December 18, 2019 10:00 a.m.
Open Session
Item 1 – Call to Order – No Materials
Item 2 – Public Comment – No Materials
Consent Matters
Item 3A – Allen, Akenyah. – Proposed Decision of Administrative Law Judge dated September 26, 2019 (confidential)
Item 3B – Tarnow, Richard. – Staff recommendation dated December 18, 2019 (confidential)
Item 3C – Watson, James. – Staff recommendation dated December 18, 2019 (confidential)
Item 3D– Reference: General Law and Authorized Board Actions on Disability Retirement Proposed Decisions
Item 4 – Minutes
Item 5 – Ratification of Service Retirement Application Approvals – November 2019
Item 6- Monthly Investment Manager Activity, Compliance and Watch List Report – November 2019
Item 7 – Monthly Report of Investment Activity – November 2019
Executive Reports
Item 8 – Chief Executive Officer’s Report (No Materials)
Item 9 – Chief Investment Officer’s Report (No Materials)
Administrative Matters
Item 10 – Chief Executive Officer Goals for SCERS in
2020
Chief Executive Officer to present organization-wide goals
and targets for 2020. Deliberation and action.
Item 11 – Board Meeting Calendar 2020
Staff to recommend the Board approve Board meeting calendar
for 2020. Deliberation and action.
Item 12 – Actuarial Valuation and Review as of June
30, 2019 – Special District Revisions
Staff to recommend the Board adopt updated 2020-21 fiscal
year employer contribution rates for special districts as
recommended by Segal Consulting, and receive and file the revised
Actuarial Valuation and Review as of June 30, 2019.
Item 13 – Amendments to SCERS’ Model Tax
Regulations
Staff to recommend the Board approve updates to SCERS Model
Tax Regulations for approval by Board of Supervisors.
Deliberation and action.
Item 14 – Annual Independent Financial Statement
Audit
Presentation by the SCERS’ Audit Committee of the June 30,
2019 Independent Auditor’s Report on the Comprehensive Annual
Financial Report; Required Communication in Accordance with
Professional Standards (SAS 114); and Independent Auditor’s
Report on Internal Control over Financial Reporting and on
Compliance and Other Matters. Receive and file.
Benefit Matters
Item 15 – Amendments to Dissolution of Marriage
Documents Policy
Staff to recommend the Board approve updated Dissolution of
Marriage Documents Policy to clarify non-member spouse waiver
circumstances. Deliberation and action.
Investment Matters
Item 16 – Alternative Assets Consultant
RFP
Staff to recommend the Board authorize Staff to issue a
Requests for Proposal in 2020 for Alternative Assets Consultant.
Deliberation and action.
Item 17 – Capital Market Assumptions
Staff and Verus Advisory to present current capital market
assumptions. Receive and file.
Item 18 – Quarterly Investment Performance Report -
Alternative Assets
Cliffwater, LLC to present the performance report for the
Absolute Return asset class for the period ending September 30,
2019, and for the Private Equity, Private Credit,Real Assets, and
Opportunities portfolios for the periods ended June 30, 2019.
Receive and file.
Item 19 – Quarterly Investment Performance Report -
Real Estate
Townsend Group to present the performance report on real
estate investments for the quarter ended September 30, 2019.
Receive and file.