February 15, 2023 10:00 a.m.


This meeting will be in-person only, due to technical difficulties with our streaming service.  We apologize for this inconvenience.


Open Session

Item 1 – Call to Order/Roll Call - No Materials

Item 2 - Public Comment – No Materials

Consent Matters

Item 3 – Minutes of the January 18, 2023 Regular Meeting

Item 4 – Ratification of Service Retirement Applications - January 2023

Item 5 – State Association of County Retirement Systems Legislative Update - February 2023

Item 6 – Cost-of-Living Adjustment (COLA) effective April 1, 2023

Item 7 – Strategic Management Plan Annual Report

Item 8 – Portfolio Allocation and Rebalancing Report - Fourth Quarter 2022

Item 9 – Proxy Voting Activity Report – Fourth Quarter 2022

Item 10 -Trading Cost Analysis Reports – Fourth Quarter 2022

Item 11 – Monthly Report of Investment Activity – January 2023

Executive Reports

Item 12 - Chief Executive Officer’s Report – No Materials

Item 13 - Chief Investment Officer’s Report – No Materials

Benefits Matters

Item 14Alameda Corrections
Recommendation to amend the September 16, 2020, Alameda Board Order and direct staff to refrain from recouping overpaid benefit amounts that occurred on or after the August 31, 2020, payroll.

Administrative Matters

Item 15Chief Technology Officer
Recommendation to add 1.0 FTE Assistant Retirement Administrator-Enterprise Solutions Management position (working title Chief Technology Officer), utilizing Range A or Range B of the County salary schedule at the discretion of the Chief Executive Officer.

Item 16 - Actuarial Funding Risk Assessment Report
Recommendation to receive and file presentation on risk assessment to review historical factors that have caused changes in SCERS’ funded status and contribution rates, and to identify risks that may affect the plan’s future financial condition.

Investment Matters

Item 17 - Review of 2023 Capital Market Assumptions
Recommendation to receive and file the report from general investment consultant, Verus Advisory, reviewing their 2023 capital market assumptions (CMAs).

Item 18 - Total Fund Investment Performance Report – Fourth Quarter 2022
Recommendation to receive and file the SCERS Total Investment Performance Review report, prepared by Verus, for the quarter ending December 31, 2022.

Closed Session

Item 19 – Conference with Legal Counsel – Anticipated Litigation (confidential)
Pursuant to Government Code Section 54956.9(d)(2), this session shall be closed for the Board to discuss significant exposure to litigation to which SCERS may be a party in one (1) case.

Item 20 – Conference with Legal Counsel – Initiate Litigation (confidential)
Pursuant to Government Code Section 54956.9(d)(4), this session shall be closed for the Board to discuss a decision whether to initiate litigation in one (1) case.