December 2023 Board Meeting

Joint Meeting of the Board of Trustees and Investment Advisory Committee

1836 San Jacinto, Austin, Texas 78701
9th Floor Conference Center - Rio Grande Conference Room

Tuesday, Dec. 5 - Wednesday, 6, 2023
9 a.m. CT

  • View the livestreams:
    • December 5 livestream
    • December 6 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 p.m. CT on Monday, December 4, 2023.

Joint Meeting of the ERS Board of Trustees and Investment Advisory Committee | IAC Presentation | IAC Minutes

  1. Call Meeting of the ERS Board of Trustees to Order, materials 1, video 1
  2. Call Meeting of the Investment Advisory Committee to Order, materials 2, video 2
  3. Consideration of Consent Agenda – (Action), materials 3, video 3
    • Minutes to the August 23, 2023 Audit Committee Meeting
    • Minutes to the August 23, 2023 Board of Trustees Meeting 
    • Minutes to the August 23, 2023 Joint Meeting of the Board of Trustees and Investment Advisory Committee 
    • Internal Audit Report: Status of Audit Recommendations
    • Actuarial Valuation of Retiree Health Insurance Benefits as of August 31, 2023
    • HealthSelect Plan Compliance and Operational Updates for Fiscal Year Programs
    • Quarterly Performance of Texa$aver Investment Options
  4. *Consideration of Texa$aver Product Review Committee Updates and Investment Policy – (Action), materials 4, video 4
  5.  *Consideration of Retirement Program Actuarial Valuations and Financial Status, materials 5, video 5
  6. *Consideration of Quarterly Review of Investment Performance and Market Environment, materials 6, video 6
  7. Consideration of Quarterly Report from Chief Investment Officer, materials 7, video 7
  8. *Annual Ethics Training, materials 8, video 8 not available 
  9. Consideration of Annual Gain Sharing Interest Adjustment for Group 4 Members and Annuitants, materials 9, video9
  10. *Consideration of Annual Review of Public Equity Program, materials 10, video 10
  11. *Consideration of Annual Review of Emerging Manager Program, materials 11, video 11
  12. *Consideration of Annual Review of Stewardship Program, materials 12, video 12
  13. Adjournment of the Joint Meeting of the Board of Trustees and Investment Advisory Committee, materials 13, video 13
  14. Recess of the Board of Trustees – The Board of Trustees will reconvene on Wednesday, December 6, 2023, at 9 a.m. CT to take up the remaining agenda items. materials 14, video 14

Meeting of the Audit Committee | Audit presentation | Audit minutes

  1. Call Meeting of the Audit Committee to Order, materials 15, video 15
  2. Consideration of Audit Administrative Items: materials 16, video 16
    • Annual Audit Performance and Quality Review
  3. Adjournment of the Audit Committee Meeting, materials 17, video 17

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

  1. Reconvene Meeting of the Board of Trustees, materials 18, video 18
  2. Executive Session - In accordance with Section 551.074, Texas Government Code, the Board of Trustees will meet in executive session to deliberate the employment, evaluation, and duties of the Internal Auditor. Thereafter, the Board may consider appropriate action in open session. materials 19, video 19
  3. Consideration of Group Benefits Advisory Committee Report, materials 20, video 20
  4. Consideration of Appointment of Group Benefits Advisory Committee Members – (Action) materials 21, video 21
  5. Consideration of Contract Award Recommendation to Provide Third Party Administrative Services for the HealthSelect of Texas® and the Consumer Directed HealthSelectSM Plans under the Texas Employees Group Benefits Program – (Action) materials 22, video 22
  6. Consideration of Status Update of the Group Benefits Program, materials 23, video 23
  7. Consideration of Health Insurance Financial Update for Plan Year 2023 and Outlook for Plan Year 2024, materials 24, video 24
  8. Annual Report on Customer Benefits Program, materials 25, video 25
  9. Educational Presentation: Artificial Intelligence, materials 26, video 26
  10. Agency Update, materials 27, video 27
    • Recent Agency Developments
  11. Reminder Regarding Future Meetings of the Board of Trustees, Investment Advisory Committee, and Audit Committee, materials 28, video 28
  12.  Adjournment of the Board of Trustees Meeting, materials 29

* 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 Employees Retirement System of Texas Joint Meeting of the Board of Trustees and Investment Advisory Committee is scheduled to take place from 9 a.m. CT to approximately 4:10 p.m. CT on Tuesday, December 5, 2023. The Board of Trustees will convene as a committee of the whole on Wednesday, December 6, 2023 to take up Audit Committee agenda items from 9 a.m. CT to approximately 9:30 a.m. CT and Board agenda items from approximately 9:30 a.m. CT to approximately 2:35 p.m. CT, but may include 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 order of meetings or agenda items may be moved or adjusted as necessary.

Past Board Meetings

Access agendas, presentations and videos.