ABOUT LACERA

BOARD OF INVESTMENTS AGENDA 3-10-10

LACERA

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

9:00 AM

1. APPROVAL OF THE MINUTES
   1. APPROVAL OF THE MINUTES OF THE REGULAR MEETING OF THE BOARD OF INVESTMENTS OF FEBRUARY 10, 2010.
2. PUBLIC COMMENT
3. REPORT ON CLOSED SESSION ITEMS
4. ACTION ITEMS
   1. Recommendation as submitted by Gregg Rademacher, Chief Executive Officer:
      1. Accept the June 30, 2009, Actuarial Valuation of LACERA prepared by your actuary, Milliman;
      2. Adopt recommended employer contribution rates; and
      3. Direct the Chief Executive Officer to communicate the results of the Valuation to the Board of Supervisors by May 15, 2010, with a recommendation that the recommended employer rates be implemented no later than September 30, 2010. (Memo dated March 1, 2010.)

         Milliman
         Karen I. Steffen, Fellow, Society of Actuaries
         Member, American Academy of Actuaries
         Nick J. Collier, Associate, Society of Actuaries
         Member, American Academy of Actuaries

   2. Recommendation as submitted by Gregg Rademacher, Chief Executive Officer:
      1. Approve the salary level for the Director, Retiree Health Care position as Tier 1 MAPP, Range 14; and
      2. Delegate authority to the Chief Executive Officer the flexibility to set salary in the fourth quartile on the salary range. (Memo dated February 3, 2010.)
   3. Recommendation as submitted by Christopher J. Wagner, Senior Investment Officer and Earl W. Buehner, Senior Staff Counsel: Approve the attached revisions to LACERA’s Placement Agent Policy. (Memo dated March 3, 2010.)
   4. Recommendation as submitted by Robert S. Van Der Volgen, Chief Counsel: Approve the attached ballot insert entitled “POWERS AND DUTIES OF INVESTMENTS BOARD MEMBERS” to be included with the ballot materials for the election of the Fourth Member of the Board of Investments. (Memo dated February 25, 2010.)
   5. Recommendation as submitted by Michael D. Herrera, Senior Staff Counsel: Adopt the revised Board of Investments Securities Litigation Policy, in the form set forth as Attachment B. (Memo dated February 28, 2010.)
   6. Recommendation as submitted by Cynthia Lau, Legislative Affairs Officer: Recommend that Board of Investments adopt a “Watch” position on Senate Bill 414 relating to the process of filing Board member vacancies. (Memo dated February 26, 2010.)
5. REPORTS
   1. Acadian Asset Management, LLC, Manager Review
      June Kim Senior Investment Officer, Equities
      Dale Johnson, Senior Investment Analyst, Equities
      (Memo dated February 23, 2010.)

      Acadian Asset Management LLC
      John Chisholm, Executive Vice President and
      Chief Investment Officer
      Michael Randall, Senior Vice President

   2. Infrastructure Investing
      John D. McClelland, Principal Investment Officer, Real Estate
      (Memo dated March 2, 2010.)
   3. Chief Executive Officer’s Report
      Gregg Rademacher, Chief Executive Officer
      (Memo dated February 24, 2010.) (For information only.)
   4. Corporate Governance Quarterly Review
      Volume 5, Issue #4: October 1, 2009 – December 31, 2009
      (Memo dated February 22, 2010.) (For information only.)
   5. Annual Report on Securities Litigation
      Michael D. Herrera, Senior Staff Counsel
      (Memo dated February 25, 2010.) (For information only.)
   6. Support of U.S. Senate Bill 1551
      Michael D. Herrera, Senior Staff Counsel
      (Memo February 22, 2010.) (For information only.)
   7. Assembly Bill 1743 – Placement Agents Required to Register as Lobbyists. (Memo dated March 1, 2010.) (For information only.)
6. EXECUTIVE SESSION
   1. CONFERENCE WITH LEGAL COUNSEL – ANTICIPATED LITIGATION (Subdivision (b) of California Government Code Section 54956.9
      1. One Case.
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.

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.

2/5/10