The committee conducted interviews for the position of ARM Committee Consultant, ultimately selecting Robert Yetman, Ph.D. The committee approved amendments to the audit services plan for the 2025-2026 fiscal year and adopted the proposed audit plan for the 2026-2027 fiscal year. Additionally, the committee reviewed reports and work plans related to Enterprise Risk Management and compliance services. A presentation was also received from external auditors regarding the financial statement client services plan, including discussions on audit methodology and fiscal challenges.
Enterprise
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The Board received a Chief Executive Officer report covering the 2025-26 Technology and Innovation budget and BenefitConnect updates. Key actions included approving a technology governance working group's recommendations, setting the Board work plan for the upcoming fiscal year, and conducting annual elections for the Chair and Vice-Chair. The Board adopted neutral positions on legislative bills AB 1619 and AB 2417. Significant actuarial decisions were finalized, including setting contribution and normal cost rates for the Defined Benefit Program, approving additional earnings credits for the Defined Benefit Supplement and Cash Balance Benefit programs, maintaining purchasing power protection at 85% for the Supplemental Benefit Maintenance Account, and authorizing an increase to the lump sum death benefit amount.
The committee conducted an annual review of the Board Governance Committee Charter and received a report from the General Counsel regarding ongoing governance work, potential revisions to CEO delegated contract approval authority, and the BGM Modernization Initiative. Additionally, the committee reviewed proposed revisions to the Board Operative Principles and the Succession Planning Policy, and discussed the fiscal year 2026-27 committee workplan.
The committee reviewed the Chief Investment Officer's report, focusing on portfolio positioning, market resiliency, and strategies for fund success including diversification and dynamic asset allocation. Updates on the Shared Vision project emphasized talent development and technological integration. The committee approved the selection of a private equity consultant and discussed priorities for the fiscal year 2026-27 work plan, such as the One Fund Approach. Additionally, members reviewed information requests, including an inquiry into the impact of AI tools on fiduciary responsibilities, and received various public statements regarding divestment and labor practices.
Extracted from official board minutes, strategic plans, and video transcripts.
