September 17, 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 July 30-31, 2025 Special Meetings
Approve the minutes of the July 30-31, 2025 Special Meetings
Item 4 - Minutes of the August 20, 2025 Regular Meeting
Approve the minutes of the August 20, 2025 Regular Meeting
Item 5 - Disability Retirement Applications
Adopt Staff’s recommendations for the following Disability Retirement Applications:
Item 5A - DEAVER, Jeanette (Human Services Specialist, Department of Human Assistance): Deny a service-connected disability retirement.
Item 5B - THOMAS, Edrak (Deputy Clerk, Superior Court): Grant a non-service-connected disability retirement.
Item 6 - Ratification of Service Retirement Application Approvals—August 2025
Ratify the service retirement applications that were finalized in August 2025.
Item 7 - State Association of County Retirement Systems Legislative Update (SACRS)—September 2025
Receive and file the State Association of County Retirement Systems (SACRS) Legislative Update for September 2025.
Item 8 – Sacramento County Department of Personnel Services Memorandum of Understanding
Amend Memorandum of Understanding with Department of Personnel Services regarding the County Retiree Health Care Program
Item 9 – Board Policies
Approve technical and clarifying amendments to the following policies
Item 9A - Records Retention Policy
Item 9B - Board Elections Policy
Item 10 - Monthly Report of Investment Activity—August 2025
Receive and file the Monthly Report of Investment Activity for August 2025.
Executive Reports
Item 11 – Chief Executive Officer’s Report – No Materials
Item 12 – Chief Investment Officer’s Report - No Materials
Item 13 - Chief Benefits Officer’s Report – No Materials
Administrative Matters
Item 14 - 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 15 - Participating Employer Membership Process
Receive and file presentation on process for special districts to join SCERS as participating employers.
Item 16 – Ad Hoc Compensation Committee
Establish Ad Hoc Compensation Committee and appoint members.
Investment Matters
Item 17 - Liquidity Study
Receive and file the liquidity study and cash-flow profile of SCERS’ portfolio, as presented by Verus.
Item 18 - Investment Performance Report—Alternative Assets
Receive and file the Investment Performance Report for the quarter ended June 30, 2025 for the Absolute Return portfolio, and the quarter ended March 31, 2025 for the Private Equity, Private Credit, and Real Assets portfolios, as presented by Cliffwater, LLC.
Item 19 - Investment Performance Report—Real Estate
Receive and file the Investment Performance Report on real estate investments for the quarter ended June 30, 2025 as presented by Townsend Group.
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—INITIATING LITIGATION
Pursuant to Government Code Section 54956.9(d)(4), this session shall be closed for the Board to discuss a decision whether to initiate litigation 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.