On the agenda: Concord Packet — data center (Oct 7)

AGENDA
RETIREMENT BOARD MEETING
REGULAR MEETING
October 7, 2026
9:00 a.m.

Board Conference Room
1200 Concord Avenue, Suite 350
Concord, California

THE RETIREMENT BOARD MAY DISCUSS AND TAKE ACTION ON THE FOLLOWING:
1.

Pledge of Allegiance.

2.

Public Comment (3 minutes/speaker).

3.

Recognition of Jessica Irby for 20 years of service.

CONSENT ITEMS
4.A

All Consent Items are to be approved by one action unless a Board Member requests
separate action on a specific item. (Action Item)
I. Approve minutes from the September 2, 2026 meeting.

II. Approve the following routine items:
a. Certifications of membership.
b. Service and disability allowances.
c. Death benefits.
d. Investment liquidity report.
III. Accept the following routine items:
a. Disability applications and authorize subpoenas as required.
b. Investment asset allocation report.
4.B

Consider and take possible action on Consent Items previously removed, if any.
(Action Item)

The Retirement Board will provide reasonable accommodations for
persons with disabilities planning to attend Board meetings who
contact the Retirement Office at least 24 hours before a meeting.

REGULAR AGENDA ITEMS
5.

Report from Investment Committee Chair on September 16, 2026 meeting.
(Presentation Item)

6.

Consider and take possible action to adopt Resolution 2026-6, Investment Asset
Allocation Targets and Ranges as recommended by the Investment Committee.
(Action Item)

7.

Educational session on Retirement Disability Law. (Presentation Item)

8.

Presentation of Semi-Annual Disability Retirement Report. (Presentation Item)

9.

Consider and take possible action on SACRS voting proxy form. (Action Item)

10.

Reports. (Presentation item)
a. Trustee reports on meetings, seminars and conferences.
b. Staff reports

CLOSED SESSION
11.

The Board will go into closed session pursuant to Govt. Code Section 54957 to consider
recommendations from the medical advisor and/or staff regarding the following
disability retirement applications:
Member
a. Paige Meyer

12.

Type Sought
Service Connected

Recommendation
Service Connected

The Board will continue in closed session pursuant to Govt. Code Section 54957 to
consider the Hearing Officer’s recommendation regarding the disability application for
Audrey Gray.

OPEN SESSION
13.

The next meeting is currently scheduled for October 21, 2026 at 9:00 a.m.
Adjourn

The Retirement Board will provide reasonable accommodations for
persons with disabilities planning to attend Board meetings who
contact the Retirement Office at least 24 hours before a meeting.

Meeting Date
10/07/2026
Agenda Item
#4.A-I

RETIREMENT BOARD MEETING MINUTES
REGULAR MEETING
September 2, 2026
9:00 a.m.

Board Conference Room
1200 Concord Avenue, Suite 350
Concord, California

Present:

Candace Andersen, Dennis Chebotarev, Mario DiPrisco, Donald Finley, Scott
Gordon, Jerry Holcombe, Louie Kroll, David MacDonald, Eswar Menon, Dan
Mierzwa, Mike Sloan, and Samson Wong

Absent:

None

Staff:

Christina Dunn, Chief Executive Officer; Colin Bishop, Deputy Chief Executive
Officer; Karen Levy, General Counsel;

Outside Professional Support:
None

Representing:

1. Pledge of Allegiance
The Board, staff, and audience joined in the Pledge of Allegiance.
2. Accept comments from the public
No member of the public offered comment.
3. Recognition of Dorothy Saechao for 10 years of service
Holcombe recognized Dorothy Saechao for 10 years of service.
4A. Consider and take possible action on Consent Items
It was M/S/C to approve all consent items with the following revision; Date of Death for
member Joseph Mele, Contra Costa County changed to 08/10/26. (Yes: Andersen,
Chebotarev, Gordon, Holcombe, Kroll, MacDonald, Menon, Mierzwa, and Wong)
4B. Consider and take possible action on Consent Items previously removed, if any
No action taken on this item.

Page 2
September 2, 2026
5.

Annual Strategic Plan update
Dunn presented the Annual Strategic Plan update.

6.

Report from Investment Committee Chair on August 19, 2026 meeting
MacDonald reported on the August 19, 2026 Investment Committee meeting.

7.

Consider authorizing the attendance of Board:
a. It was M/S/C to authorize the attendance of 1 Board member at the AAAIM National
Conference, September 21-23, 2026, San Francisco, CA (Yes: Andersen, Chebotarev,
Gordon, Holcombe, Kroll, MacDonald, Menon, Mierzwa, and Wong)
b. It was M/S/C to authorize the attendance of 2 Board members at the CALAPRS
Trustee’s Roundtable, October 2, 2026. Virtual (Yes: Andersen, Chebotarev, Gordon,
Holcombe, Kroll, MacDonald, Menon, Mierzwa, and Wong)

8.

Reports
Trustee reports on meetings, seminars, and conferences – None
Gordon requested an agenda item to have a more in-depth discussion on cyber security and
artificial intelligence for the Board to be held in closed session at a future Board meeting.
Staff reports – Dunn stated at the September 16, 2026 Board meeting Stepstone will
present on the infrastructure assets within the investment portfolio and Ashley Dunning,
CCCERA’s fiduciary counsel, will present on conflict of interests with a focus on conflicts
under Government Code Section 1090.
Levy provided a legislative update on AB 1383, AB 1619, and AB 2080.

CLOSED SESSION
The Board moved into open session and reported the following:
9.

The Board went into closed session to review the status of the following disability
retirement applications pursuant to govt. Code Section 54957.
Member
a. Mithos Huab
b. Scott Kearney

There was no reportable action on this item.
10. The Board continued in closed session pursuant to Govt. Code Section 54957 to
consider recommendations from the medical advisor and/or staff regarding the

Page 3
September 2, 2026
following disability retirement applications disability applications:
It was M/S/C to accept the Medical Advisor’s recommendation and grant the following
benefits:
a. James Martin III – Service Connected (Yes: Andersen, Chebotarev, Gordon,
Holcombe, Kroll, MacDonald, Menon, Mierzwa, and Wong)
b. David Stanwood – Service Connected (Yes: Chebotarev, Finley, Gordon,
Holcombe, Kwon, MacDonald, Mierzwa, Phillips, and Sloan)
11. The next meeting is currently scheduled for September 16, 2026, at 9:00 a.m.

Chairperson Holcombe adjourned the meeting.

__________________________
Jerry R. Holcombe, Chairperson

________________________
Scott W. Gordon, Secretary

Meeting Date
10/07/2026
Agenda Item
#4.A-IIa.

CERTIFICATION OF MEMBERSHIPS

Name

Tier

Membership
Date

Baer, Ryan
Banerjee, Joel
Barton, Leticia
Boone, Autumn
Bouslog, Melissa

P5.2
P5.2
P5.2
P5.2
P5.2

08/01/26
08/01/26
08/01/26
08/01/26
08/01/26

Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County

Burke, Gavin

P5.2

08/01/26

Contra Costa County

Buscemi, Adam
Callahan, Patrick
Caron, Hailey
Castellanos Pena, Chantal
Castillo, Rogelio
Chavez, Cecilia
Clancy, Sabrina
Condor Alcantara, Ruth
Cruz, Sabrina
Dela Cruz, Ronita Camille
Diaz-Flores, Adriana
Folena, Peter

P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
S/E

08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26

Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County

Francisco-Madayag, Dina
Freeman, Kailyss
Garcia, Candice
Gardizi, Walid
Gonzalez, Jennifer
Guillot, Brianna
Ha, Trinh
Harris, Miriam
Hong, Henry
Hu, Mindy
Huie, John
Jackson II, Alphonzo

P5.3
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
I
P5.2

08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26

Contra Costa County Superior Court
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County

Jimenez, Nicole
Larios, Alexia
Le, Chau Minh
Lloyd, Shawn

P4.3
P5.2
P5.2
P5.2

08/01/26
08/01/26
08/01/26
08/01/26

Central Contra Costa Sanitary District
Contra Costa County
Contra Costa County
Contra Costa County

Page 1

Employer

CERTIFICATION OF MEMBERSHIPS

Name

Tier

Membership
Date

Lozano, Martina
Lunar-Silva, Emily
Mak, Jolie
Martinez-Harris, Alexander
Mitchell, Toyla

P5.2
P5.2
P5.2
P5.2
P5.2

08/01/26
08/01/26
08/01/26
08/01/26
08/01/26

Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County

Mix, Jacob
Mondragon, Venny
Munoz, Amada
Newton, Jason
Novoa, Emilzer
Padilla, Nicole
Perez, Angelo
Perez, Monica
Rafferty, Madeline
Rixford, Allan
Salinas, Joanne Michelle
Sanders, Raymond
Sarbaz, Mustafa
Sebiano, Manolito
Steen-Arana, Hailey
Sullivan, Shemiah
Tandongfor, Pius
Tice, Peter
Trias, Bernard

