Meeting

June 2016 Board Meeting Agendas and Minutes

The Teachers’ Retirement Board and its committees met on June 8-10, 2016 at CalSTRS Headquarters in West Sacramento. Meeting minutes for items discussed during open session are provided below if available.

Audits and Risk Management Committee

Approved minutes currently not available.

Meeting Items

Item Title Presenter
1 Approval of Committee Agenda Chairperson
2 Approval of Minutes of the February 3. 2016 Audit and Audit and Risk Management Committee — Open Session Chairperson
3 Interviews and Selection of Audit Committee Consultant Larry Jensen
4 Compliance Assessment Report and Recommendations Brian Bartow/ Rebecca Walker, Kaplan & Walker Larry Jensen
5 Audit Services’ Annual Risk Assessment Larry Jensen
6 Fiscal Year 2016-17 Audit Plan Larry Jensen
7 Audit Services’ Charter Review Larry Jensen
8 Fiscal Year 2016-17 Work Plan Input Larry Jensen/ Robin Madsen
9 Chief Auditor Update Larry Jensen
10 Education: GASB 72 Shifat Hasan/ Art Martinez
11 Review of Information Requests Chairperson
12 Draft Agenda for Next Committee Meeting Chairperson
13 Opportunity for Statements from the Public Chairperson

Investment Committee

Download minutes.

Meeting Items

Item Title Presenter
1 Approval of Committee Agenda Chairperson
2 Approval of Minutes of the April 8, 2016, Investment Committee Meeting — Open Session Chairperson
3 Investment Beliefs Project — Step 2 Christopher Ailman
4 Chief Investment Officer’s Report — Open Session Christopher Ailman
5 Special Mandates Policy — First Reading Christopher Ailman
6 Private Equity Program — Deconstructing Return Drivers John Haggerty/ Steve Hartt, Meketa
7 Global Equity Policy Revision — First Reading June Kim/ David Murphy
8 Soft Dollar Policy Revision — First Reading Christopher Ailman
9 Subcommittee of the Investment Committee Report – May Meeting Harry Keiley, Subcommittee Chair
10 Review of Investment Committee Reports and Time Cycle Debra Smith/ Reed Smith
11 FY 2016-17 Work Plan Objectives Christopher Ailman
12 Diversity in the Management of Investments Long-term Business Plan Candace Ronan/ Mike DiRé
13 Review of Information Requests Chairperson
14 Draft Agenda for the July 14, 2016, Investment Committee Meeting Chairperson
14a Opportunity for Statements from the Public Chairperson

Compensation Committee

Approved minutes currently not available.

Meeting Items

Item Title Presenter
1 Approval of Committee Agenda / Work Plan Chairperson
2 Approval of Minutes of the April 6, 2016 Compensation Committee Meeting — Open Session Chairperson
3 Recommendations for Incentive Performance Criteria for Risk Mitigating Strategies, Innovation, Risk, Global Equity, Private Equity and Updates to Benchmark Definitions Melissa Norcia
4 System Actuary Compensation Evaluation Melissa Norcia/ Michael Oak, McLagan Partners
5 Evaluation of Delegation of Authority Melissa Norcia
6 Review Information Requests Chairperson
7 Draft Agenda for the Next Committee Chairperson
8 Opportunity for Additional Statements from the Public Chairperson

Board Governance Committee

Approved minutes currently not available.

Meeting Items

Item Title Presenter
1 Approval of Committee Agenda / Work Plan Chairperson
2 Board Accountability & Compliance Brian J. Bartow/ Jill Lukins
3 Review 2016-17 Proposed Work Plan Chairperson
4 Approval of Minutes of the April 7, 2016, Board Governance Committee Meeting – Open Session Chairperson
5 Review of Information Requests Chairperson
6 Draft Agenda for the Next Committee Meeting Chairperson
7 Opportunity for Statements from the Public Chairperson

Regular Meeting

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Meeting Items

Item Title Presenter
1 Approval of Board Agenda Chairperson
2 Appointment of Committee Members and Committee Chairs/ Vice Chairs for 2016-17 Chairperson
3 State and Federal Legislation Ed Derman/ Joycelyn Martinez-Wade
4 Options on Use of Supplemental Benefit Maintenance Account Ed Derman
5 Amendment to the Actuarial Valuation Policy Ed Derman
6 Chief Executive Officer Report Jack Ehnes
7 Fiduciary Training Alexandra Poe and Harvey Leiderman, Reed Smith, LLP
8a Project Risk Oversight Reports Graeme Finley, Grant Thornton LLP
8b Pension Solution Project Independent Verification & Validation (IV&V) Update Jon Lemelin, MAXIMUS
9a Committee Reports 1) Appeals Committee 2) Investment Committee 3) Board Governance Committee 4) Audits and Risk Management Committee 5) Compensation Committee Chairperson
9b Approval of Minutes of the April 7, 2016, Regular Meeting — Open Session Chairperson
9c Board Member Education – REVISED Chairperson
9d Contracts Requiring Board Approval Chairperson
10 Items Referred by Committee for Board Decision Chairperson
11 New Business / Review Information Requests Chairperson
12 Draft Agenda for the Next Committee Meeting Chairperson
13 Opportunity for Statements from the Public Chairperson

Appeals Committee

Approved minutes currently not available.

Meeting Items

Item Title Presenter
1 Approval of Committee Agenda Chairperson
2 Approval of Minutes for the April 6, 2016, Appeals Committee — Open Session Chairperson
3a Consideration of Proposed Administrative Decision: Thomas Williams Larry Jensen
3b Consideration of Proposed Administrative Decision: Rosemary Fernandez Melyssa Adams
3c Consideration of Proposed Administrative Decision: Gary Woods Diane Alsup
4 Benefits and Services Executive Officer Report Andrew Roth
5 Review of Information Requests Chairperson
6 Opportunity for Statements from the Public Chairperson
9 Announcements of Action Taken on Proposed Administrative Decisions a. Thomas Williams b. Rosemary Fernandez c. Gary Woods Chairperson

PowerPoint Presentations

Item Title Presenter
1 Audits and Risk Management Committee – Item #4 Compliance Assessment Report and Recommendations Brian Bartow/ Rebecca Walker, Kaplan & Walker
2 Audits and Risk Management Committee – Item #10 Education: GASB 72 Shifat Hasan/ Art Martinez
3 Investment Committee – Item #3 Investment Beliefs Project — Step 2 Christopher J. Ailman
4 Investment Committee – Item #4 Chief Investment Officer’s Report — Open Session Christopher J. Ailman
5 Investment Committee – Item #6 Private Equity Program — Deconstructing Return Drivers John Haggerty and Steven Hartt, Meketa Investment Group
6 Investment Committee – Item #12 Diversity in the Management of Investments Long-term Business Plan Candace Ronan/ Mike DiRé
11 Regular Meeting – Item #6 Chief Executive Officer Report Jack Ehnes
13 Regular Meeting – Item #8a Project Risk Oversight Reports Graeme Finley, Grant Thornton LLP
14 Regular Meeting – Item #8b Pension Solution Project Independent Verification & Validation (IV&V) Update (IV&V) Update Jon Lemelin, MAXIMUS

Commands