ICERS

MINUTES

REGULAR MEETING OF THE IMPERIAL COUNTY BOARD OF RETIREMENT November 15, 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 9:02 a.m.

## A. Roll Call

MEMBERS PRESENT: Patricia Lizarraga, Mario Salinas, Norma K. Jauregui, Carl L. Armstrong, David H. Prince, Jennifer Benavidez, Argelia Gaddis.

MEMBERS ABSENT: Suzanne Bermudez, Luis A. Plancarte, Jose Landeros

LEGAL REPRESENTATIVES PRESENT VIA TELECONFERENCE: Board General Co-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: Sixth Street Partners, Lucy Stone, Associate, and Brian D'Arcy, Partner; HarbourVest Partners, LLC, Sarah Zilzer, Principal, Juan Castano, Vice President of Investor Relations; Verus, Scott J. Whalen, Executive Managing Director and Senior Consultant and Brian Kwan, Managing Director and Senior Consultant

## OPEN SESSION

## B. Pledge of Allegiance

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

## F. Approval of the Consent Agenda:

MOTION by Salinas, Second by Armstrong, 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 October 18, 2023 adjourned regularly scheduled meeting.

MOTION by Armstrong, Second by Salinas to approve the Minutes of the October 18, 2023 adjourned regularly scheduled meeting. Motion carried unanimously by those present, Trustee Lizarraga abstained.

## 5\. Approval of the Minutes of the October 26, 2023 adjourned Special Meeting.

MOTION by Prince, Second by Armstrong to approve the Minutes of the October 26, 2023 adjourned Special Meeting. Motion carried unanimously by those present, Trustee Lizarraga abstained.

## 6\. Presentations by Investment Managers:

A. Sixth Street Partners, Lucy Stone, Associate, and Brian D'Arcy Partner

Mr. D'Arcy provided the Board with a firm overview and a summary of ICERS’ Investment Performance.

B. HarbourVest Partners, LLC, Sarah Zilzer, Principal, Juan Castano, Vice President of Investor Relations

Mr. Castano thanked the Board for the consideration of expanding their partnership and provided a firm update.

Ms. Zilzer presented the Board with a global market overview and elaborated on ICERS’ Portfolio performance.

* * *

November 15, 2023 MINUTES PAGE 3

AGENDA

REGULAR MEETING OF THE

IMPERIAL COUNTY BOARD OF RETIREMENT

November 15, 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: 840 7432 8301; Passcode: 665334

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.