ABOUT LACERA

BOARD OF INVESTMENTS AGENDA 2-11-09

1. APPROVAL OF THE MINUTES
   1. APPROVAL OF THE MINUTES OF THE REGULAR MEETING OF THE BOARD OF INVESTMENTS OF JANUARY 14, 2009.
2. PUBLIC COMMENT
3. REPORT ON CLOSED SESSION ITEMS
4. CONSENT AGENDA
   1. Recommendation as submitted by John D. McClelland, Principal Investment Officer, Real Estate: (1) Approve attendance of Board Members, and staff as designated by the Chief Executive Officer, at the NCREIF 2009 Annual Winter Conference, and approve reimbursement of all travel costs incurred in accordance with LACERA's Education and Travel Policy. (Memo dated February 2, 2009.)
   2. Recommendation as submitted by Earl W. Buehner, Senior Staff Counsel: (1) Determine whether to approve attendance by Board members, and staff as designated by the Chief Executive Officer, at the Klausner & Kaufman, P.A. 11th annual client conference on March 15-18, 2009, at the Hyatt Regency Pier 66 in Fort Lauderdale, Florida; and (2) If attendance is approved, approve reimbursement of all applicable travel costs associated with conference attendance in accordance with LACERA's Education and Travel Policy. (Memo dated February 3, 2009.) (Placed on the Agenda at the Request of Mr. Pryor.)
5. ACTION ITEMS
   1. Recommendation as submitted by Gregg Rademacher, Chief Executive Officer: (1) Approve attendance of Board members, and staff as designated by the Chief Executive Officer, at the World Pension Forum Conference, and (2) Approve reimbursement of all travel costs incurred in accordance with LACERA's Education and Travel Policy. (Memo dated February 3, 2009.) (Placed on the Agenda at the request of Mr. Santos.)
   2. Recommendation as submitted by Lisa Mazzocco, Chief Investment Officer: Amend the Bylaws of LACERA's Board of Investments to provide for one regular meeting per month to be held on the second Wednesday of the month, as shown on Attachment A, prepared by the LACERA Legal Office. (Memo dated February 4, 2009.)
   3. Recommendation as submitted by Lisa Mazzocco, Chief Investment Officer: (1) Reschedule the April 8, 2009, Board of Investments meeting to April 22, 2009; and (2) Reschedule the May 13, 2009, Board of Investments meeting to May 27, 2009. (Memo dated February 4, 2009.)
6. REPORTS
   1. Actuarial Funding Policy Gregg Rademacher, Chief Executive Officer (Memo dated February 3, 2009.)
      Milliman Consultants
      Karen I. Steffen, FSA, EA, MAAA, Consulting Actuary
      Nick J. Collier, ASA, EA, MAAA, Consulting Actuary
   2. Performance Review as of December 31, 2008 Lisa Mazzocco, Chief Investment Officer Investment Staff
   3. Investment Staff Goals 2008/09 Lisa Mazzocco, Chief Investment Officer (Memo dated February 4, 2009.)
   4. Real Estate Performance Measurement for Quarter Ended September 30, 2008 John McClelland, Principal Investment Officer, Real Estate (Memo dated January 29, 2009.) (For information only.)
   5. Third Quarter Private Equity Portfolio Update Christopher J. Wagner, Senior Investment Officer, Private Equity (Memo dated February 3, 2009.) (For information only.)
   6. Corporate Governance Quarterly Review Volume 4, Issue #4: October 1, 2008 - December 31, 2008 (Memo dated February 3, 2009.) (For information only.)
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.

2/9/09