TEXPERS PO Vol 2 2017 1

Partisan Politics Could Be Fund Steps in During
Poison to Elected Officials Family's Tragic Loss

NEWVOICES
As baby-boomer trustees retire
from system boards, millennials
need to step up. Learn how to
recruit the- op-fgtpe.gn8. 8fickle bunch.

Shipshape: Piloting a Seaworthy Fund

Registration open for the
2017 Summer Educational Forum!

August 13 - August 15

Grand Hyatt, San Antonio, Texas

Basic & Advanced Trustee Training, Sunday, August 13

Summer Forum Keynote Address
Lessons Learned in the Field:
10 Leadership Principles for Success

General James Conway
US Marine Corps (RET.)

Four Star General & 34th Commandant,
US Marine Corps

Sessions on cybersecurity, board relationships, managing
the cost of DROPs, addressing healthcare costs, the
gender gap in retirement, and more

‘

Returning: the popular Round Table Discussions, where
you can share ideas and best practices with your peers.

INDEX 3

CONTENTS

» p.8 » p.5 up-fRONT
» p.4
Column: When politicans refuse to work across aisles, it can come
back to bite them come re-election. pg. 4

Column: The 85th legislative session serves as a reminder that
boards of trustees have to work to properly manage funds. pg. 5

News: When first responders lose their lives, defined benefit
pensions can help surviving families face financial worries. pg. 6

Advice: Want to run a well-oiled pension system? There is training
for that - state-mandated training. pg. 7

spotlight

The Service Generation: They may have struggled to find a job, but
millennials are now in the workforce and they want their voices
heard. pg. 8

Best practices

Cybersecurity: News of hackers breaching security systems has
become a regular headline. Pension systems could be their next
target. pg. 10

» p.10

www.texpers.org | TEXPERS Pension Observer

4 UP-FRONT

BOARD OF DIRECTORS PARTISAN POLITICS
DON’T APPLY
President
by Paul R. Brown
Paul R. Brown
Big Spring Firemen’s Relief & Retirement Fund President, TEXPERS

