ICERS

# MINUTES

REGULAR MEETING OF THE IMPERIAL COUNTY BOARD OF RETIREMENT September 18, 2024 9:00 A.M. 940 W. Main Street County Administration Center, Second Floor El Centro, CA 92243

1. The meeting called to order by Chair Jauregui at 9:01 a.m.

## A. Roll Call

MEMBERS PRESENT: Suzanne C. Bermudez, Patricia Lizarraga, Mario Salinas, Luis A. Plancarte, Norma K. Jauregui, Jose Landeros, Carl L. Armstrong, Jennifer Benavidez, Argelia Gaddis,

MEMBERS ARRIVING AFTER ROLL CALL: David H. Prince

MEMBERS ABSENT: None

LEGAL REPRESENTATIVES PRESENT: Board General Counsel: Chris Waddell

STAFF PRESENT: Scott W. Jarvis, Retirement Administrator, Angie Aguilera, Assistant Retirement Administrator, Cristina Solis Vargas, Retirement Specialist I.

CLERK OF THE RETIREMENT BOARD: Jessica Mitchell, Retirement Administrative Assistant

OTHERS PRESENT: Clarion Partners, Reza Basharzad, Managing Director, Chris Perino, Associate Portfolio Management, ASB Capital Management, LLC, David Quigley, CIO, Frank Nigro, Senior Vice President Marketing & Client Service, American Realty Advisors, Josh Brodsky, Senior Vice President, Portfolio Management, Ivy Holz, Senior Associate, Investor Relations, Verus Investments, Brian Kwan, Managing Director, Senior Consultant.

## OPEN SESSION

## B. Pledge of Allegiance

Trustee Armstong led the Pledge of Allegiance.

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## 2. Discussion of the Agenda:

A. Items pulled from the Action Calendar: None

B. Items pulled from the Discussion Calendar: None

C. Items pulled from the Consent Agenda: None

D. Emergency/Necessity Items added to the Agenda: None

E. Approval of the Agenda:

MOTION by Lizarraga, Second by Salinas, to approve the Agenda carried unanimously by those present.

F. Approval of the Consent Agenda:

MOTION by Plancarte, Second by Bermudez, to approve the Consent Agenda carried unanimously by those present.

## 3. Public Comments:

This is the time for the public to address the Board concerning items that are not on this Agenda, but within the jurisdiction of the Board. Matters on the Action Calendar, Discussion Calendar, or Closed Session Agenda may be addressed before or during consideration of the Agenda item. Speaking time is limited to three (3) minutes.

Clerk of the Retirement Board reported no emails or phone calls received.

## ACTION CALENDAR

4. Approval of the Minutes of the July 17, 2024 adjourned regularly scheduled meeting.

MOTION by Armstrong, Second by Bermudez to approve the Minutes of the July 17, 2024 adjourned regularly scheduled meeting. Motion carried unanimously by those present.

## 5. Presentations by Investment Managers:

A. Clarion Partners: Reza Basharzad, Managing Director, Senior Account Executive, Chris Perino, Associate Portfolio Management

Mr. Basharzad spoke on the key points and investment strategies of the firm while Mr. Perino updated the Board on Clarion’s 2nd Quarter performance.

B. ASB Capital Management, LLC: David Quigley, CIO, Frank Nigro, Senior Vice President Marketing & Client Service

Mr. Nigro provided the Board with an overview of ASB and highlighted their platform. Mr. Quigley provided the Board with a summary of the 2nd Quarter performance.

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## C. American Realty Advisors (ARA): Josh Brodsky, Senior Vice President, Portfolio Management, Ivy Holz, Senior Associate, Investor Relations

Ms. Holz updated the Board on ARA’s structure while Mr. Brodsky focused on the 2nd Quarter performance.

## BREAK FROM 10:50 AM TO 11:13 AM

6. Presentation by Investment Consultant, Verus: Brian Kwan, Managing Director, Senior Consultant.

AGENDA

REGULAR MEETING OF THE

IMPERIAL COUNTY BOARD OF RETIREMENT

September 18, 2024

09:00 A.M. 940 W. Main Street County Administration Center, Second Floor

El Centro, CA 92243

All supporting documentation is available for public review in the Retirement Office located at 1221 W. State Street, El Centro, CA 92243 during regular business hours, Monday through Friday, excluding holidays, 8:00 a.m. - 5:00 p.m.

ICERS will continue to hold all regularly scheduled Board meetings in person and will continue to follow applicable noticing requirements. You are strongly encouraged to listen to the live audio and video stream of the ICERS Board of Retirement meetings at: http://imperial.granicus.com/ViewPublisher.php?view_id=2. Should you wish to provide public comment on a specific item on the agenda and/or general public comment, please submit your comment via email to the Clerk of the Board at ICERS@co.imperial.ca.us no later than 2:00 p.m. on the Tuesday prior to the Board meeting. As an alternative, you may also join in on the Board of Retirement’s Zoom meeting: https://zoom.us/join; Meeting ID: 846 7815 8257; Passcode: 565715

In compliance with the Americans with Disabilities Act, if you need special assistance to participate in this public meeting, you should contact the office of the Imperial County Employees' Retirement System ("ICERS") at (442) 265-7550. Notification at least 48 hours prior to the meeting will enable ICERS to make reasonable accommodations, modifications, or arrangements to assure accessibility to this public meeting.

BOARD MEMBERS (by seat):

1.

Suzanne Bermudez, Imperial County Treasurer/Tax Collector

2.

Patricia Lizarraga, General Member

3.

Mario Salinas, General Member

4.

Luis A. Plancarte, County Supervisor

5.

Norma K. Jauregui, Appointed Member, Chair

6.

Jose Landeros, Appointed Member, Secretary

7.

Carl L. Armstrong III, Safety Member, Vice Chair

8.

David H. Prince, Retiree Member

9.

VACANT, Appointed Member

10.

Jennifer Benavidez, Alternate Safety Member

11.

AJ Gaddis, Alternate Retiree Member

OPEN SESSION

1.

Open Session / Call to Order:

A.

Roll Call

B.

Pledge of Allegiance

2.