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Agenda
Minutes

Open Session

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

Item 2 - Public Comment – No Materials

Consent Matters

Item 3 – Minutes of the May 17, 2023 Regular Meeting
Recommendation to approve the minutes of the May 17, 2023 Regular Meeting.

Item 4 – Disability Retirement Applications
Recommendation to adopt Staff’s recommendations for the following Disability Retirement Applications:

Item 4A – Bellan, Jack (Environmental Specialist, Environmental Management Department): Grant a non-service-connected disability retirement (confidential)

Item 4B – Guibord, Ronald (Senior Highway Maintenance Worker, Sacramento County Airports): Dismiss for non-cooperation in  pursuing the application (confidential)

Item 4C – Ladwig, Alex (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement (confidential)

Item 4D – Robertson, Julie (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement (confidential)

Item 4E – Snyder, Brent (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement (confidential)

Item 4F – Symeonides, Sarah (Human Services Social Worker, Department of Child, Family and Adult Services): Grant a non-service-connected disability retirement (confidential)

Item 4G – Van Assen, John (Deputy Sheriff, Sheriff’s Department): Dismiss for non-cooperation in pursing the application (confidential)

Item 4H – Wilson, Jonathan (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement (confidential)

Item 4I – Gleason, Cayman (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement (confidential)

Item 5 – Ratification of Service Retirement Application Approvals – May 2023
Recommendation to ratify the Service Retirement Application Approvals for May 2023.

Item 6 – State Association of County Retirement Systems Legislative Update – June 2023
Recommendation to receive and file the State Association of County Retirement Systems (SACRS) Legislative Update for June 2023.

Item 7 – Sacramento County 2023-24 Contribution Prepayment
Recommendation to approve Sacramento County’s intent to prepay the employer contribution for the 2023-24 fiscal year.

Item 8 - Monthly Report of Investment Activity - May 2023
Recommendation to receive and file the Monthly Report of Investment Activity––May 2023.

Item 9 – Investment Reports – Updated Timeframes
Recommendation to approve revisions to the Placement Agent Policy, Proxy Voting Policy, and the Transaction Cost Analysis Policy to reflect moving from quarterly to annual reporting timeframes.

Executive Reports

Item 10 - Chief Executive Officer’s Report – No Materials

Item 11 - Chief Investment Officer’s Report – No Materials

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

Administrative Matters

Item 13 – Actuarial Experience Study
Recommendation to receive and file the Actuarial Experience Study during the Period July 1, 2019 through June 30, 2022, and defer approval of new actuarial assumptions until August 16, 2023 Regular Board Meeting.

Investment Matters

Item 14 – Alternative Asset Investment Standard of Care Policy
Recommendation to receive and file report regarding SCERS’ overall record with respect to fiduciary duty of care negotiations, as presented by Foley & Lardner LLP.

Item 15 - Strategic Asset Allocation Adjustment
Recommendation to revise SCERS’ strategic asset allocation by increasing the Cash allocation from 1% to 2% (with a range of 0-3%) and reducing the Liquid Real Return allocation from 2% to 1% (with a range of 0-3%), and approve other implementation actions.

Item 16 – Quarterly Investment Performance Report - Alternative Assets
Recommendation to receive and file the performance report for the periods ended March 31, 2023 for the Absolute Return portfolio, and the periods ended December 31, 2022 for the Private Equity, Private Credit, and Real Assets portfolios, as presented by Cliffwater, LLC.

Item 17 – Quarterly Investment Performance Report - Real Estate
Recommendation to receive and file performance report on real estate investments for quarter ended March 31, 2023, as presented by Townsend Group.

Other Matters

Item 18 – Comments from Board Members of the Board of Retirement

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 - Personnel Matters – Employee Disability Retirement Applications (confidential)
Pursuant to Government Code Section 54957(b), this session shall be closed for the Board to discuss the employment of public employees, specifically, the disability retirement applicants referenced in Item 4, above. This item will be withdrawn in whole or in part if approved on Consent as recommended by staff.