First Vice President

Sherry Mose
Houston Municipal Employees Pension System

Second Vice President COLUMN

Tyler Grossman TEXPERS is bipartisan. We work Local
El Paso Firemen & Policemen’s Pension Fund with anyone, regardless of political party, leaders
to get things done. It is necessary to work need to
Secretary both sides of the aisle to secure retire- put aside
ments. The result should be that our sup- their differences and
John D. Jenkins porters voted correctly in our defense. work out deals that
Dallas Employees’ Retirement Fund When elected officials don’t vote in are the best for the
support of TEXPERS’ member systems, community as
Treasurer does that mean there is a deterioration a whole.
of the legislative process?
Eyna Canales-Zarate retirement systems.
City of Austin Employees’ Retirement System Currently, we are now facing another McGee says he just wants to facili-
round of attacks on our members and
BOARD MEMBERS their pension security. We are working tate a conversation on fixing the issue.
toward establishing relationships with Policy papers funded by the foundation
• Jose Cavazos members of the state legislature who tend to focus on changes to pension
Dallas Area Rapid Transit Retirement Plan and Trust make decisions about critical issues that systems that shift risk away from the
affect our members. government and taxpayers, and toward
• Mike Curran public workers.
MTA of Harris County Retirement Plan We have worked during the interim
and through the election cycles to main- A report written by McGee in 2012
• Larry A. Reed tain our relationships in both the Texas lays out principals for creating a new
San Antonio Fire & Police Pension Fund House and Senate, with friends on both pension plan. The publication outlines
sides of the aisle, which will help us garner what’s wrong with the current system,
• Billy Samuel support for our priority issues and to lay a insufficient government contributions,
Fort Worth Employees’ Retirement Fund marker on legislation we oppose. At the lower than expected investment returns
local level, there is a much greater need and unpredictable retiree costs. He then
• Jim Smith for cooperation. Instead of an emphasis offers five potential solutions, none of
San Antonio Fire & Police Pension Fund on realistic results, local leaders are now which propose keeping the traditional
primarily motivated by hot-button issues. pension structure. Four of his answers
• David Stacy This unpragmatic approach impacts local would partially or wholly incorporate a
Midland Firemen’s Relief and Retirement Fund politics as voters begin to put a premium 401(k)-style, or deferred contribution,
on cooperation. plan. And, many of the pension bills filed
ADMINISTRATION this session have a DC component.
Local leaders need to put aside their
• Max Patterson differences and work out deals that are The recent legislative session served
Executive Director the best for the community as a whole. as a deciding factor on how we move
An inability to do so is leading voters to forward. Did TEXPERS’ legislative sup-
CONTACT INFORMATION grow frustrated and apathetic. With pol- porters have our backs, or will we decide
itics more partisan, people in the center to take another road? One thing is clear,
The TEXPERS Pension Observer feel they have no place to go. however. A new election cycle is coming,
c/o Texas Association of Public and fundraising will be a priority for those
Employee Retirement Systems Looking at this recent legislative
session in Texas, many pension bills See BIPARTISAN, pg. 5
13111 Northwest Freeway, Suite 100 had the fingerprints of John Arnold of the
Houston, Texas 77040 Laura and John Arnold Foundation. We
even saw the input from Josh McGee,
Telephone (713) 622-8018 the foundation’s vice president of public
E-Mail: [email protected] accountability. He also serves as chair-
man of the state’s Pension Review
TEXPERS Pension Observer is the official publication Board, which provides oversight of public
of Texas Association of Public Employee Retirement
Systems, published quarterly for TEXPERS members.
Contributions to TEXPERS Pension Observer are wel-
come, but the right is reserved to select material to be
edited and published. Publication of any article is not
to be deemed an endorsement of the views expressed
therein, nor shall publication of any advertisement be
considered an endorsement of the product or service
involved.

TEXPERS Pension Observer | www.texpers.org

UP-FRONT 5

BOARDS OF TRUSTEES MUST
PROPERLY MANAGE FUNDS

by Max Pa‚erson

Execu ve Director, TEXPERS

COLUMN

The 85th legislative session adjourned If we can get all of our local officials
May 28. This session addressed major to understand the pension funds in their
issues effecting four of the largest local districts, it will go a long way in fighting
pension funds in Texas. The attention given back erroneous information that is put out.
to these systems is primarily a result of
inadequate funding. The causes vary, but a review of those results. This battle will continue into the next
the effects are the same. As of this writing, it appears that session, and it is imperative that system
leaders understand this.
Long established defined benefit two bills HB 2434 by Rep. Dan Flynn,
systems are threatened. We cannot allow R-Canton, and SB 509 by Sen. Joan The best way to counter this attack
this to happen. It is the responsibility of Huffman, R-Houston, will not make it into is to run your system in such a manner
each fund’s board of trustees to insure that law. Should these bills not become leg- that there is no question that trustees are
their systems are managed properly, and islation, it is important to understand the trained, that asset allocations are used
funding is adequate to pay for benefits. intent behind the bills and to insure that as and followed, returns are matched up with
systems are managed that they are achiev- appropriate benchmarks, and that there is
In some cases, boards may have to ing those objectives. full transparency in the management of the
become more aggressive to insure that fund as set out by law.
cities (employers) are contributing what is For the past several sessions there
legally required. Fund trustees also have has been a growing effort on the part of As I have always stated, we have to
the responsibility to insure they are exercis- several people and organizations trying to educate our local elected officials on how
ing their fiduciary responsibility in regards eliminate defined benefit plans. well our local funds are run and the bene-
to investments and other areas carried out fits they provide to public workers.
by these systems. The elimination efforts have failed so
now they are trying to come in the back If we can get all of our local officials to
There were additional bills filed that door and show with false data that these understand the pension funds in their dis-
would have required pension systems to plans are too costly and too complicated to tricts, it will go a long way in fighting back
pay to compile new studies and reports. be run properly by local boards. erroneous information that is put out.
TEXPERS expressed concern about
requiring funds to write more reports before
giving sufficient time to compile reports
established during the 84th Session and

BIPARTISAN, from pg. 4

elected officials seeking to remain in
office as it will be for those who want
to unseat them.

