October 30, 2025
Los Angeles County Employees Retirement Association
Request for Proposals for Fiduciary Counsel Legal Services
I. INTRODUCTION
The Los Angeles County Employees Retirement Association (LACERA) invites proposals
from experienced attorneys and law firms in response to this Request for Proposals (RFP) to
provide fiduciary counsel legal services to support LACERA’s governing Board of Retirement
and Board of Investments, staff, and the organization as a whole.
LACERA is a defined benefit public pension fund established to administer retirement benefits
to employees of the County of Los Angeles and other participating agencies pursuant to the
County Employees Retirement Law of 1937 (CERL) (California Government Code Section
31450, et seq.), the California Public Employees’ Pension Act of 2013 (PEPRA) (California
Government Code Section 7522, et seq.), and other applicable law. LACERA operates as an
independent governmental entity separate and distinct from Los Angeles County. LACERA
has approximately 500 employees to administer benefits for active, deferred, and retired
members; oversee the County’s retiree health benefits program; and manage the fund’s
investments. LACERA manages over $85 billion in fund assets to support the pensions of
almost 200,000 active, retired, and deferred members. The fund also invests over $5 billion
in assets to support the retiree healthcare program.
LACERA’s staff includes a Legal Division consisting of thirteen (13) lawyers, five (5) legal
analysts, and other professional support staff, with expertise in governance, compliance,
benefits, disability, investments, commercial contracts, litigation, employment, and legislative
matters.
LACERA’S MISSION, VISION, AND VALUES
Mission: To Produce, Protect, and Provide the Promised Benefits to Our Members
Vision: Empowering our members to enjoy a healthy and secure retirement
Values: Integrity, Inclusivity, Innovation, Accountability, Collaboration, and Transparency
LACERA GOVERNING BOARDS
Board of Retirement (BOR) – This nine-member Board, with two alternates, is responsible
for the overall management of the retirement system. Under the policy guidance of the BOR,
LACERA strives to create innovative ways to streamline and expedite retirement processes,
integrate new technologies, and introduce new member services options and upgrades.
Board of Investments (BOI) – This nine-member Board is responsible for establishing
LACERA’s investment policy and objectives, as well as exercising authority over the
investment management of the fund’s diversified portfolio and actuarial matters. The two
Boards share joint responsibility for LACERA’s budget, personnel classifications and
compensation, and the CEO’s performance evaluation.
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October 30, 2025
II. SCOPE OF SERVICES AND REQUIRED CORE SKILLS
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.
The lead attorney must have at least ten (10) years of experience providing fiduciary advice
to public or private organizations in California. Experience in advising other CERL systems
and/or other public pension systems is strongly desirable.
The term of service will be five (5) years with an optional two-year extension.
III. RFP PROCESS
This RFP and other relevant information related to the RFP, including addenda, modifications,
answers to questions, and other updates, will be posted on the “Business Opportunities” page
of LACERA.gov. Additional background information about LACERA may also be found on
LACERA.gov.
A. Calendar
Issuance of RFP
October 30, 2025
Written Questions and
Requests for Clarification Due
November 14, 2025
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October 30, 2025
Responses to Questions Posted
November 18, 2025
Proposals Due
December 19, 2025
Finalist Interviews
January 2026
Estimated Final Selection and
Approval by the Boards
February 2026
B. Communication and Questions
Respondents are encouraged to communicate any questions regarding this RFP by the
deadline stated above in the RFP Calendar. Questions should be submitted in writing to the
Contact Person identified in Section IV.G. Questions and answers will be posted at
LACERA.gov by the date stated in the RFP Calendar.
C. Errors in the RFP
If a respondent discovers an ambiguity, conflict, discrepancy, omission or other error in this
RFP, notice should be immediately provided to the Contact Person identified in Section IV.G.
LACERA is not responsible for, and has no liability for or obligation to correct, any errors or
omissions in this RFP.
D. Addenda
Modifications or clarifications of the RFP, if deemed necessary, will be made by addenda to
the RFP and posted on LACERA.gov.
E. Delivery of Submissions
Submissions must be delivered in PDF format via email and three hard copies by mail or other
delivery service to the Contact Person by the due date stated above in the RFP Calendar.
See “Notice Regarding the California Public Records Act and Brown Act” in this RFP for
information regarding redactions and disclosure.
F. Proposal Format and Content
All responses to this RFP should follow the format described in this Section III.F. For each
part of the response, restate the RFP item immediately above the response. When requested,
please provide details and state all qualifications or exceptions. All information provided
should be concise and clearly relevant to qualifications to serve as LACERA’s fiduciary
counsel.
Cover Letter
The cover letter must provide a statement affirming that the signatory is empowered and
authorized to bind the respondent to an engagement agreement with LACERA and
represents and warrants that the information stated in the proposal is accurate and may be
relied upon by LACERA in considering, and potentially accepting, the proposal.
