Merced County public meetings in 2021

MCERA Board of Retirement

The Merced County Employees' Retirement Association (MercedCERA) Board of Retirement is meeting to discuss and possibly act on investment recommendations, fund performance, and administrative matters. The board will consider adopting a recommendation from Cliffwater regarding funds/managers, review monthly and preliminary quarterly performance from Meketa, and discuss filling staff positions and the new website. A closed session is scheduled for discussion of investments in recommended funds.

• Discussion and possible action to adopt recommendation regarding Funds/Managers – Cliffwater
• Discussion and possible action on monthly and preliminary quarterly performance – Meketa
• Discussion and possible action on filling full time Office Assistant position and extra help position
• Discussion on MercedCERA's new website (Mercedcera.com)
• Review calendar of training sessions and authorize expenditures for Trustees and Plan Administrator

MCERA Board of Retirement

The MercedCERA Board of Retirement will discuss and possibly act on updated implementation dates for Resolution 2020-1, affecting retirees who received terminal pay in two specific periods. The board will also consider adopting a new non-pensionable pay code for the Superior Court, elect officers for the fiscal year, and review training expenditures. The meeting includes a closed session on existing litigation.

• Discussion and possible action on updated implementation date for Resolution 2020-1 for retirees who retired July 12, 2014 to August 2020 (Estoppel Group) with terminal pay
• Discussion and possible action on implementation of Resolution 2020-1 for retirees who retired with terminal pay between January 1, 2013 and July 12, 2014 (Stay Order Group) per court stay order
• Discussion and possible action to approve MercedCERA Board seats of Chair, Vice Chair, and Secretary for Fiscal Year 2021-2022
• Discussion and possible action to approve non-pensionable pay code MTP (Management Time Payout) for the Superior Court of Merced County
• Closed session: Conference with legal counsel on existing litigation (CCC Deputy Sheriffs Assoc. v. CCCERA, et al, Case No. MSN12-1870)

MCERA Board of Retirement

The Merced County Employees' Retirement Association (MercedCERA) Board of Retirement will discuss and possibly act on investment recommendations, including private equity fund commitments, quarterly performance reports, and the interest crediting rate for June 30, 2021. The board will also discuss Bitcoin as a potential investment and review training sessions for trustees. A closed session will address fund investments and a possible fund sale.

• Discussion and possible action on investments in recommended funds (Cliffwater), including a possible fund sale
• Discussion and possible action on quarterly performance and managers/funds (Cliffwater)
• Discussion and possible action on May monthly and quarterly performance reporting as of May 31, 2021 (Meketa Group)
• Discussion on Bitcoin (Meketa Group)
• Discussion and possible action to adopt interest crediting rate for June 30, 2021

The MercedCERA Board voted unanimously to commit up to $8 million to Nautic Partners X, L.P., a private equity partnership, subject to satisfactory legal negotiations. The board also adopted interest credit rates for June 30, 2021, and approved the June 10, 2021 minutes. No action was taken on other agenda items, including quarterly performance reports, Bitcoin discussion, and training expenditures.

• Approved commitment of up to $8M to Nautic Partners X, L.P. (9-0)
• Adopted interest credit rates: 0.1890% annual for active reserves, 7.07% annual for retiree reserves (8-0)
• Approved June 10, 2021 minutes (9-0)
• No action taken on selling a fund
• No action taken on quarterly performance reports
• No action taken on May monthly/quarterly performance reporting
• No action taken on Bitcoin discussion
• No action taken on training expenditures

MCERA Board of Retirement

The MercedCERA Board of Retirement will discuss and possibly approve the annual budget for fiscal year ending 2022, review trustee fiduciary roles, and consider a proposed investment officer classification. The board will also hold closed sessions on litigation and disability retirement applications, and consider adopting a pay code as non-pensionable for Superior Courts. The agenda includes routine consent items such as retirements and a monthly budget report.

• Discussion and possible action to approve MercedCERA annual budget for FYE 2022
• Discussion on proposed investment officer classification
• Discussion and possible action to adopt pay code CAP as non-pensionable for Superior Courts of Merced County
• Closed session: litigation CCC Deputy Sheriffs Assoc. v. CCCERA, et al, Case No. MSN12-1870
• Closed session: disability retirement applications for 14 named individuals

The MercedCERA Board of Retirement approved the administrative budget for fiscal year 2021-2022 and adopted a pay code as non-pensionable for Superior Courts of Merced County. The board also granted non-service connected disabilities and denied service-connected disabilities for two applicants, Robert Elias and Stacy Parras. The consent calendar, including seven retirements, was approved unanimously.

