Board Meeting October 15, 2025
2025-10-15 10:00 (America/Los_Angeles) | SCERS Board Room, 980 9th Street, Sacramento, CA, 95814
Agenda
Minutes
Open Session
Item 1 – Call to Order / Roll Call – No Materials
Item 2 – Public Comment – No Materials
Consent Matters
Item 3 – Minutes of the September 16, 2025 Special Meeting
Approve the minutes of the September 16, 2025 Special Meeting
Item 4 – Minutes of the September 17, 2025 Regular Meeting
Approve the minutes of the September 17, 2025 Regular Meeting
Item 5 – Disability Retirement Applications
Adopt Staff’s recommendations for the following Disability Retirement Applications:
Item 5A – CROUSON, James (Sheriff Sergeant, Sheriff’s Department): Grant a service-connected disability retirement.
Item 5B – DE LA CRUZ, Gabriel (Deputy Probation Officer, Probation Department): Grant a service-connected disability retirement.
Item 5C – SWAIM, Brandon (Sheriff Deputy, Sheriff’s Department): Grant a service-connected disability retirement.
Item 5D – WYCOFF-CLARK, Brian (Sheriff Deputy, Sheriff’s Department): Grant a service-connected disability retirement.
Item 6 – Ratification of Service Retirement Application Approvals—September 2025
Ratify the service retirement applications that were finalized in September 2025.
Item 7 – State Association of County Retirement Systems (SACRS) Legislative Proposals for 2026
Approve the State Association of County Retirement Systems (SACRS) Legislative Proposals for 2026.
Item 8 – CEO Delegated Authority Expense Report—Third Quarter 2025
Receive and file the CEO Delegated Authority Expense Report for the quarter ended September 30, 2025.
Item 9 – Board Policies
Approve amendments to the following policies
Item 9A – Post-Retirement Employment Policy
Item 9B – Security Litigation Policy
Item 10 – Temporary Annuity Eligibility
Approve changes to administration of Temporary Annuity option regarding eligibility and terms of payment.
Item 11 – Monthly Report of Investment Activity—September 2025
Receive and file the Monthly Report of Investment Activity for September 2025.
Item 12 – Report of Closed Session Action
Receive and file report of closed session action regarding the purchase or sale of pension fund investments.
Executive Reports
Item 13 – Chief Executive Officer’s Report (No Materials)
Item 14 – Chief Investment Officer’s Report
Receive and file Chief Investment Officer’s Report for the quarter ended September 30, 2025
Item 15 – Chief Benefits Officer’s Report (No Materials)
Administrative Matters
Item 16 – Strategic Vision Plan Report: Discussion Draft
Receive and file draft Strategic Vision Plan, as presented by Mosaic Governance Advisors.
Item 17 – Custodial Bank Agreement
Approve custodial bank services agreement with Northern Trust for a period of 5 years plus a 5-year option, with expenditures not to exceed $375,000 for each fiscal year, subject to the successful completion of contract negotiations in the judgment of the Chief Executive Officer, on terms consistent with the relevant Request for Proposal and Northern Trust’s proposal in response thereto, and authorize the Chief Executive Officer to execute any necessary documents.
Item 18 – Technology Report—Third Quarter 2025
Receive and file Technology Report for the quarter ended September 30, 2025.
Investment Matters
Item 19 – Investment Manager Compliance and Watch List Report—Third Quarter 2025
Receive and file the Investment Manager Compliance and Watch List Report for quarter ended September 30, 2025
Item 20 – Education: Private Markets Co-Investments
Receive and file presentation from Staff and Ardian regarding SCERS’ co-investment program and future considerations.
Other Matters
Item 21 – Comments from Members of the Board of Retirement – No Materials
Closed Session
Item 22 – 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 4, above. This item will be withdrawn in whole or in part if approved on Consent as recommended by staff.
Adjournment​

Board Meeting - Audit Committee - November 18, 2025
2025-11-18 10:00 | SCERS Board Room, 980 9th Street, Sacramento, CA, 95814
Agenda
Minutes
Open Session
Item 1 – Call to Order / Roll Call – No Materials
Item 2 – Public Comment – No Materials
Item 3 – Annual Independent Financial Statement Audit
Review the draft audited Financial Statements and the accompanying required draft reports for the fiscal year ended June 30, 2025, as presented by Brown Armstrong. Information only.
Item 4 – Agreed-Upon Procedures Audit Plan
Discussion of the timeline and scope of internal audit plan. Information only.
Item 5 – Comments from Members of the Audit Committee – No Materials
Adjournment​

