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