Public Employees' Retirement Association Board Meeting

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

Friday, 3/24/2023
8:30 AM - 3:00 PM MT

1. Approval of Consent Agenda (Governance Item) Action
   Presented By: Marcus Pennell, Chairman, Board of Trustees

• Approval of Agenda
• Approval of January 20, 2023, Board Meeting Minutes (Tab A)
• Approval of March 9, 2023, Board Meeting Minutes (Tab B)
• Divestment from Companies with Prohibitions Against Israel Restricted Company List (Tab C)

1. Public Comment (Governance Item) Information
   Presented By: Marcus Pennell, Chairman, Board of Trustees
2. Committee Reports (Governance Item)
   • Executive Committee
     Presented By: Suzanne Kubec, Vice Chair, Board of Trustees Information
   • Audit Committee
      Presented By: Timothy M. O'Brien, Committee Chairman Information
   • Benefits Committee
     Presented By: Julie Friedemann, Committee Chair Information
   • Compensation and Budget Committee
     Presented By: Amy Grant, Committee Chair Information
   • Evaluation Committee
     Presented By: Marcus Pennell, Chairman, Board of Trustees Information
   • Investment Committee
     Presented By: Rebecca Freyre, Committee Chair Information
3. 2023 Board Election (Tab D) (Governance Item) Action
   Presented By: Sarah Wager, PERA Director Internal Audit
4. Member Administrative Appeal (Governance Item) Information/Action
   Presented By: Marcus Pennell, Chairman, Board of Trustees; Suzanne M. Dugan, PERA Fiduciary Counsel; Caleb Durling, PERA Outside Counsel; Megan Peitzmeier, PERA Senior Staff Attorney; Jason Soltani, Petitioner; Petitioner; Mark Schwane, Esq., Petitioner’s Counsel
5. Legislative Update (Tab E) (Governance Item) Information/Action
   Presented By: Amy C. McGarrity, PERA Chief Investment Officer/Chief Operating Officer; Michael Steppat, PERA Public & Government Affairs Manager
6. Cyber Security Update Information
   Presented By: John Carreon, PERA Director of Information Technology
   • 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. The issues to be discussed involve details of security arrangements concerning PERA.
7. Strategic Plan Update (Tab F) (Governance Item) Information
   Presented By: Amy C. McGarrity, PERA Chief Investment Officer/Chief Operating Officer, Jeremy Hill, PERA Chief Administrative Officer, Patrick Lane, PERA Chief Benefits Officer
8. Board Governance Compliance Review (Tab G) (Governance Item) Information
   Presented By: Kevin Gallaway, PERA General Counsel
9. Staff Reports (Governance Item)
   • Executive Director Report (Tab H) Information
     Presented By: Amy C. McGarrity, PERA Chief Investment Officer/Chief Operating Officer
   • Market and Portfolio Update (Tab I) Information
     Presented By: Amy C. McGarrity, PERA Chief Investment Officer/Chief Operating Officer
   • Chief Benefits Officer Update (Tab J) Information
     Presented By: Patrick Lane, PERA Chief Benefits Officer
   • Legal Update 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. The issues to be discussed involve pending or imminent litigation and specific legal questions addressed to General Counsel regarding the following:
       • 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
       • Jerome Greene v. PERA
       • PERA v. Tri-County Health Department, Douglas County, Arapahoe County and Adams County
       • Daimler
       • Settlements
       • C.R.S. § 24-51-205(6)(b) Staff Decisions Reversed by the Executive Director
10. Other Business Information
    Presented By: Marcus Pennell, Chairman, Board of Trustees
11. 2023 Board Meeting Dates Information
    • June (15) 16, 2023
    • September 20-22, 2023, Planning Session and Board Meeting
    • November (16) 17, 2023