICATIONS

Mr. Hampton acknowledged receipt of several Christmas Cards.

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REVIEW AND ACCEPT MINUTES

MOTION- Moved by Carrouche and seconded by T. Hampton to approve the December 2012 minutes. Motion passed. NO OBJECTIONS

REFUND OF CONTRIBUTIONS

None

CHANGE OF BENEFICIARY

None

DROP WITHDRAWAL

Nathaniel Washington

NEW APPLICATIONS

MOTION: Moved by T. Hampton and seconded by N. Felton to go into executive session to discuss medical matters of individuals submitting disability retirement applications. Motion passed. NO OBJECTIONS

MOTION: Moved by Felton and seconded by T. Hampton to end the executive session to discuss medical matters of individuals submitting disability retirement applications. Motion passed. NO OBJECTIONS

Nathaniel Wash inton: New Fund Fire fighter, Age 65 with 24 years of service is submitting an application for a 50% Service Connected Disability Pension effective February 1, 2013.

MOTION: Moved by Felton and seconded by T. Hampton to approve a 50% Service Connected Disability Pension effective February 1, 2013. Motion passed. NO OBJECTIONS

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Dennis H. Schoor: New Fund Fire District Chief, age 57, with 34 years of service is submitting an application for a 50% Service Connected Disability Pension effective January 3, 2013.

MOTION: Moved by W. Carrouche and seconded by T. Hampton to approve a 50% Service Connected Disability Pension effective January 3, 2013. Motion passed. NO OBJECTIONS

I)R()P APPLICATIONS: Effective January 1, 2013

Louis J. Smith: New Fund Fire Operator, age 52 with 30 years of service. Mr. Smith transferred time for his service with the City of New Orleans and the New Orleans Police department.

MOTION: Moved by Carrouche and seconded by Felton to approve the transfer of time from the City of New Orleans. Motion passed. NO OBJECTIONS

MOTION: Moved by Carrouche and seconded by Felton to approve the transfer of time from Municipal Police Retirement system for prior service with the New Orleans Police Department.

MOTION: Moved by T. Hampton and seconded by Felton to approve the DROP application of Louis Smith. Motion passed. NO OBJECTIONS

REPORTS OF DEATHS

Pensioners:

Joseph A Maggiore: died on December 15, 2012 at age 75 with widow and no minor children. Joined the department on July 8, 1967 and retired with 7 years of service on December 11, 1974. He spent 38 years on pension.

Loris J Palermo: died on December 22, 2012 at age 91 with widow and no minor children. Joined the department on May 14, 1947 and retired with 22 years of service on August 15, 1969. He spent 43 years on pension.

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Morris E. Curren, Jr.: died on December 23, 2012 at age 88 with no widow and no minor children. Joined the department on September 1, 1955 and retired with 22 years of service on August 15, 1969. He spent 43 years on pension.

Charles A. Rome: died on December 18, 2012 at age 77 with no widow and no minor children. Joined the department on April 26, 1965 and retired with 17 years of service on September 17, 1981. He spent 31 years on pension.

James W. Parker, Jr.: died on December 27, 2012 at age 57 with widow and no minor children. Joined the department on August 28, 1983 and retired with 21 years of service on September 1, 2004. He spent 8 years on pension.

Widows:

None

MOTION: Moved by Noya and seconded by T. Hampton to remove the above noted deceased members from the rolls. Motion passed. NO OBJECTIONS

WIDOW'S APPLICATIONS

Mrs. Frederick C. Ruppert, Sr.: Application for a Line of Duty Widow's benefit effective retroactive to November 1, 2012.

MOTION: Moved by T. Hampton and seconded by Felton to approve the Line of Duty Widow's benefit effective retroactive to November 1, 2012 for Mrs. Ruppert.

Mrs. Loris T. Griffin, Jr.: Application for a Line of Duty Widow's benefit effective retroactive to December 1, 2012.

MOTION: Moved by T. Hampton and seconded by Felton to approve the Line of Duty Widow's benefit effective retroactive to November 1, 2012 for Mrs. Griffin.

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APPLICATIONS PENDING

None

OLD BUSINESS

Expense Committee Update: The Board was provided with an update of the activities of the expense committee. Questions arose regarding the payment of Board member expenses currently incurred and requested. Expense committee members noted that there was no prohibition of reimbursement of expenses. Board members were informed that all payments were subject to review by the expense committee for propriety. Adjustments, if any, noted by the expense committee would be subject to reimbursement to the Fund by the board member. Members noted that the Fund would continue to make air fare and other travel related purchases on behalf of trustee in an effort to continue to purchase the best fares and rates. Expenses related the LATEC conference should be minimal (parking) and would be reimbursed as soon as submitted.

Expense Committee members noted that there would be no major changes to the current policy. It will be suggested that members improve documentation on all expenses and begin improved maintenance of reports of conference subject matter. Some Expense Committee members felt that conference files did not contain enough information on conference subject matter. Narratives for miscellaneous expenses could also be improved.

The next Expense Committee meeting is scheduled for January 3, 2013 at 1 pm at headquarters.

Fletcher: R. Hampton informed the Board that he is prepared to provide an update on the Fletcher matter. He noted that conference calls are planned in the coming weeks regarding Fletcher updates on the work of the Bankruptcy trustee. He will provide more information when available.

