LACERA seeks to hire outside counsel to provide independent legal advice and services related to the full range of issues of fiduciary duties concerning LACERA’s operations and governance, including duties arising in connection with the interpretation and application of relevant provisions of the California Constitution, CERL, PEPRA, the Brown Act, the Public Records Act, Political Reform Act, and other applicable law. Working as appropriate in coordination with the Boards, Board Chairs, and LACERA’s Legal, Internal Audit, and Ethics and Compliance Divisions and other staff, the responsibilities of fiduciary counsel will include the following: A. Provide oral and written legal advice to the Board of Retirement, Board of Investments, and/or staff regarding fiduciary duties. B. Analyze and evaluate fiduciary matters facing the organization and its Boards. C. Keep the Boards and staff up to date on the laws, legal developments regarding fiduciary duties and emerging pension risks and trends and provide training, including a minimum of 4 training presentations per calendar year for the Boards. D. Assist in other fiduciary matters, including litigation, as requested. The duties and responsibilities of fiduciary counsel are further explained in the Boards’ Fiduciary Counsel Policy, which is attached as Attachment 1 to this RFP. Core skills include comprehensive knowledge and understanding of relevant fiduciary law, excellent oral and written communication skills, sound judgment, the ability to work well with and maintain the confidence of the Board of Retirement, the Board of Investments, and staff, and the ability to deliver services in a timely and cost-effective manner.
