ABOUT LACERA

SPECIAL MEETING
BOARD OF INVESTMENTS AGENDA 11-18-09

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 OCTOBER 14, 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 the National Institute on Retirement Security (NIRS) Inaugural Pension Policy Conference in Washington D.C. on February 1 – 2, 2009, and approve reimbursement of all travel costs incurred in accordance with LACERA’s Education and Travel Policy. (Memo dated November 9, 2009) (Placed on the Agenda at the request of Ms. Sandoval.)

   2. 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 November 10, 2009.)

   3. Recommendation as submitted by Michael Herrera, Senior Staff Counsel:

      That your Board authorize LACERA to provide a letter in support of Senate Bill 1551. (Memo dated October 1, 2009.)

5. REPORTS
   1. Real Estate Market Conditions Update John D. McClelland, Principal Investment Officer, Real Estate (Memo dated November 4, 2009)

      Ms. Aseieh Mansour, Ph.D.
      Chief Economist and Strategist – RREEF

   2. Real Estate Performance Measurement - Quarter Ended June 30, 2009 John D. McClelland, Principal Investment Officer, Real Estate (Memo dated November 4, 2009)

      The Townsend Group
      Micolyn M. Yalonis, Principal

   3. 2009 Private Equity Performance Review Christopher J. Wagner, Senior Investment Officer, Private Equity (Memo dated November 9, 2009.)

      Credit Suisse Customized Fund Investment Group
      David Almodovar, Vice President

   4. Credit Suisse Customized Fund Investment Group Christopher J. Wagner, Senior Investment Officer, Private Equity (Memo dated November 9, 2009.)
   5. Performance Review as of September 30, 2009 Lisa Mazzocco, Chief Investment Officer (For information only.)
   6. Assembly Bill 1584 – Revolving Door and Placement Agents Cynthia Lau, Legislative Affairs Officer (Memo dated October 27, 2009.) (For information only.)
6. EXECUTIVE SESSION
   1. Pursuant to Government Code Section 54957

      Public Employee Performance Evaluation
      Title: Chief Executive Officer

7. GOOD OF THE ORDER

   (For discussion purposes only.)

8. 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 LACERA’s 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.

Listening Devices are available at 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.

11/16/09