ABOUT LACERA

BOARD OF INVESTMENTS AGENDA 1-13-10

LACERA

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

9:00 AM

1. ELECTION OF OFFICERS (Election of Chair, Vice Chair, Secretary, and Audit Committee Member)
2. APPROVAL OF THE MINUTES A. APPROVAL OF THE MINUTES OF THE REGULAR MEETING OF THE BOARD OF INVESTMENTS OF DECEMBER 9, 2009.
3. PUBLIC COMMENT
4. REPORT ON CLOSED SESSION ITEMS
5. ACTION ITEMS
   1. Recommendation as submitted by Robert Hill, Assistant Executive Officer and Janice Golden, Assistant Executive Officer:
      1. Approve the following new LACERA non-represented Classifications and proposed salary recommendations:
         • Senior Quality Auditor, LACERA, 97B
         • Quality Auditor II, LACERA, 91L
         • Quality Auditor I, LACERA, 86J
      2. Approve the eligibility of the above new LACERA classifications for the Certified Employee Benefits Specialist (CEBS) certification bonus. (Memo dated January 5, 2010.)
   2. Recommendation as submitted by June Kim, Senior Investment Officer, Equities and Esmeralda del Bosque, Senior Investment Analyst, Equities:
      1. Establish the following risk/return ranges for LACERA’s domestic equity composite:
         • Expected Excess Return: 10-20 basis points (Annualized, Net-of-Fees)
         • Expected Tracking Error: 0.5%-2.0%
         • Time Frame: Full Market Cycle
      2. Terminate the Goldman Sachs Asset Management Equity Enhanced Index mandate.
      3. Terminate the BlackRock U.S. Equity Alpha Tilts mandate. (Memo dated January 4, 2010.)
   3. Recommendation as submitted by June Kim, Senior Investment Officer, Equities:

      Provide staff with direction regarding the U.S. equity 130/30 mandate. (Memo dated January 5, 2010.)

6. REPORTS
   1. Wells Capital Management – Manager Update Robert Z. Santos, Investment Officer, Fixed Income (Memo dated January 5, 2010.)
   2. U.S. Equity Activist Corporate Governance Managers Review June Kim, Senior Investment Officer, Equities Dale Johnson, Senior Investment Analyst, Equities (Memo dated January 6, 2010.) (For information only.)
   3. Goldman Sachs Asset Management Quantitative Team Dale Johnson, Senior Investment Analyst, Equities (Memo dated January 5, 2010.) (For information only.)
7. EXECUTIVE SESSION
   1. CONFERENCE WITH LEGAL COUNSEL - ANTICIPATED LITIGATION (Subdivision (b) of California Government Code Section 54956.9).
      1. One case.
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.

Persons requiring an alternative format of this agenda pursuant to Section 202 of the Americans with Disabilities Act of 1990 may request one by calling Cynthia Guider at (626)-564-6000, 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. Assistive Listening Devices are available upon request. American Sign Language (ASL) Interpreters are available with at least three (3) business days notice before the meeting date.

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