ABOUT LACERA

BOARD OF INVESTMENTS AGENDA 4-22-09

1. APPROVAL OF THE MINUTES
   1. APPROVAL OF THE MINUTES OF THE REGULAR MEETING OF THE BOARD OF INVESTMENTS OF MARCH 11, 2009.
2. PUBLIC COMMENT
3. REPORT ON CLOSED SESSION ITEMS
4. CONSENT AGENDA
   1. Recommendation as submitted by Gregg Rademacher, Chief Executive Officer: Approve attendance of Board members, and staff to attend the Credit Suisse 2009 Private Equity Conference at the Westin Book Cadillac Hotel in Detroit, Michigan; and approve the reimbursement of all travel costs incurred in accordance with LACERA’s Education and Travel Policy. (Memo dated March 18, 2009.)
   2. 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 NASP’s (National Association of Securities Professionals) 20th Annual Pension Conference; and approve reimbursement of all travel costs incurred in accordance with LACERA’s Education and Travel Policy. (Memo dated April 17, 2009.) (Placed on the Agenda at the request of Mr. Santos.)
5. 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, at the World Pension Forum Conference in Washington, D.C. on May 17-19, 2009; and approve reimbursement of all travel costs incurred in accordance with LACERA’s Education and Travel Policy, except that reimbursement for lodging will be limited to $280 per night, plus taxes. (Memo dated April 15, 2009.)
   2. Recommendation as submitted by Gregg Rademacher, Chief Executive Officer: Adopt a Retirement Benefit Funding Policy. (Memo dated April 15, 2009.)
   Milliman Consultants
   • Karen I. Steffen, FSA, EA, MAAA, Consulting Actuary
   • Nick J. Collier, ASA, EA, MAAA, Consulting Actuary
   3. Recommendation as submitted by Earl W. Buehner, Senior Staff Counsel: Consent to the assignment of the Investment Management Agreement from Lehman Brothers Asset Management Inc. to a newly registered investment adviser that is or becomes a subsidiary of Neuberger Berman Group, LLC, 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 April 8, 2009.)
   4. Recommendation as submitted by Earl W. Buehner, Senior Staff Counsel: Consent to the assignment of the Domestic Investment Manager Agreement from Berkeley Capital Management LLC to M & I Investment Management Corp., 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 April 8, 2009.)
   5. Recommendation as submitted by the Corporate Governance Committee: Adopt LACERA’s revised Domestic Proxy Voting Guidelines and Corporate Governance Principles. (Memo dated March 26, 2009.)
6. REPORTS
   1. Wilshire Associates

      Discussion relating to Westridge Capital Management

   2. Public Markets Combined Educational Session
   Delta Asset Management and PIMCO
   • Carl Goldsmith, Chief Investment Officer (Delta)
   • Saumil Parikh, CFA, Executive Vice President and Senior Portfolio Manager (PIMCO)
   3. Investing in Timber

      John D. McClelland, Principal Investment Officer, Real Estate
      Amit Aggarwal , Investment Officer, Real Estate (Memo dated April 15, 2009.)

7. EXECUTIVE SESSION
   1. Conference with Legal Counsel – Anticipated Litigation (Subdivision (b) of California Government Code Section 54956.9)
      1. One Case
   2. Pursuant to Government Code Section 54957 – Public Employee Performance Evaluation:
   MID-YEAR EVALUATION
   • Title: Chief Executive Officer
8. GOOD OF THE ORDER

   (For discussion purposes only.)

9. 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.

4/20/09