In the meantime, TEXPERS will
continue to provide extensive train-
ing, service, and resources to our
members.

On a side note, thank you to all
who participated in this year’s annual
conference in Austin. Once again there
was a record turnout.

I look forward to working with all
of you through the end of this politi-
cal season and look forward to seeing
all of you during TEXPERS’ Summer
Forum.

www.texpers.org | TEXPERS Pension Observer

6 UP-FRONT

FIREFIGHTER’S EARNED by Allen Jones
Communica ons Manager, TEXPERS

BENEFITS HELP FAMILY SURVIVE
NEWS

San Antonio firefighter A San Antonio firefighter died Once the 31-year-old was deter-
Scott Deem with his wife May 18 while searching for people mined to do something, he locked
and their children don hol- that may have been trapped on to his goal. He was unwavering.
iday shirts during the last during a nighttime fire at Ingram
Christmas season. Deem Park Mall. His death highlights the Deem found himself in another
died May 18 while helping danger firefighters face and how competition the night of the Ingram
to search for people that some pension systems help the Park Mall fire. He was up against
may have been trapped in families of those who pay the ulti- an old rival he fought many times
a burning shopping mall. mate price on the job. and always won – fire. This time,
however, Deem didn’t win.
SUBMITTED PHOTO According to a statement
released by the fire department, The average fire burns at
Deem was a “family man, an a temperature of about 1,100
excellent firefighter, a firehouse degrees Fahrenheit – hot enough
prankster, and a fierce competi- to destroy most metals. The strip
tor in sports and fitness.” He was mall fire grew so intense that the
passionate about football, cross fit fire department’s chief ordered
competitions, paddleball, basket- Deem and others on a rescue
ball, and bowling, according to an crew to retreat from the building.
obituary published in San Antonio Parts of the building collapsed.
Express-News. His competitive- Later, after extinguishing the fire,
ness is one of the reasons his crew members discovered his
crew referred to him as Bulldog.
See NEWS, pg. 7

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TEXPERS Pension Observer | www.texpers.org

UP-FRONT 7

TRAINING CRUCIAL FOR FUND
TRUSTEES AND ADMINISTRATORS

by Barbara Zlatnik
Associate Director, Training and Programs, TEXPERS

ADVICE

The state Pension Review Board has TEXPERS offerings (content areas covered Advanced Trustee training will cover:
developed training requirements for trust- will vary): 1) Advanced trustee training Advanced Alternatives Investing, Open
ees and administrators as mandated by usually offered concurrently with BTT (four Meetings Act and Open Records Act.
the Texas Legislature. These rules require hours of training), 2) Occasional pre-confer- Students may register for the classes only
training over content areas (core and non ence Workshops (two to four hours of train- or they may register for the classes along
-core) determined to be crucial for pension ing), and 3) Some sessions at TEXPERS with their Summer Forum registration.
system trustees and administrators to conferences will provide CE.
perform their roles effectively. Basic and Advanced training will also
The next BTT class is set for Sunday, be offered in 2018 ahead of the Annual
Trustees and administrators must Aug. 13, 2017 in San Antonio in conjunc- Conference and Summer Educational
obtain seven hours of training across the tion with TEXPERS’ Summer Educational Forum.
seven core content areas in their first year Forum. Advanced Trustee Training will be
of service. Then, they must obtain four offered on Sunday as well. Visit www.texpers.org for the dates of
hours of continuing education (CE) in core all future conferences.
or non-core content areas every two years
after the first year of service.

Once the initial Minimum Education
and Training (MET) requirement of seven
hours of training over the seven core
content areas has been met, this require-
ment has been fullfilled.

TEXPERS offers Basic Trustee
Training (BTT) targeted at new trustees. It
provides seven hours of training over the
required seven content areas all in one day.
Subject matter experts and experienced
presenters provide a unique and interac-
tive educational experience.

