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CLOSED SESSION REPORT: • Pension Benefit Information • 711 Grand Ave, Suite 210, San Rafael, CA 94901 • T. 415.482.9611 • F. 415.482.9300 • www.pbinfo.com Page 4 of 5 Rev 03/07/2018
ROLL CALL: Attendee Name Title Status Raj Singh Chairperson Present Naunihal Singh Vice Chairperson Absent Jesse Arechiga Board Member Present Dashpinder Gill (Alternate) Board Member Absent Jenny Le-Christensen Board Member Absent Cassandra Leventon (Alternat...
10
Approve Requests from Board Members and Staff to Attend Educational Programs. a) With Intelligence, Pension Bridge The Annual, April 20-22, 2026, In Person, Los Angeles. b) CALAPRS, Overview Course in Retirement Plan Administration, May 1,
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CLOSED SESSION REPORT: 2026, Virtual. c) SACRS, Spring Conference 2026, May 12-15, 2026, In Person, Olympic Valley. d) NCPERS, Trustee Essentials Training, May 16-17, 2026, Las Vegas. e) NCPERS, Advanced Fiduciary Institute, May 16-17, 2026, Las Vegas. f) NCPE...
May 16-17. 2026 Sat-Sunady In Person, Las Vegas NCPERS Advanced Fiduciary Institute 13 May 17-20, 2026 Sun-Wed In Person, Las Vegas NCPERS Annual Conference & Exibition
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Receive January 2026 Preliminary Performance Report Stephanie Sorg from Meketa presented the January 2026 Preliminary Performance Report, noting that the year began on a positive note for both equity and extinguish markets. Ms. Sorg
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CLOSED SESSION REPORT: highlighted a shift in market breadth within the U.S., where small-cap value stocks began to perform alongside AI-driven sectors, supported by steady economic indicators such as a 2.4% inflation rate, a stable labor market, and continued...
Receive December 2025 Quarterly Performance Report Ms.
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CLOSED SESSION REPORT: Sorg presented the comprehensive quarterly report, beginning with an evaluation of the portfolio’s six primary investment objectives. She noted that while the summary table shows several partial green marks, these are evaluated over mult...
Continuing Education (CE) hours applicable toward your Accredited Fiduciary (AF) recertification and, where applicable, state-mandated continuing education requirements.
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CLOSED SESSION REPORT: Earned CE credits are automatically recorded in your NCPERS membership account following the event and are available for download as a CE report. NCPERS is an accredited Minimum Educational Training (MET) for Texas public retirement syst...
I NCORPORATION O F E XHIBITS A ND A TTACHMENTS : All exhibits and attachments referenced in this Contract are incorporated herein by this reference.
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14
Approve Public Credit Benchmark Change Recommendation.
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CLOSED SESSION REPORT: Mr. Malchenko introduced the action item, recommending that the Board of Pensions approve a change in the policy benchmark from the S&P/LSTA Leveraged Loan Index to the Morningstar LSTA US Leveraged Loan Index, effectively retroactively...
Friday, May 29, 2026 9:00AM-11:00AM Virtual CALAPRS Trustees Round Table 2 July 13-15, 2026 Mon-Wed In Person, Chicago With Intelligence Private Equity Exclusive 16 August 24-27, 2026 Mon-Thurs In Person, Santa Barbara CALAPRS Principles
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CLOSED SESSION REPORT: of Pension Governance for Trustees 24 Friday, October 2, 2026 9:00AM-11:00AM Virtual CALAPRS Trustees Round Table 2 Friday, October 16, 2026 9:00 AM-11:00AM Virtual CALAPRS Investments Round Table 2 Friday, October 23, 2026 9:00 AM-11:00...
Travel and Expense Policy Member McKeon initiated the discussion by addressing an issue regarding the reimbursement process for Board members who are bus operators.
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CLOSED SESSION REPORT: He highlighted how operators often do not have the salary levels or personal credit limits to front thousands of dollars for big-ticket items like hotel stays and conference fees. He recounted past instances where operators were nearly p...
The term “electronically signed contract” means a contract that Docusign Envelope ID: 9227EB25-2276-45C6-A22A-CF4A2FD8080E
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CLOSED SESSION REPORT: Contract #S21003 Amendment #3 Page 3 of 6 Cheiron, Inc. is executed by applying an electronic signature using technology approved by each of the Parties. The Parties have caused their undersigned, duly authorized signatories to sign this...
CLOSED SESSION REPORT: Mata presented the Quarter 2 Budget Review, noting that the package reflects the mid- year status of the plan’s finances. A primary update included confirmation that the employer contributions for the period have been successfully receiv...
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Receive Update on Separated Employees’ Distribution The Update on Separated Employees’ Distribution of Contributions was received.
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CLOSED SESSION REPORT: Board of Pension Page 7 of 8 March 10, 2026 Summary Minutes
Receive Update on Pending Final Benefit Payments of Contributions.
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CLOSED SESSION REPORT: Chairperson Singh introduced the review of final benefits payments, noting that while retirees on the list are already receiving their pensions, these specific updates involve the final calculation of terminal earnings. A significant por...
The following Paragraph P, CYBER SECURITY INCIDENT NOTIFICATION REQUIREMENTS, is added to the Contract after Paragraph O: P.
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CLOSED SESSION REPORT: Cyber Security Incident Notification Requirements. In the event of a Cyber Security Incident (defined below), Contractor must: 1. within twenty-four (24) hours of discovering the Cyber Security Incident, notify VTA in writing and provide...
