ABOUT LACERA

BOARD OF INVESTMENTS AGENDA 5-26-10

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 SPECIAL MEETING OF THE BOARD OF INVESTMENTS OF APRIL 29, 2010.
2. PUBLIC COMMENT
3. REPORT ON CLOSED SESSION ITEMS
4. ACTION ITEMS
   1. Recommendation as submitted by Vache Mahseredjian, Principal Investment Officer and Robert Z. Santos, Investment Officer, Fixed Income:  Select one of the following options for an opportunistic corporate credit fixed income mandate: 

      Option 1:  Hire one manager for a $200 million allocation and consider placing one or both of the other finalists on a bench.

      Option 2:  Hire two managers for a combined allocation of $200 million and consider placing the third manager on the bench.

      Option 3:  Don’t hire any managers and provide direction on whether to place any managers on the bench. (Memo dated May 19, 2010.)

   2. Recommendation as submitted by Vache Mahseredjian, Principal Investment Officer: Extend the emergency line of credit (ELOC) with BNY Mellon (Mellon) to June 11, 2011, under terms in effect during 2009; and postpone issuing the Request for Information (RFI) until next year, shortly before the ELOC will be due to expire.  (Memo dated May 19, 2010.)
   3. Recommendation as submitted by the Travel Policy Committee: Adopt the changes shown on the attached draft Education and Travel Policy, with the changes to become effective July 1, 2010.  (Memo dated May 19, 2010.)
   4. Recommendation as submitted by Cynthia Lau, Legislative Affairs Officer: That the Board of Investments adopt a “Watch” position on Senate Bill 1271 which would require posting a conflict of interest code appendix on the Internet Web site.  (Memo dated May 19, 2010.)
   5. Recommendation as submitted by Cynthia Lau, Legislative Affairs Officer:  That the Board of Investments adopt an “Oppose” position on Assembly Bill 2337 relating to predatory investment practices. (Memo dated May 19, 2010.)
5. REPORTS
   1. Real Estate Performance Measurement for
      Quarter Ended December 31, 2009
      John McClelland, Principal Investment Officer, Real Estate
      (Memo dated May 5, 2010.)

      The Townsend Group, Micolyn M. Yalonis, Principal

   2. Performance Review as of March 31, 2010
      Lisa Mazzocco, Chief Investment Officer
      Investment Staff (For information only.)
   3. Chief Executive Officer’s Report
      Gregg Rademacher, Chief Executive Officer
      (Memo dated April 29, 2010.) (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.

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.

5/24/10