Tara Myers

The Administration Committee convened to discuss several key issues, including a strategic planning working session facilitated by Mosaic, which covered stakeholder research, vision and mission statements, guiding principles, and a SWOT analysis. An update on the Pension Administration System (PAS) replacement project, known as Project Velocity, was presented, addressing timeline extensions and additional costs. The committee also reviewed and approved the Fiscal Year 2026 Administrative Expense and Capital Expenditure Budget, as well as the Investment Department Budget. Additionally, the committee went into closed session to discuss personnel matters, including salary adjustments for the Chief Investment Officer and the Executive Director.

The meeting included a legislative update, a review of the fiscal year 2026 state budget, and an overview of several bills impacting SURS. There was also a rulemaking and compliance update, including a summary of the SURS Open Meeting Act rules and proposed changes. The committee approved proposed rulemaking for First Notice Filing and the proposed July 2025 Regulatory Agenda. The meeting was adjourned after no further business was brought before the committee.

The meeting included a motion to allow trustees to participate via electronic means if necessary, approval of minutes from the April 17, 2025 meeting, and a semi-annual review of closed meeting minutes and verbatim recordings. The Chairperson and Executive Director gave their reports, and upcoming training opportunities and non-routine travel requests were presented and approved. Committee actions from the Audit & Risk Committee, Legal & Legislative Committee, and Administrative Committee were reviewed and approved. The Investment Committee's actions were reported on, and the election of Executive Committee officers and at-large members for Fiscal Year 2026 took place. The 2026 regular meeting dates were approved, as were board policies 12.2 and 12.7. The Fiscal Year 2026 Board Manual approval was postponed, and the fiduciary liability insurance renewal was approved. The board then moved into a closed session to consider the General Counsel Litigation report before adjourning.

The Executive Committee meeting included the presentation and approval of open and closed session minutes from the previous meeting. Nominations were presented and accepted to fill committee vacancies for the remainder of fiscal year 2025. There were no public comments.

The Executive Committee meeting included discussions and actions on several key items. The committee approved a motion to delay the issuance of a written decision in Case No. 2022-06 until a decision is made in Case No. 2023-12. Nominations for the FY2026 Committee Chairs and Committee Members were presented and approved, excluding the Executive Committee. There were no public comments presented.