Laura Smoak

The Retirement Policy Committee reviewed the Defined Contribution Plans quarterly investment performance report, including updates on the Deferred Compensation Program and State Optional Retirement Program. The committee received an overview of investment performance and market commentary from CAPTRUST for the first quarter of 2026. Discussion topics included fund management items, investment tier structures, and investment policy monitoring.

The committee meeting agenda includes a review of internal audit reports, specifically an update on the internal audit plan, an assessment of internal cash fund controls and processes, and an examination of actuarial file creation and testing processes.

The board meeting agenda included the review of the updated schedule for board and committee meetings for the remainder of the year and into early 2027. Committee reports were presented by the Health Care Policy Committee, the Finance, Administration, Audit and Compliance Committee, and the Retirement Policy Committee. Additionally, the meeting included a director's report, a roundtable discussion, and an executive session to address contractual matters, legal advice, and IT security personnel and infrastructure.

This strategic plan outlines the organization's direction from 2021 to 2025, focusing on five key goals. It aims to promote financially sound programs by controlling costs, optimizing benefits, and securing long-term viability through legislative engagement, best practices in health plan design, and efficient service delivery. The plan also prioritizes enhancing customer service, responsibly managing organizational risks through enterprise risk management, and maintaining a capable workforce with a conducive environment. A significant focus is placed on improving internal efficiencies through the implementation of new information systems and operational changes.

The Finance, Administration, Audit and Compliance (FAAC) Committee meeting was called to order, confirming compliance with the Freedom of Information Act. Key discussions included the presentation of internal audit reports concerning the Annual Conflict of Interest Certification, System and Organization Controls (SOC) Reports, Internal Audit Report No. 2025-02 related to the Adoption Assistance Program, and an update on the December 2025 Internal Audit Plan. The Executive Director reminded the Committee that the external auditor and external actuaries would present the 2025 Retirement Systems Actuarial Valuations at the full Board meeting.