Colorado PERA Board Meeting
Raymond “Doc” Heath Memorial Boardroom
1301 Pennsylvania Street
Denver, Colorado
Friday, June 21, 2024
8:00 a.m. – 6:00 p.m.
1. Approval of Consent Agenda (Governance Item)
Presented By:Marcus Pennell, Chair, Board of Trustees (Action)
- Agenda
- March 15, 2024, Board Meeting Minutes (Tab A)
- Resolution for Signature Authorization (Tab B)
- Anti-BDS Annual Report (Tab C)
- Actuarial Valuation 101 (Tab D)
- Communications Update (Tab E)
2. Public Comment (Governance Item)
Presented By:Marcus Pennell, Chair, Board of Trustees (Information)
3. Committee Reports (Governance Item)
- Executive CommitteePresented By:Taylor McLemore, Vice Chair, Board of Trustees (Information)
- Audit CommitteePresented By:Timothy M. O'Brien, Chairman, Audit Committee (Action)
- Benefits CommitteePresented By:Julie Friedemann, Chair, Benefits Committee (Information)
- Compensation & Budget CommitteePresented By:Amy Grant, Chair, Compensation & Budget Committee (Information)
- Governance CommitteePresented By:Marcus Pennell, Chair, GovernanceCommittee (Action)
GOV - Tab A1 Charter for the Compensation & Budget Committee
GOV - Tab A2 Charter for the Compensation & Budget Committee
GOV - Tab B1 Mosaic Board Meeting Memo Re: Executive Director Performance Evaluation Tool
GOV - Tab B2 FINAL Draft PERA Ex. Performance Criteria
GOV - Tab B3 FINAL Draft Ex. Dir Self Evaluation Template
GOV - Tab B4 Prelim 2024 Template PERA Ex. Dir Prelim Evaluation
GOV - Tab C Evaluation Framework for the Partial Year 2024
3. Committee Reports (continued) (Governance Item)
- Investment CommitteePresented By:Rebecca Freyre, Chair, Investment Committee (Information)
4. 2024 Board Election Results (Governance Item) (Tab F)
Presented By:Sarah Wager, PERA Director Internal Audit Trustees (Action)
5. Legislative Update (Governance Item) (Tab G)
Presented By:Amy C. McGarrity, PERA Chief Investment Officer/Chief Operating Officer; Michael Steppat, PERA Public and Government Affairs Manager (Information)
6. Asset/Liability Study (Governance Item)(Tab H)
Presented By:Amy C. McGarrity, Chief Investment Officer/Chief Operating Officer; Aon: Katie Comstock, Partner; Phil Kivarkis, Partner-Head of Investment Policy Services; Richard Parker, Partner(Information)
7. Investment Performance Report (Tab I) (Governance Item)
Presented By:Amy C. McGarrity, PERA Chief Investment Officer/Chief Operating Officer; Katie Comstock, Aon, Partner; Daniel VanBreene, Aon, Investment Consultant (Information)
8. Actuarial Valuation Report (Governance Item) (Tab J1) (Tab J2)
Presented By:Segal: Matthew, Strom, Senior Vice President and Actuary Tanya Dybal, Vice President and Actuary, Melissa A. Krumholz, Vice President and Actuary (Information)
9. Professional Conduct Review
Presented By:Taylor McLemore, Vice Chair, Board of Trustees
In accordance with the Colorado Open Meetings Law, the Board of Trustees in Open Session is to determine whether it will hold a Closed Executive Session pursuant to C.R.S. 24-6-402(3)(a)(II) for the purpose of conferences with legal counsel regarding specific legal questions involving pending or imminent litigation, the membership of employees of third-party employment providers and the professional conduct review of a PERA Trustee.
10. Staff Reports (Governance Item)
- Executive Director Report (Tab K) (Information)
Presented By:Andrew Roth, PERA Chief Executive Officer/Executive Director
- Market & Portfolio Update (Tab L) (Information)
Presented By:Amy C. McGarrity, Chief Investment Officer/Chief Operating Officer
11. Staff Reports (Governance Item)
- Legal Update (Information)
Presented By:Kevin Gallaway, PERA General Counsel
The following pending litigation matters that may be discussed in Closed Executive Session
- Volkswagen Foreign Litigation
- Petrobras Arbitration
- Nissan Foreign Litigation
- Danske Bank Foreign Litigation
- Daimler Foreign Litigation
- Kansai Electric Power Co., Inc. Foreign Litigation
- Petrofac Foreign Litigation
- Jason Soltani v. PERA
- Renee Blumenshine v. PERA and UNUM
- Tagg Education, LLC v. PERA
- Settlements
12. 2024 Board Planning Session Topics – Exhibit A
Presented By:Taylor McLemore, Vice Chair, Board of Trustees (Information)
13. 2024 Board Meeting Dates
September 18-20, 2024, Planning Session and Board Meeting
November (14) 15, 2024 (Information)
14. Other Business
Presented By:Marcus Pennell, Chair, Board of Trustees (Information)
The Board may convene in Executive Session for any agenda item pursuant to, but not limited to, the following:
- Colorado Open Meetings Law, Section § 24-6-402(3)(a)(I): Purchase or sale of property for public purposes;
- Colorado Open Meetings Law, Section § 24-6-402(3)(a)(II): Conferences with an attorney concerning disputes that are the subject of pending or imminent court action, concerning specific claims or grievances, or for purposes of receiving legal advice on specific legal questions;
- Colorado Open Meetings Law, Section § 24-6-402(3)(a)(III): Matters required to be kept confidential by federal law or rules, state statutes, or in accordance with the requirements of any joint rule related to lobbying, workplace harassment or workplace expectations policies;
- Colorado Open Meetings Law, Section § 24-6-402(3)(a)(IV): Specialized details of security arrangements or investigations;
- Colorado Open Meetings Law, Section § 24-6-402(3)(a)(V): Determining positions relative to matters that may be subject to negotiations with employees or employee organizations; developing strategy for and receiving reports on the progress of such negotiations; and instructing negotiators;
- Colorado Open Meetings Law, Section § 24-6-402(3)(b)(I): Meetings to consider the appointment or employment of a public official or employee or the dismissal, discipline, promotion, demotion, or compensation of, or the investigation of charges or complaints against, a public official or employee, but only if such applicant, official, or employee requests an executive session.