• Approved the May 27, 2021 meeting minutes (8-0).
• Granted non-service connected disability and denied service-connected disability for Robert Elias (8-0).
• Granted non-service connected disability and denied service-connected disability for Stacy Parras (8-0).
• Approved the consent calendar, including seven retirements (8-0).
• Adopted the proposed administrative budget and projection for FY 2021/2022 (8-0).
• Adopted pay code CAP as non-pensionable for the Superior Courts of Merced County (8-0).

MCERA Board of Retirement

The Merced County Employees' Retirement Association (MercedCERA) Board will discuss quarterly investment performance as of March 31, 2021, hear an educational session on the Federal Reserve's role and inflation, and consider information about a retirement system becoming independent from its county. The board will also review and potentially authorize expenditures for trustee training sessions.

• Q1 2021 portfolio return of 2.9%, underperforming policy benchmark by 1.3%
• Fund market value of $1,085,971,253 as of March 31, 2021
• Discussion on The Role of the Fed: Pre and Post Pandemic Role of the US Treasury, Inflation and Interest Rates
• Discussion on information regarding a retirement system going independent from its county
• Authorize expenditures for training: CALAPRS Trustee Roundtable (May 28, 2021), SACRS/UC Berkeley program (July 13-22, 2021), SACRS Fall Conference (Nov 9-12, 2021)

The MercedCERA Board voted unanimously to approve the May 13, 2021 minutes. The board directed staff to not proceed with further detailed information on a retirement system going independent from its county. The board also requested to review the draft classification for the Investment Officer position at the next meeting on June 10, 2021. No other formal actions were taken; discussions on performance reporting, the Fed's role, and training sessions were informational only.

• Approved May 13, 2021 minutes (9-0)
• Directed staff to not proceed with detailed information on retirement system independence
• Requested review of draft classification for Investment Officer position at June 10, 2021 meeting

MCERA Board of Retirement

The MercedCERA Board unanimously approved the consent calendar, including nine retirements, and directed voting delegate Kristen Santos to support the SACRS Omnibus Bill. They also approved trustees and the plan administrator to attend the SACRS Fall Conference. No other substantive decisions were made.

• Approved April 22, 2021 minutes (8-0)
• Approved consent calendar including nine retirements (8-0)
• Approved voting delegate Kristen Santos to support SACRS Omnibus Bill (8-0)
• Approved trustees and plan administrator to attend SACRS Fall Conference (8-0)

MCERA Board of Retirement

The Merced County Employees' Retirement Association (MCERA) Board of Retirement will meet to discuss and possibly act on investment performance and fund recommendations from advisors Cliffwater and Meketa Group. The board will also consider adopting a new Superior Courts of Merced County pay code 'SPS' for COVID Supplemental Paid Sick Leave as a pensionable pay code, and review and authorize expenditures for trustee training sessions. The meeting includes a closed session for discussion of investments in recommended funds.

• Discussion and possible action on quarterly performance and managers/funds – Cliffwater
• Discussion and possible action on March monthly performance and managers/funds – Meketa Group
• Presentation of '2021 Capital Markets Assumptions' by Meketa Group
• Discussion and possible action to adopt new Superior Courts of Merced County Pay Code 'SPS' (COVID Supplemental Paid Sick Leave) as pensionable
• Review of training sessions and authorization of expenditures for Trustees and Plan Administrator (e.g., SACRS Spring Conference, May 11-14, 2021)

The MercedCERA Board approved two investments totaling up to $16 million, pending legal review, and adopted a new pensionable pay code for COVID sick leave. The board also approved trustee training attendance and the April 8 minutes. No action was taken on performance reports or capital market assumptions.

• Approved up to $8M investment in Carlyle Realty Partners IX, LP (8-0)
• Approved up to $8M investment in KKR Global Infrastructure Investors IV, LP (8-0)
• Adopted Superior Courts 'SPS' pay code as pensionable (8-0)
• Approved Trustee Harris' attendance at SACRS/UC Berkeley program and Fall Conference (8-0)
• Approved April 8, 2021 minutes (8-0)

MCERA Board of Retirement

The Merced County Employees' Retirement Association (MCERA) Board of Retirement will meet to discuss and possibly act on February investment performance, appoint board members to subcommittees, consider adopting a new pay code for COVID supplemental paid sick leave, and appoint a SACRS voting delegate. The agenda also includes routine consent items such as retirement approvals and a budget report.

