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Agenda
Minutes

Open Session

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

Item 2 - Public Comment – No Materials

Consent Matters

Item 3 – Minutes of the October 18, 2023 Regular Meeting
Recommendation to approve the minutes of the October 18, 2023 Regular Meeting.

Item 4 – Minutes of the November 14, 2023 Audit Committee Meeting
Recommendation to approve the minutes of the November 14, 2023 Audit Committee Meeting.

Item 5 -  Minutes of the November 15, 2023 Regular Meeting
Recommendation to approve the minutes of the November 15, 2023 Regular Meeting.

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

Item 6A – SULLIVAN, Kellie (Operator/Dispatcher, Department of Technology): Grant a service-connected disability retirement. (confidential)

Recommendation to adopt Proposed Decision of Administrative Law Judge for the following Disability Retirement Applications:

Item 6B – SILVA, Richard (Maintenance and Operations Assistant, Sacramento Area Sewer District): Deny a service-connected disability retirement. (confidential)

Item 7 – Service-Connected Death Benefit Applications
Recommendation to adopt Staff’s recommendations for the following Service-Connected Death Benefit Applications​.

Item 7A - TORRES, Mike (Senior Deputy Probation Officer, Probation Department): Grant a service-connected death benefit. (confidential)

Item 8 – Ratification of Service Retirement Application Approvals—October 2023
Recommendation to ratify the Service Retirement Application Approvals for October 2023.

Item 9 - Board Meeting Calendar 2024
Recommendation to approve the Retirement Board Meeting Calendar for 2024.

Item 10 – Monthly Report of Investment Activity—October and November 2023
Recommendation to receive and file the Monthly Report of Investment Activity—October and November 2023.

Item 11 – Portfolio Allocation and Rebalancing Report—Third Quarter 2023
Recommendation to receive and file the Portfolio Allocation and Rebalancing Report for quarter ended September 30, 2023.

Executive Reports

Item 12 – Chief Executive Officer’s Report – No Materials

Item 13 – Chief Investment Officer’s Report – No Materials

Item 14 – Chief Benefits Officer’s Report – No Materials

Administrative Matters

Item 15 – Actuarial Valuation and Review and GASB 67 Report as of June 30, 2023
Recommendation to adopt the 2024-25 fiscal year employer and member contribution rates recommended by Segal; receive and file the Actuarial Valuation and Review as of June 30, 2023; and receive and file the Governmental Accounting Standards Board Statement 68 Actuarial Valuation as of June 30, 2023​.

Item 16 – Annual Independent Financial Statement Audit
Recommendation to receive and file the SCERS audited financial statements and auditor reports as of and for the fiscal year ended June 30, 2023, issued by SCERS’ independent auditor, Brown Armstrong Accountancy Corporation (Brown Armstrong). 

Item 17 – Custody Agreement
Recommendation to authorize the Chief Executive Officer to negotiate terms and extend SCERS’ custody agreement with State Street Bank and Trust for a period not to exceed three years.

Investment Matters

Item 18 – Education: Asset Protection
Recommendation to receive and file presentation from State Street Bank and Trust, Verus Advisory, and Cliffwater.

Item 19 - Quarterly Investment Performance Report—Third Quarter 2023
Recommendation to receive and file the performance report for the quarter ended September 30, 2023​.

Item 20 - Quarterly Investment Performance Report—Alternative Assets
Recommendation to receive and file the performance report for the periods ending September 30, 2023 for the Absolute Return portfolio, and the periods ending June 30, 2023 for the Private Equity, Private Credit, and Real Assets, as presented by Cliffwater​.

Item 21 - Quarterly Investment Performance Report—Real Estate
Recommendation to receive and file the performance report on real estate investments for the quarter ended September 30, 2023, as presented by Townsend Group​.

Other Matters

Item 20 – Comments from Board 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 Items 6 and 7, above. This item will be withdrawn in whole or in part if approved on Consent as recommended by staff.