Board Meeting August 19, 2026

Wednesday, August 19, 2026
10:00 am

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 – Election of Board Officers

Item 3 – Public Comment – No Materials

Consent Matters

Item 4 – Minutes of the June 17, 2026 Regular Meeting
Approve the minutes of the June 17, 2026 Regular Meeting.

Item 5 – Minutes of the June 16, 2026 Audit Committee Meeting
Approve the minutes of the June 16, 2026 Audit Committee Meeting.

Item 6 – Disability Retirement Applications
Adopt Staff’s recommendations for the following Disability Retirement Applications:

Item 6A – BATES, Jonathan (Deputy Sheriff, Sacramento County Sheriff’s Department): Grant a service-connected disability retirement.

Item 6B – CASE, Amelia (Deputy Sheriff, Sacramento County Sheriff’s Department): Grant a service-connected disability retirement.

Item 6C – KLEMME, Dennis (Airport Operations Dispatcher Range B, Airports): Grant a service-connected disability retirement.

Item 6D – MOLDEN, Robert (Deputy Probation Officer, Sacramento County Probation Department): Grant a non-service-connected disability retirement.

Item 7 – Ratification of Service Retirement Application Approvals—June and July 2026
Ratify the service retirement applications that were finalized in June and July 2026.

Item 8 – State Association of County Retirement Systems Legislative Update—August 2026
Receive and file the State Association of County Retirement Systems (SACRS) Legislative Update for August 2026.

Item 9 – CEO Delegated Authority Expense Report—Second Quarter 2026
Receive and file the CEO Delegated Authority Expense Report for the quarter ended June 30, 2026.

Item 10 – Employer Contribution Prepayments
Receive and file report confirming Sacramento County and Sacramento Area Sewer District employer contribution prepayments for fiscal year 2026-27, and Sacramento Metro Fire District unfunded liability payment for 2026-27.

Item 11 – Board Policies
Reaffirm or approve amendments to the following policies:

Item 11A – Placement Agent Policy

Item 11B – Staff Background Check Policy

Item 11C – Service Credit Policy

Item 12 – Portfolio Allocation and Rebalancing Report—Second Quarter 2026
Receive and file the Portfolio Allocation and Rebalancing Report for the quarter ended June 30, 2026.

Item 13 – 2025 Alternative Asset Fee and Expense Report
Receive and file the 2025 Alternative Asset Fee and Expense Report.

Item 14 – Monthly Report of Investment Activity—June and July 2026
Receive and file the Monthly Report of Investment Activity for June and July 2026.

Item 15 – Legal Services
Approve an amendment to legal services agreement with investment counsel Foley & Lardner LLP increasing the not-to-exceed amount to $1,225,000 through January 2027 and authorize the Chief Executive Officer to execute any necessary documents.

Executive Reports

Item 16 – Chief Executive Officer’s Report (no action requested)

Item 17 – Chief Investment Officer’s Report
Receive and file CIO Report for the quarter ended June 30, 2026.

Item 18 – Chief Benefits Officer’s Report (no action requested)

Administrative Matters

Item 19 – Liquidity Study
Receive and file the liquidity study and cash-flow profile of SCERS’ portfolio, as presented by Cerity Partners.

Item 20 – Actuarial Experience Study
Receive and file Experience Study as of June 30, 2025, and adopt actuarial assumptions as recommended by Segal effective the June 30, 2026 valuation, including a reduction in the discount rate to 6.50%; and consider whether to implement either a two- or a three-year phase-in of the unfunded liability contribution-rate increase.   

Item 21 – Technology Report—Second Quarter 2026
Receive and file Technology Report for the quarter ended June 30, 2026.

Benefit Matters

Item 22 – Elk Grove Cemetery District Enrollment Errors—Remediation Plan
Approve the remediation plan to correct member enrollment errors identified at Elk Grove Cemetery District (EGCD).

Item 23 – Post-Retirement Employment Policy
Approve amendments to the Post-Retirement Employment Policy.

Investment Matters

Item 24 – Education: Investment Fees
Receive and file presentation on investment fee trends and analysis.

Item 25 – Investment Manager Compliance and Watch List Report—Second Quarter 2026
Receive and file the Investment Manager Compliance and Watch List Report for the quarter ended June 30, 2026.

Item 26 – Total Fund Investment Performance Report—Second Quarter 2026
Receive and file Total Fund Investment Performance Report for the quarter ended June 30, 2026, as presented by Cerity Partners.

Other Matters

Item 27 – Comments from Members of the Board of Retirement

 

CLOSED SESSION

Item 28 – 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 6, above. This item will be withdrawn in whole or in part if approved on Consent as recommended by staff.

Item 29 – 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 30 – 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: Marriage of Banh/Kim, Superior Court of California, County of Sacramento, Case No. 15FL03807.

Item 31 – PERSONNEL MATTERS—PUBLIC EMPLOYEE APPOINTMENTS
Pursuant to Government Code section 54957(b)(1), this session shall be closed for the Board to discuss the following public employee appointment: Assistant Retirement Administrator-Operations (Chief Operations Officer)

 

ADJOURNMENT