Larry Wolfe

The committee held an election for the positions of Chair and Vice Chair. Discussions included a review of the Investment Committee Charter, the annual performance assessment, and the adoption of an annual investment workplan. A presentation was provided regarding the total fund performance for the portfolio, as well as a review of the diversifying strategies portfolio. Additionally, the committee engaged in an educational session on total-portfolio risk budgeting and subsequently approved an active risk budget.

The Committee reviewed the activities and timeline for the fiscal year. Key discussion topics included the implementation plan for exempting specific executive personnel from civil service, the departure of the Deputy Executive Director, the ongoing recruitment process for the Chief Investment Officer, and a proposed plan regarding the exemption status of the Information Systems Branch Chief. The committee also considered matters in executive session related to compensation and evaluations for key exempt positions.

The board meeting agenda includes a call to order and public comment session, followed by an executive session. The executive session is scheduled to consult with the board's attorneys regarding powers, duties, and privileges concerning a compromise and settlement, as well as the consideration of information requiring confidentiality under the state constitution.

The Committee reviewed the upcoming meeting timeline and discussed the recruitment process following the announced departure of the Chief Investment Officer, considering the potential need for a special Board meeting to finalize a transition plan. Additionally, the Committee reviewed the Exempt Staff Compensation Methodology, discussing tiered adjustments and future steps for annual performance evaluations and budget framework alignment. The Committee also requested staff to procure services for an update to the 2022 Compensation Study. An executive session was held to discuss and approve confidential minutes.

The Board conducted elections for the positions of Chair and Vice Chair. The Executive Director provided a report covering administration, investments, policy, legislative matters, and the proposed executive branch supplemental budget. Staff reported on monthly operations, staffing recruitment, and updates on the pension administration system and custodial agreement renewals. Key legislative proposals were reviewed, including employer contributions for normal cost and accrued liability, and the exemption of certain executive positions from civil service requirements. The Board received various annual reports, including actuarial valuations, stress tests, and reviews of real assets, investment policy statements, benchmarking, and plan liquidity. Additionally, the Board met in executive session to consult on legal and fiduciary matters, including ongoing litigation.