P5.3
P5.2
P5.2
P5.2
III
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2

08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26

Contra Costa Mosquito and Vector Control District
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County

Valentine, Jasmine
Vaquerano, Rafael
Wagoner Jr., Eric
Warford, Joshua
Zanni, Carolina

P4.3
P5.2
P5.2
P5.2
P5.2

08/01/26
08/01/26
08/01/26
08/01/26
08/01/26

Contra Costa County Housing Authority
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County

Page 2

Employer

TIER CHANGES

Name

Old New Effective
Tier Tier
Date

Employer

Reason for Change

Alfaro, Briana
Alvarez, Javier
Avila, Angelo
Barajas, Eduardo
Barnes, Casey

P5.2
P5.2
P5.2
P5.2
P5.2

S/E
S/E
S/E
S/E
S/E

08/01/26
08/01/26
08/01/26
08/01/26
08/01/26

Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County

Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier

Bhandal, Gagandeep

P5.2

S/E

08/01/26 Contra Costa County

Promotion to Safety Tier

Bice, Tyler
Botha, Jacobus
Castillo, Benjamin
Chavez, Kevin
Farr, Michaela
Fu, Vincent
Gonzalez, Anthony
Hom, Nathyn
Jones, Haden
Krulj, Nemanja
Love, Haley
Manlutac, Allen
McClinton, Danny
Medina, Jorge
Miles, Jeffrey
Ramos, Gianmarco
Sanchez, Julian
Sharapata, Ryan
Sok, Tyron
Soriano Fuentes, Yaser
Tse, Danny
Vazehrad, Soheil
Wallace, Stephen

P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2
P5.2

S/E
S/E
S/E
S/E
S/E
S/E
S/E
S/E
S/E
S/E
S/E
S/E
S/E
S/E
III
S/E
S/E
S/E
S/E
S/E
S/E
S/E
S/E

08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
01/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26
08/01/26

Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier
Reciprocity: Tier and Age Change
Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier
Promotion to Safety Tier

Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County

Page 3

SERVICE & DISABILITY RETIREMENT ALLOWANCES

Name

Effective
Date

Option
Type

Tier

Selected

Aubin, Joan M
Bakun, Donna
Baptist, Nicole
Bottorff, Beth
Beller, Catherine
Booth, Keisa
Borenstadt, Michael
Brandt, Eric A
Buckley, Kimberli S
Cavallero, Diana
Chan, Gary B
Citero, Francisca M
Dutra, Shannon L
Epstein, Lori B
Giacalone, Matilde
Grima, Prisca
Haglund, Kimberly
Huth, Michael
Jenkins, Jennifer J
Lawson, Ethel
Lemmons, Paul
Lindsey, Jacqueline L
Lutzow, Robert
Molloy, Susan
Ordaz, Peter A
Patterson, Marcell

06/10/26
6/2/2026
06/27/26
05/30/26
07/01/26
06/27/26
07/01/26
07/02/26
07/01/26
06/18/26
06/15/26
08/01/26
07/22/26
08/01/26
06/20/26
07/30/26
06/30/26
06/29/26
06/20/26
07/01/26
07/01/26
02/10/26
06/22/26
06/27/26
06/02/26
01/23/26

SR
SR
SR
SR
SR
SR
SR
SR
SR
SR
SR
SR
SR
SR
SR
SR
SR
SR
SR
SR
SR
SR
SR
SR
SR
SR

PEPRA 5.2
PEPRA 5.2
II and III
III
II and III
Safety A
III
PEPRA 5.3
III
Safety A
PEPRA 5.3
I and III
III
I and III
III
II and III
II and III
Safety E
II and III
PEPRA 5.3
Safety C
II and III
Safety A
I
III
III

Unmodified
Unmodified
Unmodified
Unmodified
Unmodified
Unmodified
Unmodified
Option 1
Unmodified
Unmodified
Option 2
Unmodified
Unmodified
Unmodified
Unmodified
Unmodified
Unmodified
Unmodified
Unmodified
Unmodified
Unmodified
Option 2
Unmodified
Unmodified
Unmodified
Unmodified

Meeting Date
10/07/2026
Agenda Item
#4.A-IIb.

Pierce, Renata
Rosenbaum, Kenneth P
Steere, John T
Wali, Mohammad
Wallace, Frank
Ware, William
Zappettini, Gail

06/30/26
06/11/26
07/05/25
07/01/26
07/01/26
06/30/26
07/01/26

SR
SR
SR
SR
SR
SR
SR

III
Safety C
PEPRA 5.3
I
II and III
Safety A
III

Unmodified
Unmodified
Unmodified
Unmodified
Unmodified
Unmodified
Unmodified

DEATHS
Name
Bobrosky, Richard
Dezell, David
Hopps, Don
Leary, Thomas
Leeper, Linda
Manzano, Mendel
Martinez, Shannon
Mitchell, Edna
Morris, Robert
Osborne, Magnolia
Perry, Doris
Petersen, James
Quadros, Robin
Roof, Patrick
Salo, Shirley
Shinault, Sandra
Simpson, Willian
Taylor, Timothy

Date of Death
6/20/2026
10/21/2025
7/26/2026
7/4/2026
1/29/2026
7/8/2026
1/14/2025
12/26/2025
3/19/2026
7/6/2026
5/23/2026
3/13/2026
4/7/2026
5/27/2026
5/19/2026
7/23/2025
5/8/2026
5/22/2026

Meeting Date
10/07/2026
Agenda Item
#4.A-IIc.

Employer as of Date of Death
Contra Costa County Fire Protection District
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County
Contra Costa County

Meeting Date
10/07/2026
Agenda Item
#4.A-IId.

Contra Costa County Employees’ Retirement Association
Liquidity Report – August 2026
August 2026 Performance

Benefit Cash Flow Projected by Model
Liquidity Sub-Portfolio Cash Flow
Actual Benefits Paid
Next Month’s Projected Benefit Payment

Cash Flow
$59,000,000
$59,000,000
$58,717,361
$59,000,000

Coverage Ratio
100%
100.5%

Monthly Manager Positioning – August 2026

DFA
Insight
Sit
Liquidity
Cash
Liquidity + Cash

Beginning
Market Value

Liquidity
Program
Cash Flow

Market Value
Change/Other
Activity

Ending
Market Value

$536,084,352
$775,905,390
$742,714,560
$2,054,704,301
$526,267,087
$2,580,971,388

($13,750,000)
($22,000,000)
($23,250,000)
($59,000,000)
$282,639
($58,717,361)

$1,428,265
$169,449,638
$2,851,097
$173,729,000
($245,887,281)
($72,158,281)

$523,762,617
$923,355,028
$722,315,656
$2,169,433,301
$280,662,445
$2,450,095,746

Functional Roles
Manager
DFA
Insight

Sit

Cash

Portfolio Characteristics
High quality, short duration portfolio of liquid
government, corporate and securitized bonds.
Buy and maintain (limited trading) portfolio of
high quality, short duration, corporate bonds
and asset-backed securities.
High quality portfolio of small balance,
government guaranteed mortgages with
relatively higher coupons.
STIF account at custodial bank.

Liquidity Contribution
Pays out a pre-determined monthly amount.
Cash flow matching portfolio designed to meet
monthly obligation without forced selling.
Pays out a pre-determined monthly amount.

Buffer in the event of any Liquidity shortfall/excess.

Notes
For the month, the actuarial cash flow model overestimated actual benefits paid by approximately $282,000; over the
trailing 12-month period, actual benefits paid were $1,000,000 above the actuarial cash flow model.

Cash Flow Structure
The chart below shows the sources of cash flow for the next two years of CCCERA’s projected benefit payments in
addition to the fluctuating balance of the overall liquidity program (right hand scale) which is “topped up” each July.

Dollar Contribution by Manager and Liquidity Pool Balance
($ Millions)
$2,500
$60
$2,000

$50

$40

$1,500

$30
$1,000

$20
$500
$10

$0

$0

DFA Contribution

Insight Contribution

Sit Contribution

Liquidity Pool (RHS)

2

Meeting Date
10/07/2026
Agenda Item
#4.A-IIIa.

DISABILITY RETIREMENT APPLICATIONS

The Board's Hearing Officer is hereby authorized to issue subpoenas in the following cases
involving disability applications:

Name
Juell, Carla
Lee, Jerry

Number

Filed

Type

262667
209444

08/31/26
08/28/26

NSCD
SCD

Meeting Date
10/07/2026
Agenda Item
#4.A-IIIb.

