FSMSSA Board of Trustees meets for 1st special 2019
FSMSSA Board of Trustees had its 1st Special Meeting on February 14, 2019. In attendance were all members including Chairman Harris, Vice Chairman Tafileluw, members Sana, Ned and Falcam along with ex-officio member Administrator Narruhn and Deputy Administrator Ilai. There was quorum so the meeting carried on with its Agenda. A major part of the meeting was the 2019 Investment Review, which also took place. A presentation was given by FSMSSA’s Consultant Daniel Roland, focused on the system’s portfolio performance, Investment Policy Statement (IPS) percent reduction and performances of money managers. Another presentation was on the Experience Study and Actuarial Valuation and was given by Brent A. Banister from the Actuarial Study Group. Details were to be put into report. Moreover, the board had heard and gained information needed from such crucial presentations and were now clear on where FSMSSA is heading in such areas, therefore had passed changes to Investment Policy Statement. The Board’s agenda carried on as usual, briefings and comments were made. Administrator Narruhn further discussed specific issues including money managers put on watch as well as the Valuation and Actuarial Experience study hoping for the support of FSM Congress to pending bill. Narruhn shared the ongoing projects for FSMSSA to be able to use the laser printer and software upgrade. He then discussed ongoing issue of the need to do electronic payment whereas abroad beneficiaries were being encouraged to switch to bank accounts. Lastly, as always, FSMSSA’s Financial Statement and Tax Reports were shared with the Board of Trustees to be reviewed and do communication with comments if there may be.
The need for the special meeting had been met and meeting was adjourned.