December 9, 2020 10:00 a.m.


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Open Session

Item 1 – Call to Order – No Materials

Item 2 – Public Comment – No Materials

Consent Matters

Item 3A – Baker, Donnell. Staff recommendation dated December 9, 2020 (confidential)

Item 3B – Dubay, Melissa. Staff recommendation dated December 9, 2020 (confidential)

Item 3C – Fernanez, Christal J. Staff recommendation dated December 9, 2020 (confidential)

Item 3D – Herrington, Lee Roy. Staff recommendation dated December 9, 2020 (confidential)

Item 3E – Moen, Paul. Staff recommendation dated December 9, 2020 (confidential)

Item 3F – Scahtz, Valerie. Proposed Decision of Administrative Law Judged dated September 21, 2020​(confidential)

Item 3G – Sevaaetasi, Vaamai. Staff recommendation dated December 9, 2020 (confidential)

Item 3H – Reference: General Law and Autorized Board Actions on Disability Retirement Proposed Decision

Item 4 – Minutes of the October 21, 2020 Regular meeting

Item 5 –  Minutes of the November 18, 2020 Special meeting

Item 6 – Minutes of the November 19, 2020 Audit Committee

Item 7 – Ratification of Service Retirement Application Approvals – October and November 2020

Item 8 – State Association of County Retirement Systems Legislative Update – December 2020

Item 9 – Board Meeting Calendar 2021

Item 10 – Proxy Voting Activity Report – Third Quarter 2020

Item 11 – Monthly Investment Manager Activity, Compliance and Watch List Report – October 2020

Item 12 – Monthly Report of Investment Activity – October and November 2020

Item 13 – Trading Cost Analysis and Commission Recapture - Third Quarter 2020

Item 14 – Portfolio Allocation and Rebalancing Report - ​Third Quarter 2020

Executive Reports

Item 15 – Chief Executive Officer’s Report – No Materials

Item 16 – Chief Investment Officer’s Report – No Materials

Administrative Matters

Item 17Actuarial Valuation and Review and GASB 67 Report as of June 30, 2020
Staff to recommend the Board adopt the 2021-22 fiscal year employer and member contribution rates recommended by Segal Consulting; receive and file the Actuarial Valuation and Review as of June 30, 2020; and receive and file the Governmental Accounting Standards Board Statement 67 Actuarial Valuation as of June 30, 2020. Deliberation and action.

Item 18Annual Independent Financial Statement Audit
Presentation by the SCERS’ Audit Committee of the June 30, 2020 Independent Auditor’s Report on the Comprehensive Annual Financial Report; Required Communication in Accordance with Professional Standards (SAS 114); and Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters. Receive and file.

Benefit Matters

Item 19Felony Forfeiture Policy
Staff to recommend Board approve amendments to Felony Forfeiture Policy that provide additional procedural options for determining whether a member felony warrants pension forfeiture under Government Code sections 7522.72 and 7522.74. Deliberation and action.

Investment Matters

Item 20Investment Manager Recommendation - Domestic Equity Small Cap Value
Staff to recommend the Board: (1) Invest approximately $110 million with Snyder Capital Management in its Small Cap Value strategy, and (2) Authorize Staff to determine the most effective method for transitioning the assets and execute any necessary documents or agreements to effectuate the transition. Deliberation and action.

Item 21 – Education: Asset Liability Modeling Study
Verus Advisory, Inc. and Staff to provide overview and timeline for 2021 Asset Liability Modeling Study. Receive and file.

Item 22Quarterly Investment Performance Report - Alternative Assets
Cliffwater, LLC to present the performance report for the Absolute Return asset class for the periods ending September 30, 2019, and for the Private Equity, Private Credit Assets, and Opportunities asset classes for the periods ended June 30, 2020. Receive and file.

Item 23Quarterly Investment Performance Report - Real Estate
Townsend Group to present the performance report on real estate investments for the quarter ended September 30, 2020. Receive and file.

Item 24Quarterly Investment Performance Report - Third Quarter 2020
Verus Advisory, Inc. to present the performance report for the quarter ended Month 2020. Receive and file.