Contra Costa County Employees' Retirement Association
Asset Allocation as of August 31, 2026

Liquidity
Dimensional Fund Advisors
Insight
Sit
Total Liquidity

Market
Value
523,762,617
923,355,028
722,315,656
2,169,433,301

Percentage
Current Target* Current Target
of Total Fund
Percentage
Over/(Under)
3.7%
4.0%
-0.3%
6.5%
6.0%
0.5%
5.1%
6.0%
-0.9%
15.3%
16.0%
-0.7%
Range
10-20%

Growth
Domestic Equity
Boston Partners
BlackRock Russell 1000
Emerald Advisers
BlackRock Russell 2000 Value
Total Domestic Equity

436,715,315
1,401,546,877
240,851,729
212,489,312
2,291,603,234

3.1%
9.9%
1.7%
1.5%
16.2%

3.0%
10.0%
1.5%
1.5%
16.0%

0.1%
-0.1%
0.2%
-0.0%
0.2%

Global & International Equity
Pyrford (Columbia)
William Blair
First Eagle
Artisan Global Opportunities
PIMCO/RAE Emerging Markets
TT Emerging Markets
Total Global & International Equity

532,132,208
479,688,165
808,392,369
748,059,020
333,066,212
286,838,223
3,188,176,195

3.8%
3.4%
5.7%
5.3%
2.3%
2.0%
22.5%

3.5%
3.5%
5.5%
5.5%
2.0%
2.0%
22.0%

0.3%
-0.1%
0.2%
-0.2%
0.3%
0.0%
0.5%

Private Equity
Real Assets/Infrastructure
Total Equity
Total Equity Range
Private Credit
Multi-Asset Credit
Total Credit
Total Credit Range
Real Estate - Value Add
Real Estate - Opportunistic & Distressed
Real Estate - REIT
Adelante
Invesco
Real Estate Debt
Barings
Rialto
Real Estate Global
Total Real Estate
Total Real Estate Range

1,448,171,909
251,137,734
7,179,089,072

10.2%
1.8%
50.6%

10.0%
2.0%
50.0%

0.2%
-0.2%
0.6%

9.0%
4.0%
13.0%

-0.3%
-0.2%
-0.5%

2.3%
2.7%
2.0%

0.7%
-0.3%
-0.1%

1.0%

0.1%

8.0%

0.6%

Total Growth Assets

10,171,279,272

71.0%

0.8%

Long Term
Target

Long Term
Over/(Under)

14.0%

1.3%

73.0%

-1.2%

40-60%
1,234,145,677
539,773,220
1,773,918,897

8.7%
3.8%
12.5%
8-16%

421,176,390
345,726,097

3.0%
2.4%

129,623,209
140,704,841

0.9%
1.0%

74,722,616
81,101,739
25,216,409
1,218,271,302

0.5%
0.6%
0.2%
8.6%
5-10%
71.8%
Range
60-80%

Contra Costa County Employees' Retirement Association
Asset Allocation as of August 31, 2026

Risk Diversifying
Diversifying Fixed Income
AFL-CIO
DFA Intermediate Treasury
Trend Following
BH-DG Systematic
Long Volatility
III
Capstone
Diversifying Multi-Asset
Marshall Wace
Sit LLCAR
Total Risk Diversifying

Market
Value

Percentage
of Total Fund

Current Target* Current Target
Percentage
Over/(Under)

Long Term
Target

Long Term
Over/(Under)

198,651,738
177,869,821

1.4%
1.3%

1.5%
1.5%

-0.1%
-0.2%

300,400,184

2.1%

2.0%

0.1%

125,000,000
100,000,000

0.9%
0.7%

0.9%
0.6%

-0.0%
0.1%

97,940,094
441,875,544
1,441,737,381

0.7%
3.1%
10.2%

0.8%
2.8%
10.0%

-0.1%
0.4%
0.2%

10.0%

0.2%

3.0%
3.0%

0.8%
-1.0%
-0.2%

3.0%

-0.2%

100%

0%

100%

0%

Range
0% - 12%
Cash and Overlay
Overlay (Parametric)
Cash
Total Cash and Overlay
Total Cash Range
Total Fund

111,868,081
280,662,445
392,530,525

0.8%
2.0%
2.8%
0-6%

14,174,980,479

100%

*Current targets and ranges reflect asset allocation targets accepted by the Board on July 15, 2026 (BOR Resolution 2026-5).

Private Market Investments
As of August 31, 2026
REAL ESTATE - Value Add
Blackstone Strategic Partners Real Estate VIII
Covenant Apartment Fund XII
EQT Exeter Industrial Value Fund VI
Invesco IREF IV
Invesco IREF V
Invesco IREF VI
Jadian Real Estate Fund II, LP
Long Wharf FREG III
Long Wharf FREG IV
Long Wharf FREG V
Long Wharf LREP VI
Long Wharf LREP VII
LaSalle Income & Growth Fund VI
LaSalle Income & Growth Fund VII
RCG Ventures Fund VIII, LP
Stockbridge Value Fund V

Inception
Date
11/18/22
11/21/25
06/02/23
12/01/14
09/11/18
09/21/21
08/29/24
03/30/07
08/14/13
10/31/16
02/05/20
05/15/23
01/31/12
10/31/16
08/03/26
04/19/24

Target
Termination
11/18/32
11/21/35
06/02/31
12/01/21
09/11/25
09/22/29
08/29/34
12/31/17
09/30/21
09/30/24
02/05/28
03/31/32
01/31/19
09/30/24
08/03/36
04/19/34

# of
Extension

Discretion
by GP/LP

New Target
Termination

Funding
Commitment
80,000,000
60,000,000
60,000,000
35,000,000
75,000,000
100,000,000
60,000,000
75,000,000
25,000,000
50,000,000
50,000,000
50,000,000
75,000,000
75,000,000
50,000,000
60,000,000
1,150,000,000

Market
Value
60,131,783
20,078,433
47,089,821
1
52,342,864
63,249,487
37,546,002
0
0
7,729,419
25,258,084
31,849,696
8,215,936
16,151,716
16,000,000
35,533,148
421,176,390
236,683,410
657,859,800

% of
Total Asset
0.42%
0.14%
0.33%
0.00%
0.37%
0.45%
0.26%
0.00%
0.00%
0.05%
0.18%
0.22%
0.06%
0.11%
0.11%
0.25%
2.97%

Outstanding
Commitment
28,681,428
39,900,000
24,000,000
3,416,217
6,581,100
30,628,366
29,217,280
0
0
0
361,552
10,366,338
3,946,000
87,245
34,000,000
25,497,885
236,683,410

# of
Extension

Discretion
by GP/LP

New Target
Termination

Funding
Commitment
60,000,000
100,000,000
60,000,000
75,000,000
100,000,000
75,000,000
50,000,000
100,000,000
50,000,000
50,000,000
80,000,000
65,000,000
75,000,000
75,000,000
75,000,000
70,000,000
25,000,000
20,000,000
80,000,000
65,000,000
1,350,000,000

Market
Value
32,761,042
56,678,625
19,936,140
3,067,456
11,678,699
2,800,080
8,627,263
34,245,526
26,898,653
50,925
8,565,864
23,970,064
69,957,264
9,456,857
3,318,732
0
5,388,294
11,443,756
4,147,383
12,733,474
345,726,097
372,088,005
717,814,102

% of
Total Asset
0.23%
0.40%
0.14%
0.02%
0.08%
0.02%
0.06%
0.24%
0.19%
0.00%
0.06%
0.17%
0.49%
0.07%
0.02%
0.00%
0.04%
0.08%
0.03%
0.09%
2.44%

Outstanding
Commitment
17,248,967
48,662,750
38,831,249
4,031,338
0
535,678
4,421,590
64,085,147
22,530,983
25,750,000
18,400,000
16,120,000
6,178,989
67,367,998
5,625,000
8,015,000
3,722,138
654,377
12,334,302
7,572,500
372,088,005

Discretion
by GP/LP

New Target
Termination

Funding
Commitment
60,000,000
75,000,000
16,500,000
1,720,000,000
2,074,500,000

Market
Value

% of
Total Asset
0.00%
0.00%
0.00%
8.70%
8.71%

Outstanding
Commitment

Outstanding Commitments
Total
REAL ESTATE -Opportunistic & Distressed
ARES US REAL ESTATE OPPORTUNITY FUND IV,L.P.
Blackstone BREP X
Cross Lake Real Estate Fund IV
DLJ Real Estate Capital Partners, L.P. III
DLJ Real Estate Capital Partners, L.P. IV
DLJ Real Estate Capital Partners, L.P. V
DLJ Real Estate Capital Partners, L.P. VI
Hines Rialto Credit Partners
KSL Capital VI
Oaktree Real Estate Opportunities Fund V
Oaktree Real Estate Opportunities Fund VI
Oaktree Real Estate Opportunities Fund VII
PCCP Equity IX
Sculptor Real Estate Fund V LP
Siguler Guff Distressed Real Estate Opp. Fund
Siguler Guff Distressed Real Estate Opp. Fund II
Siguler Guff Distressed Real Estate Opp. II Co-Inv
Paulson Real Estate Fund II
Angelo Gordon Realty Fund VIII
Angelo Gordon Realty Fund IX

Inception
Date
11/06/23
06/30/22
04/11/23
06/30/05
12/31/07
07/31/13
02/28/19
11/07/25
10/24/23
02/01/11
09/30/13
02/28/15
04/11/22
03/26/25
07/30/11
08/31/13
01/31/16
11/10/13
12/31/11
10/10/14

Target
Termination
11/06/33
06/30/32
04/11/33
06/30/14
09/30/18
12/31/22
01/31/29
11/07/35
10/24/33
02/01/21
09/30/20
02/28/23
04/01/30
03/26/35
07/30/22
08/31/25
10/31/25
11/10/20
12/31/18
10/10/22

in full liq.

