The Board of Governors met on July 19 to discuss business important to state employees and retirees. Treasurer’s Report SEANC Finance Director Rex Foster reported that SEANC’s finances are doing well with total annual budget receipts at 74 percent and 67 percent disbursements. President’s Report President Sidney M. Sandy congratulated district chairpersons on finishing their annual meetings. Sandy attended 15 annual meetings and encouraged folks to think outside the box and appoint new, younger members as district officers to help train the next generation of SEANC leaders. President Sandy also reminded district chairpersons to inform their incoming counterparts that he would like to swear-in all district chairpersons at the Saturday night banquet at convention on Sept. 7. Executive Director’s Report Executive Director Dana Cope reported positive changes in the Senate version of the State Personnel Act Modernization bill. The Senate substitute bill addresses patronage and due process concerns that SEANC had with the original bill. This version provides more, not less, state protections. SEANC continues to fight Senate Bill 558, a bill requested by State Treasurer Janet Cowell in an attempt to expand her power to invest 35 percent of the retirement system in risky alternative investments such as hedge funds and real estate deals. Senate Bill 558 has been altered from its original form which would have allowed the treasurer to gamble with 40 percent of the retirement system in an $81 billion retirement fund on alternative investments. Cowell is only using 20 percent of the fund for alternative investments currently. Such investments usually come with high fees that cancel out any gains made by them. SEANC’s Ardis Watkins testified before the House Finance Committee telling its members, “We’re rolling the dice literally like it’s Vegas,” 1