March 2021 Board Meeting

JOINT MEETING OF THE BOARD OF TRUSTEES AND
INVESTMENT ADVISORY COMMITTEE

ERS will conduct this meeting virtually; there is no in-person meeting.

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

All or part of the March 10, 2021 meeting of the ERS Board of Trustees may be held by video conference 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 https://ers.texas.gov/about-ers/ers-board-of-trustees/2021-march-board-meeting

Members of the public may provide public comment on agenda items presented to the Board by registering first with ERS by submitting an email to Kelley.davenport@ers.texas.gov identifying the name of the speaker and agenda item no later than 7:30 a.m. on March 10, 2021. Further instructions will be provided to those that request to make a public comment no later than March 10, 2021.  

Wednesday, March 10

Meeting of the ERS Board of Trustees’ Audit Committee, Audit Committee presentation

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

2. Review and Approval of the minutes to the December 8, 2020 ERS Audit Committee Meeting – (ACTION), materials 2, agenda video 2

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

  • Audit Report of the Employee’s Retirement System’s Fiscal Year 2020 Financial Statements

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

  • Internal Public Equity Audit
  • Status of Audit Recommendations

5.  Review, Discussion and Consideration of Internal Audit Administrative Items – (ACTION), materials 5, agenda video 5

  • Internal Audit Charter
  • Internal Audit Committee Charter

6.  Adjournment of the ERS Board of Trustees Audit Committee Meeting, materials 6, agenda video 6

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

7. Call Meeting the Board of Trustees to Order, materials 7, agenda video 7

8.  Call Meeting of the Investment Advisory Committee to Order, materials 8, agenda video 8

9.  Review and Approval of the Minutes to the December 9, 2020 Joint Meeting of the Board of Trustees and Investment Advisory Committee – (ACTION), materials 9, agenda video 9 

10.  Review, Discussion and Consideration of the Texa$aver 401(k)/457 Program Updates, materials 10, agenda video 10

  • Texa$aver 401(k)/457 Program Performance Review for Calendar Year 2020
  • Texa$aver Product Review Committee Recommendation - (BOARD ACTION)
  • Texa$aver Program Participant Rate Restructure Proposal - (BOARD ACTION)

11.  *Review and Discussion of the Investment Compliance Annual Report, materials 11, agenda video 11

12.  Review and Discussion of Eligibility and Compliance of the Investment Advisory Committee, materials 12, agenda video 12

13.  *Review and Discussion of Investment Performance for 4th Quarter of 2020 and Risk Update, materials 13, agenda video 13

14.  *Review, Discussion and Consideration of Real Estate, materials 14, agenda video 14

  • Review and Discussion of the Real Estate Market Update and Program Overview
  • Review, Discussion and Consideration of Amended Real Estate Annual Tactical Plan For Fiscal Year 2021 – (ACTION)
  • Review, Discussion and Consideration of Proposed Real Estate Annual Tactical Plan for Fiscal Year 2022 – (ACTION)

15.  * Opportunistic Credit Program - Market Update and Consideration of Proposed Opportunistic Credit Annual Tactical Plan for Fiscal Year 2022 – (ACTION), materials 15, agenda video 15

16.  Agency Update, materials 16, agenda video 16

  • 2021 Legislative Session
  • 1836 San Jacinto building update
  • 2021 Get Fit Texas Challenge
  • Chief Investment Officer Search
  • Deputy Executive Director and General Counsel Announcement

17.  Reminder date for 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 17, agenda video 17

18.  Adjournment of the Joint Meeting of the Board of Trustees and Investment Advisory Committee, materials 18, agenda 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, agenda video 19

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

20.  Call Meeting of the ERS Board of Trustees to Order, materials 20, agenda video 20

21.  Review and Approval of the Minutes to the December 8, 2020 ERS Board of Trustees Meeting – (ACTION), materials 21, agenda video 21

22.  Review, Discussion and Consideration of Contract Award Recommendations for the TexFlex Flexible Spending Account Plan and TexFlex Commuter Spending Account Plan and/or Health Savings Account Benefits Plan under the Texas Employees Group Benefits Program – (ACTION), materials 22, agenda video 22

23.  Review and Discussion of the Texas Employees Group Benefits Program Update, materials 23, agenda video 23

  • COVID-19 Update
  • TexFlex and the Consolidated Appropriations Act of 2021
  • Annual Non-Financial Performance Measure update

24.  Executive Session - In accordance with Section 551.089, Texas Government Code, Board of Trustees will meet in executive session to discuss: (1) security assessments or deployments relating to information resources technology; (2) network security information as described by Section 2059.055(b); or (3) the deployment, or specific occasions for implementation, of security personnel, critical infrastructure, or security devices and/or (4) a security audit. The entire quorum of the Board of Trustees will be in attendance at the executive session via video conference call in accordance with Section 551.127 of the Texas Government Code as modified by Governor Abbott’s Emergency Order suspending certain provisions of the Texas Open Meetings Act on March 16, 2020.Thereafter, the Board may consider appropriate action in open session. materials 24, agenda video 24

25.  Adjournment of the Board of Trustees meeting, materials 25, agenda video 25

*We are accredited by the State Pension Review Board (PRB) as a Minimum Educational Training (MET) sponsor for Texas publicretirement systems. This accreditation does not constitute an endorsement by the PRB as to the quality of our MET program. Theseagenda items may be considered in-house training provided by ERS to board trustees and the system administrator for purposes offulfilling 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 March 10, 2021 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, March 10, 2021 to take up Audit agenda items from 8:00 a.m. to approximately 9:10 a.m., Joint Board of Trustees and Investment Advisory Committee items from 9:20 a.m. to approximately 3:00 p.m., and the Board of Trustees meeting items from 3:10 p.m. to approximately 5:00 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.