Outstanding Commitments
Total
PRIVATE CREDIT
Torchlight Debt Opportunity Fund IV
Torchlight Debt Opportunity Fund V
Angelo Gordon Energy Credit Opportunities
CCCERA StepStone

Inception
Date
08/01/12
12/31/14
09/10/15
12/01/17

Target
Termination
08/30/20
09/17/22
09/10/20
11/30/27

Outstanding Commitments
Total

# of
Extension

0
453,005
290,831
1,233,401,841
1,234,145,677
756,435,205
1,990,580,882

0
15,000,000
2,319,783
739,115,422
756,435,205

Private Market Investments
As of August 31, 2026
PRIVATE EQUITY
Adams Street Partners
Adams Street Secondary II
Adams Street Secondary V
Adams Street Venture Innovation Fund
AE Industrial Partners Fund II
AH 2026 Fund
Altaris Health Partners VI
Altor VII
Arbor Investments VI
Arcline Capital Partners IV
Arlington Capital Partners VII
Bay Area Equity Fund
Bay Area Equity Fund II
BlackFin Financial Services Fund IV
Bregal Sagemount V
Carpenter Community BancFund
Dragoneer Opportunities Fund VII
EPIC Fund III
EQT X
Genstar Capital Partners IX
Genstar Capital Partners X
Genstar Capital Partners XI
GTCR XIII
GTCR XIV
GTCR XV
Hellman & Friedman Capital Partners X
Hellman & Friedman Capital Partners XI
L Squared Capital Partners V
Leonard Green - Green Equity Investors IX
Leonard Green - Jade Equity Investors II
Leonard Green - Green Equity X
Main Capital Partners IX
Main Foundation III
Oaktree Private Investment Fund 2009
Ocean Avenue Fund II
Ocean Avenue Fund III
OceanSound Partners Fund III
Paladin III
Pathway
Pathway 2008
Pathway 6
Pathway 7
Pathway 8
Siguler Guff CCCERA Opportunities
Siguler Guff Secondary Opportunities
Siris Partners IV
Symphony Technology Group VII
TA XIV
TA XV
TPG Healthcare Partners, L.P.
TPG Healthcare Partners II
TPG Healthcare Partners III
TPG Partners IX
TPG Partners X

Trident VIII, L.P.
Trident IX, L.P.
Trident X, L.P.
Triton Fund VI
Truelink Capital II
Total: Private Equity

Inception
Target
Date
Termination
12/22/95
12/22/25
12/31/08
12/31/20
10/31/12
10/31/22
03/09/16
03/09/28
05/18/18
05/18/28
01/05/26
01/05/36
07/28/23
07/28/33
04/27/26
04/27/36
07/01/24
07/01/34
06/28/25
06/28/35
06/23/25
06/23/35
06/14/04
12/31/14
2/29/09
12/31/19
06/24/24
06/24/34
12/16/25
12/16/35
10/31/09
10/31/19
09/22/25
09/22/35
06/25/24
06/25/34
11/17/22
11/17/32
02/18/19
02/18/29
04/01/21
04/01/31
04/26/23
04/26/33
10/27/20
12/31/36
01/12/23
01/12/33
08/04/26
08/04/36
05/10/21
05/10/31
12/16/22
12/16/32
04/16/26
04/16/36
03/01/22
02/28/32
03/01/22
02/28/32
01/06/26
01/06/36
05/11/26
05/11/36
05/11/26
05/11/36
02/28/10
12/15/19
05/07/14
05/07/24
12/09/15
12/09/25
11/07/25
11/07/35
08/15/08
08/15/18
11/09/98
05/31/21
12/26/08
12/26/23
05/24/11
05/24/26
02/07/13
02/07/23
11/23/15
11/23/25
06/03/14
05/31/25
12/31/16
12/31/26
05/18/18
05/18/28
12/21/22
12/21/32
05/27/21
05/27/31
03/30/23
03/31/33
06/27/19
06/27/29
06/30/22
06/30/32
11/26/25
11/26/35
06/30/22
06/30/32
11/24/25
11/24/35
05/24/19
05/24/29
09/17/21
09/17/31
1/7/2025
1/7/2035
1/8/2026
1/8/2036
1/26/2026
1/26/2036

# of
Extension

Discretion
by GP/LP

New Target
Termination

2nd 2 YR

LP

12/31/2017

Funding
Commitment
269,565,614
30,000,000
40,000,000
75,000,000
35,000,000
100,000,000
50,000,000
75,000,000
50,000,000
50,000,000
50,000,000
10,000,000
10,000,000
57,440,207
50,000,000
30,000,000
50,000,000
57,561,876
100,000,000
50,000,000
42,500,000
75,000,000
50,000,000
100,000,000
100,000,000
75,000,000
100,000,000
50,000,000
60,000,000
15,000,000
100,000,000
58,091,711
29,045,855
40,000,000
30,000,000
50,000,000
50,000,000
25,000,000
125,000,000
30,000,000
40,000,000
70,000,000
50,000,000
200,000,000
50,000,000
35,000,000
50,000,000
50,000,000
90,000,000
24,000,000
60,000,000
75,000,000
65,000,000
75,000,000
40,000,000
50,000,000
75,000,000
57,987,967
50,000,000
3,696,193,229

Market
Value
66,943,480
964,706
4,703,233
134,711,337
35,529,328
48,822,995
1,810,505
0
30,417,998
10,954,130
6,422,459
0
72,113,742
17,595,220
0
0
29,700,235
19,401,298
66,664,114
58,601,912
43,745,308
13,882,148
42,573,482
54,190,335
0
76,234,516
0
0
47,515,958
8,130,221
0
0
0
26,991
6,342,433
32,261,057
0
1,970,569
371,502
6,255,559
13,550,886
31,240,046
44,169,691
36,594,899
0
29,594,967
14,397,083
44,039,725
34,684,167
25,718,244
40,434,538
75,968
61,533,806
7,080,160
43,420,530
61,385,994
2,939,684
5,975,854
12,478,895
1,448,171,909

% of
Total Asset
0.47%
0.01%
0.03%
0.95%
0.25%
0.34%
0.01%
0.00%
0.21%
0.08%
0.05%
0.00%
0.51%
0.12%
0.00%
0.00%
0.21%
0.14%
0.47%
0.41%
0.31%
0.10%
0.30%
0.38%
0.00%
0.54%
0.00%
0.00%
0.34%
0.06%
0.00%
0.00%
0.00%
0.00%
0.04%
0.23%
0.00%
0.01%
0.00%
0.04%
0.10%
0.22%
0.31%
0.26%
0.00%
0.21%
0.10%
0.31%
0.24%
0.18%
0.29%
0.00%
0.43%
0.05%
0.31%
0.43%
0.02%
0.04%
0.09%
10.22%

Outstanding
Commitment
14,367,005
1,635,000
9,154,125
3,845,438
5,462,804
51,000,000
47,887,131
87,137,566
18,718,486
39,197,114
33,572,399
0
0
41,826,032
50,000,000
0
29,697,989
41,521,728
37,829,301
3,458,236
3,546,682
63,064,905
9,122,247
50,611,454
100,000,000
6,440,379
100,000,000
49,420,598
20,609,822
8,558,340
100,000,000
58,091,711
29,045,855
0
6,705,719
10,743,668
50,000,000
387,482
10,270,787
2,491,258
3,024,081
5,470,958
2,839,242
26,097,500
0
3,731,798
34,048,739
8,445,000
52,200,000
2,294,466
28,995,208
75,000,000
17,533,816
71,453,221
4,425,725
4,468,400
70,833,981
49,628,298
37,035,209
1,692,946,901

