[{"_1":2,"_123":-5,"_124":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99,111],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6600696,"mediaKeyId","3025726-00e5aed503f8a82e68256fdfa48b4ac0","parentId",3025726,"title","Votes at a glance: Imperial County Board of Retirement, April 16, 2025","audioSeconds",1839,"startMs",99000,"endMs",1938000,"viewUrl","/Search/View?dp=1&key=3025726-00e5aed503f8a82e68256fdfa48b4ac0&start=99&end=1938","thumbnailUrl","https://assets.pipeline.soar.com/3025726-00e5aed503f8a82e68256fdfa48b4ac0/thumbnail_99000.jpg","articleUrl","/articles/6600696/Imperial-County/California/Votes-at-a-glance-Imperial-County-Board-of-Retirement-April-16-2025","mediaUrl","https://secure.pipeline.soar.com/6600696-614b7eafb4cf0020d44346a491e8627e/orig.mp4?Expires=1771009800&Signature=CUXeQKRwRnWIXTcCzfAYT-Jnu89aDJ93I2utVKupKJ9hAX7mnofnVDVHd44Ej9sNmCWpTMUUnZBBpR2XBg3UsMrhjJAgW4iZ9-jqo2HBW-wOBXU8sa~Y67TJy5qmt~gvAh2lTMOaXRZBDwmG8gVJdIgy1U6C-Z8CqkfXMoBL8svD8hptna-3nCqiMxBOUmxuL6yICJ~ppRJQlqvJKYnYJUqUWR1q8nsuajZcB6t5QgZl05pBp6SHTmGUh5opOJlkCk32j4zjaqpRdf-rKRz84~PxMhJBjuWdmti8jhdy7qQDL7YzRytt8T-Dt4hlta0bVNO89CqV4k7aHbmR49vPJg__&Key-Pair-Id=KUT5TJCACFTXG","author","Imperial County","date","2025-04-16T00:00:00Z","article","At its April 16 meeting the Imperial County Board of Retirement recorded the following formal actions in open session.

Approval of agenda as presented — Motion: approve agenda as presented. Moved by Norma, seconded by Patricia. Outcome: approved by voice vote.

Approval of consent agenda — Motion: approve consent agenda. Moved by Norma, seconded by Suzanne C. Bermudez. Outcome: approved by voice vote.

Approval of minutes from the March 19, 2025 adjourned regular meeting — Motion: approve minutes of 03/19/2025. Moved by Suzanne C. Bermudez, seconded by Patricia Misarraga. Outcome: approved by voice vote.

Contract extension with JEA for annual cloud hosting of the PenFAX pension administration system — Motion: approve contract extension (annual hosting fee as described in staff memo). Moved by Norma, seconded by David H. Price. Outcome: approved by voice vote.

Sackers conference proxy vote — Motion: approve Sackers nominating committee recommended slate (vote by delegated proxy). Moved by Patricia Misarraga, seconded by Norma. Outcome: approved by voice vote; delegates authorized to vote as instructed.

Motion to convene closed session — Motion: convene closed session per agenda. Moved by Suzanne C. Bermudez, seconded by Norma. Outcome: approved by voice vote; closed session convened. The board reported out in open session that they received briefings on the Imperial County deputy sheriff's litigation status and a cyber security briefing from consultant Selenia Secure; no reportable action was taken in closed session.

No roll‑call tallies were recorded in the transcript; all motions were approved by voice vote. Trustees present for votes included Suzanne C. Bermudez, Patricia Misarraga, Norma (last name not specified), David H. Price, Kathleen Lane, Carl Almshaun, Jennifer Benavides and AJ Gaddis where noted in roll call.","mediaType","Video","parentTitle","Imperial County - ICERS - Apr 16, 2025","oneSentenceSummary","The board approved routine agenda items and two administrative contracts by voice votes; no controversial or binding policy measures were adopted in open session.","taxTitle","Imperial County, California","taxId",3829,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6600702,"Board delays pension‑system finalist selection; election timeline set for May ballots",2985,1905000,4890000,"/Search/View?dp=1&key=3025726-00e5aed503f8a82e68256fdfa48b4ac0&start=1905&end=4890","https://assets.pipeline.soar.com/3025726-00e5aed503f8a82e68256fdfa48b4ac0/thumbnail_1905000.jpg","/articles/6600702/Imperial-County/California/Board-delays-pensionsystem-finalist-selection-election-timeline-set-for-May-ballots","https://secure.pipeline.soar.com/6600702-9aacb679398b3222d5736b7dafbe5f5c/orig.mp4?Expires=1771009800&Signature=idhHUTpFzXXdmBpTCxAC7QH-u6BFsXHI3BrOzlHWsjjTWsyeWftka~-3gwF6Gyp0c5TMzh7QFk8ms1mNqxbb0sGnuRG9xrrCQsd-Yn4Wid1en4IFeUI~CcRjzZW36HPzv4GSQ31pBTtqEvO-qwgrI46n3xwtXREzbtlR3~limypGKodZC6m9gCqui1V72g-CHvsTpQrfKAAuruHudQf7zRrY8dY4heOjRZ9yiPV6F8t4O4tgZiKIE7tio8F9ZlPmMUTYoUHcvSFuEqUoaY242tsmwW62LASSCGiKxNbXPszv07z2Fbq16N0NVZWC-AquGJApzZ0MsbWRk2Dr3N7wZg__&Key-Pair-Id=KUT5TJCACFTXG","Staff reported that the RFP review for a new pension administration system has been pushed back because of scheduling conflicts. The staff said it will contact members of the ad hoc committee — Norma, Carl and David — to find dates for finalist presentations and demonstrations.

