ICERS

# MINUTES

REGULAR MEETING OF THE IMPERIAL COUNTY BOARD OF RETIREMENT October 18, 2023 9:00 A.M. 940 W. Main Street County Administration Center, Second Floor El Centro, CA 92243

## 1\. The meeting called to order by Vice Chair Jauregui at 9:00 a.m.

## A. Roll Call

MEMBERS PRESENT: Suzanne Bermudez, Mario Salinas, Norma K. Jauregui, Jose Landeros, Carl L. Armstrong, David H. Prince, Jennifer Benavidez, Argelia Gaddis.

MEMBERS ABSENT: Patricia Lizarraga, Luis A. Plancarte

LEGAL REPRESENTATIVES PRESENT: Board General Counsel: Chris Waddell

STAFF PRESENT: Scott W. Jarvis, Retirement Administrator, Regina Rodrigues, Assistant Retirement Administrator

CLERK OF THE RETIREMENT BOARD: Cristina Solis Vargas, Retirement Administrative Assistant

OTHERS PRESENT: Brian Kwan, Verus, Managing Director and Senior Consultant

## OPEN SESSION

## B. Pledge of Allegiance

Trustee Landeros led the Pledge of Allegiance.

## 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

* * *

Discussion of the Agenda (Continued):

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

## E. Approval of the Agenda:

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

## F. Approval of the Consent Agenda:

MOTION by Prince, Second 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 September 20, 2023 adjourned regularly scheduled meeting.

MOTION by Armstrong, Second by Bermudez to approve the Minutes of the September 20, 2023 adjourned regularly scheduled meeting carried unanimously by those present.

## 5\. Discussion: Confirmation that Retirement Administrator is a County Employee

MOTION by Prince, Second by Salinas to confirm the Board’s understanding that the Retirement Administrator is a County employee carried unanimously by those present.

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

## A. Discussion: Enterprise Risk Tolerance Assessment

Mr. Kwan reviewed the County of Imperial’s ability to incur investment risk based on the findings from recent Trustee interviews and an assessment of the financial health of the County.

## B. Discussion/Action: Asset Liability Study

Mr. Kwan presented the Board with the Asset Liability Study findings and recommended the Board adopt the asset allocation specified in the recommended portfolio, which reduces Domestic Equity by 3% and increases Private Credit by 3%.

MOTION by Landeros, Second by Armstrong to accept Verus’ recommendation to adopt the asset allocation and reduce Domestic Equity by 3% and increasing Private Credit by 3%. Motion was rejected by roll call vote: YES by Landeros, Armstrong. NO by Bermudez, Salinas, Jauregui, Prince, ABSENT Lizarraga, Plancarte.

* * *

Discussion/Action: Asset Liability Study (Continued):

AGENDA

REGULAR MEETING OF THE

IMPERIAL COUNTY BOARD OF RETIREMENT

October 18, 2023

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: 822 9674 3569; Passcode: 563979

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, Chair

5.

Norma K. Jauregui, Appointed Member, Vice Chair

6.

Jose Landeros, Appointed Member

7.

Carl L. Armstrong III, Safety Member

8.

David H. Prince, Retiree Member

9.

VACANT, Appointed Member

10.

Jennifer Benavidez, Alternate Safety Member

11.

AJ Gaddis, Alternate Retiree Member, Secretary

OPEN SESSION

1.

Open Session / Call to Order:

A.

Roll Call

B.

Pledge of Allegiance

2.