Board Meeting November 19, 2025
2025-11-19 10:00 | SCERS Board Room, 980 9th Street, Sacramento, CA, 95814
Agenda
Minutes
Item 1 – Call to Order / Roll Call – No Materials
Item 2 – Public Comment – No Materials
Item 3 – Minutes of the October 15, 2025 Regular Meeting
Approve the minutes of the October 15, 2025 Regular Meeting
Item 4 – Strategic Vision Plan
Adopt Strategic Vision Plan as presented by Mosaic Governance Advisors.
Item 5 – 2025 Year in Review and 2026 Annual Investment Plan
Adopt 2026 Annual Investment Plan.
Item 6 – Comments from Members of the Board of Retirement – No Materials
Closed Session
Item 7 – 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 8 – 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: Tidwell v. SCERS, Superior Court of California, County of Sacramento, Case No. 25WM000037.
Item 9 – PUBLIC EMPLOYEE PERFORMANCE EVALUATION—CHIEF EXECUTIVE OFFICER
Public employee performance evaluation pursuant to Government Code Section 54957(b)(1).
Adjournment​

Board Meeting December 10, 2025
2025-12-10 10:00 | SCERS Board Room, 980 9th Street, Sacramento, CA, 95814
Agenda
Minutes
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​

Board Meeting January 21, 2026
2026-01-21 10:00 - 12:00 | SCERS Board Room, 980 9th Street, Sacramento, CA, 95814
Agenda
Minutes
Item 1 – Call to Order / Roll Call – No Materials
Item 2 – Swearing-In Ceremony
Item 3 – Public Comment – No Materials
Consent Matters
Item 4 – Minutes of the December 10, 2025 Regular Meeting
Approve the minutes of the December 10, 2025 Regular Meeting
Item 5 – Disability Retirement Applications
Adopt Staff’s recommendations for the following Disability Retirement Applications:
Item 5A – ISAIS, Luciano (Sanitation District Maintenance and Operations Assistant, Sacramento Area Sewer District): Grant a service-connected disability retirement.
Item 5B – DIAZ-MENDOZA, Jose (Deputy Probation Officer, Probation Department): Grant a service-connected disability retirement.
Item 6 – Ratification of Service Retirement Application Approvals—December 2025
Ratify the service retirement applications that were finalized in December 2025.
Item 7 – State Association of County Retirement Systems Legislative Update—January 2026
Receive and file the State Association of County Retirement Systems (SACRS) Legislative Update for January 2026.
Item 8 – Board Policies
Reaffirm Ratification of Retirement Applications Policy with no amendments.
Item 9 – Annual Discharge of Uncollectible Receivables
Approve the discharge of $142,888 of uncollectible receivables.
Item 10 – Annual Education Compliance Report
Receive and file the annual Board Education Compliance Report for 2025.
Item 11 – Monthly Report of Investment Activity—December 2025
Receive and file the Monthly Report of Investment Activity for December 2025.
Item 12 – CEO Delegated Authority Expense Report—Fourth Quarter 2025
Receive and file the CEO Delegated Authority Expense Report for quarter ended December 31, 2025.
Executive Reports
Item 13. Chief Executive Officer’s Report (no action requested)
Item 14 – Chief Investment Officer’s Report
Receive and file CIO Report for the quarter ended December 31, 2025.
Item 15. Chief Benefits Officer’s Report (no action requested)
Administrative Matters
Item 16 – CEM Benchmarking Survey
Receive and file report on CEM Benchmarking survey results.
Item 17 – Technology Report—Fourth Quarter 2025
Receive and file the Technology Report for the quarter ended December 31, 2025.
Item 18 – Procurement and Contracting Policy
Approve new Procurement and Contracting Policy.
Item 19 – Consultant/Service Provider Contract Timelines
Receive and file report on contract terms expiring in 2026 for key consultants and service providers.
Item 20 – Segal Contract Amendment
Authorize the Chief Executive Officer to amend the contract with Segal to support a commercial banking procurement process, with expenditures for the additional scope of work not to exceed $70,000.
Item 21 – Position Requests
Approve the following position changes for the 2026-27 fiscal year: add Accountant (1.0 FTE) and Information Technology System Support Specialist (1.0 FTE); and, reclassify Senior Office Specialist-Confidential (1.0 FTE) to Executive Secretary (1.0 FTE).
Investment Matters
Item 22 – Ad Hoc Investment Consultant Search Committee
Discuss establishment of Ad Hoc Investment Consultant Search Committee.
Item 23 – Investment Manager Compliance and Watch List Report—Fourth Quarter 2025
Receive and file the Investment Manager Compliance and Watch List Report for the quarter ended December 31, 2025.
Item 24 – Education: Real Estate
Receive and file educational presentation on affordable housing considerations in the Real Estate asset class, as presented by Townsend Group.
Other Matters
Item 25. Comments from Members of the Board of Retirement
Closed Session
Item 26 – 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 27 – 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​

