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Agenda
Minutes

Open Session

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

Item 2 - Election of Board Officers - No Materials

Item 3 – Public Comment – No Materials

Consent Matters

Item 4 - Minutes of the June 21, 2023 Regular Meeting
Recommendation to approve the minutes of the June 21, 2023 Regular Meeting.

Item 5 - Minutes of the June 15, 2023 Audit Committee Meeting
Recommendation to approve the minutes of the June 15, 2023 Audit Committee Meeting.

Item 6 - Disability Retirement Applications
Recommendation to adopt Staff’s recommendations for the following Disability Retirement Applications:

Item 6A – Erhart, Andrew (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement (confidential).

Item 6B - Miller, Allen (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement (confidential).

Item 6C - Newman, Jess (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement (confidential).

Item 6D - Pahl, Hunter (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement (confidential).

Item 6E - Rochester, Catherine (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement (confidential).

Item 6F - Romero, Annette (Printing Service Operator, Department of General Services): Grant a non-service-connected disability retirement (confidential).

Item 6G - Rueb, Aaron (Water Systems Operator, Department of Water Resources): Grant a service-connected disability retirement (confidential)

Item 7 – Ratification of Service Retirement Application Approvals – June and July 2023
Recommendation to ratify the Service Retirement Application Approvals for June and July 2023.

Item 8 – State Association of County Retirement Systems Legislative Update – August 2023
Recommendation to receive and file the State Association of County Retirement Systems (SACRS) Legislative Update for August 2023.

Item 9 – CEO Delegated Authority Expense Quarterly Report – Second Quarter 2023
Recommendation to receive and file the CEO Delegated Authority Expense Report for the quarter ended June 2023.

Item 10 - Sacramento County 2023-24 Contribution Prepayment
Recommendation to receive and file report confirming County contribution prepayment for fiscal year 2023-24.

Item 11 - Portfolio Allocation and Rebalancing Report – Second Quarter 2023
Recommendation to receive and file the Portfolio Allocation and Rebalancing Report for Second Quarter 2023.

Item 12 - Quarterly Investment Manager Compliance and Watch List Report - Second Quarter 2023
Recommendation to receive and file the Quarterly Investment Manager Compliance and Watch List Report – Second Quarter 2023.

Item 13 - 2022 Alternative Asset Fee and Expense Report
Recommendation to receive and file the 2022 Alternative Asset Fee and Expense Report

Item 14 - Monthly Report of Investment Activity – June and July 2023
Recommendation to receive and file the Monthly Report of Investment Activity – June and July 2023

Executive Reports

Item 15 - Chief Executive Officer’s Report – No Materials

Item 16 - Chief Investment Officer’s Report – No Materials

Item 17 - Chief Benefits Officer’s Report – No Materials

Administrative Matters

Item 18 – Actuarial Experience Study
Recommendation to approve the assumptions recommended in the Actuarial Experience Study to be used in the actuarial valuation as of June 30, 2023, including a reduction in the investment return to 6.50%, and approve a phase-in of the unfunded liability contribution-rate increase; or, approve the alternative assumptions recommended in the Actuarial Experience Study to be used in the actuarial valuation as of June 30, 2023, maintaining the 6.75% investment return assumption.

Item 19 - Strategic Management Plan Quarterly Performance Report
Recommendation to receive and file an update on activities and progress related to the 2023 Strategic Management Plan.

Item 20 – Proposed Special Meeting Agenda Review
Recommendation to review proposed draft agenda for September 18, 2023, Special Meeting and provide direction to Staff.

Item 21 – Records Retention Policy
Recommendation to approve minor amendments to Records Retention Policy.

Item 22 - Staff Background Check Policy
Recommendation to approve minor amendments to the Staff Background Check Policy.

Investment Matters

Item 23 – Global Equity Manager Recommendation
Recommendation to approve an investment of approximately $75 million with Allspring Global Investments (Global Closed End Fund Equity Strategy) and authorize the Chief Executive Officer to execute necessary documents and 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 24 - Total Fund Investment Performance Report – Second Quarter 2023
Recommendation to receive and file Total Fund Investment Performance Report for the second quarter ended June 30, 2023, as presented by Verus Advisory.

Other Matters

Item 25 - Comments from Board Members of the Board of Retirement – No Materials

Closed Session

Item 26 - 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 27 - Conference with Legal Counsel – Initiate Litigation (confidential)
Pursuant to Government Code section 54956.9(d)(4), this session shall be closed for the Board to discuss a decision whether to initiate litigation 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 6, above. This item will be withdrawn in whole or in part if approved on Consent as recommended by staff.