Private Market Investments
As of August 31, 2026

Real Assets/Infrastructure
Aether III & III Surplus
Aether IV
Altor ACT I
Ares EIF V
Cloud Capital Fund II
Commonfund Capital Natural Resources IX
EIF USPF II
EIF USPF III
EIF USPF IV
EQT Infrastructure
Tallvine Fund I
Wastewater Opportunity Fund
Totall: Real Assets/Infrastructure
Total: Private Equity and Real Assets/Infrastructure

Inception
Target
Date
Termination
11/30/13
11/30/20
01/01/16
01/01/28
06/14/24
06/14/34
09/09/15
11/19/25
06/28/25
06/28/35
06/30/13
06/30/20
06/15/05
06/15/15
02/28/07
02/28/17
06/28/10
06/28/20
11/15/23
11/15/35
07/29/25
07/29/35
12/31/15
11/30/22

# of
Extension

Discretion
by GP/LP

New Target
Termination

3rd 1 YR
1st 1 YR

LP
LP

06/15/18
02/28/18

Outstanding Commitments
Total

Market value equals the most recent reported net asset value, plus capital calls after net asset value date, less distributions after net asset value date.
The Target Termination column is the beginning of liquidation of the fund, however, some funds may be extended for an additional two or three years.

Funding
Commitment
75,000,000
50,000,000
68,766,132
50,000,000
45,000,000
50,000,000
50,000,000
65,000,000
50,000,000
125,000,000
75,000,000
25,000,000
728,766,132
4,424,959,361

Market
Value
36,883,670
33,517,716
9,737,278
28,595,870
27,070,966
19,292,541
27,512
166,437
1,564,319
77,762,828
16,301,207
217,389
251,137,734
1,699,309,643
1,916,575,777
3,615,885,420

% of
Total Asset
0.26%
0.24%
0.07%
0.20%
0.19%
0.14%
0.00%
0.00%
0.01%
0.55%
0.11%
0.00%
1.77%
11.99%

Outstanding
Commitment
913,631
4,882,639
57,353,688
3,888,697
14,199,115
1,350,007
0
0
4
56,707,788
83,811,766
521,541
223,628,876
1,916,575,777

Meeting Date
10/07/2026
Agenda Item
#6

MEMORANDUM
Date:

October 7, 2026

To:

CCCERA Board of Retirement

From:

David MacDonald, Chair of Investment Committee

Subject: Investment Asset Allocation Resolution 2026-6
______________________________________________________________________________
Overview
At the August 19, 2026 Investment Committee meeting, Meketa presented two
recommendations to address unintended style tilts in the public equity portfolio. First, they
recommended shifting 3% of the Russell 1000 Index fund allocation to a Russell 1000 Growth
Index fund. Second, they recommended a stronger growth manager to the emerging market
equity allocation to balance the strong value bias of the PIMCO RAE allocation.
The Investment Committee provided direction to staff to begin the process of implementing
both of Meketa’s recommendations.
The attached resolution outlines changes in the asset allocation as outlined in Meketa’s first
recommendation by adding the Russell 1000 Growth allocation at 3% and reduces the Russell
1000 target allocation to 7%. If adopted, these targets will take effect November 1, 2026.
Regarding the second recommendation, staff have begun the process to identify an appropriate
emerging market strategy to diversify that program and will return with a recommendation at a
later date.
Recommendation
Consider and take possible action to adopt BOR Resolution 2026-6 Investment Asset Allocation
Targets and Ranges.

1200 Concord Avenue, Suite 300, Concord, CA 94520

Phone: (925) 521-3960

Fax: (925) 521-3969

cccera.gov

BOR Resolution. No. 2026-6
RESOLUTION OF THE BOARD OF RETIREMENT
CONTRA COSTA COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION
INVESTMENT ASSET ALLOCATION TARGETS AND RANGES
WHEREAS, Article XVI, §17 of the Constitution of the State of California vests the Board of
Retirement (Board) with "plenary authority and fiduciary responsibility for the investment of
moneys and the administration of the system"; and
WHEREAS, the Board has exclusive control of the investment of CCCERA and may, in its
discretion and subject to applicable law, invest, or delegate the authority to invest, the assets of
the fund through the purchase, holding or sale or any form or type of investment, financial
instrument, or financial transaction when prudent in the informed decision of the board,
pursuant to the County Employees Retirement Law of 1937 (CERL), Government Code Section
31595; and
WHEREAS, the Board has adopted an Investment Policy Statement ("IPS"), pursuant to which
the Board is to periodically set, review and revise its asset allocation targets.
NOW, THEREFORE BE IT RESOLVED that it shall be the policy of CCCERA to invest assets in the
following manner:
Asset Allocation
Section 6.B of the Investment Policy Statement (“IPS”), adopted February 5, 2025, provides that
“annually the Board shall review the relative size and composition of [the] sub-portfolios and
revise them as necessary through Investment Resolutions.” During this annual review, the CIO
will recommend the targets, weightings, and the rationale for any deviation to an underweight
or overweight across the asset allocation. The Board will consider and take action to adopt or
revise asset allocation targets. Under the direction of the Board of Retirement, investment staff
will administer the asset allocation per the Board’s action.
Upon adoption of this resolution the long-term and current asset allocation targets determined
by the Board are as follows:
Long Term
Growth:
73%
Diversifying: 10%
Liquidity:
14%
Cash:
3%

Current Target
71%
10%
16%
3%

Current Targets
Sub-Portfolio Strategy
Growth
BlackRock Russell 1000
Index Fund
BlackRock Russell 1000
Growth Index Fund
Boston Partners
Emerald
BlackRock Russell 2000
Value Index Fund
Pyrford
William Blair
Artisan
First Eagle
TT Emerging Markets
PIMCO/RAE Emerging
Markets
Private Equity
Infrastructure
Total Equity
GoldenTree Multi-Sector
Opportunistic
HPS Institutional Credit
KKR Global Credit
Opportunities Fund
Oak Hill Diversified Credit
Private Credit
Total Credit
Adelante REIT
INVESCO REIT
Private Real Estate
Rialto Credit
Opportunities Fund
Barings Real Estate Debt
Income Fund
Total Real Estate
Liquidity
Insight
DFA
Sit

Benchmark
Russell 1000

Target
71.0%
7.0%

Russell 1000 Growth

3.0%

Russell 1000 Value
Russell 2000 Growth
Russell 2000 Value

3.0%
1.5%
1.5%

MSCI ACWI ex-US Value
MSCI ACWI ex-US Growth
MSCI ACWI Growth
MSCI ACWI Value
MSCI Emerging Markets
MSCI Emerging Markets Value

3.5%
3.5%
5.5%
5.5%
2.0%
2.0%

MSCI Global Private Equity
MSCI Global Infrastructure

10.0%
2.0%
50.0%
1.0%

50% MSTA Leveraged Loans/50% Bloomberg
US Corporate High Yield
50% MSTA Leveraged Loans/50% Bloomberg
US Corporate High Yield
50% MSTA Leveraged Loans/50% Bloomberg
US Corporate High Yield
50% MSTA Leveraged Loans/50% Bloomberg
US Corporate High Yield
MSCI Global Private Credit

40-60%

1.0%
1.0%
1.0%

Wilshire REIT
NAREIT All Equity REIT
MSCI Global Private Real Estate
Bloomberg CMBS Investment Grade

9.0%
13.0%
1.0%
1.0%
5.0%
0.5%

NCREIF/CREFC Fund

0.5%

Bloomberg 1-3 Year Gov/Credit
ICE BofA 1-5 US Corp/Gov
Bloomberg 1-3 Year Gov

Range
60-80%

8-16%

8.0%

5-10%

16.0%
6.0%
4.0%
6.0%

10-20%

Risk Diversifying
AFL-CIO HIT
DFA Treasury Strategy
BH-DG Systematic Trend
Sit LLCAR
Long Volatility
Multi-Asset
Cash

10%
1.5%
1.5%

Bloomberg US Aggregate
50% Bloomberg US Treasury Intermediate/
50% Bloomberg US TIPS 1-10 Year
SG CTA Index
Bloomberg US Aggregate + 1%
HFRI Long Volatility Index
HFRI Fund Weighted Composite Index

2.0%
2.75%
1.5%
0.75%

3-month T-Bill

3.0%

Total

0-13%

100%

THIS RESOLUTION WAS ADOPTED BY THE AFFIRMATIVE VOTE OF THE BOARD OF
RETIREMENT OF THE CONTRA COSTA COUNTY EMPLOYEES' RETIREMENT
ASSOCIATION THIS SEVENTH DAY OF OCTOBER, 2026.
AYES:
NOES:
ABSTAIN:
ABSENT:

_______________________________________
Jerry R. Holcombe
Chairperson of the Board of Retirement

Attest:
_______________________________________
Scott W. Gordon
Secretary of the Board of Retirement

0-6%

Meeting Date
10/07/2026
Agenda Item
#7

Disability Law
Educational Presentation
Karen Levy, Esq.
General Counsel

October 7, 2026

Board’s Administration
Notwithstanding any other provisions of law, the
retirement board has plenary authority and fiduciary
responsibility for the administration of the pension system,

subject to the following:

• The board shall discharge its duties with respect to the
system:

Cal. Const. art. XVI sec. 17
1

Board’s Administration
• Solely in the interest of, and for the exclusive purposes
of providing benefits to, participants and their
beneficiaries, minimizing employer contributions
thereto, and defraying reasonable expenses of
administering the system.
• With the care, skill, prudence, and diligence under the
circumstances then prevailing that a prudent person
acting in a like capacity and familiar with these
matters would use in the conduct of an enterprise of a
like character and with like aims.
Cal. Const. art. XVI sec. 17
2

Disability Retirement
CCCERA members who are permanently incapacitated may
be entitled to disability retirement under the County
Employees Retirement Law of 1937 (CERL).

