August 2023 Board Meeting

• View the livestream
• Board materials

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 5:00 p.m. on Tuesday, August 22, 2023.

Meeting of the Board of Trustees | Consent presentation

1. Call Meeting of the Board of Trustees to Order, materials 1, video 1
2. Consider of Consent Agenda - (Action), materials 2, video 2
   • Consideration of the Minutes to the May 17, 2023 Board of Trustees Meeting
   • Consideration of the Minutes to the May 17, 2023 Joint Meeting of the Board of Trustees and Investment Advisory Committee
   • Consideration of Audit Administrative Items: Internal Audit’s Proposed Fiscal Year 2024 Audit Plan and Annual Internal Audit Independence Report
   • CPI-U Adjustment for Chapter 615 Benefits for Fiscal Year 2023
   • Consideration of Updates to the Group Benefits Advisory Committee Charter
3. Recess of the Board of Trustees: Following the Audit Committee Meeting, the Board of Trustees will reconvene to take up the remaining items listed on the agenda. materials 3, video 3

Audit Committee Meeting | Audit presentation | Audit minutes

4. Call Meeting of the Audit Committee to Order, materials 4, video 4
5. Consideration of Internal Audit Reports. materials 5, video 5
   • External Call Center Audit
   • Continuity of Operations Planning Audit
   • Cloud Governance Audit
6. Adjournment of the Audit Committee Meeting, materials 6, video 6

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

7. Reconvene the Meeting of the Board of Trustees, materials 7, video 7
   7.5 Public Comments
8. Consideration of Group Benefits Program Update – (Action), materials 8, video 8
   • Proposed Calendar Year 2024 Rates for Medicare Advantage PPO Plans
9. Consideration and Approval of Fiscal Year 2024 Operating and Capital and Property Management Budgets - (Action), materials 9, video 9
10. Agency Update, materials 10, video 10
    • Results of the 2023 Board of Trustees Election
    • Customer Benefits "Action Beyond the Call"
    • Legislative Session Updates
11. 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 11, video 11
12. Recess of the Board of Trustees. Following a temporary recess, the Board of Trustees will reconvene to take up the remaining items listed on the agenda. materials 12, video 12

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

13. Reconvene the Meeting of the ERS Board of Trustees, materials 13, video 13
14. Call Meeting of the Investment Advisory Committee to Order, materials 14, video 14
15. Consideration of Texa$aver Product Review Committee Update - (Action), materials 15, video 15
16. Consideration of the Incentive Compensation Plan for Plan Year 2024 - (Action), materials 16, video 16
17. *Consideration of Quarterly Review of Investment Performance and Market Environment, materials 17, video 17
18. Quarterly Report from Chief Investment Officer, materials 18, video 18
19. *Consideration and Annual Review of the ERS Investment Policy Statement – (Action), materials 19, video 19
20. *Consideration and Annual Review of Proposed Private Markets Capital Plans for Fiscal Year 2024 – (Action), materials 20, video 20
21. Investment Advisory Committee Member Recognition, materials 21, video 21
22. Board Member Recognition, materials 22, video 22
23. Election of Board Chair and Board Vice Chair for Fiscal Year 2024, materials 23, video 23
24. Dates for Fiscal Year 2024 Meeting of the ERS Board of Trustees, Investment Advisory Committee, and Audit Committee, materials 24, video 24
25. Adjournment of the Joint Meeting of the Board of Trustees and Investment Advisory Committee, materials 25, video 25

* 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 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 Board of Trustees will convene as a committee of the whole on Wednesday, August 23, 2023, to take up Consent Agenda items from 8:30 a.m. to approximately 8:35 a.m.; Audit Committee items from 8:35 a.m. to approximately 9:20 a.m.; Board agenda items from 9:25 a.m. to approximately 12:10 p.m. and Joint Board of Trustees and Investment Advisory Committee agenda items from approximately 12:30 p.m. to approximately 4:05 p.m., but may take up 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 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.