December 7, 2022 10:00 a.m.
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Board Trustee M. Tepa Banda
Item 1 – Call to Order/Roll Call - No Materials
Item 2 - Public Comment – No Materials
Item 3A – Essary, Jasin; Staff Recommendation dated December 7, 2022 (confidential)
Item 3B - Reference: General Law and Authorized Board Actions on Disability Retirement Proposed Decisions
Item 4 - Minutes of the October 19, 2022 Regular Meeting
Item 5 – Minutes of the November 15, 2022 Audit Committee Meeting
Item 6 - Minutes of the November 16, 2022 Special Meeting
Item 7 - Ratification of Service Retirement Application Approvals – October 2022
Item 8 – 2023 Board Meeting Calendar
Item 9 - Investment Manager Changes – September 2022 Board Action in Closed Session
Item 10 - Proxy Voting Activity Report - Third Quarter 2022
Item 11 - Portfolio Allocation and Rebalancing Report - Third Quarter 2022
Item 12 -Trading Cost Analysis Reports – Third Quarter 2022
Item 13 - Monthly Report of Investment Activity - October and November 2022
Item 14 - Chief Executive Officer’s Report – No Materials
Item 15 - Chief Investment Officer’s Report – No Materials
Item 16 - Chief Benefit Officer’s Report – No Materials
Item 17 - Actuarial Valuation and Review
and GASB 67 Report as of June 30, 2022
Staff to recommend the Board adopt the 2023-24 fiscal year employer and member contribution rates recommended by Segal; receive and file the Actuarial Valuation and Review as of June 30, 2022; and receive and file the Governmental Accounting Standards Board Statement 67 Actuarial Valuation as of June 30, 2022. Deliberation and action.
Item 18 - Annual Independent Financial Statement
Staff to recommend the Board receive and file the SCERS audited financial statements and auditor reports as of and for the fiscal year ended June 30, 2022, issued by SCERS’ independent auditor, Brown Armstrong Accountancy Corporation (Brown Armstrong). Receive and file.
Item 19 - Education: Open Meetings
Staff to provide educational presentation on AB 2449 regarding changes to Open Meetings Law and remote participation. Receive and file.
Item 20 - International Equity: Emerging
Markets Equity Manager Recommendations
Staff to recommend Board invest approximately $192 million with ARGA Investment Management (Value – Emerging Markets Equity Strategy) and $192 million with Oaktree (Core – Emerging Markets Equity Strategy) and authorize the Chief Executive Officer to execute necessary documents and agreements for each mandate; and authorize Staff to determine the most effective method for transitioning assets and execute any necessary documents or agreements to effectuate the transition of assets. Deliberation and action.
Item 21 - Total Fund Investment Performance
Report – Third Quarter 2022
Verus Advisory, Inc. to present the performance report for the quarter ended September 2022. Receive and file.
Item 22 - Quarterly Investment Performance
Report – Alternative Assets
Cliffwater, LLC to present the performance report for the Absolute Return asset class for the periods ending September 30, 2022, and for the Private Equity, Private Credit Assets, and Opportunities asset classes for the periods ended June 30, 2022. Receive and file.
Item 23 - Quarterly Investment Performance
Report – Real Estate
Townsend Group to present the performance report on real estate investments for the quarter ended September 30, 2022. Receive and file.