May 2020 Board Meeting

• Board materials
  NOTE: This link redirects you to another website which hosts materials for ERS Board of Trustee meetings.

All or part of the May 20, 2020 meeting of the ERS Board of Trustees may be held by videoconference call as authorized under Section 551.127 of the Texas Government Code. THIS MEETING WILL BE CONDUCTED BY VIDEOCONFERENCE IN ACCORDANCE WITH THE GOVERNOR'S AUTHORIZATION CONCERNING SUSPENSION OF CERTAIN OPEN MEETING LAW REQUIREMENTS IN RESPONSE TO THE COVID-19 (CORONAVIRUS) DISASTER. A quorum of members of the Board will participate in the meeting remotely and will be visible and/or audible to the public. Members of the public may access the meeting by clicking here. 

Members of the public may provide public comment on agenda items presented to the Board by registering first with ERS. To register, send an email that identifies the name of the speaker and the agenda item no later than 7:30 a.m. on May 20, 2020. Further instructions will be provided to those who request to make a public comment no later than May 20, 2020.

Meeting of the ERS Board of Trustees' Audit Committee, Audit Committee presentation, Audit Committee minutes

1. Call Meeting of the ERS Board of Trustees Audit Committee to order, materials 1, video 1

2. Review and Approval of the minutes to the March 11, 2020 ERS Audit Committee Meeting - (Action), materials 2, video 2

3. Review of External Audit Reports, materials 3, video 3

• Actuarial Audit of the Valuation of Other Post-Employment Benefits provided under the Texas Employees Group Benefits Program

4. Review of Internal Audit Reports, materials 4, video 4

• Incentive Compensation Audit

5. Adjournment of the ERS Board of Trustees Audit Committee Meeting, materials 5, video 5

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

6. Call Meeting of the Board of Trustees to Order, materials 6, video 6

7. Call Meeting of the Investment Advisory Committee to Order, materials 7, video 7

8. Review and Approval of the Minutes to the March 11, 2020 Joint Meeting of the Board of Trustees and Investment Advisory Committee - (Action), materials 8, video 8

9. Review and Consideration of Reappointment of Investment Advisory Committee Member (Action – BOT only), materials 9, video 9

10. Review, Discussion and Recommendation of Asset Allocation and Return Assumption (Action – IAC only), materials 10, video 10

11. *Review, Discussion and Consideration of the ERS Pension Experience Study, including Actuarial Assumptions and Methods, the Return Assumption and Asset Allocation (Action – BOT only), materials 11, video 11

12. *Review of Investment Performance for 1st Quarter of 2020 and Risk Update, materials 12, video 12

13. *Real Estate Market Update and Program Overview, materials 13, video 13

14. Review and Consideration of Proposed Real Estate Annual Tactical Plan for Fiscal Year 2021 – (Action), materials 14, video 14

15. *Infrastructure Market Update and Program Overview, materials 15, video 15

16. Review and Consideration of Proposed Infrastructure Annual Tactical Plan for Fiscal Year 2021 – (Action), materials 16, video 16

17. *Fixed Income Market Update and Program Overview, materials 17, video 17

18. Fixed Income Program – Review of Securities Lending Program, materials 18, video 18

19. Reminder 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, materials 19, video 19

20. Adjournment of the Joint Meeting of the Board of Trustees and Investment Advisory Committee, materials 20, video 20

21. Recess of the Board of Trustees. Following a temporary recess, the Board of Trustees will reconvene to take up the Board agenda items, materials 21

Meeting of the ERS Board of Trustees, Board of Trustees presentation, Board of Trustees minutes

22. Call Meeting of the ERS Board of Trustees to Order, materials 22, video 22

23. Review and Approval of the Minutes to the March 11, 2020 ERS Board of Trustees Meeting - (Action), materials 23, video 23

24. Review, Discussion and Consideration of Contract Award Recommendation for Professional Audit Services – (Action), materials 24, video 24

25. Review, Discussion and Consideration of Contract Award Recommendation for the HealthSelect Medicare Advantage Preferred Provider Organization Plan – (Action), materials 25, video 25

26. Review and Discussion of the Group Benefits Program Update, materials 26, video 26

• COVID-19 Update
• HealthSelectShoppERS Program

27. Review, Discussion and Consideration of the Proposed Rates for HealthSelect of Texas and Consumer Directed HealthSelect Plans with rates inclusive of plan changes for Fiscal Year 2021 – (Action), materials 27, video 27

28. Review, Discussion and Consideration for Recommended Strategy for HMO’s – (Action), materials 28, video 28

29. Review, Discussion and Consideration of Proposed Fiscal Year 2021 Rates for the Group Benefits Program Optional Coverages – (Action), materials 29, video 29  

• State of Texas Dental Choice Plan and Dental Health Maintenance Organization
• State of Texas Vision Plan
• Basic and Optional Term Life, Accidental Death and Dismemberment Plans
• Texas Income Protection Plan

30. Review, Discussion and Consideration of Proposed Fiscal Year 2021 Fees for TexFlex Program – (Action), materials 30, video 30

31. Review and Discussion of the Incentive Compensation Plan for Fiscal Year 2021, materials 31, video 31

32. Agency Update, materials 32, video 32

• Workforce transition in response to COVID-19
• Legislative Interim Activities 
• Legislative Appropriation Request for 2022-2023 
• Retirement and Benefits Surveys 
• Summer Enrollment for Plan Year 2021
• 2020 Get Fit Texas State Challenge Results

33. Adjournment of the Board of Trustees meeting, materials 33, video 33

* 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 committee as a whole and the Joint Board of Trustees and Investment Advisory Committee intend to attend the May 20, 2020 ERS Board of Trustees Meeting via videoconference call in accordance with Section 552.127 of the Texas Government Code and with the Governor’s authorization concerning suspension of certain Open Meeting law requirements in response to the COVID-19 (Coronavirus) Disaster.  The Employees Retirement System of Texas Board of Trustees will convene as a committee of the whole on Wednesday, May 20, 2020 to take up Audit agenda items from 8:00 a.m. to approximately 8:55 a.m., Joint Board of Trustees and Investment Advisory Committee items from 9:05 a.m. to approximately 1:35 p.m., and the Board of Trustees meeting items from 1:45 p.m. to approximately 5:20 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.