Abraham Lincoln's Birthday
2026-02-12 00:00 - 23:59
SCERS will be closed in observance of Abraham Lincoln’s birthday.

George Washington's Birthday
2026-02-16 00:00 - 23:59
SCERS will be closed in observance of George Washington’s birthday.

Board Meeting February 18, 2026
2026-02-18 10:00 - 12:00 | SCERS Board Room, 980 9th Street, Sacramento, CA, 95814
Agenda
Minutes
Item 1 – Call to Order / Roll Call – No Materials
Item 2 – Public Comment – No Materials
Consent Matters
Item 3 – Minutes of the January 21, 2026 Regular Meeting
Approve the minutes of the January 21, 2026 Regular Meeting
Item 4 – Disability Retirement Applications
Adopt Staff’s recommendations for the following Disability Retirement Applications:
Item 4A – MADU, Nneka (Mental Health Worker, Sacramento County Health Department): Grant a service-connected disability retirement.
Item 5 – Ratification of Service Retirement Application Approvals—January 2026
Ratify the service retirement applications that were finalized in January 2026.
Item 6 – State Association of County Retirement Systems Legislative Update—February 2026
Receive and file the State Association of County Retirement Systems (SACRS) Legislative Update for February 2026.
Item 7 – SACRS Board of Directors Nominations
Approve nomination of Chris Giboney to serve on SACRS Board of Directors.
Item 8 – Annual Cost-of-Living Adjustment (COLA)
Approve COLA adjustments effective April 1, 2026.
Item 9 – Conflict of Interest Code
Approve amendments to the Conflict of Interest Code.
Item 10 – Portfolio Allocation and Rebalancing Report—Fourth Quarter 2025
Receive and file the Portfolio Allocation and Rebalancing Report for the quarter ended December 31, 2025.
Item 11 – Monthly Report of Investment Activity—January 2026
Receive and file the Monthly Report of Investment Activity for January 2026.
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
Receive and file CBO Report for the quarter ended December 31, 2025.
Administrative Matters
Item 15 – Strategic Management Plan
Receive and file the Strategic Management Plan Annual Report for 2025 and Strategic Management Plan for 2026.
Investment Matters
Item 16 – Total Fund Investment Performance Review Report—Fourth Quarter 2025
Receive and file the total fund investment performance report for the quarter ended December 31, 2025, as presented by Verus.
Item 17 – Investment Performance Report Structure
Discuss potential changes to quarterly total fund investment performance report structure.
Other Matters
Item 18. Comments from Members of the Board of Retirement
Closed Session
Item 19 – 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 20 – 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: Tidwell v. SCERS, Superior Court of California, County of Sacramento, Case No. 25WM000037.
Item 21 – 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.
Adjournment​

Employer Forum
2026-02-20 09:00 - 11:00 | SCERS Board Room, 980 9th Street, Sacramento, CA, 95814
The Employer Forum is for administrators and finance, budget, benefits, and HR staff who intersect with SCERS or are interested in learning more about our pension program.
RSVP: Retirement-Communications@saccounty.gov

Educational Outreach to DSA and LEMA
2026-02-23 10:00 - 12:00 | SCERS Board Room, 980 9th Street, Sacramento, CA, 95814
SCERS is participating in a joint outreach event to two Sacramento County law enforcement unions, DSA and LEMA.
Location: 640 Bercut Drive, Sacramento, CA 95811

Thanksgiving
2026-02-26 00:00 - 2026-02-27 23:59
SCERS will be closed in observance of Thanksgiving.

