Los Angeles City Employees' Retirement System

The meeting included discussions on healthcare trends and a verbal update on 2027 health plan contract renewals. The committee reviewed the 2025 Health Management Data Report, focusing on chronic condition drivers and member utilization, and analyzed the annual health plan financial dashboards for medical, dental, and vision plans to evaluate premium renewal impacts and plan performance. Other business included a request for a progress report on IRMAA action items.

The meeting included reports on department operations and upcoming agenda items. The Board received and filed reports on ethical contract compliance, benefit payments, and quarterly education and travel expenditures. Key discussion topics featured an experience study and risk report follow-up presentation, a verbal report from the Chief Investment Officer, and presentations on real estate strategy and private credit portfolio performance. The Board approved several investment manager contracts, proxy voting policies, and addressed pending litigation in closed session.

The meeting included reports on the Governance and Performance Unit, a review of the Proxy Voting Policy, and an update on the Whistleblower Policy. The Board also reviewed the Succession Policy and Compensation Policy, and handled miscellaneous committee business.

The committee discussed current healthcare trends, including commercial medical and prescription drug cost inflation, the impact of Medicare drug price negotiations, and emerging policy shifts in the pharmacy sector. The agenda also included a verbal update on 2027 health plan contract renewals and an assessment of performance guarantees for pharmacy benefit management services.

The Board of Administration discussed departmental operations, including budget updates, city charter reform, and website accessibility compliance. The meeting covered the approval of disability retirement applications, the proposed budget and personnel resolutions for the upcoming fiscal year, and various investment portfolio performance reviews and contract renewals. Legal and litigation matters were also discussed in a closed session. Additionally, the board received and filed reports on seminars and conferences, and performance evaluations for various investment asset classes were presented.