March 18, 2020 10:00 a.m.



Open Session

Item 1 – Call to Order – No Materials

Item 2 – Public Comment – No Materials

Consent Matters

Item 3A – Freitas, Jorge. – Staff recommendation dated March 18, 2020 (confidential)

Item 3B – Green, Jaime. – Staff recommendation dated March 18, 2020 (confidential)

Item 3C – Palomino, Aurelia. – Staff recommendation dated March 18, 2020 (confidential)

Item 3D – Reference: General Law and Authorized Board Actions on Disability Retirement Proposed Decisions

Item 4 – Minutes of the February 19, 2020 Regular Meeti​ng​

Item 5 – Ratification of Service Retirement Application Approvals – February 2020​

Item 6 – State Association of County Retirement Systems Legislative Update​ – March 2020​

Item 7 – Technical Updates to Investment Policy Statements

Item 8 – Monthly Investment Manager Activity, Compliance and Watch List Report – February 2020

Item 9 – Monthly Report of New Investment Activity – February 2020​

Executive Reports

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

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

Administrative Matters

Item 12UC Davis Medical Center Pension Liabilities​
Staff to recommend Board authorize the Chief Executive Officer to execute a funding agreement with UC Davis Medical Center regarding outstanding pension obligations. Deliberation and action.

Item 13CEO Delegated Authority Policy for Expenses​
Staff to recommend Board approve proposed revisions to CEO Delegated Authority Policy for Expenses. Deliberation and action.

Item 14Actuarial Services Contract Extension​
Staff to recommend extending Segal actuarial services contract through December 31, 2023. Deliberation and action.

Benefit Matters

Item 15Post-Retirement Employment Policy​
Staff to recommend Board approve technical and clarifying updates to the Post-Retirement Employment Policy. Deliberation and action.

Investment Matters

Item 16Qu​arterly Investment Performance Report – Alternative Assets
Cliffwater, LLC to present the performance report for the periods ended December 31, 2019 for the Absolute Return portfolio, and the period ended September 30, 2019 for the Private Equity, Private Credit, Real Assets, and Opportunities portfolios. Receive and file.

Item 17Quarterly Investment Performance Report – Real Estate
Townsend Group to present the performance report on real estate investments for the quarter ended December 31, 2019. Receive and file.

Item 18Education: Fiduciary Care and Alternative Assets Investing
Staff and outside counsel to provide educational presentation and discussion of fiduciary duties and considerations when entering into alternative asset investment contracts. Receive and file.