Trustees and staff can meet the
CE requirement with several upcoming

NEWS, from pg. 6

body among the building’s debris. event of their death.
“It was a very rough decision to leave a firefighter behind,” The San Antonio Fire and Police Pension Fund allows benefits

Fire Chief Charles Hood said. “That is not what we do, but we of those who die while on duty to be provided as monthly annui-
had the risk of losing probably an additional 15 to 20 firefighters ties for surviving spouses and dependent children. The pension
if we did not go defensive on this fire.” annuity is equal to 100 percent of a member’s total salary not
including overtime, said Warren Schott, the fund’s executive direc-
Hood said firefighters fought desperately to try and save their tor. Thanks to his pension, Deem’s untimely death does not have
friend’s life. Deem’s death is an example of the risks firefight- to result in further stress to his family from financial worry. Pension
ers take to save lives and property. Many firefighters take the benefits Deem earned will go to his wife and children.
job because they want to make a difference in the world despite
often low wages. The families of first responders who die in service to their
communities should not have to then face life-changing financial
They know that what they earn now will continue through hardships without a pension annuity to help.
defined benefit pension annuities, even to their spouse in the

Is your pension celebrating a milestone? Have members elected new board trustees? Do you have an member that you think would make for an
interesting profile? Send story ideas to TEXPERS Communications Manager Allen Jones at [email protected] or call 713-622-8010, ext. 114.

www.texpers.org | TEXPERS Pension Observer

8 SPOTLIGHT

THE SERVICE GENERATION by Allen Jones
Communica ons Manager, TEXPERS

MILLENNIALS ARE MORE
HELPFUL THAN YOU THINK
RECRUITMENT

As baby boomers begin to retire, pension PHOTO BY LUIS CARABALLO JR.
systems need to fill their boards with a new Sean Shelton, 29, is among the youngest members of the El Paso Fire and Police
generation of public workers whose attitudes Pension Fund’s board of trustees. A police officer, Shelton represents the interests of
and preferences are reshaping their work- his pension fund’s generational cohorts.
places and society.
millennials to volunteer with nonprofits such out to Shelton about an opening on the El
They are the millennials, the demo- as pension fund boards must help them see Paso fund’s board of trustees. Shelton, who
graphic cohort following Generation X, and the value of the experience they will gain. is a police officer, was 28 years old when he
in the United States, there are roughly 75.4 Funds seeking to recruit younger voices joined the board.
million of them. Born between the early 1980s should develop roles and programs that
and late-1990s, millennials grew up in an age appeal to a millennial’s connectivity and diver- Grossman says it was important to
of global connectivity. The internet, Wi-Fi, sification as well as make sure mentors are provide Shelton with plenty of mentors who
laptops, and smartphones enabled millen- available to provide encouragement. could educate him on the history of the fund
nials to gain a unique perspective that has and inform him about the political environ-
transformed the way they interact, consume Sometimes, Gammenthaler says, all it ment surrounding public employee pensions.
content, browse, buy, work and volunteer. takes is a personal invitation to get involved.
“Pensions are a difficult subject so it is
After having a bit of a rocky start to gaining “They are often hesitant to get involved important to learn and have people around
steady employment, the millennial genera- on their own,” he says. “Maybe they do not who can teach,” Grossman says. “Sooner
tion is settling into the workforce, including feel equipped to get involved when they may or later the ‘young’ trustee will be the ‘old’
public sector jobs. They are the fresh faces on be.” trustee and will teach as well.”
police forces, in fire departments and within
municipal workplaces and they are among An invitation is all it took to get Sean Now 29, Shelton said he is glad he
the youngest of a public employee pension Shelton on to the board of the El Paso Fire became a trustee. He gained an insight into
fund’s beneficiaries. and Police Pension Fund. The pension’s retirement benefits and how the pension
executive director, Tyler Grossman, reached system operates. He says Grossman has
A vast and diverse group, studies and
surveys by Gallup indicate millennials don’t
just want good jobs. They want to connect
emotionally to their careers. Many are unat-
tached, technologically connected, uncon-
strained and idealistic. They want purposeful
lives within active communities and to estab-
lish social ties. And they want to volunteer.