Joint Retirement Planning Webinar
2026-03-11 10:00 - 12:30
SCERS Retirement Planning Webinars provide members with information and answers to frequently asked questions about preparing for retirement.
SCERS Joint Retirement Planning Webinars are tailored for members within a few years of retirement and include guest panelists (as available) from Sacramento County Employee Benefits Office, Fidelity Investments, Social Security Administration, MissionSquare Retirement, and Sacramento County Retired Employees Association. These webinars are 2.5 hours in length.
Webinars are conducted via Zoom and registration is required.

Board Meeting - Audit Committee - March 16, 2026
2026-03-16 10:00 - 12:00 | SCERS Board Room, 980 9th Street, Sacramento, CA, 95814
Agenda
Minutes
Item 1 – Call to Order / Roll Call – No Materials
Item 2 – Public Comment – No Materials
Item 3 – Review of RFP Responses
Discussion of RFP responses and finalist recommendations for Independent Financial Statement Auditor.
Item 4 – Comments from Members of the Audit Committee
Adjournment​

Board Meeting March 18, 2026
2026-03-18 10:00 - 12:00 | SCERS Board Room, 980 9th Street, Sacramento, CA, 95814
Agenda
Minutes
Item 1 – Call to Order / Roll Call – No Materials
Item 2 – Public Comment – No Materials
Consent Matters
Item 3 – Minutes of the February 18, 2026 Regular Meeting
Approve the minutes of the February 18, 2026 Regular Meeting
Item 4 – Ratification of Service Retirement Application Approvals—February 2026
Ratify the service retirement applications that were finalized in February 2026.
Item 5 – State Association of County Retirement Systems Legislative Update—March 2026
Receive and file the State Association of County Retirement Systems (SACRS) Legislative Update for March 2026.
Item 6 – Monthly Report of Investment Activity—February 2026
Receive and file the Monthly Report of Investment Activity for February 2026.
Item 7 – Annual Investment Operations Report
Receive and file the Annual Investment Operations Report for 2025.
Item 8 – GASB 68 Report
Receive and file Governmental Accounting Standards Board Statement No. 68 (GASB 68) Actuarial Valuation as of June 30, 2025, for employer reporting as of June 30, 2025, for employer report .
Executive Reports
Item 9 – Chief Executive Officer’s Report (no action requested)
Item 10 – Chief Investment Officer’s Report (no action requested)
Item 11 – Chief Benefits Officer’s Report (no action requested)
Benefits Matters
Item 12 – Education: Post-Retirement Employment
Receive and file presentation on post-retirement employment laws and policies.
Administrative Matters
Item 13 – Legislative Update
Discuss proposal to increase Board of Retirement meeting per diem (AB 1619).
Item 14 – Board Education Policy
Approve amendments to the Board Education Policy.
Item 15 – 2026-27 Budget Preview
Receive and file presentation regarding anticipated changes in SCERS’ 2026-27 annual budget.
Investment Matters
Item 16 – Manager Recommendation—Global Equity
Approve an investment of approximately $450 million with Man Numeric (Global Core ex-US Strategy) subject to the successful completion of contract negotiations in the judgement of the Chief Executive Officer, and authorize the Chief Executive Officer to execute necessary documents; and, authorize Staff to determine the most effective method for transitioning assets and execute any necessary documents to effectuate the transition of assets.
Item 17 – Investment Performance Report—Alternative Assets
Receive and file the Investment Performance Report for the quarter ended December 31, 2025 for the Absolute Return portfolio, and the quarter ended September 30, 2025 for the Private Equity, Private Credit, and Real Assets portfolios, as presented by Cliffwater, LLC.
Item 18 – Investment Performance Report—Real Estate
Receive and file the Investment Performance Report on real estate investments for the quarter ended December 31, 2025 as presented by Townsend Group.
Other Matters
Item 19. Comments from Members of the Board of Retirement
Closed Session
Item 20 – 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.
Adjournment​

Sacramento County Farm Worker's Appreciation Day
2026-03-31 00:00 - 23:59
SCERS will be closed in observance of Cesar E. Chavez Day.

