ICERS

# MINUTES

REGULAR MEETING OF THE IMPERIAL COUNTY BOARD OF RETIREMENT April 16, 2025 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 Armstrong at 9:03 a.m.

## A. Roll Call

MEMBERS PRESENT: Suzanne C. Bermudez, Patricia Lizarraga, Norma K. Jauregui, Carl L. Armstrong, David H. Prince, Kathleen Lang, Jennifer Benavidez, AJ Gaddis

MEMBERS ARRIVING AFTER ROLL CALL: Ryan Kelley

MEMBERS ABSENT: Jose Landeros,

LEGAL REPRESENTATIVES PRESENT: Chris Waddell, Board General Counsel,

STAFF PRESENT: Scott W. Jarvis, Retirement Administrator,

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

OTHERS PRESENT: Anya J. Freedman, Partner, Bernstein Litowitz Berger & Grossmann LLP

OTHERS PRESENT VIA TELECONFERENCE: Brian Kwan, Managing Director, Senior Consultant, Verus.

## OPEN SESSION

## B. Pledge of Allegiance

Chair Armstrong led the Pledge of Allegiance.

## 2. Discussion of the Agenda:

A. Items pulled from the Action Calendar: None

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Discussion of the Agenda (Continued):

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

## F. Approval of the Consent Agenda:

MOTION by Jauregui, 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.

## TRUSTEE KELLEY ARRIVED AT 9:03 AM

## ACTION CALENDAR

## 4. Approval of the Minutes of March 19, 2025 adjourned regularly scheduled meeting.

MOTION by Bermudez, Second by Lizarraga to approve the Minutes of the March 19, 2025 adjourned regularly scheduled meeting. Motion carried unanimously by those present.

5. Discussion: The Board will review Verus’ findings with regard to Private Credit investment management fees.

Mr. Kwan discussed the discrepancy in fees reporting over the past three years, indicating the increase in interest expense.

Direction was provided to Verus and staff to add dollar amount returns to existing rates of return in the Annual report to the Board.

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6. Discussion: Portfolio Monitoring and Securities Litigation Presentation: Anya J. Freedman, Bernstein Litowitz Berger & Grossmann LLP. (BLB&G).

Ms. Freedman provided an overview of BLB&G history, their firm and their relationship with ICERS. She outlined the legal framework, key considerations for fiduciaries, and the importance of participating in class action Securities Litigation Claims.

General Counsel Christopher Waddell indicated that the current discussion on the Securities Litigation Policy was timely as the Ad Hoc Committee to review the governance policies had been formed and can add this item to the agenda for the committee’s discussion.

AGENDA

REGULAR MEETING OF THE

IMPERIAL COUNTY BOARD OF RETIREMENT

April 16, 2025

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: 851 4760 9128; Passcode: 058435

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.

Vacant, General Member,

4.

Ryan Kelley, County Supervisor

5.

Norma K. Jauregui, Appointed Member

6.

Jose Landeros, Appointed Member, Vice Chair

7.

Carl L. Armstrong III, Safety Member, Chair

8.

David H. Prince, Retiree Member, Secretary

9.

Kathleen Lang, 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.