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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
129
I. Introduction
129
II. Investment Goal Statement
131
III. Duties and Responsible Parties
135
IV. Asset Allocation Policy
136
V. Investment Policy
136
VI. General Investment Objectives and Guidelines
146
VII. Manager Search and Selection Policy
158
VIII. Manager Monitoring Policy (Liquid Markets Strategies)
161
IX. Emerging Investment Manager Policy
167
X. Private Equity Investment Policy
171
XI. Private Real Estate Investment Policy
177
XII. Risk Management Policy
192
XIII. Geopolitical Risk Investment Policy
196
XIV. Proxy Voting Policy
199
XV. Securities Lending Policy
221
XVI. Securities Litigation Policy
224
XVII. Appendix: Glossary
228