March 2024 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 p.m. CT on Tuesday, March 19, 2024.

Meeting of the Audit Committee | Audit presentation

1. Call Meeting of the Audit Committee to Order, materials 1, video 1
2. Consideration of External Audit Reports, materials 2, video 2
   • ERS Fiscal Year 2023 Financial Statements
3. Consideration of Internal Audit Reports, materials 3, video 3
   • Ethics Audit
4. Adjournment of the Audit Committee Meeting, materials 4, video 4

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

5. Call Meeting of the ERS Board of Trustees to Order, materials 5, video 5
6. Consideration of Consent Agenda – (Action), materials 6, video 6
   • Minutes to the December 6, 2023 Audit Committee Meeting
   • Minutes to the December 6, 2023 Board of Trustees Meeting
   • Consideration of Internal Audit Administrative Items:
     • Internal Audit Charter
     • Audit Committee Charter
   • Texas Employees Group Benefits Program Update: Annual Non-Financial Performance Measure update
   • Texas Employees Group Benefits Program Update: Plan Compliance and Operational Updates – Calendar Year Programs
   • Texa$aver Plan Compliance and Operational Updates
   • Quarterly Review of Texa$aver Investment Performance

6.a Public Comment

7. Consideration of Annual Review of the Investment Advisory Committee Member Eligibility and Compliance, materials 7, video 7
8. Consideration of Appointment of Chair and Vice Chair of the Investment Advisory Committee – (Action), materials 8, video 8
9. Call Meeting of the Investment Advisory Committee to Order, materials 9, video 9
10. *Consideration of Texa$aver Annual Investment Performance Review and Product Review Committee Recommendations – (Action), materials 10, video 10
11. *Consideration of Texa$aver Program Fees for Calendar Year 2024 – (Action), materials 11, video 11
12. *Consideration of Annual Review of Capital Market Assumptions, materials 12, video 12
13. *Consideration of 2024 Pension Experience Study Process and Recommendations – (Action), materials 13, video 13
14. *Consideration of Investment Compliance Annual Report, materials 14, video 14
15. *Consideration of Investment Practices Review, materials 15, video 15
16. *Consideration of Quarterly Review of Investment Performance and Market Environment, materials 16, video 16
17. *Consideration of Quarterly Report from Chief Investment Officer, materials 17, video 17
18. *Consideration of Annual Review of Public Credit, Private Credit and Hedge Fund Programs, materials 18, video 18
19. *Consideration of Annual Review of Treasury and Trading Programs, materials 19, video 19
20. Adjournment of the Joint Meeting of the Board of Trustees and Investment Advisory Committee, materials 20, video 20
21. Recess of the Board of Trustees – Following a temporary recess, the Board of Trustees will reconvene to take up the remaining agenda items. materials 21, video 21

• Meeting of the Board of Trustees | Board presentation

  22. Reconvene Meeting of the Board of Trustees, materials 22, video 22
  23. Stakeholder Connection: A Panel Discussion with ERS State Agency Member Employers, materials 23, video 23
  24. Consideration of Texas Employees Group Benefits Program Update, materials 24, video 24
  25. Agency Update, materials 25, video 25
      • Leasing Update Regarding 1836 San Jacinto Boulevard
      • Survey of Employee Engagement
      • 2024 Get Fit Texas Challenge
      • Recent Agency Developments

  26. Executive Session, materials 26, video 26
      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.

      In accordance with Section 551.072, Texas Government Code, the Board of Trustees will meet in executive session to deliberate the purchase, exchange, lease, or value of real property at 1836 San Jacinto Boulevard.

      In accordance with Section 551.089, Texas Government Code, the Board 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. Thereafter, the Board may consider appropriate action in open session.

  27. Reminder Regarding Future Meetings of the Board of Trustees, Investment Advisory Committee, and Audit Committee, materials 27, video 27
  28. Adjournment of the Board of Trustees Meeting, materials 28, video 28