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Agenda

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​