2017 February 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 22, 2017

> Meeting materials
> Complete presentation

Meeting of the ERS Board of Trustees Audit Committee

1. Review and Approval of the minutes to the December 2, 2016 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. (video 3)

Vernon Torgerson Memorial - (video

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

4. Review and Approval of the Minutes to the December 1, 2016 Joint Meeting of the Board of Trustees and Investment Advisory Committee (video 4)

5. Review, Discussion and Consideration of ERS’ Real Estate Consultant (video 5)

6.* Review and Discussion of ERS’ Asset Allocation and Liability Study: Review and Discussion of Updated Capital Market Assumptions, Asset Mixes, and Portfolio Stress Testing (video 6)

7. Review and Discussion of the Investment Advisory Committee:
 a. Eligibility and Compliance for Calendar Year 2016 of the IAC (video 7a)
 b. IAC Self Evaluation Report (video 7b)
 c. Board of Trustees Survey of the IAC (video 7c)

8.* Review and Discussion of the Investment Performance for Fourth Calendar Quarter of 2016 (video 8)

9.* Review, Discussion and Consideration of the Global Public Equity Program:
 a.* Market Update and Program Overview (video 9a)
 b.* Review and Discussion of Global Public Equity External Advisor Program (video 9b)
 c. Proposed Revisions to the ERS Investment Policy Addendum XI – Global Public Equity Policies and Procedures and External Advisor Program Tactical Plan (video 9c)

10. Annual Review and Discussion of Proxy Voting and Corporate Governance (video 10)

11.* Review, Discussion and Consideration of the Private Infrastructure Program:
 a.* Market Update and Program Overview (video 11a)
 b. Proposed Private Infrastructure Annual Tactical Plan for Fiscal Year 2017-2018 (video 11b)

12. 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 12)

Meeting of the ERS Board of Trustees

13. Review and Approval of the minutes to the December 2, 2016 Meeting of the Board of Trustees (video 13)

14. Review, Discussion and Consideration of the Texas Employees Group Benefits Program:
 a. Health Insurance Financial Status Update for the First Quarter Fiscal Year 2017 (video 14a)
 b. HealthSelect Plans and Monitoring Strategy (video 14b)
     - Public Comments - (video 14c)

15. Executive Director Agency Update (video 15)

16. 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 16)

17. ADJOURNMENT OF THE BOARD OF TRUSTEES