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October 30, 2025
Executive Summary
In this section, an overview should be provided of the respondent’s background, experience,
and other qualifications to serve as LACERA’s fiduciary counsel.
Experience and Approach
The proposal must provide a detailed statement of the respondent’s experience in providing
independent fiduciary counsel services to CERL systems and other public pension systems,
including experience advising boards on governance issues, the California Constitution,
CERL, PEPRA, the Brown Act, the Public Records Act, the Political Reform Act, and other
legal issues. LACERA’s goal in the RFP process is to understand each respondent’s
experience across the full spectrum of fiduciary issues that may arise in the administration of
a California public pension system, including but not limited to:
1. Fiduciary duties under the California Constitution, the County Employees
Retirement Law of 1937, the California Public Employees’ Pension Reform Act of
2013, and other applicable law.
2. Ethical issues, under LACERA’s Code of Ethical Conduct, the Political Reform Act,
California Government Code Section 1090 and other provisions of the California
Government Code, Fair Political Practices Commission (FPPC) Regulations,
FPPC and California Attorney General Opinions, and other applicable laws and
LACERA policy relating to conflicts of interest and ethics of Board Members,
LACERA staff, and/or LACERA vendors.
3. Board governance.
4. LACERA’s organizational structure.
5. Disputes by and between Board Trustees.
6. Negotiation and drafting of contracts.
7. Actuarial and financial matters.
8. Employment-related matters.
9. Benefit-related matters, including service retirement, disability retirement, retiree
healthcare benefits, and other benefit issues.
10. Investment-related matters.
11. Emerging risks and trends that relate to or may affect the performance of LACERA’s
fiduciary duty.
12. Investigations.
13. Litigation, as requested.
14. Board and staff training.
LACERA is interested in a respondent’s experience and approach in analyzing such issues,
interfacing with trustees and staff, and litigating issues if necessary. LACERA is also
interested in how the respondent differentiates themselves from other counsel offering similar
services.
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October 30, 2025
Assigned Professionals
The proposal must set forth the name the lead attorney(s) and all other attorneys, identifying
the jurisdiction where the attorneys are licensed to practice law, and professional staff
expected to be assigned to LACERA work, including a detailed profile of each person’s
background and relevant individual experience and the ability of the professionals collectively
to function together as a team and also to work effectively with LACERA’s Boards and staff in
performing the scope of services. The lead attorney and each attorney provided advice to
LACERA must be licensed and in good standing with the California Bar to practice law in the
State of California. Diversity is a core LACERA value, and therefore the proposal must
specifically address the diversity of the proposed team members in meaningful roles to
support the firm’s work for LACERA. LACERA expects that this section of the response will
only include those persons committed to supporting LACERA and investing in a relationship
with LACERA on a regular and long-term basis. The proposal should include a commitment
by the lead attorney to be reasonably available to LACERA on an ongoing basis; availability
to attend Board and Committee and staff meetings in person on request is a material selection
criteria.
With respect to diversity, the response must include a description of diversity policies,
practices, and procedures maintained by the firm regarding equal employment opportunity,
including the recruitment, development, retention, and promotion of a diverse and inclusive
workforce, non-discrimination based on gender, race, ethnicity, sexual orientation, age,
veteran’s status, and other legally protected categories, prohibition of sexual harassment, and
non-retaliation in the workplace. If the respondent has written policies, a copy should be
provided with the response to this RFP. The response should identify the oversight,
monitoring, and other compliance processes for implementation and enforcement of the firm’s
diversity policies, practices, and procedures, including the name of the person who is
responsible for oversight the firm’s method to measure the effectiveness of the policies, and
conclusions as to effectiveness. Please describe any judicial, regulatory, or other legal
finding, formal action, or claims related to equal employment opportunity, workplace
discrimination, or sexual harassment during the past ten (10) years.
References
In this section, the proposal must identify as references at least five (5) public pension
systems for which the respondent has served as fiduciary counsel, including, for each system,
an individual point of contact, the length of time the respondent served as fiduciary counsel,
and a summary of the work performed.
Fees and Costs, Billing Practices, and Payment Terms
The respondent must explain the pricing proposal for the scope of work including pricing of
fees and costs, billing practices, and payment terms that would apply assuming a five (5) year
initial duration of the engagement as well as an additional two-year optional period during
which the engagement may extend. LACERA does not place any limits on the approach to
pricing and is open to presentation of more than one pricing alternative for the scope of work,
or portions of it. This section of the response should include an explanation as to how the
pricing approach(es) will be managed to provide the best value to LACERA. The respondent
should represent that the pricing offered to LACERA is, and will remain, equivalent to or better
than that provided to other governmental clients or should provide an explanation as to why
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This is the opportunity summary page. It provides an overview of this opportunity and a preview of the attached documentation.