Government Code § 31720, 31720.1
3

Incapacity - Burden of Proof
The burden of proof is on the disability applicant (or, if
applicant is deceased, on the beneficiaries). An applicant
must prove the existence of a permanent incapacity by a
preponderance of the evidence to the Board of Retirement
and to the courts.
(Government Code Section 31721; Rau v. Sacramento
County Ret. Bd., 247 Cal. App. 2d 234, 238 (1966).)

4

Substantial Evidence is Required
The evidence must amount to “substantial evidence.”
“Substantial” means anything credible, and of solid value.
(Weiser v. Bd. Of Retirement, 152 Cal. App. 3d 775, 783
(1984); Estate of Teed, 112 Cal. App. 2d 638, 644 (1952),
cited in Beck Dev. Co., Inc. v So. Pac. Trans. Co., 44 Cal. App.
4th 1160, 1203-1204 (1996).)

5

Two Types of Disability Retirement:
(1) Non-Service Connected Disability Retirement
(2) Service-Connected Disability Retirement

Government Code § 31720 and 31720.1
6

Non-Service Connected Disability
Member is unable to perform their job (Safety, Tier 1,
PEPRA Tier 4) or
Member is unable to engage in substantial gainful
employment (Tier 3 and 5).

Government Code § 31720 and 31720.1
7

Service-Connected Disability
Member becomes permanently ill or injured as a result of
performing their job duties and is unable to perform their
job (Safety, Tier 1, PEPRA Tier 4) or unable to engage in
substantial gainful employment (Tier 3 and 5).
The employment must have contributed substantially to
the member’s incapacity. Real and measurable connection
between the employment and the incapacity is required.
Bowen v. Board of Retirement, 42 Cal.3d 572 (1986).
Government Code § 31720 and 31720.1
8

Service-Connected Disability
The connection between the employment and the
incapacitating injury or illness normally must be established
by a competent medical opinion from a physician.

Government Code § 31720 and 31720.1
9

Disability Retirement
Permanent incapacity for the performance of duty shall in all
cases be determined by the Retirement Board.
The Retirement Board may require such proof, including a
medical examination at the expense of the member, as it
deems necessary or the Board upon its own motion may
order a medical examination to determine the existence of
the disability.

Government Code § 31725 and 31723
10

Evidence
Competent medical evidence is required in order to support a
disability claim. (Government Code § 31720.3)

CCCERA requires the submission of
medical reports supporting the
disability application.
(Disability Retirement Application
and Hearing Policy, Section 2.1.c.)

11

Medical Evidence
• Medical reports about the illnesses, injuries or conditions
• Medical reports about when the condition began
• Medical reports about how the condition limits the
member’s activities
• What did medical tests show
• What medical treatment was received

12

Medical Evidence (Cont.)
• Medical reports about the member’s work restrictions
• In cases of death, what do the death certificate and
coroner report state as the cause of death?

• If the member is seeking a service-connected disability:
• If no presumption - member must provide evidence that
their incapacity is a result of injury or disease arising out of
and in the course of the member’s employment.
• If presumption – member must provide evidence that they
have a permanent incapacity which qualifies for a
presumption.
13

Medical Examinations
CCCERA may require a member to undergo a medical
examination by a physician who is a specialist in the
appropriate field of medicine.
Refusal of any member applicant to submit to a medical
examination results in a denial of the disability application.
(Disability Retirement Application and Hearing
Policy, Section 2.3)

14

Review of Disability Applications
When the disability application file is complete, CCCERA
staff provides all documents to the Board’s Medical Advisor
for review. The Medical Advisor makes a preliminary
recommendation, summarizing the evidence or absence of
evidence supporting the recommendation.
(Disability Retirement Application and
Hearing Policy, Section 2.4)

15

Disability Applications
If the Medical Advisor’s preliminary recommendation is to
grant the application, the matter is placed on the agenda
for Board consideration of the recommendation.
(Disability Retirement Application and Hearing
Policy, Section 2.4)

16

Medical Advisor Recommendation
If the Medical Advisor cannot recommend granting the
application based on the evidence submitted, CCCERA staff
advises the applicant that she or he may:
1. Submit additional medical or other evidence in support of
the application, which shall be transmitted to the Medical
Advisor for additional review and recommendation; or
2. Request a hearing before a Hearing Officer within six
months of the date of the letter informing the member
that the Medical Advisor is unable to recommend granting
the application.
(Disability Retirement Application and Hearing Policy, Section 2.4)
17

Hearing Officer’s Recommendation
After the administrative hearing is concluded and the
record closed, the Hearing Officer issues Proposed Findings
of Fact and Recommended Decision.
Includes a summary of the evidence, findings of fact, and a
recommendation to the Board.

18

Board Consideration of
Recommendation and Board Action
• Board considers the Proposed Findings of Fact and
Recommended Decision
• No new evidence or witness testimony may be heard or
received by the Board.

(Disability Retirement Application and Hearing Policy, Section 4.1)

19

Board Action
The Board may:
1. Approve and adopt the proposed findings and
recommendation of the Hearing Officer, or
2. Refer the matter back to the Hearing Officer for further
proceedings with or without instructions, or

20

Board Action
3. Require a transcript or summary of all the testimony,
plus all other evidence received by the Hearing Officer, and
after receipt thereof, the Board shall take such action as it
determines is warranted by the evidence, or
4. Set the matter for hearing before itself. At such hearing,
the Board shall hear and decide the matter as if it had not
been referred to the Hearing Officer.
(Disability Retirement Application and Hearing Policy, Section 4.3)
21

Disability Presumptions:
• Presumption is defined as an assumption of fact the law
requires to be drawn from one or more other facts
already established.
• The laws that establish presumptions relieve the member
of the burden of proving that the injury or illness arose
out of and in the course of employment and, once certain
prerequisite facts are established, service-connection is
presumed to exist.

22

Rebuttable Presumptions:
• The disability presumptions are “rebuttable,” meaning
that they establish the existence of a fact unless evidence
is introduced which would support a finding that the
presumed fact does not exist.

• “[W]here facts giving rise to the presumption have been
proven at the outset, the burden of proof negating the
presumption falls upon the employer.” Gillette v.
Workers’ Comp. Appeals Bd., 20 Cal.App.3d 312 (1971).

23

Board’s Medical Advisor’s Role Presumptions
• CCCERA has trained its outside medical advisors on the
law pertaining to disability presumptions
• Medical advisor reviews all medical reports and opines
on:
• Whether the presumption prerequisites are met
• Whether there is evidence to rebut the presumption
• In cases where the presumption contains a non-attribution
clause, whether there is evidence (except a pre-existing
disease or condition) to rebut the presumption
• Whether the presumption applies to establish serviceconnection
24

Types of Disability Presumptions:
• Post-Traumatic Stress Disorder (31720.91)
• Tuberculosis (31720.92)
• Meningitis (31720.93)
• Skin Cancer (31720.94)
• Lyme Disease (31720.95)
• Lower Back Impairments (31720.96)
• Hernia or Pneumonia (31720.97)

25

Types of Disability Presumptions:

26

Disability Law Guidance
The Board’s Disability Retirement Application and Hearing
Policy provides an excellent framework and guide for all
Board members on the topics and procedures it covers –
and it should be a frequent referenced sources of guidance.

27

Questions?