• Discussion and possible action on February monthly investment performance and fund managers
• Appointment to Investment Subcommittee and Ad Hoc Budget Subcommittee, including removal of Trustee Adams
• Possible adoption of Merced County Pay Code 3064 for COVID Supplemental Paid Sick Leave as pensionable
• Appointment of Plan Administrator as SACRS Voting Delegate and action on SACRS Board candidates
• Approval of minutes from March 11 and March 30, 2021 meetings

The MercedCERA Board approved the consent calendar, including eight retirements, and unanimously adopted new Merced County pay code 3064 for COVID Supplemental Paid Sick Leave as a pensionable pay code. The board also appointed the Plan Administrator as the SACRS Voting Delegate, approved recommended SACRS Board candidates, and made subcommittee appointments. No action was taken on February monthly investment performance.

• Approved March 11 and March 30, 2021 meeting minutes unanimously (8-0)
• Approved consent calendar including eight retirements unanimously (8-0)
• Approved new Merced County pay code 3064 as pensionable for COVID Supplemental Paid Sick Leave unanimously (8-0)
• Appointed Plan Administrator as SACRS Voting Delegate and approved recommended SACRS Board candidates unanimously (8-0)
• Appointed Trustee Johnston to Investment Subcommittee
• Appointed Trustee Silveira to Ad Hoc Budget Subcommittee; removed Trustee Adams
• Approved training attendance for Plan Administrator and Trustees Cabral, Alvares, Rosenberg, and Paskin unanimously (8-0)
• Took no action on February monthly investment performance discussion

MCERA Board of Retirement

The Merced County Employees' Retirement Association (MCERA) Investment Subcommittee will discuss inflation impacts on markets and the fund, a timeline for reviewing the Investment Policy Statement, and upcoming meeting agendas. The subcommittee may recommend actions to the full Board of Retirement. The meeting will be held by teleconference due to the COVID-19 pandemic.

• Discussion of inflation and its impacts on markets and MCERA, with Meketa consultants
• Timeline for regular review of the Investment Policy Statement
• Upcoming subcommittee meeting agendas and dates
• Approval of minutes from December 10, 2020 subcommittee meeting
• Public comment period (5-minute limit per speaker)

The MercedCERA Investment Subcommittee met and approved the December 10, 2020 meeting minutes by a 2-0 roll call vote, with Trustee Johnston abstaining and Trustee Adams not yet on the call. The subcommittee gave direction to the Plan Administrator to work with Meketa on inflation impacts for trustee education and to review the Investment Policy Statement for recommended changes. The next subcommittee meeting remains scheduled for July 2021, and the chair expressed interest in meeting in person, pending board approval for a larger venue.

• Approved December 10, 2020 subcommittee minutes (2-0, Johnston abstained)
• Directed Plan Administrator to work with Meketa on inflation impacts for trustee education
• Directed Plan Administrator to review Investment Policy Statement with Meketa and bring recommendations
• Kept next subcommittee meeting scheduled for July 2021

MCERA Board of Retirement

The Merced County Employees' Retirement Association (MercedCERA) Board will meet by conference call on March 30, 2021. The board will hold a closed session to discuss and possibly adopt fund and manager recommendations from its consultant Cliffwater, requiring a roll call vote. The meeting is closed to the public due to COVID-19, but public comment is available by phone.

• Closed session: Discussion and possible adoption of Fund/Managers recommendations – Cliffwater (roll call vote required)
• Public participation by conference call only (primary: 310-372-7549, access code 975839)
• Next board meetings scheduled for April 8 and April 22, 2021
• Agenda and supporting documents available at www.co.merced.ca.us/retirement

The MercedCERA Board voted unanimously to commit up to $8 million to the Taconic Commercial Real Estate Dislocation III Fund, pending legal review of all fund documents. The vote occurred during closed session and was reported upon return to open session. No other substantive decisions were made; the meeting was brief and adjourned at 8:33 AM.

• Approved commitment of up to $8 million to Taconic Commercial Real Estate Dislocation III Fund, pending legal review (roll call vote, 8-0).

MCERA Board of Retirement

The Merced County Employees' Retirement Association (MercedCERA) Board of Retirement will meet to discuss investment performance and consider adopting fund manager recommendations, including a possible action on funds recommended by Cliffwater. The board will also review training sessions and may authorize expenditures for trustees. The meeting will be held by teleconference due to COVID-19.

• Discussion and possible action on investments in recommended funds (Cliffwater), roll call vote required
• Quarterly performance review with Cliffwater
• February monthly performance review with Meketa Group
• Appointment to Investment Subcommittee by Board Chair
• Review of training sessions and authorization of expenditures for trustees

The MercedCERA Board of Retirement's investment meeting on March 25, 2021, was adjourned at 8:35 AM without discussing any agenda items due to technical difficulties. No decisions were made, and no actions were taken on any of the listed items, including investment recommendations, performance reviews, or subcommittee appointments.

