Board Meeting March 20, 2024
Wednesday, March 20, 2024
10:00 am – 10:00 am
980 9th Street
Sacramento, 95814
SCERS Board Room
980 9th Street
Sacramento, 95814
Open Session
Item 1 – Call to Order/Roll Call – No Materials
Item 2 – Public Comment – No Materials
Consent Matters
Item 3 – Minutes 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 5 – Ratification of Service Retirement Application Approvals—February 2024
Ratify the service retirement applications that were finalized in February 2024.
Item 6 – State 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 7A – Alternative Asset Investment Standard of Care Policy
Item 7B – Board and Staff Trading Policy
Item 7C – Electronic Signatures Policy
Item 8 – Monthly 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 12 – CEO Delegated Authority Policy for Expenses
Approve amendments to CEO Delegated Authority Policy for Expenses regarding travel reimbursement and other clarifications.
Item 13 – 2024-25 Budget Preview
Receive and file presentation regarding anticipated changes in SCERS’ 2024-25 annual budget.
Investment Matters
Item 14 – Global 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 15 – Proxy Voting Policy
Approve amendments to Proxy Voting Policy to permit investment managers to vote proxies on SCERS’ behalf in certain circumstances.
Item 16 – Annual Investment Operations Report
Receive and file Annual Investment Operations Report for 2023.
Item 17 – Quarterly 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 18 – Quarterly 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 19 – Education: 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.