March 20, 2024 – 10:00 a.m.

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Agenda

Open Session

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

Item 2 – Public Comment – No Materials

Consent Matters

Item 3Minutes of the February 21, 2024 Regular Meeting
Approve the minutes of the February 21, 2024 Regular Meeting.

Item 4 – Disability Retirement Applications
Adopt Staff’s recommendations for the following Disability Retirement Applications:

Item 4A – LEAHY-GRAHAM, Megan (Assistant Deputy Clerk/Recorder, County Clerk/Recorder): Grant a non-service-connected disability retirement. (confidential)

Item 4B – ROBERTSON, Michael (Sheriff Sergeant, Sheriff’s Department): Grant a service-connected disability retirement. (confidential)

Item 5Ratification of Service Retirement Application Approvals—February 2024
Ratify the service retirement applications that were finalized in February 2024.

Item 6State Association of County Retirement Systems Legislative Update—March 2024
Receive and file the State Association of County Retirement Systems (SACRS) Legislative Update for March 2024.

Item 7 - Board Policies
Approve amendments to or re-affirm the following Board Policies.

Item 7AAlternative Asset Investment Standard of Care Policy

Item 7BBoard and Staff Trading Policy

Item 7CElectronic Signatures Policy

Item 8Monthly Report of Investment Activity—March 2024
Receive and file the Monthly Report of Investment Activity—March 2024

Executive Reports

Item 9 - Chief Executive Officer’s Report – No Materials

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

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

Administrative Matters

Item 12CEO Delegated Authority Policy for Expenses
Approve amendments to CEO Delegated Authority Policy for Expenses regarding travel reimbursement and other clarifications.

Item 132024-25 Budget Preview
Receive and file presentation regarding anticipated changes in SCERS’ 2024-25 annual budget.

Investment Matters

Item 14Global Equity: Manager Recommendation
Approve an investment of approximately $130 million with Arrowstreet Capital LP (ACWI Alpha Extension 130/30/20 strategy) and authorize the Chief Executive Officer to execute any necessary documents or agreements; 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.

Item 15Proxy Voting Policy
Approve amendments to Proxy Voting Policy to permit investment managers to vote proxies on SCERS’ behalf in certain circumstances.

Item 16Annual Investment Operations Report
Receive and file Annual Investment Operations Report for 2023.

Item 17Quarterly Investment Performance Report—Alternative Assets
Receive and file the performance report for the periods ended December 31, 2023 for the Absolute Return portfolio, and the periods ended September 30, 2023 for the Private Equity, Private Credit, and Real Assets portfolios, as presented by Cliffwater, LLC.

Item 18Quarterly Investment Performance Report—Real Estate
Receive and file the performance report on real estate investments for the quarter ended December 31, 2023, as presented by Townsend Group.

Item 19Education: Absolute Return Asset Class
Receive and file presentation on Absolute Return asset class.

Other Matters

Item 20 – Comments from Members of the Board of Retirement – No Materials

Closed Session

Item 21 – 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 22 – 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.

Adjournment​