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NEW BUSINESS

Upcoming Educational Seminars and Conferences:

NCPERS 2013 Legislative Conference: January 27-29, 2013, Washington D.C. This conference addresses the legislative agenda and other issues surrounding pension matters affecting Public Pension Systems. N. Felton has attended this conference in the past and expressed an interest in attending this year.

MOTION: Moved by T. Hampton and seconded by Carrouche to approve the attendance of N. Felton at the NCPERS 2013 Legislative conference. Motion passed. NO OBJECTIONS

LATEC Membership Fee: Annual Membership fees for LATEC total $250 for the entire Board and staff. Membership allows attendance at all LATEC conferences and monthly educational seminars. Foster noted that board members attending the LATEC conference may be required to file a form with the Ethics board because of the fee structure of the conference. Foster felt that because non-trustees were charged a different (higher) conference rate than trustees, the Ethics Board may feel that trustees were receiving a benefit. This benefit, if any, should be disclosed. Other Board members felt that the conference fee was covered by the membership fee. Fees for all trustees were the same and therefore no benefit was received by trustees, so a report was not needed. Discussion followed with the Board's attorney agreeing to research the matter.

MOTION: Moved by DiSalvo and seconded by Noya to approve the membership dues for LATEC. Motion passed. NO OBJECTIONS

Investment Education Symposium: The LATEC conference held in conjunction with OPAL is scheduled for February 6-8, 2013. Members are asked to mark their calendars.

MOTION: Moved by DiSalvo and seconded by Noya that all Board members and appropriate staff be approved to attend the LATEC conference held February 6-8, 2013. Motion passed. NO OBJECTIONS

Board Resolution: A signed resolution is required to provide that the Board President and Secretary/Treasurer, or a third Board member should the President or Secretary Treasurer not be available, have the authority to act on behalf of the Board. This resolution, approved by the Board at the previous meeting, was provided for signature to all board members.

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Consent to amendment for TEBOP IV: R. Hampton noted that this partnership has moved to restructure the partnership with the goal of reducing administrative costs, management fees and audit costs. Mr. Hampton noted that this fund is the fourth of the group and is reaching full redemption. The other three funds are in a similar position so this restructuring is appropriate. He noted that Joe Meals of CSG has reviewed the documents and recommended adoption. Discussion followed.

MOTION: Moved by Carrouche and seconded by 1'. Hampton to approve the resolution requested by the administrators of TEBOP IV. Motion passed. NO OBJECTIONS

LEGAL

Longevity Suit: R. Hampton noted that certain legal matters regarding the longevity suit should be brought to the attention of the Board. The litigation is listed as New Orleans Firefighters et al v City of New Orleans, CDC No 81-11108.

All active and retired firefighters have received a calculation of amounts owed to them as a result of longevity pay. The City's calculations differ because of adjustments for workmen's compensation and supplemental pay issues. A meeting to reconcile those differences will not be held before mid-January 2013.

Annual leave matters were also discussed at the request of T. Hampton. Mr. Robein noted that adjustments for annual leave will also be discussed with City officials as part of the longevity issues. Payment of annual leave amounts is expected to coincide with the longevity payments.

Mandamus: A writ of mandamus against the City of New Orleans was filed to require funding of actuarially determined pension benefits. Discussions noted that the Board was successful in its hearing vs. the City who sought dismissal due to" no cause of action". The City appealed this decision of the Civil Court Judge to the Louisiana Court of Appeals and lost. Mr. Robein noted that the City intends to appeal the decision of both lower courts to the Louisiana Supreme Court. Mr. Robein expects that a decision in the Fund's favor will be made by the Supreme Court particularly with the case set to begin on January 7, 2013. He reminded the Board that the case could take up to three days. The Investment Committee meeting will be held on January 16, 2013 because of this litigation.

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Discussion on Ethics Board Matters: Mr. R. Hampton informed the Board that the Ethics Board has filed charges against him and McConnell. Briefly, the Ethics board believes Mr. Hampton should not have a contract with the Board. It appears they have no problem with his compensation or employment as they note the statutes clearly allow for compensation to him. The Ethics Board has questioned McConnell's employment with the Board while a Board member.

Bob Tarza has handled correspondence with the Ethics Board on behalf of the Fund. Louis Robein will represent Mr. Hampton and Mr. McConnell.

TIMELY FILING OF APPLICATIONS:

All Members applying for Pension, DROP or PLOP must do so 45 days in advance of the scheduled retirement date. All medical documentation for disability applications must be in the administrative office 45 days prior to the scheduled retirement date. Failure to comply with the Fund's rules will cause a delay in the Board taking action and will probably force an extension beyond the member's desired retirement date.

The administrative office will continue to process all paperwork in a friendly, orderly, and timely fashion. We thank all applying members for their continued cooperation. This will enable the Administrative Office and the Board of Trustees to perform their jobs more efficiently.

Members who have recently changed their address or marital status and have not updated their beneficiary form should do so at this time. Please contact the Pension Office during the hours of 10:00 am to 2:00 pm for beneficiary verifications. Your cooperation is appreciated.

ADJOURNMENT

There being no further business, the meeting adjourned at 11:40 am. The next regular meeting of the Board of Trustees is Monday February 4, 2013.

APPROVED: Richard J. Ham5nI, Jr.