August 2024 Board Meeting

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Meeting of the Audit Committee

1.  Call Audit Committee to Order
2. 2024 Financial Statement Opinion Audit Kickoff
3. Consideration of Internal Audit Reports
   • Operational Due Diligence Audit 
4. Adjournment of the Audit Committee Meeting

Meeting of the Board of Trustees

5. Call Board of Trustees to Order
6. Consideration of Consent Agenda   
   • Minutes to the May 22, 2024 Joint Meeting of the Board of Trustees and Investment Advisory Committee 
   • Minutes to the May 22, 2024 Board of Trustees Meeting 
   • Annual Internal Audit Independence Report
   • Internal Audit’s Proposed Fiscal Year 2025 Audit Plan
   • CPI-U adjustment for Chapter 615 benefits for FY 2025
   • Quarterly Performance of Texa$aver Investment Options
7. Stakeholder Connection: A Panel Discussion with Law Enforcement and Custodial Officer State Employee Associations
8. Consideration of Texas Employees Group Benefits Program Update
   • Proposed Calendar Year 2025 Rates for Medicare Advantage Preferred Provider Organization Plans 
9. Consideration of Fiscal Year 2025 Operating and Capital and Property Management Budgets    
10. Consideration of the ERS Board of Trustees Self-Evaluation Report
11. Agency Update
    • Survey of Employee Engagement Results
    • Legislative Appropriations Request
    • Implementation of New Annuity Option that Allows a Member to Select an Increasing Annuity that is Self-funded
    • Cost of Living Adjustment Mandated by the Texas Government Code and Authority for Other Annuity Increases
    • Recent Agency Developments
12. 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 and to deliberate the duties of members of the Board. Thereafter, the Board may consider appropriate action in open session.
13. Consideration of Recommendation to Award a Contract to Provide Actuarial Services for the Texas Employees Group Benefits Program
14. Recess of the Board of Trustees Meeting. Following a Temporary Recess, the Board of Trustees will reconvene to take up the remaining items listed on the Agenda.

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

15. Reconvene the Board of Trustees 
16. Call the Investment Advisory Committee to Order  
17. *Progress Report from Investments Governance Specialist Regarding the Investment Advisory Committee
18. *Consideration of Annual Review of the Investment Policy Statement
19. Consideration of the Incentive Compensation Plan with Proposed Changes for Plan Year 2025
20. *Consideration of Quarterly Review of Investment Performance
21. *Consideration of Quarterly Report from Chief Investment Officer
22. *Consideration of Annual Review of Proposed Private Market Capital Plans for Fiscal Year 2025
23. Consideration of the Reappointment of a Current Member of the Investment Advisory Committee
24. Election of Board Chair and Vice-Chair for Fiscal Year 2025
25. Executive Session - In accordance with Section 551.071, Texas Government Code, the Board of Trustees will meet in executive session to consult with its attorney to seek advice on legal matters, including pending or contemplated litigation and other legal matters in which the duty of the attorney to the Board of Trustees under the Texas Disciplinary Rules of Professional Conduct clearly conflicts with the Open Meetings Act. Thereafter, the Board may consider appropriate action in open session.
26. Dates for Fiscal Year 2025 Meetings of the Board of Trustees, Investment Advisory Committee, and Audit Committee
27. Adjournment of the Joint Meeting of the Board of Trustees and Investment Advisory Committee  

*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 Audit Committee will convene on Wednesday, August 21, 2024, to take up Audit Committee items from approximately 8:30 a.m. to approximately 9:05 a.m.; the Board of Trustees will convene at approximately 9:05 a.m. to take up Consent Agenda items from 9:05 a.m. to approximately 9:10 a.m. and Board items from approximately 9:10 a.m. to approximately 12:55 p.m.; Joint Board of Trustees and Investment Advisory Committee items from approximately 1:05 p.m. to approximately 4:55 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 discussion within each agenda item and other circumstances not presently anticipated. Please note that the order of meetings or agenda items may be moved or adjusted as necessary.