Meeting Date
10/07/2026
Agenda Item
#8

Semi-Annual Disability Retirement Report
for the years 2022 - 2026
Data reflects January - June of each year

Contra Costa County Employees' Retirement Association

Semi-Annual Disability Retirement Report
This Semi-Annual Disability Report reviews and compares application data over the past 5 years, focusing strictly on
the January through June window of each year. The following analysis provides a year-over-year look at mid-year
trends by breaking down the total number of applications received as well as specifics including injury type and
employer information.
Employer and Department Acronyms

The following acronyms group different illnesses together by type to show trends and are not limited to
the examples below.

Contra Costa County Employees' Retirement Association

Semi-Annual Disability Retirement Report
(Continued)
Exhibit 1: Disability Retirement Application Received by Year
Data reflects January - June of each year

■

Service-Connected
Disability

Non-Service-Connected
Disability

■

Both

Exhibit 1a: Total Service-Connected Disability Applications Less than 10 Years by Type
Data reflects January - June of each year

Pl

3

Acronym references on page 2. Some applications filed with multiple disability types.

MSK

Contra Costa County Employees' Retirement Association

Semi-Annual Disability Retirement Report
(Continued)
Exhibit 2: Total Disability Applications Filed with CCCERA (totals listed by employer)
Data reflects January - June of each year

SRVFPD

County Total

Superior Court

MOFD

CCCFPD

Exhibit 3: Total Disability Applications Filed with CCCERA (by County Department)
Data reflects January - June of each year

Sheriff

4

EHSD

Health Services

Probation

Public Works

Rodeo-Hercules

Contra Costa County Employees' Retirement Association

Semi-Annual Disability Retirement Report
(Continued)
Exhibit 4: Total Disability Filed by Type (Some applications filed with multiple disability types.)
Data reflects January - June of each year

MSK

GII

PI

PSP

Exhibit 5: Non-Grants vs. Grants by Type
Data reflects January 2026 - June 2026

Non-Grants
5

Grants

SCI

Meeting Date
10/07/2026
Agenda Item
#9

SACRS VOTING PROXY FORM
The following are authorized by the ___________________________ County
Retirement Board to vote on behalf of the County Retirement System at the upcoming
SACRS Conference
(If you have more than one alternate, please attach the list of alternates in priority order):
______________________________________

Voting Delegate

______________________________________

Alternate Voting Delegate

These delegates were approved by the Retirement Board on _____ / _____ / _____.
The person authorized to fill out this form and submit electronically on behalf of the
Retirement Board:
Signature:

________________________________

Print Name:

________________________________

Position:

________________________________

Date:

________________________________

Please send your system’s voting proxy by the following due date to SACRS at
[email protected]. If you require additional information, please contact SACRS as soon as
possible.
Due Dates:
• Spring Conference Due by May 1
• Fall Conference Due by November 1

Meeting Date
10/07/2026
Agenda Item
#Item 10b.

MEMORANDUM
Date:

October 7, 2026

To:

CCCERA Board of Retirement

From:

Karen Levy, General Counsel

Subject: Legislative Update
______________________________________________________________________________
Legislative Update
The California Legislature reconvened on January 5, 2026. The last day for bills to be introduced
was February 20. The last day for the Governor of California to sign or veto bills was September
30, 2026. In addition to the bills outlined in the enclosed update, below is the status of the key
bills that were being monitored by CCCERA:
•

•

•

AB 1383 – This bill would have amended the California Public Employees’ Pension Reform
Act of 2013 (PEPRA) regarding the pensionable compensation limit, lower the retirement
age on a prospective basis from age 57 to age 55 for three existing safety retirement
formulas and authorize public employers to create a fourth prospective increase to the
PEPRA retirement formulas to be applied prospectively. Status: Vetoed by the Governor.
The Governor’s veto message is enclosed.
AB 1619 – This bill amends the provision in the County Employees Retirement Law of 1937
(CERL) governing Board of Retirement members meeting attendance stipend, which is
currently $100 per meeting. This bill gives each CERL county the option to permit its Board
of Retirement to increase the compensation rate for meeting attendance to up to $320 per
meeting. The bill also authorizes a similar increase to the CalPERS trustees appointed by the
Governor, who currently also receive a $100 per meeting stipend. Status: Approved by the
Governor and will become law effective January 1, 2027.
AB 2780 – Retirement System Omnibus Bill – A SACRS-sponsored legislative package to
provide clarification language within CERL. Status: Approved by the Governor and will
become law effective January 1, 2027.

1200 Concord Avenue, Suite 300, Concord, CA 94520

Phone: (925) 521-3960

Fax: (925) 521-3969

cccera.gov

TO:
FROM:
DATE:

State Association of County Retirement Systems
Cara Martinson, Capitol Advocacy
Laurie Johnson, LJ Consulting & Advocacy
September 9, 2026

RE:

Legislative Update – September

The 2025–26 legislative session is officially in the books, although the final days in
Sacramento looked very little like a traditional end-of-session sprint. Lawmakers
adjourned Tuesday afternoon after a chaotic final weekend in which major legislation,
budget agreements and policy deals continued to surface almost until the last possible
moment.
The numbers alone tell part of the story. More than 4,200 bills were introduced during the
two-year session, and an unprecedented 71 measures were amended after the
customary August 21 deadline for floor amendments—almost three times the previous
record. That unusually heavy volume of late amendments meant legislators were still
working through significant policy changes when, under normal circumstances, the major
work of the session would have already been finished.
The Legislature was also up against the August 31 constitutional deadline for passing
majority-vote legislation. Because bills generally must be publicly available for 72 hours
before a final vote, Friday was expected to be the last realistic opportunity for major
amendments. Instead, some of the session’s most important agreements arrived after
that window had effectively closed. Budget bills were posted late Friday and into
Saturday morning, and negotiations over wildfire legislation continued overnight before
the final agreement was released on Saturday. Lawmakers ultimately returned Tuesday
to finish the remaining work.
The biggest surprise came at the end. SB 492, the product of negotiations between
legislative leaders and Governor Gavin Newsom on California’s increasingly difficult
wildfire liability and financing system, never received a vote in the Assembly. Speaker
Robert Rivas declined to bring the measure to the floor, leaving unresolved a broader
effort to determine how the costs of catastrophic wildfires should be shared among
utilities, insurers, wildfire survivors and utility customers when utility equipment is found
responsible.
While the wildfire agreement dominated the final drama, the budget package covered a
wide range of other issues. Lawmakers approved spending and policy measures

involving climate programs and Proposition 4, health care, education and labor, as well
as numerous district-specific appropriations.
Several of the year’s largest policy debates also remained front and center through
adjournment. Artificial intelligence continued to generate legislation involving privacy,
employment and the protection of children, while the rapid expansion of data centers
elevated a related set of questions about electricity demand, water use and infrastructure
capacity. A late agreement was reached on California’s film and television tax credit, but
an effort to expand the state’s research and development tax credit did not survive the
final negotiations, in part because of concerns about a potential annual revenue loss
estimated between $1 billion and $2 billion.
The final weeks also produced significant disputes over health care, housing, education,
antitrust policy and wildfire liability, many of which are addressed in greater detail below.
The larger lesson from this year’s session is that Sacramento left an unusual amount of
business until the final days—and, in some cases, the final hours. Even with the regular
session now over, the wildfire debate may not be finished. Governor Newsom has
indicated that additional action remains possible, whether through future legislative
action or proceedings before the Public Utilities Commission, and he has not ruled out
convening a special session.
Legislative Update:
•

AB 1054 (Gipson) - This bill would establish the Deferred Retirement Option
Program (DROP) as a voluntary program within PERS for employees of State
Bargaining Units 5 (Highway Patrol) and 8 (Firefighters). The bill was amended
recently to add certain supervisory or managerial employees of the Department of
the California Highway Patrol and the Department of Forestry and Fire Protection.
The amendments added to the definition of annuitant for the purposes of eligibility
a DROP participant whose deferred retirement date is within 120 days of
separation from the DROP program. The bill also states that the DROP becomes
effective and applicable only after: 1) the applicable Bargaining Unit has entered
into a MOU with the employer to implement the program; 2) The program has
been certified via an actuarial analysis that it is cost neutral by the CalPERS
Board of Administration; and 2) CalPERS has adopted regulations to implement
and administer the program.
o Status: The bill passed out of the Legislature and is waiting action by
the Governor

o Position: No Position/Watch
•

AB 1383 (McKinnor) – The bill passed out of the Legislature and is awaiting
action by the Governor. The bill includes the following provisions:
o Increases, on and after January 1, 2027, the PEPRA pensionable
compensation limit to the Social Security compensation limit for
members covered by Social Security and 120% of that amount for
members not covered by Social Security;
o Freezes existing 2013 PEPRA safety formulas to apply only to service
from January 1, 2013, to December 31, 2026 and lowers the retirement
age on a prospective basis from age 57 to 55 for three existing safety
DB retirement formulas;
o Authorize a public employer to create a fourth PEPRA safety formula of
three percent (3%) at age 55, to be applied prospectively.
o Amendments earlier this year removed a provision that would have
permitted collective bargaining over the 50-50 normal cost sharing
requirement.
o Status: This bill is awaiting action by the Governor.
o Position: Neutral

