December 2024 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

Tues., Dec. 10 | Wed., Dec. 11
8:30 a.m. | 9 a.m. CT

  • View the livestreams:
    • December 10 livestream - broadcast ended
    • December 11 livestream - broadcast ended
  • 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, Dec. 9, 2024.


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

  1. Call Meeting of the Board of Trustees to Order, materials 1
  2. Call Meeting of the Investment Advisory Committee to Order, materials 2 
  3. Consideration of Consent Agenda, materials 3
    • Minutes to the August 21, 2024 Audit Committee Meeting 
    • Minutes to the August 21, 2024 Board of Trustees Meeting  
    • Minutes to the August 21, 2024 Joint Meeting of the Board of Trustees and Investment Advisory Committee  
    • Texa$aver Program Fees
  4. Consideration of Reports, materials 4
    • Status of Audit Recommendations 
    • Review of Actuarial Valuation of Retiree Health Insurance Benefits as of August 31, 2024 
    • HealthSelect Plan Compliance and Operational Updates for Fiscal Year Programs 
    • Quarterly Performance of Texa$aver Investment Options
  5. *Annual Ethics Training: “Texas Ethics Laws for State Board Members and Employees”, materials 5
  6. *Consideration of Retirement Program Actuarial Valuations and Financial Status, materials 6
  7. *Consideration of Policy Guidance Related to the Board’s Pension Funding Policy, materials 7
  8. *Consideration of Final Report from Investment Governance Specialist, materials 8
  9. *Consideration of Texa$aver Product Review Committee Recommendation Regarding Change to Texa$aver Target Date Fund Series, materials 9
  10. *Consideration of Quarterly Review of Investment Performance, materials 10
  11. *Consideration of Quarterly Report from Chief Investment Officer, materials 11
  12. *Consideration of Annual Review of Public Equity Program, materials 12
  13. *Consideration of Annual Review of Emerging Manager Program, materials 13
  14. *Consideration of Annual Review of Stewardship Program, materials 14
  15. Consideration of Contract Award Recommendations for: General Investment Consulting Services; Private Equity Consulting Services; Private Real Estate Consulting Services; Private Infrastructure Consulting Services; Private Credit Consulting Services; and Hedge Fund Consulting Services, materials 15-N/A
  16. Adjournment of the Joint Meeting of the Board of Trustees and Investment Advisory Committee, materials 16
  17. Recess of the Board of Trustees – The Board of Trustees will reconvene on Wednesday, December 11, 2024 at 9:00 a.m. to take up the remaining agenda items. materials 17

Meeting of the Board of Trustees | Board presentation

  1. Reconvene Meeting of the Board of Trustees, materials 18
  2. Stakeholder Connection: A Panel Discussion with Retirees, materials 19
  3. Consideration Report of Group Benefits Advisory Committee Activities, materials 20
  4. Consideration of Appointment of New Group Benefits Advisory Committee Members, materials 21
  5. Consideration of Status Update Regarding the Group Benefits Program and Health Insurance Financial Update for Fiscal Year 2024 and Outlook for Fiscal Year 2025, materials 22
  6. Consideration of Annual Report on Customer Benefits Program, materials 23
  7. Consideration of Recommended Actuarial Tables for Retirement Pursuant to Section 815.106, Texas Government Code, materials 24
  8. Consideration of Annual Gain Sharing Interest Adjustment for Cash Balance Members and Annuitants, materials 25
  9. Consideration of Mandatory One-Time Cost-of-Living Adjustment for Certain Specified Retirees under Section 814.604, Texas Government Code, materials 26
  10. Consideration of Board of Trustees Election Calendar, materials 27
  11. Agency Update, materials 28
    • Legislative Overview     
    • HealthSelect Participant Satisfaction Survey    
    • State Employee Charitable Campaign    
    • Leasing of Space in the ERS Building at 1836 San Jacinto Boulevard
    • Recent Developments

  12. 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 Audit Committee Agenda. materials 29

Meeting of the Audit Committee | Audit presentation

  1. Call Meeting of the Audit Committee to Order, materials 30
  2. Consideration of Internal Audit Reports, materials 31
    • Retirement Account Withdrawal
  3. Consideration of Audit Administrative Items, materials 32
    • Annual Audit Performance and Quality Review
  4. 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 33
  5. Reminder Regarding Future Meetings of the Board of Trustees, the Investment Advisory Committee, and Audit  Committee, materials 34
  6. Adjournment of the Audit Committee Meeting, materials 35

*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 Joint Meeting of the Board of Trustees and Investment Advisory Committee will convene on Tuesday, December 10, 2024, at 8:30 a.m. to take up Consent Agenda items from approximately 8:35 a.m. to approximately 8:40 a.m., Consideration of Reports from approximately 8:40 a.m. to approximately 8:45 a.m., and Joint Investment items from approximately 8:45 a.m. to approximately 4 p.m.  The Board of Trustees will convene on Wednesday, December 11, 2024, to take up Board items from approximately 9 a.m. to approximately 1:15 p.m. and Audit Committee items from approximately 1:15 p.m. to approximately 2:50 p.m. 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.

Past Board Meetings

Access agendas, presentations and videos.