Board of Retirement Committees

LACERA’s Board of Retirement has two committees, which review designated retirement-related information in order to provide insight or recommendations to the full Board(s). Trustees also sit on two joint committees.

• Insurance, Benefits, and Legislative
• Operations Oversight
• Joint Audit, Compliance, Risk, and Ethics
• Joint Organizational Governance

Staff members assigned to the committees serve as subject matter experts and execute Board directives.

Insurance, Benefits, and Legislative Committee

The Insurance, Benefits, and Legislative Committee meets following the second board meeting of each month to collect and review research information on employment-based retiree health coverage. The committee’s areas of interest include:

• Review of Industry and marketplace information
• Review of carrier claims experience
• LACERA renewal rates and information
• Evaluation of pending national and/or state legislation
• Legislative initiatives and position recommendations to the Board of Retirement

Operations Oversight Committee

This committee meets after the first board meeting of each month, following the Disability Procedures and Services Committee meeting. The Operations Oversight Committee (OOC) advises the Board of Retirement in the development, implementation, and review of LACERA’s operating policies and procedures. In its advisory role, the committee:

• Monitors the organization’s progress in meeting its mission to produce, protect, and provide the promised benefits
• Analyzes changes to benefit policies
• Investigates member service issues
• Ensures the privacy and confidentiality of our membership data
• Evaluates staff’s effectiveness and efficiency in securing appropriate resources
• Examines financial integrity through periodic expenditure report reviews
• Serves as an educational forum

Joint Audit, Compliance, Risk, and Ethics Committee

The Audit, Compliance, Risk, and Ethics Committee is made up of seven members: three elected annually from each Board and the ex-officio member of both Boards, the Los Angeles County Treasurer. The committee typically meets in March, July, and November, reporting to the boards as needed to assist them in fulfilling their fiduciary oversight responsibilities. The committee focuses on matters relating to finance, investments, and operations, and oversees LACERA’s governance activities, including risk management practices and related internal controls. Within each organizational area, the Audit, Compliance, Risk, and Ethics Committee oversees four primary functions:

• Policies and programs
• Monitoring and enforcement
• Contracting and coordination
• Reporting and communication

Joint Organizational Governance Committee

The Joint Organizational Governance Committee (JOGC) is made up of the Chair, Vice Chair, and appointed member from each board, and an elected committee member from each board. The JOGC typically meets in March, April, June, September, and December, subject to the strategic and planning process calendar. Meetings alternate between scheduled BOR and BOI meetings, with special meetings as needed. The JOGC’s purpose is to serve and facilitate the work of both boards where their duties intersect and to improve their combined oversight. The scope of the JOGC’s responsibilities includes:

• Organizational philosophy
• Strategic planning and budgeting
• Education and travel
• Joint Board policy development
• Legislation, engagement, and advocacy
• Litigation and claims relating to unusual and materials risks
• Chief Executive Officer search
• Board disputes