Stephan Bayens

The Board addressed several applications, including the approval of a service retirement for Special Agent Christopher Leighter electing Option #5, and a vested service retirement for Terrance Cowman electing Option #4. The Board also approved survivor benefits for Claudette Woller following the passing of Retired Trooper William Woller. The Treasurer's Office provided the quarterly reconciliation report for October through December 2025, which was accepted. Regarding asset allocation, the Board approved a recommendation to diversify Non-US holdings by adding the Lazard All Country World (ACW) excluding US Equity Advantage Portfolio to the Non-US Developed Equity allocation. The Treasurer's Office also provided updates on asset allocation compliance and initial discussions with legislative leaders regarding options to increase the PORS funded ratio. An application for ordinary disability was received for Special Agent Michael Brosnahan.

The Board addressed several applications for service retirement from members of the Division of Criminal Investigation, effective March 13, 2026. The Board also approved multiple requests for medical expense reimbursement for accidental disability retirees. A motion was passed to accept the quarterly performance report for July, August, and September 2025 from the Treasurer's Office. Furthermore, the Board approved a recommendation from the Treasurer's Office and Fisher Investments to shift the investment strategy from the "Small Cap Value" strategy to the "Small and Mid-Cap Core" strategy, benchmarked against the Russell 2500 Index.

Key discussions during the meeting included the approval of the minutes from the November 17, 2025, meeting, and the approval of a non-vested member's application for withdrawal of contributions and interest. Staff provided a summary of the Public Retirement Systems Committee Meeting held on December 9, 2025. The Board acted on external manager recommendations, voting to terminate the contract with Jennison Associates, effective March 19, 2026, due to underperformance against its benchmark. Furthermore, the Board approved a motion to transition from an active externally managed large cap strategy to an internally managed passive large cap strategy to reduce external fees by over 20 basis points. Staff also presented the successful Fiscal Year 2025 POR Audit Report with no findings.

The agenda for the meeting includes the approval of minutes from the previous session held on November 17, 2025. Key discussion items involve an application for the withdrawal of POR contributions from Binh Nguyen, a report from the Public Retirement Systems Committee, and recommendations from the Treasurer's Office regarding external managers and asset allocation. The board will also review the POR Audit Report and Schedule of Employer Pension Amounts for FY2025, followed by an Open Forum session.

The Board of Trustees convened to discuss several items, including the introduction of Amanda Veren as the POR Retirement Benefits Officer Senior. They reviewed an application for Vested Service Retirement from Brinda Hazard and an application for Survivor Benefits from Margaret Dooley. Additionally, the board accepted the Treasurer's Office monthly reconciliation report for July through September 2025.