• Adjourned the meeting at 8:35 AM without discussion of any agenda item due to technical difficulties.

MCERA Board of Retirement

The MercedCERA Investment Subcommittee will meet by teleconference to discuss inflation and its market impacts, the timeline for reviewing the Investment Policy Statement, and upcoming subcommittee agendas and dates. The subcommittee may recommend actions to the full Board of Retirement. The meeting follows the Investment Meeting on March 25, 2021.

• Discussion of inflation and impacts on markets and MercedCERA with Meketa Group
• Timeline for regular review of the Investment Policy Statement
• Upcoming subcommittee meeting agendas and dates
• Approval of minutes from December 10, 2020 meeting
• Public comment via teleconference

MCERA Board of Retirement

The MercedCERA Board of Retirement will meet to consider adopting a felony forfeiture policy, approving a staffing plan, and reviewing investment recommendations. The board will also hold closed-session discussions on investments and disability retirement applications, and review a consent calendar of routine retirements.

• Adopt Felony Forfeiture Procedures and Resolution
• Approve consent Portfolio Rebalancing Report
• Adopt Plan Administrator's four to five-year staffing plan
• Closed session: investment recommendation for Cliffwater fund/manager
• Closed session: disability retirement applications and updates

The MercedCERA Board voted unanimously to commit up to $10 million to Caxton Associates LP Hedge Fund, subject to legal review. It also approved a service-connected disability and denied a non-service-connected disability for Jose Salgado. The board approved the consent calendar, a felony forfeiture policy and resolution, a portfolio rebalancing report process, and a staffing plan. No action was taken on training session authorizations.

• Approved up to $10 million commitment to Caxton Associates LP Hedge Fund, subject to legal review.
• Approved service-connected disability and denied non-service-connected disability for Jose Salgado.
• Approved the consent calendar, including eight retirements.
• Approved the Board of Retirement Policy for Felony Forfeiture and adopted the Felony Forfeiture Resolution.
• Approved adding a consent portfolio rebalancing table to future agendas.
• Authorized creation of a Retirement Investment Officer I/II/III classification and recruitment for 2 Staff Analyst I/II for FY 2021/2022.
• Approved the future four-to-five-year staffing plan.
• Took no action on training session authorizations.

MCERA Board of Retirement

The Merced County Employees' Retirement Association (MercedCERA) Board of Retirement will meet to discuss investment performance and possible actions, including adopting a recommendation regarding one fund/manager (Cliffwater) in closed session. The board will also consider approving two CPAS contracts for maintenance and support, appointing members to an ad hoc budget committee for the FY 21/22 budget, and authorizing expenditures for trustee training sessions. The meeting will be held telephonically due to the SARS-CoV-2 virus, with the building closed to the public.

• Closed session: discussion and possible action on investments in recommended funds, specifically one fund/manager – Cliffwater (roll call vote required)
• Discussion and possible action on January and quarterly performance, including possible action on managers/funds – Meketa Group
• Discussion and possible action to adopt two CPAS contracts for maintenance and support
• Discussion and possible action to appoint members of the ad hoc budget committee for FY 21/22 budget
• Review calendar of training sessions and authorize expenditures for trustees and Plan Administrator (e.g., CALAPRS General Assembly, March 8-9, 2021)

The MercedCERA Board voted unanimously to adopt Cliffwater's recommendation to invest $8 million in Genstar Capital Partners X, LP. The Board also approved Meketa's rebalancing recommendation, approved two CPAS contracts, and appointed an ad hoc budget committee for FY 2021/2022. No public comments were made, and no action was taken on market updates.

• Approved the February 11, 2021 minutes (6-0, Cabral abstained).
• Approved $8 million investment in Genstar Capital Partners X, LP (7-0).
• Approved Meketa's rebalancing recommendation (7-0).
• Approved two CPAS contracts, authorizing Plan Administrator and Board Counsel to clean up language (7-0).
• Appointed Janey Cabral, Scott Johnston, and Karen Adams to the ad hoc budget committee for FY 2021/2022.

MCERA Board of Retirement

The MercedCERA Board of Retirement will discuss and possibly approve the 2021 Cost of Living Adjustment (COLA) rate for Tier 1 retirees, recommend an HVAC system replacement for the building, and review a legislative update from SACRS. The board will also consider authorizing expenditures for trustee training sessions. The meeting is conducted by teleconference due to COVID-19 precautions.

