Nathan Joiner

This document outlines the investment strategy of the Texas County and District Retirement System (TCDRS) to provide secure retirement benefits. The core strategy involves constructing and continuously monitoring a diversified portfolio to manage investment risk. Key pillars include using forward-looking capital market assumptions to optimize asset class combinations and diversifying both across and within asset classes. The plan aims to achieve long-term return goals with an acceptable level of risk, ensuring consistent performance.

The meeting included reports from the executive director, chief investment officer, and independent financial auditor. The board discussed the executive director's monitoring report, investment performance, and the investment consulting budget. They also reviewed and approved the 2026 retirement plan employer contribution rates and premium rates for Group Term Life. Updates were provided on the TCDRS mobile app rollout and the redesign of the employer portal. The board also considered proposed amendments to TCDRS administrative rules.

The Board of Trustees meeting addressed several key areas, including the approval of consent agenda items such as the September 2024 regular meeting minutes and quarterly financial statements. The board reviewed and approved the executive director's and chief investment officer's monitoring reports, along with investment performance measurements and consultant reports. Discussions also covered the 2025 private market annual plans, an external auditor report on pre-audit planning, and a report from the consulting actuary. The board approved the retirement plan options for TCDRS as an employer for 2025, the operating plan and budget for 2025, and a resolution to transfer funds for 2025 operations. Additionally, the board evaluated the performance of the executive director and chief investment officer, considered their salaries for 2025, and authorized the issuance of a Request for Proposals (RFP) for qualified investment consultants.

The Board discussed various topics, including the executive director's report on receiving the Public Pension Standards Award and updates on the building remodel and work optimization project. The board also reviewed investment performance and considered hedge funds, distressed debt, private real estate, strategic credit, direct lending, and private equity investments. Updates to the TCDRS Funding Policy were considered, and the external auditor presented a pre-audit planning report. The board also discussed and approved the operating plan and budget for 2024, retirement plan options for TCDRS as an employer, and a resolution to transfer funds for 2024 operations. Additionally, the board reviewed and approved the executive director's and chief investment officer's monitoring reports and discussed governance policies.

The Board of Trustees convened to discuss several key items, including interviews with potential investment consulting firms and consideration of contracts for these services. The Executive Director provided updates on year-end activities, member and retiree statements, service levels, customer satisfaction, and employer plan selections. The board also reviewed and approved consent agenda items, the executive director's monitoring report, and the chief investment officer's monitoring report. Investment performance measurement and consultant reports were presented, along with education on capital market assumptions and asset allocation plans, leading to the adoption of the 2025 capital market assumptions and asset allocation plan. Amendments to the investment policy were considered and adopted. The board discussed and approved the allocation of 2024 investment results, received education on valuation and investigation, and considered arrangements and contracts for services from providers. They also discussed means to ensure linkage between the board and member counties and districts, received an operations report, a report from the deputy executive director of government and external relations, and a report on educational opportunities for 2025. The board reviewed administrative rules and governance policies, considering amendments as necessary, and affirmed their compliance with governance policies during the meeting.