ABOUT LACERA

BOARD OF INVESTMENTS AGENDA 10-14-09

LACERA

300 N. Lake Ave., Suite 810
Pasadena, CA 91101

9:00 A.M.

1. APPROVAL OF THE MINUTES
   1. APPROVAL OF THE MINUTES OF THE MEETING OF THE BOARD OF INVESTMENTS OF SEPTEMBER 9, 2009.
2. PUBLIC COMMENT
3. REPORT ON CLOSED SESSION ITEMS
4. ACTION ITEMS
   1. Recommendation as submitted by Gregg Rademacher, Chief Executive Officer: Approve attendance of Board members, and staff as designated by the Chief Executive Officer to attend IREI’s 4th Annual Institutional Investment Infrastructure Conference in Washington D.C. on November 30 through December 2, 2009, and approve reimbursement of all travel costs incurred in accordance with LACERA’s Education and Travel Policy. (Placed on the Agenda at the request of Mr. Santos.)
   2. Recommendation as submitted by Gregg Rademacher, Chief Executive Officer: Approve attendance of Board members, and staff as designated by the Chief Executive Officer, at the World Pension Forum, and approve reimbursement of all travel costs incurred in accordance with LACERA’s Education and Travel Policy. (Memo dated October 1, 2009.)
   3. Recommendation as submitted by Simon S. Russin, Acting Chair, Board of Retirement: Approve funding from Contingency in the amount of $775,000 for microfiche conversion services from National Business Systems, Inc. (Memo dated October 5, 2009.)
   4. Recommendation as submitted by Gregg Rademacher, Chief Executive Officer: Adopt a retirement benefit funding policy commencing with the June 30, 2009, valuation defining the valuation cycle, over funded and under funded amortization methodology, asset valuation method, excess earnings, and restricted reserved. (Memo dated October 6, 2009.)
   5. Recommendation as submitted by Lisa Mazzocco, Chief Investment Officer: Authorize staff to issue a Request for Information for a currency hedging mandate. (Memo dated October 7, 2009.)
   6. Recommendation as submitted by Vache Mahseredjian, Principal Investment Officer and Robert Z. Santos, Investment Officer, Fixed Income: Authorize Staff to issue a Request for Information for an opportunistic credit mandate. (Memo dated October 6, 2009.)
   7. Recommendation as submitted by Earl W. Buehner, Senior Staff Counsel: Consent to the assignment of the Manager of Managers Agreement from Northern Trust Capital Advisors, Inc., a Delaware corporation, to The Northern Trust Company of Connecticut, a Connecticut trust company, and authorize staff to execute such consents and other documents to effect the assignment as reviewed and approved by the LACERA Legal Office. (Memo dated October 6, 2009.)
   8. Recommendation as submitted by Gregg Rademacher, Chief Executive Officer: Direct management to join the represented employees in signing the Memorandums of Understanding incorporating the Tentative Agreements. The Memorandums of Understanding will be effective January 1, 2009 to September 30, 2011. (Memo dated October 7, 2009.)
5. REPORTS
   1. Fixed Income Primers on Corporate Credit Vache Mahseredjian, Principal Investment Officer (Memo dated October 6, 2009.) (For information only.)
6. GOOD OF THE ORDER

   (For discussion purposes only.)

7. ADJOURNMENT

Documents subject to public disclosure that relate to an agenda item for an open session of the Board of Investments that are distributed to members of the Board of Investments less than 72 hours prior to the meeting will be available for public inspection at the time they are distributed to a majority of the Board of Investments Members at LACERAs offices at 300 N. Lake Avenue, Suite 820, Pasadena, CA 91101, during normal business hours of 9:00 a.m. to 5:00 p.m. Monday through Friday.

Assistive Listening Devices are available at the meeting upon request. American Sign Language (ASL) Interpreters are available with at least three business days notice before the meeting date. Persons requiring an alternative format of this public notice pursuant to Section 202 of the Americans with Disabilities Act of 1990 may request one by contacting Cynthia Guider at (626) 564-6000, x3327 from 8:30 a.m. to 5:00 p.m. Monday through Friday, but no later than 48 hours prior to the time the meeting is to commence.

9/4/09