Melanie Estridge

The meeting included the approval of the agenda and covered committee reports. The Administrative Committee heard detailed evaluation reports for PERS, Highway Patrol, Municipal Retirement System, and SLUR program, with action taken to approve the evaluation reports for PERS, Highway Patrol, and Municipal Retirement System. The Audit Committee approved the annual comprehensive financial report for the fiscal year ending June 30, 2025, and accepted the unmodified opinion from the external auditors. The Claims Committee handled four entities wishing to join PERS coverage effective January 1, 2026, and initiated legal steps against two delinquent employers, the Town of Goodman and Town of Chula. The Defined Contribution Committee provided final approval for the hybrid defined contribution plan document. The Investment Committee reported unaudited year-to-date returns for PERS of 7.34% as of December 15th, noting the fund was in the top 10% of its peer group, and approved search criteria for a value-add real estate manager with an allocation limit of $200 million. They also approved replacing Bailey Giffords with MFS International Growth Equity in the international growth equity space, and approved $150 million commitments each to four infrastructure managers: Blackstone Infrastructure Partners, Brookville Supercore Infrastructure Partners, EQT Active Core Infrastructure 2, and JP Morgan Global Transport Income Fund. The Disability Appeals Committee received approval for three PERS case numbers (25-04, 25-05, and 25-08). The Standard Retirey Report highlighted a lump sum additional annual benefit/COLA payment of over $933 million.

The committees discussed new agency agreements for social security and retirement coverage, including recommendations for Shady Grove Utility District, the town of Bolton, the town of Scuba, and the Pearl and Leaf River Rails to Trail Recreational District. They also addressed delinquent contributions from the town of Goodman and the town of Chula, seeking approval and certification of these delinquencies. The audit committee received an internal audit update, focusing on employer audits and compliance, and reviewed the annual comprehensive financial report.

The agenda includes reports from various committees such as the Administrative Committee, Audit Committee, Claims Committee, Defined Contribution Committee, and Investment Committee. Key discussion topics include actuarial reports for PERS, MHSPRS, SLRP, and MRS, the Annual Comprehensive Financial Report (ACFR), external audit results, new agency agreements, the Hybrid Defined Contribution Plan Document, and approval of value-add real estate search criteria. Additionally, the board will review the ACWI ex US Manager Presentation and Selection, Core Infrastructure Manager Presentations and Selections, disability appeals, staff reports, and investment reports.

The Investment Committee meeting includes a market update and performance review, along with discussions and potential approvals for value-add real estate search criteria, ACWI ex US manager selection, and core infrastructure manager selections. Additionally, there will be manager presentations from SIT Short Duration, GCM Private Credit, and Blue Owl Private Credit, followed by miscellaneous updates.

The meeting of the Defined Contribution Committee included a performance review of MDC NP, an overview of MDC assets, cash flow, and asset balances, and a discussion of investment returns and cost savings. The committee also discussed the growth of OP assets, equity within the platforms, and the hybrid defined contribution plan document, including changes to hardship provisions. The Investment Committee meeting included a review of global equities, fixed income, and the Federal Reserve's monetary policy. The committee also discussed the fund's performance, asset allocation, and market trends.