2022 Public Pensions & Investments Fiduciaries’ Forum
Attendance for this annual event was by invitation only.
This preeminent, invitation-only public pension industry event took place in downtown Los Angeles on October 17th and October 18th. Attendees met and heard from the Nossaman attorneys who serve them on a variety of topics that are critical to public pension system trustees, executive staff, investment officers and in-house counsel.
This year’s program included the following thought-provoking sessions:
October 17, 2022
9:30 – 10:00 a.m. | Registration
10:00 – 11:30 a.m. | New SEC Rules & Their Impact on Public Pension Plan Investors in Private Funds
On February 9, 2022, the SEC voted to propose new rules under the Investment Advisers Act of 1940. If the new rules are adopted, they would represent the most significant changes to the regulation of private funds and their advisers since the Dodd-Frank Act. Among other things, Yuliya Oryol and our guest speaker, Neal Prunier from Institutional Limited Partners Association (ILPA), discussed prohibited activities, private fund audit requirements, preferential treatment, adviser-led secondaries, quarterly statement requirements, written annual compliance reports and rules that could have implications for co-investments, side letters, clawbacks, fees charged outside of management fees and fiduciary duties.
11:30 a.m. – 1:00 p.m. | Lunch
1:00 – 2:15 p.m. | Fund of One vs. Commingled Funds & Tax Developments
Yuliya Oryol, Courtney Krause and Doug Schwartz examined the main differences between a fund of one and a commingled fund. They discussed how to structure a fund of one, tax considerations and material terms in a fund of one, as compared to a commingled fund. The speakers also addressed the economic and administrative advantages and disadvantages for public pension plan investors of the various structures.
2:15 – 2:45 p.m. | Break
2:45 – 4:00 p.m. | Global & National Perspectives on Real Estate Developments & Investment Opportunities for Public Pension Funds
Courtney Krause, Karla MacCary and Victor Marquez analyzed trends in the real estate industry, with a focus on how current conditions may impact the real estate investment market. During the discussion, they looked at the state of various real estate asset classes, market trends and how investors have been accessing such investments.
5:00 – 7:30 p.m. | Reception & Dinner
October 18, 2022
8:30 – 9:00 a.m. | Breakfast
9:00 – 9:50 a.m. | Litigation Against Public Retirement Systems: What Are The Trends & How Do Fiduciaries Prepare?
Ashley Dunning, Peter Mixon, Alex Westerfield and Aalia Taufiq discussed trends in litigation against pending public retirement systems on topics ranging from benefit determinations, to actuarial funding, to system governance. They also explored ways for fiduciaries to address such claims in a manner that best protects the successful administration of the retirement system.
10:00 – 10:50 a.m. | Fiduciary Governance: Mitigating Organizational, Operational and Investment Risk
Ashley Dunning, Peter Mixon and Yuliya Oryol discussed proactive ways public retirement system may mitigate organizational, operational and investment risk through their policy development and implementation. They also provided cautionary notes with respect to certain policy terms and governance approaches that may, potentially, increase risk in these areas.
11:00 – 11:50 a.m. | Tales from the Trenches: Insights on Best Practices for Supervisors from Seasoned Employment Counsel
Allison Callaghan and John Kennedy discussed difficult management scenarios faced by employers, including leaves of absence, reasonable accommodation requests, complaints and investigations and disciplinary matters and provided practical guidance and best practices for handling such issues and avoiding potential liability and litigation.
11:50 a.m. – 12:00 p.m. | Closing Remarks