[{"_1":2,"_99":-5,"_100":-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],{"_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",6584343,"mediaKeyId","5778796-98201a75a4d1340700630b99e2e3c3a5","parentId",5778796,"title","Votes at a glance: HarborVest extension, IR&M guideline change, tax regulations, legal contract renewal, delegates and disability ruling","audioSeconds",934,"startMs",10778000,"endMs",11712000,"viewUrl","/Search/View?dp=1&key=5778796-98201a75a4d1340700630b99e2e3c3a5&start=10778&end=11712","thumbnailUrl","https://assets.pipeline.soar.com/5778796-98201a75a4d1340700630b99e2e3c3a5/thumbnail_10778000.jpg","articleUrl","/articles/6584343/Imperial-County/California/Votes-at-a-glance-HarborVest-extension-IRM-guideline-change-tax-regulations-legal-contract-renewal-delegates-and-disability-ruling","mediaUrl","https://secure.pipeline.soar.com/6584343-a9d59c7f58617b623d2fd5a604e6bcf7/orig.mp4?Expires=1773616372&Signature=fh~vSWmlcB-bX5mSjkdhvHAGdsqXYZTEmlBWlht79unAPMs-1NjYjzDyjMWsXvQz6eW9r7FQdzo6tp2KDpgdXY7K2Uz2sNDkEqvizIbOJ~j9JSkh2Lb5yqYI0gYzshToigRwMOQv7xoJk2GHsrWKeeEYhz4j8nhhzGhpxPXukVRm6DOl4AZq1h0PhX4gSEF99JaYqWbm1FcG22U~9cq1hGHeKfrawZhdrNNyBNw4s6cXnMc38KOWFnH2LOSOc4571clxqfWZwv000TXuiJAaCBZRpeNJKLlDGsQNlgaIoaJKKnzpZnT29YFDj0XiLVCq-SjDc5vD-NJxQP9YJfv2zQ__&Key-Pair-Id=KUT5TJCACFTXG","author","Imperial County","date","2025-09-17T00:00:00Z","article","The Imperial County Employees' Retirement System Board of Retirement recorded a set of formal actions on Sept. 17, 2025. Below are each item the board voted on during the meeting and the stated outcomes.

HarborVest International Private Equity Fund 6: extension request (tab 3)
Motion: Approve HarborVest's request to extend the fund life by one year (no management fee) to allow an orderly liquidation of remaining portfolio holdings.
Mover/Second: Motion by David H. Prince; second by \"Norah\" (board transcript name).
Outcome: Approved. The board agreed the extension would avoid a forced liquidation and delegated the decision to members. (Recorded motion at the meeting; board instructed staff to record and implement the extension.)

IR&M (core bond manager) guideline change: average portfolio quality
Motion: Approve IR&M's requested one‑notch lowering of their minimum average portfolio quality, reflecting a one‑notch Moody's downgrade of U.S. government debt.
Mover/Second: Motion by David H. Prince; second by Norma P. Harvey.
Outcome: Approved. The board found the requested change reasonable given the external downgrade and the manager's mandate to invest at high credit quality.

ISERS tax regulations: updates to incorporate post‑2014 tax law changes
Motion: Adopt amended ISERS tax regulations, updating plan language to reflect changes in the Internal Revenue Code and IRS administrative practice.
Mover/Second: Motion by David H. Prince; second by Susanna.
Outcome: Approved. Tax counsel stated most amendments were administrative and that the affected provisions can be effective as of the most recent compliant date; counsel recommended adoption to preserve plan qualification.

Olson Remcho legal services contract renewal
Motion: Renew the retirement‑system legal services contract with Olson Remcho for a two‑year term with updated representation and pricing; the firm will continue to serve as primary counsel, with David Lancer joining as co‑lead counsel as part of the renewal.
Mover/Second: Motion by Enrique; second by Patricia.
Outcome: Approved; recorded opposition by one board member. The board voted to renew the contract with Olson Remcho and to accept the firm's updated staffing plan.

SACKERS delegate appointment
Motion: Appoint delegates to the SACKERS conference.
Mover/Second: Motion by Norma; second by Susanna.
Outcome: Approved. The board selected its primary and alternate delegates for the upcoming SACKERS event.

Service‑connected disability retirement for Sylvia Sanchez (closed session)
Motion: Grant service‑connected disability retirement to Sylvia Sanchez.
Mover/Second: Motion by Sebastian Bermudez; second by Mehmet Hardaghi.
Outcome: Approved in closed session; the board unanimously approved the application.

Notes and next steps
- For all votes the board directed staff to document outcomes and update contracts, guidelines and policies where required.
- The HarborVest extension and Olson Remcho renewal required follow‑up paperwork; staff will return executed amendments and updated manager guidelines to the board in a future packet.

