Colorado PERA Board of Trustees (BOT)

Raymond “Doc” Heath Memorial Boardroom
1301 Pennsylvania Street
Denver, Colorado

Friday, March 15, 2024

8:30 a.m. MT

1. Approval of Consent Agenda (Governance Item) 

Presented By: Marcus Pennell, Chair, Board of Trustees  (Action)

• Agenda
• February 29, 2024, Special Board Meeting Minutes (Tab A)
• Divestment from Companies with Prohibitions Against Israel Restricted Company List (Tab B)

2. Public Comment (Governance Item)

Presented By: Marcus Pennell, Chair, Board of Trustees  (Information)

3. Trustee Suzanne Kubec Proclamation (Tab C)

Presented By: Marcus Pennell, Chair, Board of Trustees (Action)

4.    Appointment of Executive Director (Governance Item)

Presented By: Marcus Pennell, Chair, Board of Trustees (Action)

In accordance with the Colorado Open Meetings Law, the Board of Trustees in open session is to determine whether it will hold a closed executive session (i) to discuss the appointment of the Finalist for the position of Executive Director pursuant to C.R.S. § 24-6-402(3)(b)(I) as to which the Finalist has requested a closed executive session, (ii) pursuant to C.R.S. § 24-6-402(3)(a)(V) to determine positions relative to matters subject to negotiations and instructing negotiators regarding the employment of the Finalist for the Executive Director position, and (iii) pursuant to C.R.S. § 24-6-402(3)(a)(II) for the purpose of receiving legal advice on specific legal questions addressed to legal counsel regarding the terms of employment for the Finalist for the Executive Director position.

5.    Committee Reports (Governance Item)

• Executive Committee Presented By: Taylor McLemore, Vice Chair, Board of Trustees (Information)
• Ad Hoc Committee - Executive Director Search Presented By: Taylor McLemore, Chair, Ad Hoc Committee   (Information)
• Audit Committee Presented By: Timothy M. O'Brien, Chairman, Audit Committee  (Information)
• Benefits Committee Presented By: Julie Friedemann, Chair, Benefits Committee  (Information)
• Compensation & Budget Committee Presented By: Amy Grant, Chair, Compensation & Budget Committee (Information)
• Governance Committee Presented By: Marcus Pennell, Chair, Governance Committee  (Action)

GOV - Tab D1 Revisions to the Charter for the Executive Committee Redlined

GOV - Tab B1 Revisions to Charter for the Executive Director Redlined

• Investment Committee Presented By: Rebecca Freyre, Chair, Investment Committee  (Information)

6.    2024 Board Election (Governance Item) (Tab D) (Information)

Presented By: Sarah Wager, PERA Director of Internal Audit

7.    Legislative Update (Governance Item) (Tab E) (Information)

Presented By: Amy C. McGarrity, PERA Interim Executive Director/Chief Investment Officer; Michael Steppat, PERA Public and Government Affairs Manager

8.    Asset/Liability Study (Governance Item) (Tab F) (Information)         

Presented By: Amy C. McGarrity, PERA Interim Executive Director/Chief Investment Officer; Aon: Phil Kivarkis, Partner-Head of Investment Policy Services; Richard Parker, Partner

9.    Cyber Security Update (Governance Item) (Information)

Presented By: John Carreon, PERA Director of Information Technology; Nate Noblet, PERA Information Security Manager

In accordance with the Colorado Open Meetings Act, the Board of Trustees in Open Session is to determine whether it will hold a Closed Executive Session pursuant to C.R.S 24-6-402(3)(a)(IV) for the purpose of discussing specialized details of security arrangements concerning PERA

10.  Staff Reports (Governance Item)  (Information)

• Executive Director Report (Tab G) (Information)

Presented By: Amy C. McGarrity, PERA Interim Executive Director/Chief Investment Officer

• Market & Portfolio Update (Tab H)  (Information)

Presented By: Amy C. McGarrity, PERA Interim Executive Director/Chief Investment Officer

• Chief Benefits Officer Update (Tab I) (Information)

Presented By: Patrick Lane, PERA Chief Benefits Officer

• Legal Update  (Information)

 Presented By: Kevin Gallaway, PERA General Counsel

In accordaccordance with the Colorado Open Meetings ActLaw, the Board of Trustees in Open Session is to determine whether it will hold a Closed Executive Session pursuant to C.R.S. § 24-6-402(3)(a)(II). The issues to be discussed involve pending or imminent litigation and specific legal questions regarding issues relevant to PERA addressed to General Counsel) for the purpose of conferences with legal counsel regarding specific legal questions involving pending or imminent litigation, the membership of employees of third-party employment providers and the professional conduct review of a PERA Trustee. The pending litigation matters that may be discussed include:

• Volkswagen Foreign Litigation
• Petrobras Arbitration
• Nissan Foreign Litigation
• Danske Bank Foreign Litigation
• Daimler Foreign Litigation
• Kansai Electric Power Co., Inc. Foreign Litigation
• Petrofac Foreign Litigation
• Jason Soltani v. PERA
• Mary Metros v. PERA and UNUM
• Renee Blumenshine v. PERA and UNUM

11.  2024 Board Meeting Dates  (Information)

• June (20) 21, 2024
• September 18-20, 2024, Planning Session and Board Meeting
• November (14) 15, 2024

12.  Other Business (Information)

Presented By: Marcus Pennell, Chair, Board of Trustees