Public Employees' Retirement Association Board Meeting

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

Friday, 6/16/2023
9:00 AM - 4:00 PM MT
8:30 a.m. Director's Desk 2.0 Workshop (Optional)

1. Approval of Consent Agenda (Governance Item) ActionPresented By: Marcus Pennell, Chair, Board of Trustees
   • Approval of Agenda
   • Approval of March 24, 2023, Board Meeting Minutes (Tab A)
   • Divestment from Companies with Prohibitions Against Israel Report (Tab B)
2. Public Comment (Governance Item) InformationPresented By: Marcus Pennell, Chair, Board of Trustees
3. Committee Reports (Governance Item) Information/Action
   • Executive Committee Information
     Presented By: Suzanne Kubec, Vice Chair, Board of Trustees
   • Ad Hoc Committee - Executive Director Search Information
     Presented By: Taylor McLemore, Committee Chair
   • Audit Committee Information
     Presented By: Timothy M. O'Brien, Committee Chairman
   • Benefits Committee Information
     Presented By: Julie Friedemann, Committee Chair
   • Compensation & Budget Committee Information
     Presented By: Amy Grant, Committee Chair
   • Investment Committee Information/Action
     Presented By: Rebecca Freyre, Committee Chair
4. 2023 Board Election Results (Tab C) (Governance Item) Action
   Presented By: Sarah Wager, PERA Internal Audit Director
5. Investment Performance Report (Tab D) (Governance Item) Information
   Presented By: Amy C. McGarrity, PERA Interim Executive Director/Chief Investment Officer; John Lee, Aon, Partner, Katie Comstock, Aon, Associate Partner
6. Actuarial Valuation (Tab E) (Governance Item) Information Information
   Presented By: Segal Consulting:Brad Ramirez, Vice President & Actuary, Matt Strom, Senior Vice President & Actuary; Melissa Krumholz, Vice President and Health Actuary
7. Release of 2022 Annual Comprehensive Financial Report (ACFR) (Tab F) (Governance Item) Action
   Presented By: Timothy M. O'Brien, Committee Chairman
8. Strategic Plan Update (Tab G) Information/Action
   Presented By: Marcus Pennell, Chairman, Board of Trustees; Amy McGarrity, PERA Interim Executive Director/Chief Investment Officer; Amy McDuffee, Founder/CEO, Mosaic Governance Advisors, LLC
9. Legislative Update (Tab H) (Governance Item) Information
   Presented By: Amy C. McGarrity, PERA Interim Executive Director/Chief Investment Officer and Michael Steppat, PERA Public & Government Affairs Manager
10. Senate Bill 200 History (Tab I) Information
    Presented By: Amy C. McGarrity, PERA Interim Executive Director/Chief Investment Officer; Koren Holden, PERA Senior Actuary; Michael Steppat, PERA Public & Government Affairs Manager
11. Staff Reports (Governance Item)
    • Executive Director Report (Tab J) Information
      Presented By: Amy C. McGarrity, PERA Interim Executive Director/Chief Investment Officer
    • Market and Portfolio Update (Tab K) Information
      Presented By: Amy C. McGarrity, PERA Interim Executive Director/Chief Investment Officer
    • Legal Update  (Privileged and Confidential) Information
      Presented By: Kevin Gallaway, PERA General Counsel
      • In accord 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)(II). The issues to be discussed involve pending or imminent litigation and specific legal questions regarding issues relevant to PERA addressed to General Counsel, including the following matters:
        • Volkswagen Foreign Litigation
        • Petrobras Arbitration
        • In re Mitsubishi Motors Corporation International Securities Litigation
        • Doris Behr 2012 Irrevocable Trust v. Johnson & Johnson
        • Nissan Foreign Litigation
        • Danske Bank Foreign Litigation
        • Daimler
        • Kansai Electric Power Co., Inc.
        • Petrofac
        • Jerome Greene v. PERA
        • PERA v. Tri-County Health Department, Douglas County, Arapahoe County and Adams County
        • Laurie Freedle v. PERA and Unum
        • Jason Soltani v. PERA
        • Settlements
        • C.R.S. § 24-51-205(6)(b) Staff Decisions Reversed by the Executive Director
           
12. 2023 Board Planning Session Topics Information
    Presented By: Suzanne Kubec, Vice Chair, Board of Trustees
13. Other Business Information
    Presented By: Marcus Pennell, Chair, Board of Trustees
14. 2023 Board Meeting Dates Information
    • September 20-22, 2023, Planning Session and Board Meeting
    • November (16) 17, 2023