The Regular Retirement Board meetings have returned to in-person meetings held in the SCERS Board Room. You can watch the meeting live here.

Agenda
Minutes

Open Session

Item 1 – Call to Order – No Materials

Item 2 – Public Comment – No Materials

Consent Matters

Item 3 – Minutes of the February 16, 2022 Regular Meeting

Item 4 – Ratification of Service Retirement Application Approvals – February 2022

Item 5 – State Association of County Retirement Systems Legislative Update – March 2022

Item 6 – Monthly Investment Manager Activity, Compliance, and Watch List Reports – February 2022

Item 7 – Monthly Report of New Investment Activity - February 2022

Executive Reports

Item 8 – Chief Executive Officer’s Report – No Materials

Item 9 – Chief Investment Officer’s Report – No Materials

Item 10 – Chief Benefit Officer’s Report – No Materials

Administrative Matters

Item 11 – Actuarial Audit
Staff recommends the Board receive and file the Actuarial Audit Report of the Actuarial Valuation and Review as June 30, 2021. Receive and file.

Item 12 – GASB 67 Report as of June 30, 2021 - Revised
Staff recommends the Board receive and file the revised Governmental Accounting Standards Board Statement No. 67 Actuarial Valuation as of June 30, 2021. Receive and file.

Item 13 – Annual Independent Financial Statement Audit – Revised
Staff recommends the Board approve the reissued audited financial statements and Annual Comprehensive Financial Report (ACFR) and accompanying required reports for the fiscal year ended June 30, 2021. Deliberation and action.

Investment Matters

Item 14 – Fixed Income Manager Recommendations
Staff and Verus to recommend Board approve Brandywine Global Investment Management and Reams Asset Management to manage core plus fixed income mandates for SCERS, and authorize CEO to execute any agreements necessary. In addition, Staff and Verus to recommend the Board approve reducing SCERS’ existing core plus fixed income mandates with TCW and PGIM, and approve the termination of SCERS’ investment in the Brandywine Global Opportunistic Fixed Income Fund. Deliberation and action.

Item 15 – Overlay Program – Education and Revisions
Staff and SSGA to provide education on the Overlay Program and recommended revisions to the Overlay Program to align with the revised strategic asset allocation. Deliberation and action.

Item 16 – Quarterly Investment Performance Report - Alternative Assets
Cliffwater, LLC to present the performance report for the periods ended December 31, 2021 for the Absolute Return portfolio, and the period ended September 30, 2021 for the Private Equity, Private Credit, Real Assets, and Opportunities portfolios. Receive and file

Item 17 – Quarterly Investment Performance Report - Real Estate
Townsend Group to present the performance report on real estate investments for the quarter ended December 31, 2021. Receive and file.

Closed Session

Item 18 – Conference with Legal Counsel – Anticipated Litigation – No Materials