2016 February Board Meeting

February 2016 Board Meeting

JOINT MEETING OF THE BOARD OF TRUSTEES AND
INVESTMENT ADVISORY COMMITTEE

ERS Building – Board Room
200 E. 18th Street, Austin, Texas 78701
February 23, 2016

Meeting of the ERS Board of Trustees Audit Committee

1. Review and Approval of the minutes to the December 4, 2015 ERS Audit Committee Meeting (video 1)

2. Presentation, Discussion and Consideration of Audit Committee Agenda Items:

a. External Audit Reports (video 2a)

b. Internal Audit Reports (video 2b)

c. Internal Audit Administrative Items (video 2c)

3. ADJOURNMENT OF THE ERS BOARD OF TRUSTEES AUDIT COMMITTEE AND RECESS OF THE BOARD OF TRUSTEES– Following a temporary recess, the Board of Trustees will reconvene with the Investment Advisory Committee to take up the following Joint Board of Trustees and Investment Advisory Committee agenda items.

Joint Meeting of the ERS Board of Trustees and Investment Advisory Committee

4. Review and Approval of the Minutes to the December 3, 2015 Joint Meeting of the Board of Trustees and Investment Advisory Committee (video 4)

5. Review and Discussion on Pension Experience Study and Asset Allocation Study (video 5)

6.* Review and Discussion of the Investment Performance for Fourth Calendar Quarter of 2015 (video 6)

7. Review, Discussion and Consideration of the Global Public Equity Program:

a.* Market Update and Program Overview (video 7a)

b.* Review and Discussion of Global Public Equity External Advisor Program (video 7b)

c.  Proposed Revisions to the ERS Investment Policy (video 7c)

8. Annual Review and Discussion of Proxy Voting and Corporate Governance (video 8)

9. Review, Discussion and Consideration of the Private Infrastructure Program:

a.* Market Update and Program Overview (video 9a)

b. Proposed Private Infrastructure Annual Tactical Plan for Fiscal Year 2017 (video 9b)

10. Review, Discussion and Consideration of Investment Policy Changes (video 10)

11. ADJOURNMENT OF THE JOINT MEETING OF THE BOARD OF TRUSTEES AND INVESTMENT ADVISORY COMMITTEE AND RECESS OF THE BOARD OF TRUSTEES – Following a temporary recess, the Board of Trustees will reconvene to take up the remaining Board of Trustee agenda items.(video 11)

Meeting of the ERS Board of Trustees

12. Review and Approval of the minutes to the December 4, 2015 Meeting of the Board of Trustees (video 12)

13. Review, Discussion and Consideration of the Texas Employees Group Benefits Program:

a. Health Insurance Financial Status Update for the First Quarter Fiscal Year 2016 (video 13a)

b. Plan Design for the High Deductible Health Plan for Fiscal Year 2017 (video 13b)

c. Selection and Contract Award Recommendation for Health Savings Account Administrator (video 13c)

14. Review, Discussion and Consideration of the Rules of the Board of Trustees, Texas Administrative Code, Title 34, Part IV, Required Rule Reviews and Amendments to:

a. Chapter 61 (Terms and Phrases) and Chapter 65 (Executive Director) - (video 14a)

b. Chapter 63 (Board of Trustees) - (video 14b)

c. Chapter 85 (Flexible Benefits) - (video 14c)

15. Review and Discussion of Eligibility and Compliance for Calendar Year 2015 of the Investment Advisory Committee (video 15)

16. Review, Discussion and Consideration of Reappointment of ERS Investment Advisory Committee Member (video 16)

17. Review and Discussion of Security Awareness (video 17)

18. Review and Discussion of the Space Planning Study (video 18)

19. Presentation and Discussion of Agency Performance Measures (video 19)

20. Review and Discussion of Pension Funding Policy (video 20)

21. Executive Director’s Report (video 21)

22. Set Date for the Next Joint Meeting of the ERS Board of Trustees and Investment Advisory  Committee, the Next Meeting of the Board of Trustees and the Next Meeting of the Audit Committee (video 22 )

23. ADJOURNMENT OF THE BOARD OF TRUSTEES (video 23)

* 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 to board 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 Audit Committee is scheduled to meet from 8:15 a.m. to approximately 8:50 a.m. on Tuesday, February 23, 2016.  The Board of Trustees and Investment Advisory Committee are scheduled to meet jointly from approximately 8:50 a.m. to 12:50 p.m. on Tuesday, February 23, 2016. The Board of Trustees will take up the remaining board agenda items from approximately 12:50 p.m. to 5:15 p.m. on Tuesday, February 23, 2016. 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.  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.