August 2022 Board Meeting

Members of the public may provide public comment on agenda items presented to the Board by registering early with ERS. Please submit an email to Kelley.davenport@ers.texas.gov identifying the name of the speaker and agenda item no later than 5 p.m. on Tuesday, August 23, 2022.

Audit Committee Meeting | Audit presentation | Audit minutes

1. Call Meeting of the Audit Committee to Order, materials 1, video 1
2. Consideration of the Minutes to the May 11, 2022 Audit Committee Meeting – (Action), materials 2, video 2
3. Consideration of External Audit Reports, materials 3, video 3
   • Financial Statement Opinion Audit Update
4. Consideration of Audit Administrative Items– (Action), materials 4, video 4
   • Internal Audit’s Proposed Fiscal Year 2023 Audit Plan
5. Adjournment of the Audit Committee Meeting, materials 5, video 5

Joint Meeting of the ERS Board of Trustees and Investment Advisory Committee | IAC presentation | IAC minutes

6. Call Meeting of the ERS Board of Trustees to Order, materials 6, video 6 
7. Call Meeting of the Investment Advisory Committee to Order, materials 7, video 7 
8. Consideration of the Minutes to the May 11, 2022 Joint Meeting of the Board of Trustees and Investment Advisory Committee – (Action), materials 8, video 8
9. Introduction of Newly Appointed Trustee, materials 9, video 9 
10. Quarterly Report from Chief Investment Officer, materials 10, video 10 
11. *Quarterly Review of Investment Performance and Risk Update, materials 11, video 11 
12. Consideration of the 2022 Asset Liability Study – (Action), material 12, video 12
13. Consideration of the Investment Policy Statement – (Action), materials 13, video 13 
14. Consideration of the Incentive Compensation Plan – (BOT Action), materials 14, video 14 
15. Consideration and Annual Review of Real Estate Program and Proposed Annual Tactical Plan for Fiscal Year 2023 – (Action), materials 15, video 15 
16. Consideration and Annual Review of Private Infrastructure Program and Proposed Annual Tactical Plan for Fiscal Year 2023 - (Action), materials 16, video 16
17. Set Fiscal Year 2023 Meetings of the Board of Trustees, Investment Advisory Committee, and Audit Committee, materials 17, video 17
18. Adjournment of the Joint Meeting of the Board of Trustees and Investment Advisory Committee, materials 18, video 18
19. Recess of the Board of Trustees. Following a temporary recess, the Board of Trustees will reconvene to take up the board agenda items. materials 19, video 19

Meeting of the Board of Trustees | Board presentation | Board minutes

20. Call Meeting of the Board of Trustees to Order, materials 20, video 20
21. Consideration of the Minutes to the May 11, 2022 Board of Trustees Meeting – (Action), materials 21, video 21  
22. Consideration of Proposed Member Contribution Rates for HealthSelect Medicare Advantage Preferred Provider Organization Plan for Calendar Year 2023 – (Action), materials 22, video 22    
23. Consideration of Fiscal Year 2023 Operating Budget and Fiscal Year 2023 Capital and Property Management Budget – (Action), materials 23, video 23
24. Consideration of Proposed Rules for the Implementation of the Cash Balance Benefit (Group 4) – (Action), materials 24, video 24
25. Consideration of Retirement Actuarial Factors for the Cash Balance Benefit (Group 4) – (Action), materials 25, video 25
26. Review of the 2022 Board of Trustees Self-Evaluation Report, materials 26, video 26
27. Agency Update, materials 27, video 27   
    • Customer Benefits – “Action Beyond the Call”   
    • CPI-U Adjustment for Chapter 615 Benefits for Fiscal Year 2023
    • Strategic Planning Update
    • Legislative Appropriation Request
    • Survey of Employee Engagement Results  
    • Summer Enrollment for Plan Year 2023     
    • 75^th ERS Agency Anniversary   
    • Recent Agency Developments
28. Executive Session – In accordance with Section 551.074, Texas Government Code, the Board will meet in executive session to deliberate the employment, evaluation, and duties of the Executive Director. Thereafter, the Board may consider appropriate action in open session. materials 28, video 28
29. Election of Chair and Vice Chair of the Board of Trustees for Fiscal Year 2023 – (Action), materials 29, video 29
30. Adjournment of the Board of Trustees Meeting, materials 30, video 30

* We are accredited by the State Pension Review Board (PRB) as a Minimum Educational Training (MET) sponsor for Texas public retirement systems. This accreditation does not constitute an endorsement by the PRB as to the quality of our MET program. These agenda items may be considered in-house training provided by ERS trustees and the system administrator for purposes of fulfilling the MET program requirements. ERS is an accredited sponsor of MET for its system administrator and trustees.

NOTES: 

1. Persons with disabilities who plan to attend this meeting and who may need special assistance are requested to contact Kelley Davenport at (512) 867-7772 three to five (3-5) working days prior to the meeting date so that appropriate arrangements can be made. 
2. The Employees Retirement System of Texas Board of Trustees will convene as a committee of the whole on Wednesday, August 24, 2022 to take up Board of Trustees Audit Committee agenda items from 8:30 a.m. to approximately 9:05 a.m., Joint Board of Trustees and Investment Advisory Committee items from 9:15 a.m. to approximately 2:15 p.m., and the Board of Trustees items from 2:25 p.m. to approximately 5:55 p.m., but may hear those items before or after the anticipated time frame. Meetings are tentatively scheduled to follow each other consecutively, but they may start earlier or later than the posted time depending on the length of the discussions within each agenda item and meeting and other circumstances not presently anticipated. Please note that the estimated times and sequence of agenda items are only approximate, and the time reflected in the posted agenda item, order of meetings or agenda items may be moved or adjusted as necessary.