Ending: The board completed action items and moved to closed session for the disability application.","mediaType","Video","parentTitle","Imperial County - ICERS","oneSentenceSummary","At its Sept. 17 meeting, the Imperial County Employees' Retirement System Board of Retirement approved manager and administrative motions including a HarborVest extension request, a guideline change for IR&M, updated tax regulations, renewal of the legal contract with Olson Remcho (one dissent), appointment of conference delegates and a closed‑session approval of a service‑connected disability application.","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},6584349,"Imperial County retirement board adopts revised bylaws; adds ban on retired plan members in certain appointed seats",1315,6670000,7985000,"/Search/View?dp=1&key=5778796-98201a75a4d1340700630b99e2e3c3a5&start=6670&end=7985","https://assets.pipeline.soar.com/5778796-98201a75a4d1340700630b99e2e3c3a5/thumbnail_6670000.jpg","/articles/6584349/Imperial-County/California/Imperial-County-retirement-board-adopts-revised-bylaws-adds-ban-on-retired-plan-members-in-certain-appointed-seats","https://secure.pipeline.soar.com/6584349-ff6f5f607192b8bee166642ccfcb2e19/orig.mp4?Expires=1773616372&Signature=TjKwtp2JMIWuSMe3JtrzNGzdzDun0WEmFgJxkQ0HeTXW~Sbo7RqFD7MyA4l7QpS3Zw6TDhTjxGslfp9vEjVOO9EmvusmEP1m8teOgCWklkEc0NZxtyOekDLCsthYmM3IIkrWdLTuGeOUlvVxfTkWEJmwifXl-gMkD7UAej5qhDD4dOFtIfLQnPlKOTulGNyRy-LBJ~LhQvvxIAE1Elf9CepwLgvrQunem0XAP7mtCs4nfp-I-5AxuBPmEoxjRuzeCGdJ6sIRiHTBgOj6gMskyMGCIVBdEqkP9foHjzKwSdUGLsldjUIQrPBMUfkvRICRddl2J5ZwkNRaQH7w9UfCjQ__&Key-Pair-Id=KUT5TJCACFTXG","The Imperial County Employees' Retirement System Board of Retirement voted on Sept. 17 to adopt a revised set of bylaws that update definitions, clarify meeting and quorum rules, add permissive authority for electronic signatures and tighten eligibility language for appointed seats.

The board's ad hoc bylaws committee presented the draft revisions and recommended a specific, and contested, provision that a \"retired or deferred member of ISERS may not serve as, or in the fourth, fifth, sixth, or ninth member of the board because a retired or deferred member has connections with the county due to membership in ISERS.\" The board adopted that language and directed staff to forward the amended bylaws to the Board of Supervisors for ratification.

The changes are intended to modernize administrative language and close perceived gaps in governance. Committee counsel said the draft edits remove obsolete definitions, add a definition for PEPRA, standardize terms such as \"compensation earnable,\" and remove references to positions that no longer appear elsewhere in the bylaws. The revised document also gives the board chair greater discretion to limit or extend public‑comment time and allows staff to accept employer‑supplied electronic enrollment data when the system determines that data is reliable.

On quorum and voting, the bylaws now state that five members constitute a quorum, but when only five members are present motions must pass by a 4–1 vote; the language was adopted after board members raised concerns about decisions with too narrow a majority when attendance is low. The bylaws retain existing practice that tie votes on disability retirement applications result in denial.

Board members debated the proposed restriction on retirees occupying appointed seats. Committee counsel reviewed three implementation options: (1) take no action and leave appointments to the Board of Supervisors, (2) pass a board resolution stating a preference, or (3) adopt binding bylaw language and send the bylaws to the Board of Supervisors for ratification. The board chose the third approach. Supporters said the change would avoid conflicts arising from a retiree's ongoing financial relationship with the system; others who raised questions noted that some California systems allow retirees to serve and that staff should confirm how the ban applies to employees of dependent district employers and courts.

The board also added permissive language allowing adoption of an electronic signature policy in line with California Secretary of State rules, and clarified that section cleanups bring the bylaws into alignment with recent statutory updates.

The board approved the full package of bylaw changes in a recorded motion and directed staff to send the amended bylaws to the Board of Supervisors for ratification, as the county code requires.

