January 6th, 2011 DeKalb County Pension Board Meeting

Approved the Minutes of the November 4th, 2010 Pension Board Meeting.

Approved payment of invoices for Money Managers, Legal, and Professional Services.
All payments were normal expenditures.
Reviewed the December, 2010 investment committee meeting. Approved Callan
conducting a Mega Large Cap Value Manager search to meet the rebalancing needs of
the fund. Approved terminating Fixed Income Manager Mesirow, due to poor
performance and to transfer the funds to Fixed Income Manager JP Morgan.

Reviewed Callan Associates’ report on all of the pension investments. Through

December 30th, 2010 the pension had returns of 14.66%.

The Board heard presentations from Castleoak Securities and Knight Capital Group on
transition management and commission recapture. The board approved using State Street,
Castleoak and Knight Capital for all transitions and commission recapture. When needed,
each firm will bid on the transition and provide pre and post transition reports.

The Board discussed and reviewed all manager fees.

The Board heard an update from the board of elections in reference to the postponed
employee representative elections. The election was postponed due to the severe weather.
The new date was set for February 1, 2011. The Board approved the closing date for the
paper ballot amendment changes to the Pension Code.

The Board approved that the Pension Fund administrators will develop and operate a
Pension Board website separate from DeKalb County. This site is to be operational
within 90 days based on the motion that was made and approved. The intent of the Board
is to provide better communication and information to all employees and retirees.

The Board terminated one Securities Litigation Law firm for lack of communication.
The Board heard a presentation from the Segal Company in reference to benefit options
for future hires. The Board tabled this discussion until the next meeting. The Board is
also working on trying to figure out a cost of living raise for the retirees.
The Board approved normal requests from rehired employees to repay contributions
withdrawn from the pension plan from prior employment and military service. These
were all normal request that were received in the proper time line.
The Board approved a special called Pension Board meeting for February 10th, 2011.

Meeting Adjourned

Thank you for your support,

Robert “Robbie” Robertson

Retiree Representative

DeKalb County Pension Board