Earlier in the meeting staff also summarized the election schedule for two board seats. Nomination petitions were accepted April 4–21 and will be validated by April 23. Elections staff will hold a random drawing to order candidate names, mail ballots on May 5, and count ballots on May 28. Winners will be certified at the Board of Supervisors meeting on June 3 and take office July 1. Staff estimated election mailing costs between $1,000 and $1,500 depending on the number of ballots mailed.

On an unrelated administrative action the board approved a contract extension with JEA for annual cloud hosting of the PenFAX pension administration system; staff said the extension continues existing hosting under the original contract while the RFP proceeds. The contract extension was moved by Norma, seconded by David, and approved by voice vote.

Staff said it will contact ad hoc committee members to reschedule finalist demonstrations and will provide trustees with timelines once dates are confirmed.","Staff said finalist selection for the pension administration system RFP has been delayed because of scheduling conflicts; the ad hoc selection committee includes Norma, Carl and David. Separately, nomination and election dates for two board seats were announced, with ballots mailed May 5 and certification on June 3.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6600706,"Investment staff reports market volatility, $10 million treasurer cash balance and private‑fund wind‑down issues",494,2812000,3306000,"/Search/View?dp=1&key=3025726-00e5aed503f8a82e68256fdfa48b4ac0&start=2812&end=3306","https://assets.pipeline.soar.com/3025726-00e5aed503f8a82e68256fdfa48b4ac0/thumbnail_2812000.jpg","/articles/6600706/Imperial-County/California/Investment-staff-reports-market-volatility-10-million-treasurer-cash-balance-and-privatefund-winddown-issues","https://secure.pipeline.soar.com/6600706-13ef3bd09b43bb8e3d2974d03918416a/orig.mp4?Expires=1771009800&Signature=AfF6jmuC0KkaOW-swn0ivHu1BhuygVCGplCXr8v-zJok5nkxsInu5ZNkqm5ZNXGHaFq3nxUrqn5AHSusy26kZBePfbHSGnPzGC-GuqjMHORHz79BTVcbz-cQHoFOphAgvqDfXPKWsE01BcJreAquS9~3HKna6ZxcXCgGIUDeG~w6sRETJKBfo8SEZ0KvNz~eax9WJIXHApw3PSnEooycYCYrxTSBI7iDexPFRTXd4hlfdiJabpgxRcf277cDLbyoBv0ksVdpgyd9cNX0zz--6vqh3iFotS2Pnv8gH~fTFm6YL4Ksxi2H3MjMofDU9DArbB~pIjqioqDIyvkgJDep-w__&Key-Pair-Id=KUT5TJCACFTXG","Investment staff briefed the Imperial County Board of Retirement on market performance, cash positioning and private‑fund wind‑down issues during the meeting on April 16.

Staff said the S&P 500 entered correction territory for the quarter and that technology stocks underperformed; international equities and fixed income produced mixed returns. Real‑asset and private‑alternative figures were still being collected as quarterly reports arrived.

The treasurer’s cash balance was reported at $10,000,000. Staff said the amount was increased from smaller interim transfers to ensure adequate liquidity for benefit payments and near‑term expenditures. Trustees discussed whether to increase the cash reserve further — up to $20,000,000 or a 2 percent target was mentioned — and asked staff to follow up with the treasurer and investment staff on a recommended short‑term cash strategy such as laddering short‑term Treasuries or using an internal cash pool.

Staff reported $12.9 million in capital calls and $8.8 million in distributions during the reporting period. Trustees also discussed legacy private managers that are winding down, including KKR, and noted that the plan continues to pay small quarterly fees on small remaining invested balances (staff said those fees are typically under $10,000 per quarter and are being reduced to fees on invested rather than committed capital where possible).

