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Agenda

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

Item 2 - Public Comment – No Materials

Consent Matters

Item 3 - Minutes of the November 19, 2025 Regular Meeting
Approve the minutes of the November 19, 2025 Regular Meeting

Item 4 - Minutes of the November 18, 2025 Audit Committee Meeting
Approve the minutes of the November 18, 2025 Audit Committee Meeting

Item 5 - Disability Retirement Applications
Adopt Staff’s recommendations for the following Disability Retirement Applications:

Item 5A - BASDEN, Miah (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement.

Item 5B - BIBI, Gul (Associate Teacher II, Sacramento Employment and Training Agency): Grant a service-connected disability retirement.

Item 5C - CROWLEY, James (Equipment Technician, General Services): Grant a service-connected disability retirement.

Item 5D - DELACRUZ, Gabriel (Deputy Probation Officer, Probation Department): Grant a service-connected disability retirement with corrected effective date.

Item 5E - FURTADO, Bradley (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement.

Item 6 - Ratification of Service Retirement Application Approvals—October and November 2025
Ratify the service retirement applications that were finalized in October and November 2025.

Item 7 – Retirement Board Election
Ratify election results for Board of Retirement Miscellaneous seat for term commencing January 1, 2026.

Item 8 – Board Meeting Calendar 2026
Approve the Board of Retirement Meeting Calendar for 2026.

Item 9 – Board Policies
Approve amendments to the Master Investment Policy Statement regarding transaction costs and rescind the stand-alone Transaction Cost Analysis Policy.

Item 10 – Monthly Report of Investment Activity—October and November 2025
Receive and file the Monthly Report of Investment Activity for October and November 2025.

Item 11 – Portfolio Allocation and Rebalancing Report—Third Quarter 2025
Receive and file the Portfolio Allocation and Rebalancing Report for the quarter ended September 30, 2025.

Executive Reports

Item 12.  Chief Executive Officer’s Report (no action requested)

Item 13.  Chief Investment Officer’s Report (no action requested)

Item 14.  Chief Benefits Officer’s Report (no action requested)

Administrative Matters

Item 15 – Actuarial Valuation and Review and GASB 67 Report as of June 30, 2025
Adopt the 2026-27 fiscal year employer and member contribution rates recommended by Segal; receive and file the Actuarial Valuation and Review as of June 30, 2025; and receive and file the Governmental Accounting Standards Board Statement 67 Actuarial Valuation as of June 30, 2025.

Item 16 – Annual Comprehensive Financial Report for Fiscal Year Ended June 30, 2025
Receive and file the SCERS Annual Comprehensive Financial Report (ACFR) based on the audited financial statements and auditor reports as of and for the fiscal year ended June 30, 2025, issued by SCERS’ independent auditor, Brown Armstrong Accountancy Corporation (Brown Armstrong).

Item 17 – Education: Business Resumption
Receive and file report on SCERS’ business resumption and disaster preparedness efforts.

Item 18 – Procurement and Contracting Policy Discussion Draft
Receive and file draft of proposed new Procurement and Contracting Policy.

Investment Matters

Item 19 – Total Fund Investment Performance Review Report—Third Quarter 2025
Receive and file the total fund investment performance report for the quarter ended September 30, 2025, as presented by Verus.

Item 20 – Investment Performance Report—Alternative Assets
Receive and file the Investment Performance Report for the quarter ended September 30, 2025 for the Absolute Return portfolio, and the quarter ended June 30, 2025 for the Private Equity, Private Credit, and Real Assets portfolios, as presented by Cliffwater.

Item 21 – Investment Performance Report—Real Estate
Receive and file the Investment Performance Report on real estate investments for the quarter ended September 30, 2025, as presented by Townsend Group.

Other Matters

Item 22. Comments from Members of the Board of Retirement

Closed Session

Item 23 - 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 24 – 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 5, above. This item will be withdrawn in whole or in part if approved on Consent as recommended by staff.

Adjournment​