May 21 , 2025 – 10:00 a.m.
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Agenda
Open Session
Item 1 - Call to Order / Roll Call - No Materials
Item 2 - Public Comment – No Materials
Consent Matters
Item 3 - Minutes of the April 16, 2025 Regular Meeting
Approve the minutes of the April 16, 2025 Regular Meeting
Item 4 - Disability Retirement Applications
Adopt Staff’s recommendations for the following Disability Retirement Applications:
Item 4A - HUNTER, Alex (Collection Equipment Operator II, Sacramento Waste Management and Recycling Division): Grant a service-connected disability retirement.
Item 4B - SAMUEL, Romeal (Human Services Program Planner, Behavioral Health Services):
Grant a service-connected disability retirement with corrected effective date.
Item 5 - Ratification of Service Retirement Application Approvals—April 2025
Ratify the service retirement applications that were finalized in April 2025.
Item 6 - State Association of County Retirement Systems (SACRS) Information
Receive and file the State Association of County Retirement Systems (SACRS) Legislative Update for May 2025.
Item 7 - Employer Liability Policies
Approve minor amendments to Employer Liability Policies: Declining Employer Payroll Policy and Terminating Employer Policy.
Item 8 - Portfolio Allocation and Rebalancing Report––First Quarter 2025
Receive and file the Portfolio Allocation and Rebalancing Report for the quarter ended March 31, 2025.
Item 9 – Monthly Report of Investment Activity—April 2025
Receive and file the Monthly Report of Investment Activity for April 2025.
Executive Reports
Item 10 – Chief Executive Officer’s Report – No Materials
Item 11 - Chief Investment Officer’s Report – No Materials
Item 12 - Chief Benefits Officer’s Report – No Materials
Administrative Matters
Item 13 – Sacramento Area Sewer District–Replacement Benefits Plan Memorandum of Understanding
Approve Memorandum of Understanding between SCERS and Sacramento Area Sewer District (SacSewer) to coordinate a Replacement Benefits Plan for members subject to IRC 415 limits.
Item 14 - Actuarial Funding Risk Assessment Report
Receive and file the Actuarial Funding Risk Assessment Report, as presented by Segal.
Item 15 - Legal Services Agreement
Authorize the Chief Executive Officer to extend the legal services agreement with Nossaman LLP for a three-year term through June 30, 2028, in an amount not to exceed a total of $2,100,000
Benefits Matters
Item 16 - Final Compensation Review Policy—Discussion Draft
Receive and file proposed amendments to the Final Compensation Review Policy discussion draft.
Investment Matters
Item 17 - Asset Class Restructuring and Implementation: Global Equity
Approve revised structure and implementation plan for the Global Equity asset class.
Item 18 - Asset Class Restructuring and Implementation: Credit
Approve revised structure and implementation plan for the Credit asset class.
Item 19 - Total Fund Investment Performance Review Report—First Quarter 2025
Receive and file the performance report for the quarter ended March 31, 2025, as presented by Verus.
Other Matters
Item 20 - Comments from Members of the Board of Retirement – No Materials
Closed Session
Item 21 - 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 22 - 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 23 - 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 24 - 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.