New York State Teachers' Retirement System

The primary purpose of this meeting portion was the election of an active teacher member to the retirement board for the 2026-2029 term. Natalie McKay, who was appointed earlier this year to complete a vacated term, was running unopposed for the full term. The rules of procedure for the election were adopted. Following the adoption, Philip Girtler and Laura Spencer were approved by delegates to serve as the election chairperson and secretary, respectively. The delegates then formally elected Natalie McKay to retain her seat. Following the election, the newly elected trustee delivered an acceptance speech, thanking delegates and staff for their support and collaboration in ensuring a secure pension for educators.

The agenda for the meeting included the approval of the minutes from the October 29, 2025 Risk Committee meeting. Key discussion items comprised a Risk Management Update covering key deliverables, Enterprise Risk and Compliance status, and follow-up on Department of Financial Services (DFS) and Grant Thornton reviews. Further agenda items involved the Enterprise Risk Assessment, an Investment Risk Update, and a Quarterly Review of the Risk Management Team, which included a motion for Executive Session to discuss personnel matters.

The Risk Committee meeting included several key updates and discussions. Topics covered involved a compliance program inventory report review, findings from the annual Securities and Exchange Commission (SEC) Red Flags assessment, and the annual Office of Foreign Assets Control (OFAC) Risk Assessment report review. The committee also reviewed the investment risk Key Risk Indicator (KRI) dashboard and investment risk report. Furthermore, the committee entered and exited Executive Session to hear a presentation on Information Security and conduct a quarterly review of the Risk Management team.

The Audit Committee meeting included several key discussions and resolutions. The committee approved the minutes from the October 29, 2025 meeting. Plante Moran presented the Independent Auditor's Report on the Schedule of Employer Allocations and Schedule of Pension Amounts by Employer, which the committee accepted via resolution. The External Quality Assessment of the Internal Audit Department was presented, and the committee approved a resolution to accept the report. Updates were provided on the status of the audit plan, including the Actuarial Audit of June 30, 2024, the Actuarial Valuation, the 2025 Recommended Actuarial Assumption Report, the Fraud, Waste or Abuse Report, and the Internal Audit Annual Required Communications and Annual Internal Audit Strategy Update. The committee also reviewed and approved modifications to the Internal Audit Charter and recommended modifications to the Audit Committee Charter to the Board. The proposed Internal Audit Plan for the Year Ending December 31, 2026, was presented and approved. Finally, the committee went into an Executive Session to discuss personnel matters and the financial or employment history of particular individuals or corporations.

The meeting included a delegate-board/staff discussion, providing delegates the opportunity to ask questions about the system, benefits, investments, and other topics. The board members were introduced, and their roles and responsibilities were highlighted. The discussion covered topics such as earnings after retirement, service credit, and the survivor option.