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Board Manual

Updated: August 5, 2019

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Table of Contents

I. BOARD GOVERNANCE STATEMENT  
1.0 Governance Principles  
  1.1 LACERS Statement of Purpose
1
  1.2 Fiduciary Duty
1
  1.3 Code of Ethics
2
  1.4 Mission, Vision, Guiding Principles, Strategic Goals
3
2.0 Governing Statutes  
  2.1 Los Angeles City Charter Section 1106
5
  2.2 California State Constitution Article XVI, Section 17
6
  2.3 General Laws
6
  2.4 Standards of Practice
11
  2.5 Key Documents by Reference
11
3.0 Duties and Responsibilities  
  3.1 The Board's Role
15
  3.2 General Manager
17
  3.3 Commitment of a LACERS Board Member
18
  3.4 Committee Protocol
19
  3.5 Committee Structure
20
  3.6.1 Audit Committee Charter
21
  3.6.2 Internal Audit Charter
25
  3.7 Benefits Administration Committee Charter
34
  3.8 Governance Committee Charter
36
4.0 Board Procedures  
  4.1 General
38
  4.2 Agendas
39
  4.3 Minutes
40
  4.4 Election
40
   
II. BOARD ADMINISTRATIVE POLICIES  
1.0 Guidance for Board Members  
  1.1 Conflict Governance Policy
42
  1.2 Board Education and Travel Policy
45
  1.3 Board Communications Policy
73
2.0 Contract Administration  
  2.1 Marketing Cessation Policy
75
  2.2 Third Party Marketer Compliance Policy
77
3.0 Financial, Actuarial, Audit Administration  
  3.1 Actuarial Funding Policy
80
4.0 Benefits and Member Administration  
  4.1 Board Rules
83
  4.2 Board Rules - Enhanced Benefits
117
5.0 Other  
  5.1 Corporate Governance Actions Response Protocol
125
  5.2 Strategic Planning Policy
126
   
III. BOARD INVESTMENT POLICIES  
1.0 Investment Governance  
  Investment Policy
129
2.0 General Investment Objective and Guidelines  
  Equities
139
  Fixed Income
142
  Private Equity
145
  Real Assets
145
3.0 Manager Search and Selection Policy  
  Manager Monitoring Policy
152
4.0 Policies  
  Emerging Investment Manager Policy
158
  Private Equity Investment Policy
162
  Private Real Estate Investment Policy
166
  Risk Management Policy
181
  Geopolitital Risk Investment Policy
185
  Proxy Voting Policy
188
  Securities Lending Policy
207
  Securities Litigation Policy
210
5.0 Other  
  Appendix:Glossary
214