Board Meeting April 15, 2026
2026-04-15 10:00 - 12:00 | Board of Supervisors Chambers, 700 H Street, Suite 1450, Sacramento, CA, 95814, United States
Please note the location change.
This meeting will take place at the Board of Supervisors Chambers at 700 H Street.
If you wish to watch the meeting, you can connect using Zoom here. You can only address the Board in person.
Agenda
Minutes
Item 1 – Call to Order / Roll Call – No Materials
Item 2 – Public Comment – No Materials
Consent Matters
Item 3 – Minutes of the March 18, 2026 Regular Meeting
Approve the minutes of the March 18, 2026 Regular Meeting.
Item 4 – Minutes of the March 16, 2026 Audit Committee Meeting
Approve the minutes of the March 16, 2026 Audit Committee Meeting.
Item 5 – Disability Retirement Applications
Adopt Proposed Decision of Administrative Law Judge for the following Disability Retirement Applications:
Item 5A – MCGOVERN, Amber (Human Services Specialist II, Department of Human Assistance): Deny a non-service-connected disability retirement.
Item 6 – Ratification of Service Retirement Application Approvals—March 2026
Ratify the service retirement applications that were finalized in March 2026.
Item 7 – State Association of County Retirement Systems (SACRS) Information
Item 7A – Receive and file the SACRS Legislative Update for April 2026.
Item 7B – Approve nominations for SACRS Board of Directors Elections.
Item 8 – CEO Delegated Authority Expense Report—First Quarter 2026
Receive and file the CEO Delegated Authority Expense Report for the quarter ended March 31, 2026.
Item 9 – Monthly Report of Investment Activity—March 2026
Receive and file the Monthly Report of Investment Activity for March 2026.
Executive Reports
Item 10 – Chief Executive Officer’s Report (no action requested)
Item 11 – Chief Investment Officer’s Report
Receive and file CIO Report for the quarter ended March 31, 2026.
Item 12 – Chief Benefits Officer’s Report (no action requested)
Benefits Matters
Item 13 – Marital Dissolution Policy
Approve amendments to the Dissolution of Marriage Documents Policy, rename to Marital Dissolution Policy, and recommend Board of Supervisors adopt Government Code section 31780.2.
Item 14 – Education: Social Security Integration
Receive and file presentation on history and recent events related to Social Security integration with public pension benefits.
Administrative Matters
Item 15 – Technology Report—First Quarter 2026
Receive and file the Technology Report for the quarter ended March 31, 2026.
Item 16 – Independent Financial Statement Auditor
Authorize the Chief Executive Officer to execute a contract with Crowe LLP for independent financial statement audit services for a five-year term in an amount not to exceed $390,000, as recommended by the Audit Committee.
Investment Matters
Item 17 – Investment Manager Compliance and Watch List Report—First Quarter 2026
Receive and file the Investment Manager Compliance and Watch List Report for the quarter ended March 31, 2026.
Item 18 – Education: Overlay Program and Portfolio Rebalancing
Receive and file the Overlay Program and Portfolio Rebalancing presentations by Staff and State Street Investment Management.
Other Matters
Item 19 – Comments from Members of the Board of Retirement
Closed Session
Item 20 – 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 21 – 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.
Item 22 – 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.
Adjournment​

