2022 SACRS Annual Fall Conference
Ashley Dunning, John Kennedy, Pavneet Mac, Peter Mixon and Yuliya Oryol spoke during the State Association of County Retirement Systems (SACRS) Annual Fall Conference which took place November 8-11, 2022 in Long Beach, CA.
On November 8th, Ashley and Peter presented “Ethics Training for California Public Officials: More than a Concept.” This mandatory bi-annual training for public officials covered conflict of interest rules, public meeting and record requirements, due process requirements and other significant rules for legal compliance by public officials, with a particular focus on how these rules apply to retirement board trustees and senior staff.
Concurrently, John and Pavneet presented “Sexual Harassment Prevention Training for Local Agency Officials (AB 1661).” This interactive training session met the requirements under AB 1661, in which local agency officials must receive at least two hours of sexual harassment prevention and education training within the first six months of taking office or commencing employment and every two years thereafter if the local agency provides any type of compensation, salary or stipend to its officials. The session also met the requirements under AB 1825, in which employees who perform supervisory functions must receive sexual harassment prevention training. Attendees learned how to prevent and effectively respond to complaints of sexual harassment.
On November 9th, Ashley presented “Brown Act Compliance and Teleconferencing During and After the COVID-19 State of Emergency” during the attorney breakout session. She addressed changes in open meeting laws that occurred in response to the COVID-19 pandemic, some of which will continue temporarily after the Governor lifts the State of Emergency at the end of February 2023.
Following this, Yuliya presented the breakout session, “New SEC Rules & Their Impact on Public Pension Plan Investors in Private Funds.” On February 9, 2022, the SEC voted to propose new rules under the Investment Advisers Act of 1940. If the new rules are adopted, they would represent the most significant changes to the regulation of private funds and their advisers since the Dodd-Frank Act. Among other things, Yuliya discussed prohibited activities, private fund audit requirements, preferential treatment, adviser-led secondaries, quarterly statement requirements, written annual compliance reports and rules that could have implications for co-investments, side letters, clawbacks, fees charged outside of management fees and fiduciary duties.