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Board of Trustees November 17, 2023 Meeting Agenda

Colorado PERA Board of Trustees (BOT)

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

November 17, 2023
8:30 a.m. - 4:15 p.m.

 

1. Approval of Consent Agenda (Governance Item) 

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

  • Agenda
  • September 20, 2023, Board Planning Session Minutes (Tab A)
  • September 21, 2023, Board Planning Session Minutes (Tab B)
  • September 22, 2023, Board Meeting Minutes (Tab C)

2. Public Comment (Governance Item)

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

3. Calendar Year 2024 Committee Preferences (Governance Item) 

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

4. Committee Reports (Governance Item)

  • Executive Committee 

Presented By: Suzanne Kubec, Vice Chair, Board of Trustees Information

  • Ad Hoc Committee - Executive Director Search

Presented By: Taylor McLemore, Committee Chair Information

  • Audit Committee

Presented By: Timothy M. O'Brien, Chairman, Audit Committee Information

Presented By: Julie Friedemann, Chair, Benefits Committee Action

  • Compensation & Budget Committee 

Presented By: Amy Grant, Chair, Compensation & Budget Committee Action

  • Governance Committee 

Presented By: Marcus Pennell, Chair, Governance Information/Action 

  • Investment Committee 

Presented By: Rebecca Freyre, Chair, Investment Committee Information

5. Member Administrative Appeal (Governance Item)

Presented By: Marcus Pennell, Chairman, Board of Trustees; Suzanne M. Dugan, PERA Fiduciary Counsel; Megan Peitzmeier, PERA Senior Staff Attorney; Theresa Kosak on behalf of Petitioner Timothy Kosak Information/Action

6. 2024 Board Election Calendar (Tab D) (Statutory Item) 

Presented By: Sarah Wager, PERA Director of Internal Audit Action 

7. Member Contribution Interest Rate (Tab E1, Tab E2) (Statutory Item) 

Presented By: Amy C. McGarrity, PERA Interim Executive Director/Chief Investment Officer; Matt Carroll, PERA Senior Director of Benefit Services; Koren Holden, PERA Senior Actuary; Joshua Neugebauer, PERA Assistant Director of Investment Administration Action

8. Legislative Update (Tab F) (Governance Item)

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

9. Asset/Liability Study (Tab G) (Governance Item)

Presented By: Amy C. McGarrity, PERA Interim Executive Director; Aon: Katie Comstock, Partner; Phil Kivarkis, Partner-Head of Investment Policy Services Information

10. Funding Policy and OPEB Funding Policy Update (Tab H1, Tab H2, Tab H3) (Governance Item) 

Presented By: Koren Holden, PERA Senior Actuary; Segal Consulting: Brad Ramirez, Vice President & Actuary, Matt Strom, Senior Vice President & Actuary and, Yori Rubinson, Vice President & Retiree Health Actuary Action

11. Staff Reports (Governance Item) Information/Discussion

  • Executive Director Report (Tab I) 

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

  • Market & Portfolio Update (Tab J)

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

  • Legal Update

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
  • Doris Behr 2012 Irrevocable Trust v. Johnson & Johnson
  • Nissan Foreign Litigation
  • Danske Bank Foreign Litigation
  • Daimler Foreign Litigation
  • Kansai Electric Power Co., Inc. Foreign Litigation
  • Petrofac Foreign Litigation
  • 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 (if any)

C.R.S. § 24-51-205(6)(b) Staff Decisions Reversed by the Executive Director (if any)

12. 2024 Board Meeting Dates Information

  • January 19, 2024
  • March (14)15, 2024
  • June (15) 16, 2024
  • September 18-20, 2024, Planning Session and Board Meeting
  • November (14)15, 2024

13. Other Business

Presented By: Marcus Pennell, Chair, Board of Trustees Information/Discussion