Retirement Payday
2026-04-30 00:00 - 23:59, 2026-05-29 00:00 - 23:59

Board Meeting May 20, 2026
2026-05-20 10:00 - 12:00 | CalPERS Feckner Auditorium (Lincoln Plaza North), 400 P Street, Sacramento, CA, 95811, United States
Please note the location change.
This meeting will take place at the CalPERS Feckner Auditorium at 400 P Street.
If you wish to watch the meeting, you can connect using Zoom here. You can only address the Board in person.
Agenda
Minutes
Item 1 – Call to Order/Roll Call – No Materials
Item 2 – Public Comment – No Materials
Consent Matters
Item 3 – Minutes of the April 15, 2026 Regular Meeting
Approve the minutes of the April 15, 2026 Regular Meeting.
Item 4 – Disability Retirement Applications
Adopt Staff’s recommendations for the following Disability Retirement Applications:
Item 4A – ANDRADE, Aaron (Deputy Sheriff, Sacramento County Sheriff’s Department): Grant a service-connected disability retirement.
Item 4B – BRADFORD, Lona (Airport Operations Dispatcher, Sacramento County Department of Airports): Grant a service-connected disability retirement.
Item 4C – BUONO, Shannon (Deputy Sheriff Range A, Sacramento County Sheriff’s Department): Grant a service-connected disability retirement.
Item 4D – GRAHAM, Donna (Real Property Appraiser Lv. 2, Sacramento County Assessor’s Office): Grant a service-connected disability retirement.
Item 4E – HER, Johnny (Sheriff Deputy, Sacramento County Sheriff’s Department): Grant a service-connected disability retirement.
Item 4F – MACIEL, Amanda (Sheriff’s Sergeant, Sacramento County Sheriff’s Department): Grant a service-connected disability retirement.
Item 4G – PADILLA, Alejandro (Collection Equipment Operator II, Waste Management and Recycling Department): Grant a service-connected disability retirement.
Item 5 – Ratification of Service Retirement Application Approvals—April 2026
Ratify the service retirement applications that were finalized in April 2026.
Item 6 – State Association of County Retirement Systems Legislative Update—May 2026
Receive and file the State Association of County Retirement Systems (SACRS) Legislative Update for May 2026.
Item 7 – Portfolio Allocation and Rebalancing Report––First Quarter 2026
Receive and file the Portfolio Allocation and Rebalancing Report for the quarter ended March 31, 2026.
Item 8 – Monthly Report of Investment Activity—April 2026
Receive and file the Monthly Report of Investment Activity for April 2026.
Executive Reports
Item 9 – Chief Executive Officer’s Report (no action requested)
Item 10 – Chief Investment Officer’s Report (no action requested)
Item 11 – Chief Benefits Officer’s Report
Receive and file CBO Report for the quarter ended March 31, 2026.
Administrative Matters
Item 12 – Education: Actuarial Assumptions
Receive and file report on actuarial assumptions and considerations as part of the upcoming Experience Study, as presented by Segal.
Item 13 – Annual Budget for Fiscal Year 2026-27
Approve an annual budget of approximately $24.6 million and 77 positions for fiscal year 2026-27.
Item 14 – Compensation Consultant
Authorize the Chief Executive Officer to execute a contract with CBIZ Compensation Consulting through December 31, 2026, in an amount not to exceed $40,000, as recommended by the Ad Hoc Compensation Committee.
Item 15 – Technology Advisory Support
Authorize Chief Executive Officer to execute a contract with Gartner for independent, technology advisory support through December 31, 2026, in an amount not to exceed $110,000.
Item 16 – Banking and Accounting System Alignment
Receive and file report on timing, strategy, and implementation approach for banking and accounting operations.
Investment Matters
Item 17 – Education: Private Credit
Receive and file presentation on private credit market dynamics, as presented by Cliffwater and Staff.
Item 18 – Total Fund Investment Performance Review Report—First Quarter 2026
Receive and file the performance report for the quarter ended March 31, 2026, as presented by Cerity Partners.
Other Matters
Item 19 – Comments from Members of the Board of Retirement
Closed Session
Item 20 – 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 21 – 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.
Adjournment

Memorial Day
2026-05-25 00:00 - 23:59
SCERS will be closed in observance of Memorial Day.

Joint Retirement Planning Webinar
2026-06-10 10:00 - 12:30
SCERS Joint Retirement Planning Webinars are tailored for members within a few years of retirement and include guest panelists (as available) from Sacramento County Employee Benefits Office, Fidelity Investments, Social Security Administration, MissionSquare Retirement, and Sacramento County Retired Employees Association. These webinars are approximately 2-2.5 hours in length.
Webinars are conducted via Zoom and registration is required.

Audit Committee Meeting June 16, 2026
2026-06-16 10:00 - 12:00 | Sacramento County Branch Center, 4145 Branch Center Road, Sacramento, CA, 95827, United States
This meeting is only in person. If you wish to address the Committee, you can do so during Item 2 of public comments.
Meeting location: Sacramento County Branch Center, 4145 Branch Center Road, Sacramento, CA 95827
Agenda
Item 1 – Call to Order / Roll Call – No Materials
Item 2 – Public Comment – No Materials
Item 3 – Annual Independent Financial Statement Audit Timeline
Receive and file the timeline and audit process related to SCERS’ Annual Independent Financial Statement Audit as of and for the fiscal year ended June 30, 2026, as presented by Crowe LLP.
Item 4 – Agreed Upon Procedure: Employer Reporting—Payroll
Receive and file the Agreed Upon Procedure review for employer payroll reporting performed for the period of July1, 2025 – December 31, 2025, as prepared by Eide Bailly.
Item 5 – Comments from Members of the Audit Committee
ADJOURNMENT

