Board of Retirement


The ACERA Board of Retirement is responsible for administering the pension plan in accordance with applicable laws including the CERL, protecting the assets of the pension plan and the interests of the plan beneficiaries, and prudently managing the critical risks facing ACERA. The Board is also responsible for establishing the policies that govern the administration of ACERA’s retirement plan, for making benefit determinations, and for managing the investment of the system’s assets. Additionally, the Board oversees the ACERA Chief Executive Officer who oversees staff in performing their duties in accordance with the CERL, ACERA regulations, and Board policies.

ACERA’s Board and standing Committee meetings are held in accordance with the Brown Act, a California law that guarantees the public’s right to attend and participate in meetings of local legislative bodies.

Board Meetings

Board Composition

The Board has nine members and two alternate members; it operates under authority granted by CERL and Article XVI of the Constitution of the State of California.  The table below shows the composition of the Board. All Board members, with the exception of the County Treasurer, serve three-year terms.

Type of Member Elected/Appointed by Number of Members
County Treasurer By virtue of position 1
County Resident Appointed by Alameda County Board of Supervisors 4
Active General Member of ACERA Elected by active general members 2
Active Safety Member of ACERA Elected by active safety members 1
Retired Member of ACERA Elected by retired members 1
Alternate Retired Member of ACERA Elected by retired members 1
Alternate Safety Member of ACERA Elected by active safety members 1

Board Policies

Investment Policies

Absolute Return Policy
Directed Brokerage Policy
Emerging Managers Policy
Environmental, Social, and Governance (ESG) Investment Policy
General Investment Guidelines, Policies, and Procedures
Placement Agent Disclosure Policy
Private Credit Investment Policy
Private Equity Investment Policy
Public Fund Proxy Voting Guidelines, International
Public Fund Proxy Voting Guidelines, United States
Real Assets Policy
Real Estate Policy

Board Regulations

Regulations for Tax Compliance
Regulations of the Board of Retirement

Basic Board Responsibilities

  • Setting investment strategies;
  • Selecting actuaries;
  • Selecting investment advisors and managers to invest the ACERA trust assets in stocks, bonds, real estate, and other high grade income-producing investments; and conducting reviews to ensure the trust’s security and track earnings;
  • Providing and reviewing procedures for disability retirements; and
  • Selecting a Chief Executive Officer who, under the Board’s direction, is charged with carrying out retirement law and Board policy and maintaining a competent staff to handle day-to-day operations.

Legal Standards for ACERA Trustees

ACERA trustees are fiduciaries and are held to the “prudent expert” standard in managing the trust.As fiduciaries, trustees are to “discharge their duties solely in the interest of, and for the exclusive purposes of providing benefits to, participants and their beneficiaries…” Further, trustees must act “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.” (California Government Code Section 31595.)

“The official duties of elected board members who are employees of the county or a district shall be included as part of their county or district employment and their board duties shall normally take precedence over any other duties. The elected board members who are county or district employees shall not receive any additional compensation by virtue of their election to the board.” (California Government Code Section 31522.)

The ACERA Board developed the following characteristics of an effective ACERA Trustee. This information is offered to individuals seeking election or appointment to the ACERA Board.

An ACERA Trustee:

  • Resists pressures to make investment decisions for political, social or other reasons that are inconsistent with fiduciary standards.
  • Subscribes to the Mission, Commitment, Goals and Objectives of the Association.
  • Understands what information is to be kept confidential, and maintains that confidentiality.
  • Demonstrates self-motivation in understanding activities required of a fiduciary.
  • Provides leadership to ACERA by working with other Board members to set the strategic direction for the Board and executive staff.
  • Adopts and consistently follows policies and procedures to carry out the Associations responsibilities.
  • Devotes adequate time preparing for Board and committee meetings, which could range from 15 to 25 hours per month.
  • Attends 1 Board meeting and possibly 1 – 3 committee meetings per month at the Associations offices.
  • Assumes responsibility for self-evaluation, overall Board evaluation and the performance evaluation of the General Manager.
  • Acquires and maintains the knowledge required to effectively evaluate those to whom duties are delegated.
  • Delegates, as necessary and appropriate, to staff and outside service providers having expertise in specific areas.
  • Avoids conflicts of interest and appearances of impropriety.
  • Follows the provisions of the plan.
  • Ensures the integrity of the Association’s financial controls and reporting.
  • Approves the annual operating budget and material transactions that are outside the ordinary course of business.
  • Makes the time commitment required in order to obtain the necessary education and training, and to prepare for and attend multiple monthly Board and committee meetings.
  • Acquires and continues necessary education to effectively make decisions.

Trustee Education Requirements

Pursuant to CA Government Code 31522.8, the California Public Employees’ Pension Reform Act of 2013, and the Board Education Policy, all Trustees must attend a minimum 24 hours of education within the first two years of assuming office and during every subsequent two-year period.

Trustee Education Summary Report

Trustee Date Assumed Office Certified Compliance for 2023

Cynthia Baron

01/01/2023 Yes
Ophelia B. Basgal 01/01/2004 Yes

Kevin Bryant

01/01/2023 Yes
Keith Carson 01/01/2000 Yes

Ross Clippinger

01/01/2023 Yes
Jaime Godfrey 06/16/2018 Yes
Tarrell V. Gamble 11/25/2014 Yes
Henry C. Levy 04/26/2017 Yes

Elizabeth Rogers

01/01/2023 Yes
Kellie Simon 01/01/2022 Yes
George Wood 01/01/2009 Yes