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Investment Committee Chairperson’s Report.
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CLOSED SESSION REPORT: There was no Investment Committee Chairperson’s Report
2026
Mr. Malchenko detailed the SAMURAI approach used to evaluate the suitability of the new index, ensuring it meets industry best practices for being Specified in advance, Appropriate,
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CLOSED SESSION REPORT: Board of Pension Page 5 of 8 March 10, 2026 Summary Minutes Measurable, Unambiguous, Reflective of the investment style, Accountable, and Investable. He noted that the change affects both private and public credit allocations and that a...
BACKGROUND: The Santa Clara Valley Transportation Authority (VTA) entered into Contract No.
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CLOSED SESSION REPORT: S21003 with Cheiron, Inc. to provide actuarial services for the SCVTA – ATU, Local 265 Pension Plan. The contract established an initial three-year term through May 31, 2024, with two additional two-year option periods extending the cont...
CLOSED SESSION REPORT: The Board requested that the Travel and Expense Policy discussion be placed on the April 2026 agenda. Additionally, per the discussion in Item 13, Chairperson Singh directed Meketa to include a 10-year historical return table as a point...
23
Receive Chairperson’s Report.
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CLOSED SESSION REPORT: There was no Chairperson’s Report.
24
Announcements and Communications There were no Announcements or communications.
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CLOSED SESSION REPORT: Board of Pension Page 8 of 8 March 10, 2026 Summary Minutes
CLOSED SESSION REPORT: Singh, there being no objection, the meeting was adjourned at 12:04 p.m. Respectfully Submitted, Rohit Ghai Associate Human Resources - Analyst Human Resources Department Training Date Time Location Training Sponsor Course Information To...
3
Any exhibits or attachments referenced in and/or attached to this Third Amendment are incorporated into the Contract by this reference.
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4
Approve Minutes of February 10, 2026.
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PUBLIC PRESENTATION
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Requests for Service Pension: a) Mario Aranda # 3282 – Terminated Vested b) Djuna J.
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PUBLIC PRESENTATION: Dayton # 3396 – Option A c) Edward DeLeon # 14905 – Option D d) Virginia G. Gonzales # 3438 – Option A e) Servando Cital # 10387 – Option A f) Luis Antonio Salvador Da Silveria # 11763 – Option A g) Souksavanh Sisomvang # 5189 – Option F-1...
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In the event of any conflict between the provisions of this Third Amendment and the provisions of the Contract, the provisions of this Third Amendment will prevail.
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CLOSED SESSION REPORT: Whether or not specifically amended by this Third Amendment, all of the terms and provisions of the Contract are deemed amended to the extent necessary to give effect to the purpose and intent of this Third Amendment.
7
If any provision of the Contract, as amended by this Third Amendment, is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions will continue in full force without being impaired or
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CLOSED SESSION REPORT: invalidated in any way.
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This Third Amendment may be executed in one or more counterparts , each of which will be deemed an original but all of which will constitute one and the same instrument .
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CLOSED SESSION REPORT: For purposes of this Contract , an electronic copy of a signed contract, or an electronically signed contract, has the same force and legal effect as a contract executed with an original ink signature. The term “electronic copy of a sign...
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Approve/Deny Request for Disability Retirement: Darrell
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1.a
Program review
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2.a
N ONDISCRIMINATION : During performance of this Contract, Contractor, its employees and subcontractors must not unlawfully discriminate, harass, or allow harassment against any person because of race, religious creed, color, sex, gender,
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CLOSED SESSION REPORT: gender identity, gender expression, national origin, ancestry, physical disability (including HIV and AIDS), mental disability, medical condition (including cancer), genetic information, marital status, age (over 40), sexual orientation,...
3.a
The Certificate must disclose the actual amount of the Deductible or Self-Insured Retention
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3.b
If any coverage forms or endorsements required by this Contract are updated by their publishers, whether they be the insurance carrier(s), the Insurance Services office, or the American Association of Insurance Services, during the
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CLOSED SESSION REPORT: duration of this Contract, VTA reserves the rights to require Contractor to procure said coverage forms or endorsements using the updated versions upon the next renewal cycle.
2.b
ADA Accessible Information and Communications: Any and all deliverables provided by Contractor to VTA pursuant to the Contract must be prepared and delivered in a format that is accessible to individuals with disabilities, as required by
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CLOSED SESSION REPORT: (i) the American with Disabilities Act of 1990 (ADA); (ii) 28 CFR Parts 35 and 36; (iii) 49 CFR Part 37; (iv) Section 504 of the Rehabilitation Act of 1973, as amended; and (v) California’s Unruh Civil Rights Act.
1.b
Data collection and reconciliation
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01.b
Any failure to comply with reporting provisions of the policies may not affect coverage provided to VTA, its directors, officers, officials, employees, or volunteers.
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C
PROMPT PAYMENT: VTA will pay Contractor within thirty (30) days after receipt by VTA of a proper, fully documented, invoice.
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Recommendation: Staff requests that the Board of Pensions authorize the General Manager/CEO to exercise the final option period for Contract No. S21004 with Cheiron, Inc., extending actuarial services for the Spousal Medical Trust Fund...
CLOSED SESSION REPORT: Contractor must pay subcontractors for satisfactory performance of any of the Services performed by subcontractors within fifteen (15) days of receipt of payment by VTA for such Services. Contractor agrees further to return retainage pay...
