Samantha Mills

The board reviewed financial reports, including data on plan assets and insurance premium tax receipts. Membership reports were discussed, covering active members, retirees, and pension statistics, along with an inquiry regarding death benefits for a deceased member's spouse. The Executive Director provided an update on investment performance, actuarial status, and future funding projections, as well as staffing updates, pending legislation, and 457 plan fee reductions. Dates for future meetings were also confirmed.

This document provides a summary of shareholder voting instructions for various global corporations, covering proposals such as the approval of financial statements, allocation of income and dividends, discharge of board members, election of directors, appointment of auditors, remuneration policies, and authorization of share repurchase programs.

The board meeting covered several critical topics including legislative updates regarding pension system bills, an analysis of the Actuarially Determined Contribution for the Public Employee plan, and an overview of board policy manual updates. The Audit and Risk Committee reviewed cybersecurity assessment progress and internal audit preparations. Governance discussions involved expanding committee charters to include board candidate profiling and strategic human resource oversight, as well as refining the forward agenda to prioritize strategic investment reviews and technology oversight. The Deferred Compensation Committee received performance updates on various investment funds and reviewed plan documentation. Investment discussions focused on market performance reviews, portfolio asset allocation strategies, and risk survey results. Additionally, executive reports covered staff performance, operational efficiencies in pension benefits, and ongoing challenges with employee retention and technological security. Public comments centered on gratitude for leadership and the need for creative approaches regarding Cost-of-Living Adjustments.

The multi-day board meeting involved multiple committee discussions. The Audit and Risk Committee addressed system security, including the implementation of enhanced multi-factor authentication and updates on ongoing RFPs for CRM and Death Audit tools. A Board Risk Assessment Survey review highlighted concerns regarding governance, operational continuity post-cyber breach, and legislative issues like budget flexibility and investment staff salaries. The Legislative & Benefits Committee discussed the Governor's budget recommendations concerning administrative and investment budget delegation, compensation competitiveness issues due to statutory restrictions, and potential legislation regarding duty-connected death benefits and firefighter pension plan inclusion. Analysis was presented strongly cautioning against shifting new participants to a different plan due to risks associated with the unfunded liability amortization. The Governance Committee focused on Artificial Intelligence (AI) roadmap implementation, noting cultural resistance and data security as primary barriers, and discussed clarifying the delegation of authority between the full Board and its committees for strategic vs. routine business. Public comment addressed transparency regarding committee autonomy and legislative constraints. The Investment Committee reviewed Q3 portfolio performance, noting outperformance against benchmarks across several periods, with strong contributions from biotech and gold, while Private Credit and Real Assets underperformed. Asset allocation updates showed overweights in Cash and Gold. Meketa provided a performance update confirming strong results primarily driven by manager selection. The Deferred Compensation Committee reviewed capital markets, approved a reduction in the plan wrap fee, and adopted changes to the 457 Deferred Compensation Plan Investment Policy. Operational updates included the successful rollout of the digital death workflow and progress on employer reporting tools. The meeting concluded with a discussion on the Governor's budget recommendations and an estimation of the basis points required to fully fund the agency.

Key discussions included the adoption of proposed board rules, which involved administrative updates regarding search and rescue members and clarifications on spousal benefit eligibility and defining 'entire time of employment.' The Board reviewed financial reports for the months ending April 30, May 31, and June 30, 2025, noting that plan assets reached a record high of over $131.9 million as of June 30, 2025. Membership reports as of September 15, 2025, were reviewed, detailing active members, retirees, and pension totals. The Executive Director's report covered investment performance, staffing vacancies, completion of office renovations, and legislative discussions concerning funding for wildland firefighting. The Internal Audit Report detailed service credit auditing for 10 departments, leading to approved service credit adjustments for three members. Finally, the Board discussed funding scenarios, COLA projections, and reviewed the impact of changing contribution rates and initial benefit formulas.