March 17, 2021 10:00 a.m.

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Agenda

Open Session

Item 1 – Call to Order – No Materials

Item 2 – Swearing-In Ceremony – Alternate Safety Trustee

Item 3 - Public Comment – No Materials

Consent Matters

Item 4 - Minutes of the February 17, 2021 Regular Meeting

Item 5A – Hernandez, Victor. Proposed Decision of Administrative Law Judge dated January 19, 2021 (confidential)

Item 5B – Wall, Scott. Staff recommendation dated March 17, 2021 (confidential)

Item 5C -  Watson, James. Staff recommendation dated March 17, 2021 (confidential)

Item 5D - Reference:  General Law and Authorized Board Actions on Disability Retirement Proposed Decisions

Item 6 - Ratification of Service Retirement Application Approvals – February 2021

Item 7 - Report on Resolution of Subrogation Claim

Item 8 - State Association of County Retirement Systems Legislative Update – March 2021

Item 9 - Monthly Investment Manager Activity, Compliance and Watch List Report – February 2021

Item 10 - Monthly Report of New Investment Activity - February 2021

Executive Reports

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

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

Administrative Matters

Item 13 - Actuarial Funding Risk Assessment Report
Segal to present 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.  Receive and file.

Item 14 - Actuarial Funding Policy
Staff and Segal to provide overview of Actuarial Funding Policy, with Staff to recommend the Board affirm the policy. Deliberation and action.

Item 15 - Interest Crediting and Unallocated Earnings Policy
Staff and Segal to provide overview of Interest Crediting and Unallocated Earnings Policy, with Staff to recommend the Board adopt clarifying amendment regarding the current offset to member COLA contributions. Deliberation and action.

Investment Matters

Item 16Enterprise Risk Tolerance Survey
Staff and Verus to provide results of Enterprise Risk Tolerance Survey. Receive and file.

Item 17 - Fiduciary Standard of Care Policy
Staff to recommend Board approve amendments to Fiduciary Standard of Care Policy and conforming changes to Investment Policy Statements. Deliberation and action.

Item 18Quarterly Investment Performance Report – Alternative Assets
Cliffwater, LLC to present the performance report for the periods ended December 31, 2020 for the Absolute Return portfolio, and the period ended September 30, 2020 for the Private Equity, Private Credit, Real Assets, and Opportunities portfolios. Receive and file.

Item 19Quarterly Investment Performance Report – Real Estate
Townsend Group to present the performance report on real estate investments for the quarter ended December 31, 2020. Receive and file.