AIFM Board Special Meeting - May 20, 2021: Approvals of Investment Reports and COLA
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Administration, Investment & Fiscal Management Board (AIFM) Special Meeting
Date: May 20, 2021
Location: Teleconference (due to COVID-19 emergency)
Presiding: Board Chair (unidentified in transcript)
This special meeting of the AIFM Board was conducted remotely. The board unanimously approved several consent calendar items and two discussion items related to the Sacramento City Employees' Retirement System (SCERS) investments and pension adjustments.
Consent Calendar
- Item 1 – Approval of Minutes (November 19, 2020): The board approved the minutes from the previous meeting.
- Item 2 – SCERS Monthly Investment Report (October 31, 2020): The board accepted the monthly investment report as presented.
Public Comments & Testimony
- No members of the public called in for matters not on the agenda.
Discussion Items
- Item 11 – SCERS Pensioners’ Cost of Living Adjustment (COLA) for Fiscal Year 2021: The board discussed and unanimously accepted the recommended COLA for SCERS pensioners.
- Item 12 – Segal Marco Advisors Quarterly Investment Performance Report (December 31, 2020): The board received and unanimously accepted the quarterly performance report from the investment consultant.
Key Outcomes
- All four motions (Items 1, 2, 11, 12) were approved unanimously (vote: Jason – yes, John – yes, Don – yes; no other members recorded).
- The meeting adjourned following the roll call votes, with no further discussion or public comment.
Meeting Transcript
Board, we have we are started our video stream, so I have a refrain from speaking. Chair staff is ready when you are. Welcome everyone. Uh, we're calling this meeting to order. It is now 136 on May May 20th. This is our uh quarterly AI meeting. Uh maybe uh Medic Secretary, maybe we have a roll call. Okay, Jason Bader. Here, Mr. Folville. Yeah, exactly. Ms. Holmes here. And Mr. Leon. Got it. All right. Um looks like we are good to go on the roll call. Next up on the agenda is the consent calendar. Uh uh, Madam Secretary. Do we have any comments or anything on the consent calendar? If not, we'll need a motion and a second. I have a question on the consent calendar. Sorry because I know we have a long meeting, but I was hoping Stacey could maybe explain number 10 to me a little bit more. I don't quite understand who this affects and what the change will result in. I tried to kind of follow through the report, but I don't understand the credit rating or the rate to the credit member account. Um, so every year the member accounts get uh this credit, and it's really on paper. It's not um it's not anything that you know, they're not getting an extra seven percent paid out every year. So this goes back, I think since inception, um, because I did research it once and it went back 30 to 35 years to see how high that number could get. Um there is no way that number can ever be negative. There's a floor on that number. So it's just a rolling three year average that they get credited. Uh it's like a book entry. I mean, Osvaldo, you might be able to comment on that as well about how that affects their it affects their balances on paper. But it doesn't affect what they're getting or what we're earning. No, no. No. I saw that 775 and then seven, and I'm like, wait, wait, is this first? No, it's just an adjustment is the way it was explained to me. Does that sound accurate, Osvaldo? Yeah. Yeah, and that's that helps. Thank you. With that, I'll move the consent calendar. I'll second. All right. Okay. Oh, go ahead, man. I'm sorry. Um Jason.
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