Millennials find volunteering vital, accord-
ing to a 2011 study that looked into volun-
teerism among millennials published by
Kennesaw State University. Because of
that, millennials can provide needed long-
term support for a pension fund’s operations,
if the fund knows how to engage them.

“At their core, they want to make a dif-
ference,” says Kyle Gammenthaler, a Texas
A&M University Mays Business School lec-
turer who instructs a course on nonprofits.
“Millennials desire to do something more, but
they don’t know what that looks like.”

He says those looking to recruit

TEXPERS Pension Observer | www.texpers.org

SPOTLIGHT 9

Pensions are a difficult subject
so it is important to learn and
have people around who can teach.
Sooner or later the ‘young’ trustee
will be the ‘old’ trustee and will teach as well.

- Tyler Grossman

been an “outstanding” mentor to him. needed a little further clarification on matters from them.”
“The other board members also have since his career is so different. He is helping to make changes on behalf

an overwhelming amount of experience in “When I originally joined, I did not take of beneficiaries in his retirement bracket. The
the financial field and have always assisted into consideration this would be a wonder- fund has begun the process of establishing
me when I do not understand something or ful learning experience for myself,” he says. a benefit originally not afforded to his tier
need further explanation about a matter,” “Now that I am on the board, it is pretty group.
Shelton says. amazing to get to meet and learn from some
of the best money managers in the world. I Millennials like Shelton are eager to get
Not having investment knowledge do now see the benefit of being able to sur- involved with their pension systems if they
makes many young beneficiaries feel they round yourself with these people and learn have the right motivation, a support system
are unqualified to participate on a fund’s and feel that their voices are heard.
board, Grossman says. Although helpful to
have, different expertise is needed other than Want to make your board more a rac ve to millennials? Follow this advice:
those obtained from the financial industry.
• Educate millennials on the mission and objec ves of their fund
To attract millennials, the El Paso Fund
made some changes in how it operates. In • Show how the fund’s causes will have impact on beneficiaries, their fami-
the past, no new trustee filled any impor- lies and the community
tant roles on the El Paso fund’s board until
the member had spent at least two years • Use the internet, social networking, email and other media outlets to
on the board. allow millennials to obtain informa on about pensions and opportuni es
to join the fund’s board
The board allowed Shelton to get
involved sooner in becoming better prepared • Encourage older pension beneficiaries to share informa on about the
for leadership within the fund. Shelton was fund and volunteer board opportuni es with their younger coworkers
chairman of the fund’s Benefits Committee.
He participated in an investment due dil- • Provide mentorship opportuni es to offer encouragement and training
igence trip, and he attends educational
conferences. • Make an effort to personally invite millennials to join the organiza on

The fund is also adopting the use of • Update websites and create social media channels that allow millennials
social media; a communication tool mil- to use the resources in their role as a board member
lennials are accustomed to using. Before
Shelton joined, the board had little involve-
ment in social media or any online access
for the fund’s members.

Recently, the fund upgraded its website
and began to post to the fund’s Facebook
page regularly. Shelton says it is a step in
the right direction in reaching his genera-
tional cohorts.

For Shelton, joining has become a learn-
ing experience far more beneficial to him than
he realized. The first few board meetings he
attended as a trustee were rough because
he didn’t understand some of the discussion.
He was initially apprehensive about asking
questions, but once he got to know his fellow
board members, he discovered that no one
had any issues with assisting him. Even the
fund’s money managers understood that he

