Iowa Public Employees' Retirement System

The meeting consisted of a closed session dedicated to a litigation review conducted with external legal counsel. No formal action was taken by the board during this closed session before the meeting was adjourned.

The board discussed the 2025 actuarial valuation, noting an improvement in the funded status and the resulting impact on contribution rates. There was a detailed review of the annual asset allocation, resulting in the adoption of a new portfolio structure that reallocates the global smart beta position. Investment managers were selected for absolute return and real estate equity strategies based on RFP evaluations. The board also reviewed investment benchmarking results, discussed the level of active risk in the fund, examined investment management expenses, and received reports on asset classes and performance metrics. A closed session was held to discuss litigation matters.

The board reviewed the 2025 actuarial valuation report, which showed an improvement in the funded status and established contribution rates for FY2027. Members conducted an annual asset allocation review and adopted Portfolio C, involving the removal of the Global Smart Beta position and reallocation to core fixed income and public credit. There was a discussion on the active risk budget and a potential multi-meeting review process to revise policy. The board approved the hiring recommendations for three firms for absolute return strategies and two firms for real estate equity. Furthermore, the board reviewed the CY2024 investment benchmarking results, the CY2026 private markets commitments plan, and reports on beta, alpha, private markets risk, and investment management expenses.

The agenda for the meeting includes a CEO report, a legislative session update, and a review of the investment performance for the 2025 calendar year. The board will conduct a closed session regarding CEO and CIO compensation, followed by a presentation on active risk. Additionally, the meeting will cover staff reports on the beta, alpha, private market program, and risk. The agenda also provides time for public comments and a discussion on future meeting dates.

The agenda for the meeting included the CEO Report from Greg Samorajski, a discussion regarding the BAC Public Member Representative, an update on the 2026 Legislative Session from Megan Schlesky, and a review of Administrative Rules by Elizabeth Hennessey. Staff reports covered updates from Member Operations, Investments, and the Strategy Division. The committee also planned for future meeting dates in March and April 2026.