• Approve COLA rate for Tier 1 retirees effective April 1, 2021 (2.00% increase, 3.00% for pre-April 2019 retirees)
• Approve HVAC system replacement for MercedCERA building
• Review legislative update from SACRS
• Authorize expenditures for trustee training (CALAPRS General Assembly, March 8-9, 2021; Trustee Roundtable, May 28, 2021)
• Consent calendar includes retirement approvals for Dana Reyes, Leslie Logan, Barbara Herion, Lisa Valentine, Annette Santiago

The Merced County Employees' Retirement Association (MCERA) Board of Retirement met on February 11, 2021, and approved several items. They unanimously approved the Cost of Living Adjustment (COLA) rates recommended by Cheiron: 2% for Tier I retirees who retired on or after April 2, 2019, and 3% for Tier I retirees who retired before that date. The board also approved an HVAC system and duct replacement for the MercedCERA building and roof leak mitigation for ARMS, as recommended by staff. Additionally, they approved the Plan Administrator's attendance at the CALAPRS General Assembly in March 2021. No action was taken on a legislative update from SACRS.

• Approved COLA rates: 2% for Tier I retirees retiring on/after April 2, 2019; 3% for those retiring before (7-0)
• Approved HVAC system and duct replacement for MercedCERA Building and ARMS roof leak mitigation (7-0)
• Approved Plan Administrator Kristen Santos to attend CALAPRS General Assembly virtually, March 8-9, 2021 (7-0)
• Approved consent calendar including five retirements (7-0)
• Approved January 28, 2021 minutes (7-0)

MCERA Board of Retirement

The Merced County Employees' Retirement Association (MCERA) Board will meet to discuss and possibly adopt final employer and employee contribution rates as of June 30, 2020, based on an actuarial valuation by Cheiron. The board will also review investment performance and consider recommendations on funds and managers, including a presentation by Cliffwater on public pension plans. A closed session is scheduled for existing litigation and a possible investment action.

• Adopt final employer and employee contribution rates as of June 30, 2020 (Cheiron)
• Discussion and possible action on Cliffwater LLC presentation on public state pension plans
• Discussion and possible action on December performance and any action on managers/funds (Meketa Group)
• Adopt 2021 Educational Investment Calendar and Asset Allocation dates
• Closed session: AFSCME Local 2703 v. MCERA (Cal. Supreme Court Case No. S247095)

The MercedCERA Board unanimously approved the final employer and employee contribution rates as of June 30, 2020, as presented by Cheiron. They also voted to update the 2021 Investment Education Schedule, moving topics down a month. No action was taken on the Cliffwater presentation, December performance, or training expenditures. The board gave direction to counsel in closed session regarding existing litigation and reported a prior redemption of $4,949,870.60 from The Winton Fund Limited.

• Approved final employer and employee contribution rates as of June 30, 2020 (7-0)
• Updated 2021 Investment Education Schedule, moving topics down a month (7-0)
• Approved January 14, 2021 minutes (7-0)
• Gave direction to counsel in closed session on AFSCME litigation
• No action on Cliffwater presentation
• No action on December performance
• No action on training expenditures

MCERA Board of Retirement

The Merced County Employees' Retirement Association (MCERA) Board of Retirement will meet via teleconference to consider routine consent items, including approving 16 retirements, and take action on the annual audit and Comprehensive Annual Financial Report (CAFR), adopt an election timeline for board seats, and review trustee training expenditures. The meeting is administrative and open to public comment by phone.

• Adoption of Annual Audit and Comprehensive Annual Financial Report (CAFR) by Brown Armstrong
• Adoption of election timeline for Seats 2 (General), 7 (Safety), and 8A (Retired Alternate)
• Approval of 16 retirements, including Barbara Levey (35 yrs) and Dwayne McCoy (32 yrs)
• Review of training sessions and authorization of expenditures for trustees, including CALAPRS events
• Monthly budget report submitted; no refunds or death benefits on consent calendar

The Merced County Employees' Retirement Association Board approved the Brown Armstrong annual audit and Comprehensive Annual Financial Report, and adopted an election timeline for Board Seats 2, 7, and 8A, authorizing the Registrar of Voters to conduct elections. The board also approved the consent calendar, which included 16 retirements, and the December 10, 2020 minutes. No action was taken on training session expenditures.

• Approved December 10, 2020 minutes (8-0)
• Approved consent calendar including 16 retirements (7-0, Rochester abstained)
• Adopted Brown Armstrong Annual Audit and CAFR (8-0)
• Adopted election timeline for Seats 2, 7, 8A and authorized Registrar of Voters (8-0)