ICERS

# MINUTES

REGULAR MEETING OF THE IMPERIAL COUNTY BOARD OF RETIREMENT September 17, 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 9:02 a.m.

## A. Roll Call

MEMBERS PRESENT: Patricia Lizarraga, Enrique Alvarado, Norma K. Jauregui, Carl L. Armstrong, David H. Prince, Jennifer Benavidez, AJ Gaddis

MEMBERS ARRIVING AFTER ROLL CALL: Suzanne Bermudez

MEMBERS ABSENT: Ryan Kelley, Jose Landeros

LEGAL REPRESENTATIVES PRESENT: Chris Waddell, Board General Counsel, David Lantzer, Board General Co-Counsel

STAFF PRESENT: Scott W. Jarvis, Retirement Administrator, Angie Aguilera, Assistant Retirement Administrator

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

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

## OPEN SESSION

## B. Pledge of Allegiance

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

## F. Approval of the Consent Agenda:

MOTION by Alvarado, Second by Jauregui, 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 July 16, 2025 adjourned regularly scheduled meeting.

MOTION by Jauregui, Second by Prince to approve the Minutes of the July 16, 2025 adjourned regularly scheduled meeting. Motion carried unanimously by those present.

## 5. Presentations by Investment Managers:

## A. American Realty Advisors (ARA): Josh Brodsky, Senior Vice President, Portfolio Management Jay Butterfield, Executive Managing Director

Mr. Brodsky updated the Board on ARA’s structure while Mr. Brodsky focused on the 2nd Quarter performance. Both highlighting steady portfolio performance and diversification across residential, industrial, office, and retail sectors.

## TRUSTEE Bermudez ARRIVED AT 09:15 AM

## 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. The report emphasized continued diversification, stable income generation, and opportunities for long-term growth.

## C. 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. Clarion highlighted a well-diversified portfolio and steady long-term growth potential.

## BREAK FROM 10:15 AM TO 10:31 AM

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

AGENDA

REGULAR MEETING OF THE

IMPERIAL COUNTY BOARD OF RETIREMENT

September 17, 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: 838 3906 5334 ; Passcode: 143122

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.

Enrique Alvarado, 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.

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.