Board Meeting June 17, 2026
2026-06-17 10:00 - 12:00
Please note the location change.
This meeting will take place at the Sacramento Metropolitan Fire at 10545 Armstrong Avenue, Suite 200.
If you wish to watch the meeting, you can connect using Zoom here. You can only address the Board in person.
Agenda
Item 1 – Call to Order/Roll Call – No Materials
Item 2 – Public Comment – No Materials
Consent Matters
Item 3 – Minutes of the May 20, 2026 Regular Meeting
Approve the minutes of the May 20, 2026 Regular Meeting.
Item 4 – Disability Retirement Applications
Adopt Staff’s recommendations for the following Disability Retirement Applications:
Item 4A – GREWAL, Ravinder (Sheriff Records Officer I, Sacramento County Sheriff’s Department): Grant a service-connected disability retirement.
Adopt Proposed Decision of Administrative Law Judge for the following Disability Retirement Application:
Item 4B – CASTANON, Gilbert (Assistant Probation Officer, Sacramento County Probation Department): Grant a service-connected disability retirement.
Item 5 – Ratification of Service Retirement Application Approvals—May 2026
Ratify the service retirement applications that were finalized in May 2026.
Item 6 – State Association of County Retirement Systems Legislative Update—June 2026
Receive and file the State Association of County Retirement Systems (SACRS) Legislative Update for June 2026.
Item 7 – 2026-27 Employer Contribution Prepayments
Approve Sacramento County and Sacramento Area Sewer District’s intent to prepay the employer contribution for the 2026-27 fiscal year, and additional Sacramento Metropolitan Fire District unfunded liability payment for 2026-27.
Item 8 – Monthly Report of Investment Activity—May 2026
Receive and file the Monthly Report of Investment Activity for May 2026.
Item 9 – Report of Closed Session Action
Receive and file report of closed session action regarding the purchase or sale of pension fund investments.
Executive Reports
Item 10 – Chief Executive Officer’s Report (no action requested)
Item 11 – Chief Investment Officer’s Report (no action requested)
Item 12 – Chief Benefits Officer’s Report (no action requested)
Administrative Matters
Item 13 – Actuarial Assumptions
Discuss potential actuarial assumption changes, contribution-rate impacts, and considerations as part of the upcoming Experience Study.
Item 14 – Technology Services
Authorize the Chief Executive Officer to extend the contract with QualApps for technology development and advisory services through June 30, 2028, in an amount not to exceed $1.8 million.
Item 15 – Accounting System Software
Authorize the Chief Executive Officer to execute an agreement with Sikich for Microsoft Dynamics 365 Business Central implementation services and first-year software licensing in an amount not to exceed $400,000.
Item 16 – Business Continuity Report
Receive and file Business Continuity Report regarding temporary building closure at 980 9th Street during April-June 2026.
Investment Matters
Item 17 – Alternative Assets Consultant
Authorize the Chief Executive Officer to amend the alternative assets consultant contract with Cliffwater, LLC through June 30, 2028, with expenditures not to exceed $1,000,000 over the two-year period.
Item 18 – Investment Performance Report—Alternative Assets
Receive and file the Investment Performance Report for the quarter ended March 31, 2026 for the Absolute Return portfolio, and the quarter ended December 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 Investment Performance Report on real estate investments for the quarter ended March 31, 2026, as presented by Townsend Group.
Other Matters
Item 20 – Comments from Members of the Board of Retirement
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 – 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.
ADJOURNMENT

Juneteenth
2026-06-19 00:00 - 23:59
SCERS will be closed in observance of Juneteenth.

Independence Day
2026-07-03 00:00 - 23:59
SCERS will be closed in observance of Independence Day.

Benefit Payment Date
2026-07-31 00:00 - 23:59, 2026-08-31 00:00 - 23:59
Retirees and beneficiaries are paid once a month on the last business day of the month.
You may not receive your first benefit payment for one to two months after retirement. However, your first benefit payment will be prorated based on your effective date of retirement.

SETA Outreach
2026-08-07 11:00 - 14:00 | Grand Pavilion Banquet Hall, 26 Massie Court, Sacramento, CA, 95823, United States
SCERS will be participating in SETA’s All-Staff Meeting to answer general questions about the pension plan and benefits. This event is for SETA employees only.
Hours: 11am – 2pm

Board Meeting August 19, 2026
2026-08-19 10:00 | Sacramento Metropolitan Fire, 10545 Armstrong Avenue Suite 200, Mather, CA, 95655
Please note the location change.
This meeting will take place at the Sacramento Metropolitan Fire at 10545 Armstrong Avenue, Suite 200.
If you wish to watch the meeting, you can connect using Zoom here. You can only address the Board in person.

Labor Day
2026-09-07 00:00 - 23:59
SCERS will be closed in observance of Labor Day.