Trustees raised a specific private‑credit exposure: a $7,000,000 commitment with approximately $688,000 still unfunded. Staff explained secondary‑market sales of private fund stakes are possible but often require large discounts and a viable buyer; in practice, many funds take time to dissolve and legal wind‑down steps remain necessary.

Staff noted some increased interest in leasing the plan’s headquarters vacant space and said the county took a closed‑session item on negotiations with ISRIS Corp (no reportable action). Staff closed by noting the target allocation table had been updated to reflect recently adopted policy changes.

No board vote was taken on allocations or cash targets at the meeting; trustees requested staff follow up with recommendations on a short‑term cash approach and with an update on outstanding private‑fund wind‑downs.","Staff told trustees the plan is down in the quarter with diversified positioning helping; the treasurer’s cash balance was set at $10 million, capital calls totaled $12.9 million and distributions $8.8 million, and trustees discussed lingering unfunded commitments in legacy private funds.",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_47":105,"_49":106,"_51":107,"_53":108,"_55":56,"_57":58,"_59":109,"_61":62,"_63":64,"_65":110,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6600711,"Securities monitoring firm outlines fiduciary framework, PortfolioWatch and $500,000 litigation threshold",2373,1403000,3776000,"/Search/View?dp=1&key=3025726-00e5aed503f8a82e68256fdfa48b4ac0&start=1403&end=3776","https://assets.pipeline.soar.com/3025726-00e5aed503f8a82e68256fdfa48b4ac0/thumbnail_1403000.jpg","/articles/6600711/Imperial-County/California/Securities-monitoring-firm-outlines-fiduciary-framework-PortfolioWatch-and-500000-litigation-threshold","https://secure.pipeline.soar.com/6600711-c11b8c718d6b0009c078e93645b42aab/orig.mp4?Expires=1771009800&Signature=GK92i5oRh0otf2Tww7zsNgNVR7qZkzND~n6nz6bVJ574s1Wo2Kt1jRUwnYop8Jm~dUvL0ZlhwZQwGCGqxQ~uPIOgVYELussJvJGozLmIuP3~HYW2fPsrUqx~Zr80O--lkXVlfwE7sOb7BfJXlYs7MG9MY50TbXkWrc0RqPHwFxp2K6uU73q7Ntrq7V46v-v-dLlLz~yNzFONAus1aINrDUQefgtmwl8f6l1Bv8V~3pRZnPsnI3-CiA-PuBOuAqFwhvWryPc6BZcbP7PaeMzXGgpAckKv9yotyQ7ajeDHd6HLdnBwFaelY195KjPpa24MnSx~NxVo3z117QCt-Hvu7Q__&Key-Pair-Id=KUT5TJCACFTXG","Anya Friedman, partner at Bernstein, Litowitz, Berger & Grossman, presented an educational briefing on securities portfolio monitoring and litigation at the Imperial County Board of Retirement meeting on April 16.

Friedman described the firm’s monitoring program, including a proprietary platform called PortfolioWatch, a team of in‑house investigators and a process for coordinating with the plan’s custodian to identify losses. She said the board’s existing securities litigation policy — which sets a $500,000 threshold for considering active litigation — guides whether the plan should remain a passive class member, seek a leadership role, or opt out and file a direct claim.

Friedman emphasized fiduciary duties and said her firm aims to minimize burdens on board staff while keeping trustees and the general counsel informed. She said monitoring is offered without upfront charges in the current relationship: Bernstein Litowitz performs surveillance and advisory work and would discuss contingency and retainer terms only if the board chooses to lead or file direct litigation.

The presentation covered global monitoring limits since the 2010 Morrison Supreme Court decision (which restricts U.S. court jurisdiction for many foreign‑listed securities), the firm’s independence from overseas referral firms, and the need to evaluate risks such as fee‑shifting in opt‑in jurisdictions. Friedman gave case examples, including a Myriad Genetics settlement of $77.5 million that she said led to wider industry changes, and large recoveries tied to bond and preferred securities litigation after the 2008 financial crisis.

Board members asked how monitoring works for passively held assets and pooled mutual funds. Friedman said losses tied to commingled mutual funds are typically recovered by the fund itself, not individual underlying investors, but separate accounts and bond holdings can still generate recoverable claims. She offered to review custodian claim filings to ensure the plan recovers what it should and to consult with the board’s general counsel on potential policy updates.

Friedman recommended the board consider whether its securities litigation policy needs modest updating as market structures and the plan’s holdings change. Trustees said they would add a governance review to an ad‑hoc committee’s scope.