•

AB 1439 (Garcia) - The bill would have required labor protection standards on
pension system investments in development projections. The bill was
amended coming out of the Assembly to now require CalPERS and CalSTRS
to contract with the University of California Labor Centers to conduct an
independent study to determine the impacts on public employee retirement
funds of prohibiting the boards from investing in California development
projects that do not provide labor standards protections for workers. The bill no
longer applies to the CERL systems and removes SACRS’ opposition.
o Status: The bill passed out of the Legislature and is awaiting action by
the Governor.
o Position: No position/watch

•

AB 1601 (Rogers) – This bill would permit the county Board of Supervisors for
Sonoma County to authorize a cost-of-living adjustment to the retirement
allowances, optional death allowances, or annual death allowances payable by
the retirement system.
o Status: This bill passed out of the Legislature and is awaiting action by
the Governor.
o Position: Neutral

•

AB 1619 (Valencia) –This bill allows county Boards of Supervisors to
authorize an increase in the Board of Retirement trustee per diem from $100
to $320. The bill would then require action by the Board of Retirement to
establish the increased compensation rate. This bill was amended to apply the
same increase in compensation to CalPERS and CalSTRs Board Members.
o Status: This bill passed out of the Legislature and is awaiting action by
the Governor.
o Position: Neutral

•

AB 1660 (Schiavo) – This bill was amended to now permit, as opposed to
require, a court to award sanctions of no less than $1,000 per violation if a
financial institution, private agency, retirement fund administrator, insurance
company, or other person fails to comply with existing requirements to provide
information or surrender property of a decedent, minor, or conservatee to a
public administrator or public guardian that is authorized to take possession
and control of such property. Recent amendments require that the financial
institution or other person or entity must receive notice of a violation.
o Status: This bill passed out of the Legislature and is awaiting action by
the Governor.
o Position: No position/watch

•

AB 1844 (Pacheco) – This bill modifies the Judges’ Retirement System II, to
give judges more flexibility in designating beneficiaries for their retirement
benefits. This bill would authorize a judge who elects one of the optional
retirement payment plans in lieu of receiving the maximum retirement
allowance to designate a beneficiary other than their spouse to receive the
payment or allowance after the judge’s death, subject to the community
property rights of the judge’s spouse. Additionally, the bill extends existing
survivor benefits to non-spouse beneficiaries, removing the stipulation that the
judge must have served a minimum of 20 years if they die in office.
o Status: This passed out of the Legislature and is awaiting action by the
Governor.
o Position: No position/watch

•

AB 2519 (McKinnor) – The bill expands who must be included in the State
Teachers’ Retirement System (STRS) membership. Under current law STRS
administers a defined-benefit retirement program funded by employer and
employee contributions and applies to positions that generally require a valid
credential or license; charter school positions were excluded. This bill adds
permitholders and comparable positions at charter schools that receive state

apportionment and perform specified directing, coordinating, supervising, or
administrative functions to the definition of “position subject to membership.” It
also removes a board-triggered timing requirement and makes the new
definition operative on July 1, 2027.
o Status: This bill passed out of the Legislature and is awaiting action by
the Governor.
o Position: No position/watch
•

•

AB 2780 (Assembly Committee on Public Employment and Retirement) –
Public Retirement Systems: Omnibus Bill - This bill includes the SACRSsponsored legislative package in the Legislature’s annual omnibus bill for
technical changes to laws affecting CalSTRS, CalPERS, and the CERL
systems. The proposed changes in the CERL include the following:
• Clarifying that deferred members cannot run for or vote in active member
Miscellaneous and Safety trustee elections.
• Establishing a 10-year statute of limitations for recovery of overpayments
due to fraudulent reports of overpaid death benefits.
• Formalizing the practice of the majority of CERL systems that only the last
system pays a lump-sum burial allowance for reciprocal members.
• Defining “concurrent retirement” to allow reciprocal members to retire on
different dates with 30 days of each retirement date, as long as there is not
overlapping service.
o Status: This bill passed out of the Legislature and is awaiting action
by the Governor.
o Position: Support

SB 1187 (Durazo) – This bill was amended to remove language access
requirements for the purposes of Act that were established by SB 707 from last
year. Specifically, the bill would repeal several public participation and language
access requirements established by SB 707, including requirements related to
translation of meeting materials, interpretation services, multilingual website
content, public outreach to underrepresented communities, and opportunities for
the public to provide additional agenda translations. It would reduce the
administrative obligations placed on eligible legislative bodies related to
multilingual access and public engagement.
o Status: This bill passed out of the Legislature and is awaiting action by the
Governor.
o No position/watch

•

SB 1207 (Laird) – This bill authorizes CalPERS members to buy back not more
than three years of service credit for their prior service in the California
Conservation Corps (CCC). The bill also makes changes to CCC’s statutes
to clarify the scope of authorized projects and to specifically permit CCC
to contract with corps established by California Native American tribes
o Status: This bill was signed by the Governor and chaptered into law.
o No position/watch

Contact:
If you have any questions, contact Cara Martinson at [email protected],
or Laurie Johnson at [email protected].

Meeting Date
10/07/2026
Agenda Item
#13

BOARD AND COMMITTEE MEETINGS 2026
JANUARY
Su

Mo Tu

We

FEBRUARY

MARCH

Th

Fr

Sa

Su Mo Tu We Th

Fr

Sa

Su Mo Tu We Th

Fr

Sa

H

2

3

1

2

3

B

5

6

7

1

2

3

B/I

5

6

7

4

5

6

B

8

9

10

8

9

10

11

12

13

14

C

C

C

C

12

13

14

11

12

13

14

15

16

17

15

H

17

B/I

19

20

21

15

16

17

B

19

20

21

18

H

20

B/A

22

23

24

22

23

24

25

26

27

28

22

23

24

25

26

27

28

25

26

27

28

29

30

31

29

30

31

Su Mo Tu We Th

Fr

Sa

1 - New Year's Day
19 - Martin Luther King Jr. Day

16 - Presidents' Day

APRIL
Su

Mo Tu

MAY

We

Th

Fr

Sa

B

2

3

4

JUNE

Su Mo Tu We Th

Fr

Sa

1

2

1

2

B

4

5

6

10

5

6

7

8

9

10

11

3

4

5

B/I

7

8

9

7

8

9

11

12

13

12

13

14

15

16

17

18

10

11

S

S

S

S

16

14

15

16 B/A/I 18

H

20

19

20

21

22

23

24

25

17

18

19

B

21

22

23

21

22

23

26

27

26

27

28

29

30

24

H

26

27

28

29

30

28

29

30

24

25

31
25 - Memorial Day

JULY
Su

Mo Tu

19 - Juneteenth

AUGUST

We

Th

Fr

Sa

1

2

H

4

Su Mo Tu We Th

SEPTEMBER
Fr

Sa

Su Mo Tu We Th

Fr

Sa

1

1

B

3

4

5

5

6

7

8

9

10

11

2

3

4

B/A

6

7

8

6

H

8

9

10

11

12

12

13

14

B

16

17

18

9

10

11

12

13

14

15

13

14

15

B/I

17

18

19

19

20

21

22

23

24

25

16

17

18

B/I

20

21

22

20

21

22

23

24

25

26

26

27

28

29

30

31

23

24

25

26

27

28

29

27

28

29

30

30

31

3 - Independence Day Observed

7 - Labor Day

OCTOBER
Su

Mo Tu

We

NOVEMBER

DECEMBER

Th

Fr

Sa

Su Mo Tu We Th

Fr

Sa

Su Mo Tu We Th

Fr

Sa

1

2

3

1

2

3

B/A

5

6

7

1

B

3

4

5

4

5

6

B

8

9

10

8

9

S

S

H

S

S

14

6

7

8

9

10

11

12

11

12

13

14

15

16

17

15

16

17

B/I

19

20

21

13

14

15

16

17

18

19

18

19

20

B

22

23

24

22

23

24

25

H

H

28

20

21

22

23

24

H

26

25

26

27

28

29

30

31

29

30

27

28

29

30

31

11 - Veterans Day
26 and 27 - Thanksgiving

B Board Meeting
S
B/A Board and Audit Committee
B/I Board and Investment Committee
B/A/I Board, Audit and Investment Committee

SACRS

25 - Christmas Day

C

CALAPRS - General Assembly