August 20, 2025 – 10:00 a.m.
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Agenda
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 18, 2025 Regular Meeting
Approve the minutes of the June 18, 2025 Regular Meeting
Item 5 - Minutes of the June 17, 2025 Audit Committee Meeting
Approve the minutes of the June 17, 2025 Audit Committee Meeting
Item 6 - Disability Retirement Applications
Adopt Staff’s recommendations for the following Disability Retirement Applications:
Item 6A - BROOKS, Jimmy (Custodian Level 2, Sacramento County General Services Department): Grant a non-service connected disability retirement.
Item 6B - CONNELLY, Lorene (Mental Health Worker, Sacramento County Mental Health Department): Grant a service-connected disability retirement.
Item 6C - GONZALES, Steven (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement.
Item 6D - HICKMAN, Randy (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement.
Item 6E - HOLM, Adam (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement.
Item 6F - LACKEY, Victor (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement.
Item 6G - LENARD, Nathan (Human Service Specialist II, Sacramento County Department of Human Assistance): Grant a Non-Service connected Disability Retirement.
Item 7 - Ratification of Service Retirement Application Approvals—June and July 2025
Ratify the service retirement applications that were finalized in June and July 2025.
Item 8 - State Association of County Retirement Systems Legislative Update (SACRS)—August 2025
Receive and file the State Association of County Retirement Systems (SACRS) Legislative Update for August 2025.
Item 9 – CEO Delegated Authority Expense Report—Second Quarter 2025
Receive and file the CEO Delegated Authority Expense Report for the quarter ended June 30, 2025.
Item 10 - Employer Contribution Prepayments
Receive and file report confirming Sacramento County and Sacramento Area Sewer District employer contribution prepayments for fiscal year 2025-26, and Sacramento Metro Fire District unfunded liability payment for 2025-26.
Item 11 - Portfolio Allocation and Rebalancing Report—Second Quarter 2025
Receive and file the Portfolio Allocation and Rebalancing Report for the quarter ended June 30, 2025.
Item 12 - 2024 Alternative Asset Fee and Expense Report
Receive and file the 2024 Alternative Asset Fee and Expense Report.
Item 13 - Report of Closed Session Action
Receive and file report of closed session action regarding the purchase or sale of pension fund investments.
Item 14 - Monthly Report of Investment Activity—June and July 2025
Receive and file the Monthly Report of Investment Activity for June and July 2025.
Executive Reports
Item 15 – Chief Executive Officer’s Report – No Materials
Item 16 - Chief Investment Officer’s Report
Item 17 - Chief Benefits Officer’s Report – No Materials
Administrative Matters
Item 18 - Custodial Bank Recommendation
Award custodial services contract to Northern Trust Bank and authorize the Chief Executive Officer to enter final contract negotiations with the firm.
Item 19 - Technology Services
Authorize Chief Executive Officer to execute a contract with Levi, Ray, and Shoup, Inc. (LRS) for technology services in an amount not to exceed $685,000.
Item 20 - Strategic Management Plan Report—Second Quarter 2025
Receive and file an update on activities and progress related to the 2025 Strategic Management Plan for the quarter ended June 30, 2025.
Item 21 - Technology Report—Second Quarter 2025
Receive and file Technology Report for the quarter ended June 30, 2025.
Benefit Matters
Item 22 - Final Compensation Policy
Approve amendments to Final Compensation Policy and direct staff to implement correction plan.
Item 23 - Service Purchase Policy
Approve amendments to the Service Purchase Policy.
Investment Matters
Item 24 - Investment Manager Compliance and Watch List Report—Second Quarter 2025
Receive and file the Investment Manager Compliance and Watch List Report for the quarter ended June 30, 2025.
Item 25 - Master Investment Policy Statement and Asset Category Investment Policy Statements
Approve amendments to the Master Investment Policy Statement (IPS) and the Asset Category Investment Policy Statements and rescind the Limited Partner Advisory Committees Policy and incorporate key and relevant components of the policy into the Master IPS.
Item 26 - Total Fund Investment Performance Report—Second Quarter 2025
Receive and file Total Fund Investment Performance Report for the quarter ended June 30, 2025, as presented by Verus.
Other Matters
Item 27 – Comments from Members of the Board of Retirement – No Materials
Closed Session
Item 28 - CONFERENCE WITH LEGAL COUNSEL—EXISTING LITIGATION
Pursuant to Government Code Section 54956.9(d)(1), this session shall be closed for the Board to discuss formally initiated litigation to which SCERS is a party: SCERS vs. Telus Health (US) Ltd., United States District Court, Eastern District of California, Case No. 2:24-cv-01431-JAM-DB.
Item 29 - CONFERENCE WITH LEGAL COUNSEL—ANTICIPATED LITIGATION
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 30 – PERSONNEL MATTERS—EMPLOYEE DISABILITY RETIREMENT APPLICATIONS
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.
Item 31 - PURCHASE OR SALE OF PENSION FUND INVESTMENTS
Pursuant to Government Code Section 54956.81, this session shall be closed to consider the purchase or sale of particular, specific pension fund investments.