December 2022 Board Meeting

Joint Meeting of the Board of Trustees and Investment Advisory Committee

1836 San Jacinto, Austin, Texas 78701
9th Floor Conference Center - Rio Grande Conference Room

Tuesday, December 6 – Wednesday, December 7, 2022

  • View the livestreams
    • December 6 livestream - ended
    • December 7 livestream - ended
  • Board materials

Members of the public may provide public comment on agenda items presented to the Board by registering early with ERS. Please submit an email to Kelley Davenport identifying the name of the speaker and agenda item no later than 5:00 p.m. on Monday, December 5, 2022.

Tuesday, December 6, 2022

Audit Committee Meeting | Audit presentation | Audit minutes

  1. Call Meeting of the Audit Committee to Order, materials 1, video 1
  2. Consideration of the Minutes to the August 24, 2022 Audit Committee Meeting – (Action), materials 2, video 2
  3. Consideration of Internal Audit Reports, materials 3, video 3
    • Disaster Recovery Audit
  4. Consideration of Audit Administrative Items– (Action), materials 4, video 4
    • Annual Audit Performance and Quality Review
  5. Adjournment of the Audit Committee Meeting, materials 5, video 5

Meeting of the Board of Trustees | Board presentation | Board minutes

  1. Call Meeting of the Board of Trustees to Order, materials 6, video 6
  2. Consideration of the Minutes to the August 24, 2022 Board of Trustees Meeting – (Action), materials 7, video 7
  3. Executive Session: In accordance with section 551.074, Texas Government Code, the Board of Trustees will meet in executive session to deliberate the employment, evaluation and duties of the Internal Auditor.
    Thereafter, the Board may consider appropriate action in open session. materials 8, video 8 
  4. Consideration of Proposed Rules of the Board of Trustees, Texas Administrative Code, Title 34, Part IV, Chapter 75 (Hazardous Profession Death Benefits) – (Action), materials 9, video 9
  5. Consideration of Proposed Calendar Year 2023 Texa$aver Program Fees – (Action), materials 10, video 10
  6. Consideration of the Group Benefits Advisory Committee Report, materials 11, video 11
  7. Consideration and Appointment of Group Benefits Advisory Committee Members – (Action), materials 12, video 12
  8. Wellness Presentation: Leaders Leveraging Existing Solutions to Improve Health and Well-being, materials 13, video 13
  9. Consideration of Updates Related to the HealthSelect of Texas® Plan, materials 14, video 14
  10. Consideration of Plan Compliance and Operational Updates Related to the Texas Employees Group Benefits   Program (GBP) – for Coverages with Plan Years that Ended on August 31, 2022, materials 15, video 15
  11. Consideration of Health Insurance Financial Update for Fiscal Year 2022 and Outlook for Fiscal Year 2023, materials 16, video 16
  12. Consideration of Alternate Delivery Methods, a Report for the 87th Legislature, Senate Bill 1, Rider 17, materials 17, video 17
  13. Consideration of Contract Award Recommendation for Pharmacy Benefit Management Services for the HealthSelectSM Prescription Drug Program and HealthSelectSM Medicare Rx (Medicare Part D) Prescription Drug Program under the Texas Employees Group Benefits Program (GBP) – (Action), materials 18, video 18
  14. Consideration of Actuarial Valuation of Retiree Health Insurance Benefits as of August 31, 2022, materials 19, video 19
  15. Consideration of Calendar for Board of Trustees Election – (Action), materials 20, video 20 
  16. Agency Update, materials 21, video 21       
    • Customer Benefits “Action Beyond the Call”    
    • Workforce Update   
    • Group 4 Implementation     
    • Plan Year 2023 Fall Enrollment    
    • State Employee Charitable Campaign 
    • Recent Agency Developments
  17. Recess of the Board of Trustees – The Board of Trustees will reconvene on Wednesday, December 7, 2022 at 9  a.m. CT with the Investment Advisory Committee to take up the remaining agenda items. materials 22, video 22

Wednesday, December 7, 2022

Joint Meeting of the ERS Board of Trustees and Investment Advisory Committee | IAC presentation | IAC minutes

  1. Call Board of Trustees to Order, materials 23, video 23
  2. Call Investment Advisory Committee to Order, materials 24, video 24
  3. Consideration of the Minutes to the August 24, 2022 Joint meeting of the Board of Trustees and Investment Advisory Committee – (Action), materials 25, video 25
  4. *Consideration of Retirement Program Actuarial Valuations and Financial Status, materials 26, video 26
  5. *Educational Presentation: Geopolitical Risk and International Investing, materials 27, video 27
  6. Consideration of Quarterly Report from Chief Investment Officer, materials 28, video 28
  7. *Consideration of Quarterly Review of Investment Performance and Risk Update, materials 29, video 29
  8. Consideration of Annual Review of Public Equity Program, materials 30, video 30
  9. Consideration of Annual Review of Proxy Voting Program. materials 31, video 31
  10. Consideration of Annual Review of Emerging Manager Program, materials 32, video 32
  11. *Annual Ethics Training, materials 33, video 33
  12. Investment Advisory Committee Member Recognition, materials 34, video 34
  13. Adjournment of the Joint Meeting of the Board of Trustees and Investment Advisory Committee and Reminder of upcoming meeting dates, materials 35, video 35

* We are accredited by the State Pension Review Board (PRB) as a Minimum Educational Training (MET) sponsor for Texas public retirement systems. This accreditation does not constitute an endorsement by the PRB as to the quality of our MET program. These agenda items may be considered in-house training provided by ERS trustees and the system administrator for purposes of fulfilling the MET program requirements. ERS is an accredited sponsor of MET for its system administrator and trustees.

NOTES: 

  1. Persons with disabilities who plan to attend this meeting and who may need special assistance are requested to contact Kelley Davenport at (512) 867-7772 three to five (3-5) working days prior to the meeting date so that appropriate arrangements can be made. 
  2. The Employees Retirement System of Texas Board of Trustees will convene as a committee of the whole on Tuesday, December 6, 2022, to take up Audit Committee agenda items from 9:00 a.m. to approximately 9:40 a.m. and Board agenda items from approximately 9:50 a.m. to approximately 4:10p.m. The joint meeting of the Board of Trustees and Investment Advisory Committee is scheduled to take place from 9:00 a.m. to approximately 3:35 p.m. on Wednesday, December 7, 2022,, but may include those items before or after the anticipated time frame. Meetings are tentatively scheduled to follow each other consecutively, but they may start earlier or later than the posted time depending on the length of the discussions within each agenda item and meeting and other circumstances not presently anticipated. Please note that the estimated times and sequence of agenda items are only approximate, and the time reflected in the posted agenda item, order of meetings or agenda items may be moved or adjusted as necessary.

Past Board Meetings

Access agendas, presentations and videos.