Lettie Tang

The board meeting featured a public comment period regarding concerns about hiring processes and deferred compensation plan representation. The Board presented awards to student winners of a local Science and Engineering Fair for their water purification projects and recognized District staff with the Distinguished Budget Presentation Award and the Operating Budget Excellence Award. The meeting included reports from the Planning Committee and the Legislative and Human Resources Committee, with discussions on reservoir operations, education outreach, and pending state legislative bills. Consent calendar items were reviewed and approved, including a contract that was discussed following union feedback regarding notification processes.

The Retirement Board discussed and took action on several items, including adopting the actuarial valuations and employer contribution rates for the pension and health insurance benefit plans. The Board also discussed the Cost of Living Adjustment for retirees, proposed amendments to Retirement Board rules regarding disability retiree earnings monitoring, and reviewed performance reports and educational presentations on global markets. Additionally, the Board considered and ultimately declined to move forward with interviews for private credit managers, electing to revisit alternative asset allocation options. Finally, the Board recognized a long-serving actuary with a resolution of appreciation and received updates on upcoming elections and proxy voting practices.

The Retirement Board discussed an educational update regarding the high-yield bond portfolio and market outlook. They adopted the actuarial valuations as of June 30, 2025, and approved employer contribution rates for fiscal year 2027. The board also adopted a new election board rule, approved revisions to the Statement of Investment Policy and Procedures, and decided not to proceed with private credit manager interviews at this time. Furthermore, the meeting included a performance report and economic review, an annual report on proxy voting, an annual review of the health insurance benefit, and the declaration of election results for an active board member representative, alongside an overview of the 2026 election schedule.

The Retirement Board conducted a closed session to approve disability retirement applications. Key business items included a resolution of appreciation for actuarial services, the adoption of a Cost of Living Adjustment for retirees, and the authorization of revisions to Retirement Board Rule C-21 concerning income verification for disability retirees. The Board also reviewed asset allocation options, choosing to maintain the current structure including covered calls. Additionally, the Board received reports on investment performance, participated in an educational session on global equity market structures, reviewed the status of disability retiree income verification, received an update on training and ethics requirements, and reviewed the progress of the PensionGold implementation project.

The Advisory Committees discussed the Plan Revenue and Expense Report, approved a participation fee analysis involving a rebate to maintain reserve targets, and authorized the use of the float account balance for training and RFP purposes. Additionally, the Committees reviewed market performance for the fourth quarter of 2025, discussed the impact of Secure Act 2.0 provisions on participant catch-up contributions, and received updates on financial wellness initiatives and staff reports regarding committee memberships.