No formal action was taken on the presentation; Friedman said Bernstein Litowitz will provide additional material to staff on PortfolioWatch and policy comparisons if requested.","Bernstein Litowitz partner Anya Friedman briefed the board on securities monitoring, portfolio surveillance tools and criteria that guide when a public pension plan should lead or join litigation; the firm said monitoring services are provided at no out‑of‑pocket cost under the current arrangement.",{"_33":112,"_35":36,"_37":38,"_39":113,"_41":114,"_43":115,"_45":116,"_47":117,"_49":118,"_51":119,"_53":120,"_55":56,"_57":58,"_59":121,"_61":62,"_63":64,"_65":122,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6600716,"Board reviews Verus memo showing interest expense drove recent private‑credit fee increases",1215,183000,1398000,"/Search/View?dp=1&key=3025726-00e5aed503f8a82e68256fdfa48b4ac0&start=183&end=1398","https://assets.pipeline.soar.com/3025726-00e5aed503f8a82e68256fdfa48b4ac0/thumbnail_183000.jpg","/articles/6600716/Imperial-County/California/Board-reviews-Verus-memo-showing-interest-expense-drove-recent-privatecredit-fee-increases","https://secure.pipeline.soar.com/6600716-e7122531aee0225fad58901712dce63e/orig.mp4?Expires=1771009800&Signature=MZ2M9Ec~rBQnL6SwCVLgmHRy9MBe5PHio~K-QIUyhrdB-DXtxNVqljZZRu02wlOlb7tmCGeY7uEKbaiuAVVDG9aUzPdFx4Rhh3ExEZM-csQF2VSukjktFhDgoBmLYYuJQOpw1TXjoc2MLCGALYDtHmfdxwLNizJ9kqe0kaYPMNob2gA2ifrSDQxTWwmw5oYZ4aC26t7xxVAl~iQuZLfAPRFjhz7c1yXc2EEc~rTtLtvCc2opLUirFm-cr8hjSMBbN6eHglC1VKHGXbA77X7C1f6esj~zPIogQWzMv78QQyn2M0HOryu3vvXAHEZ-j~fra0YLt1mjWE70qUe9g1Ckrw__&Key-Pair-Id=KUT5TJCACFTXG","The Imperial County Board of Retirement reviewed a Verus memo on April 16 that breaks down recent increases in private‑credit fees and explains why interest costs have been the principal driver.

Verus presenter Brian (last name not specified) told the board that management fees for the managers in question are stable at about 1.25 percent, and administrative fund expenses are relatively small. The largest change has been interest expense tied to leverage: for one manager quoted in the memo interest expense rose from roughly $122,000 in 2022 to about $280,000 in 2024. That increase was driven, Verus said, by higher market interest rates rather than a material change in leverage for that manager.

The memo compared two managers identified by the board as Ares and Audax. Verus reported Ares’ leverage around 31 percent and Audax’s leverage around 66 percent, and said the higher‑leverage fund has produced stronger returns so far: Audax tracking at a net internal rate of return (IRR) of about 14.6 percent versus Ares at about 8.1 percent. Verus cautioned that higher leverage increases default risk because borrowed funds must be repaid even if underlying loans suffer losses.

Board members asked how the leverage percentages compare with contractual limits and whether the managers remain within subscription‑agreement ranges. Verus said the leverage observed appears to be within each manager’s stated guidelines but recommended monitoring. Board members asked staff to flag any instances where a manager’s leverage exceeds the ceiling specified in its agreement.

Directors also sought clearer dollar‑based results in future reports. Member David H. Price said IRR alone does not convey how many dollars the fund actually generated after fees; Price asked staff and future presenters to include gross and net dollar returns alongside IRR in the next full report.

Several trustees emphasized that private‑credit investments are less liquid and typically cannot be redeemed on short notice; Verus reiterated that some private credit funds continue working through existing investments rather than making new commitments. The consultant offered to supply quarterly leverage statements on request and suggested the board consider requesting manager representatives to appear in months when portfolio cost reports are presented.

Board action: none formalized on this item; trustees directed staff to monitor contract leverage ceilings and to ask managers for regular leverage and dollar‑return detail.

The board moved on to remaining agenda items after concluding questions to the consultant.","Investment consultant Verus told the Imperial County Board of Retirement that higher interest rates — not larger management fees — explain most of the recent rise in private‑credit fees; the board discussed leverage levels, returns and monitoring steps.","actionData","errors"]

Article not found

Votes at a glance: Imperial County Board of Retirement, April 16, 2025

Board delays pension‑system finalist selection; election timeline set for May ballots

Investment staff reports market volatility, $10 million treasurer cash balance and private‑fund wind‑down issues

Securities monitoring firm outlines fiduciary framework, PortfolioWatch and $500,000 litigation threshold

Board reviews Verus memo showing interest expense drove recent private‑credit fee increases