Ending: The board voted to adopt the revised bylaws and will submit them to the Board of Supervisors for ratification; staff will prepare implementing administrative policies such as an electronic‑signature regulation for a future meeting.","The board approved a broad set of bylaw revisions covering definitions, quorum rules, electronic signatures and public‑comment time limits and adopted language barring retired or deferred plan members from occupying four specified appointed seats; the changes will be forwarded to the Board of Supervisors for ratification.",{"_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},6584353,"Real‑estate managers tell Imperial County retirement board they are shifting into industrial, residential and alternatives",663,227000,890000,"/Search/View?dp=1&key=5778796-98201a75a4d1340700630b99e2e3c3a5&start=227&end=890","https://assets.pipeline.soar.com/5778796-98201a75a4d1340700630b99e2e3c3a5/thumbnail_227000.jpg","/articles/6584353/Imperial-County/California/Realestate-managers-tell-Imperial-County-retirement-board-they-are-shifting-into-industrial-residential-and-alternatives","https://secure.pipeline.soar.com/6584353-4e82cb8544a38d7a6f8497fd2b436fc4/orig.mp4?Expires=1773616372&Signature=h64YI3pF2-GG-Zj9-efVuCk-2nOuJ8rDzKh8~xJPst30bWSuNCW5HdmtzwHNR44lvJnXeqdpu8ld1MJs~~6yzehzOOB8s7OxoxNAbtMjBmbBeTlRZhhALO2JSXf-cvr~UYXD-Nqk6Cb5WYUpUX81x6ao3waG3PN~g4NzJNV6~7xn2AReFuW19w14r4Arg4zInSmn3hDyth8H2tQZGwE93iSj2dbdUWkgYVnkwgL8CECLWhwcMETkCpo11-AUJXEAOpqgNvoCgCKggQOXp0XFidBqOqIdSLpP~Iv773rGjlT86haccIwC~XO7ag3vq~uutToqX3ObDu3ntyql9sKLBA__&Key-Pair-Id=KUT5TJCACFTXG","American Realty Advisors, ASB Capital Management and Clarion Partners presented updated strategies for the retirement system's real‑estate allocation and said they have been moving away from office and toward industrial, residential and alternatives including life sciences and self‑storage.

The presentations came during the regularly scheduled Imperial County Employees' Retirement System (ISERS) meeting on Sept. 17, 2025, at the Imperial County Administration Center. Managers reviewed performance, deployment strategy and risks as the board considers allocations and manager oversight.

Managers told the board that a combination of sector repositioning, active asset management and opportunistic capital should produce income growth and value creation as interest rates and demand dynamics stabilize.

American Realty Advisors characterized its portfolio as a value‑to‑core strategy that buys underperforming, non‑core assets, improves them and sells to core buyers once income and risk profiles are stabilized. Portfolio manager Josh Brodsky said the approach is to \"derisk the investment\" and \"create a lot of value by derisking assets and increasing cash flow.\" The firm reported the fund has roughly $3 billion in assets, said its leverage on assets is about 40%, and described current leasing at about 85% occupancy. The firm told the board it is positioned to sell assets after stabilizing cash flows and to redeploy capital into new opportunities on a roughly three‑to‑five year hold cycle.

ASB Capital Management said it has been actively reducing office and retail exposure and increasing industrial and residential allocations. Frank Nigro and David Quigley told the board ASB had sold nearly $800 million of underperforming office and retail assets and now targets roughly 80% of the portfolio in what it calls \"target sectors\" (industrial, residential and self storage). Quigley said: \"Office isn't going away, but near term ... it's going to continue to be a challenge.\" ASB highlighted a 1‑year uptick in income driven by leasing and rate resets and said it expects further NOI growth where markets absorb existing supply.

Clarion Partners emphasized industrial and multifamily as its high‑conviction sectors and said alternatives (life sciences, student and senior housing) are a growing allocation. Clarion noted it has pursued new‑build industrial projects, acquisition of younger industrial stock and older multifamily assets that can be upgraded. The firm said most retail in its portfolio is necessity‑based, such as grocery‑anchored centers, not regional malls.

The board's consultant, represented by Brian Kwan of Verus, gave a macroeconomic update that framed the investment discussion. Kwan said inflation remained \"sticky\" above the Fed's 2% target while the labor market has softened, and that investors are watching upcoming Fed decisions for signs of policy easing. Kwan noted international currency moves were a driver of recent quarter performance and that the fixed‑income market could contribute positively if rates continue to ease.

Board members asked managers about entitlements, lease‑up timelines and specific regional exposures. Managers acknowledged entitlement work can take six months to several years and said development and land assemblage carry greater timeline risk but also larger upside if entitlements are secured. ASB and Clarion both described a preference for smaller infill industrial buildings where owner‑users and leasing demand are strong.

On local and regional questions, managers gave examples of current assets: American Realty Advisors referenced a small industrial building sold to an owner‑user; ASB cited Tampa Commerce Center and projects in Phoenix and Murrieta; Clarion described life‑science and infill industrial holdings in innovation markets. In response to questions about multifamily supply in Phoenix, ASB said record absorption is taking place and some markets still warrant continued hold positions until supply/demand normalizes.

The presentations will be incorporated into the board's forthcoming reviews of strategic allocation and manager monitoring. Several board members asked staff to return with follow‑up materials on specific holdings and performance attribution for consideration at a future meeting.

Ending: The board took no allocation vote at the meeting; the session was informational and managers did not request specific changes to the portfolio allocation at this time.","Three external managers and the system's investment consultant updated the Board on portfolio positioning, saying they reduced office and increased industrial, multifamily and niche real‑estate exposure and highlighting income growth and development/entitlement risk.","actionData","errors"]

Article not found

Votes at a glance: HarborVest extension, IR&M guideline change, tax regulations, legal contract renewal, delegates and disability ruling

Imperial County retirement board adopts revised bylaws; adds ban on retired plan members in certain appointed seats

Real‑estate managers tell Imperial County retirement board they are shifting into industrial, residential and alternatives