www.texpers.org | TEXPERS Pension Observer

10 B E S T P R A C T I C E S

HACK ATTACK by Allen Jones
Communica ons Manager, TEXPERS

IS YOUR SYSTEM SAFE?
CYBERSECURITY

In addition to securing retirement for photos – were made public after computer activity. Outsourcing provided us the tools
their beneficiaries, pension plan adminis- systems of plastic surgery clinics were we need to make us feel more secure.”
trators and trustees must protect the sen- hacked.
sitive data they collect. The task isn’t easy Small retirement systems may not be
in today’s ever evolving cyber-connected Third-party administrators for alterna- able to afford to hire an IT firm. The best
world, but there are steps pension systems tive fund managers also recently had their thing plan administrators and system trust-
should take to keep their data secure. cyber defenses tested by hackers. The ees can do, Nash says, is make sure plan
firms are said to have stopped the attacks consultants and other vendors hired are
The names, addresses, phone before information was obtained, however. taking steps to secure the information they
numbers, and Social Security numbers of The firms were subject to email phishing, maintain on behalf of the pension systems.
beneficiaries are only a portion of the infor- the use of fraudulent email messages that
mation pension systems possess. That is appear to come from legitimate sources Conklin, the cybersecurity expert, says
valuable information to computer hackers, such as a bank or internet service provider. regulating user behavior is the first line of
people who use computer code to break The messages typically direct the recipi- defense. Anyone who has direct or indi-
into computer systems or networks. Some ents to a spoofed website in an attempt rect access to a retirement system’s ben-
hackers are making a pretty penny off the to get them to disclose private informa- efits data should be trained how to avoid
information they steal. tion such as passcodes and credit card common mistakes that open institutions up
numbers. to hackers.
Computer hacking is no different than
robbery, said Arthur Conklin, an associ- Russell Nash, the chief operations Computer users shouldn’t trust every
ate professor at the Center for Information officer of the City of Austin Employees’ link or attachment they receive in emails,
Security Research and Education at The Retirement System, is in the middle of for example. Clicking on links in emails
University of Houston. Recently, there overhauling his fund’s cybersecurity. may take the user to a website that infects
have been plenty of examples of the COAERS began taking steps to secure its the user’s computer with malware that
threats these data robbers pose. sensitive data in 2014. The system uses a captures everything the user types into a
technology consulting firm to identify what computer such as passwords and credit
In mid-May, computer hackers com- type of data the fund keeps, where it is card numbers. Conklin also recommends
mitted the biggest cyber-attack to date. kept and who has access to it. Figuring keeping computer systems and networks
Hackers used software to block access that out allowed COAERS to determine updated with antivirus protection software.
to electronic data belonging to a large where and what kind of security systems The software helps detect known cyberse-
number of institutions in at least a dozen needed to be in place. curity threats and block them from spread-
nations. The hackers behind the attack ing to a computer.
then demanded money to release control Hiring a cybersecurity firm to assist
of the data. Hospitals often are similarly with securing COAERS’ data was impor- Another tip, backup sensitive informa-
targeted by cyber-attackers who utilize tant since the fund doesn’t employ a dedi- tion in a separate location. Conklin said if a
ransomware, malicious software used to cated information technology staff member. hacker uses ransomware to freeze access
access data and freeze access to it. to data, pension systems won’t become a
“It is hard for pension plans to retain IT victim since backup data remain secure.
Conklin said the attack is similar to people,” Nash says. “They get bored easily He recommends using protected cloud
kidnapping children and returning them and often move to better jobs with more storage service providers or purchasing
in exchange for a large sum of money. In data storage devices that operate sepa-
the case of ransomware hacks, requested rately from a retirement plan’s computer
payments are often small making it more network.
likely that an institution will pay the ransom.
The more institutions hit, the more money And, there is insurance. Pension
made. systems may buy insurance that covers the
consequences of a cyber breach. Conklin
Sometimes cyber-attacks aren’t even says cyber insurance is growing in pop-
committed for monetary gain. Attacks ularity due to the damage data breaches
can be carried out as a demonstration of can create.
how vulnerable computer systems can
be. Recently, more than 25,000 private With a little planning, public pension
photos and personal data – including nude systems large and small can act to keep
their member information safe.

TEXPERS Pension Observer | www.texpers.org

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