General Information

Government Type

Independent or Quasi-Government

Entity

Utah State Retirement Office

Public Body

Utah State Retirement Board

Notice Information

Add Notice to Calendar

Notice Title

Administrative Board Meeting Minutes

Notice Tags

Retirement

Notice Type(s)

Meeting

Event Start Date & Time

September 23, 2024 01:00 PM

Description/Agenda

MINUTES OF THE UTAH STATE RETIREMENT BOARD WORKSHOP ADMINISTRATIVE BOARD MEETINGS September 23 and 24, 2024, 1:00 p.m. Stein Eriksen Lodge, Park City, Utah Board Members Attending in Person: Mr. Karl Wilson, Board President Ms. Christie Behunin, Board Vice President Ms. Aaryn Birchell, Board Member Mr. Larry Evans, Board Member Mr. Richard Ellis, Board Member Mr. Marlo Oaks, Board Member Ms. Laura Warnock, Board Member Staff Attending in Person: Mr. Dan Andersen, Executive Director Mr. Mark Brown, Chief Operating Officer - PEHP Mr. Mark Cain, Deputy Executive Director Mr. Dave Hansen, Sr. Associate General Counsel Mr. Brian Holland, Communications Director Ms. Jayne Knecht, Human Resource Director Mr. Dee Larsen, General Counsel Mr. Chet Loftis, PEHP Director Ms. Tiffany Lund, Project Management Director Ms. Stacie Petersen, Executive Assistant Mr. Kendall Rima, Chief Information Officer Mr. Darron Schryver, Chief Information Security Officer Mr. John Skjervem, Chief Investment Officer Mr. Lance Toms, Operations Management Director - PEHP Staff Attending Virtually: Mr. Rob Dolphin, Chief Financial Officer Guests Attending In-Person: Mr. Nick Milovich Call to Order President Karl Wilson called the meeting to order at 1:02 p.m. and welcomed Board members, staff, and guests. Approval of Minutes ACTION: Mr. Richard Ellis moved, seconded by Ms. Christie Behunin, to approve the minutes of the August 15, 2024, Administrative Board Meeting. The motion passed unanimously, 6-0. Ms. Aaryn Birchell was absent for this vote. ACTION: Mr. Larry Evans moved, seconded by Ms. Laura Warnock, to approve the minutes of the August 15, 2024, Investment Board Meeting. The motion passed unanimously, 7-0. URS/PEHP Annual Budget Report Mr. Rob Dolphin reviewed the following budget items: - Budgets Process and Purpose - Final Expenditures FY 24 - FY 24 Operating Expenditures - Analysis of Budgets by Operating Business Segments - Review of AUREUS and PEHP Core System Budgets - Review Proposed FY 2025, 2026, and 2027 Capital Budgets - Board Approvals of Required Budgets ACTION: Ms. Laura Warnock moved, seconded by Ms. Christie Behunin, to approve the following budgets as presented and shown on page 55 of the Board Workshop meeting materials: - 2023-2024 final actual fiscal year ended expenditures - 2024-2025 budget - 2025-2026 preliminary budget - 2026-2027 preliminary budget - 2023-2024 final actual fiscal year ended capital expenditures - 2024-2025 capital projects budget - 2025-2026 preliminary capital projects budget - 2026-2027 preliminary capital projects budget The motion passed unanimously, 7-0. Annual Fiduciary and Open & Public Meetings Training Mr. Dee Larsen provided Annual Fiduciary and Open & Public Meetings training. The following topics were reviewed and discussed: - Part I: Open & Public Meetings Training - Part II: Fiduciary Duties Summary - Part III: Board Smart Online Board Resources - Part IV: Fiduciary Hot Topics - Part V: Action Items and Next Steps The Board Member Annual Fiduciary Compliance Certificate was distributed to each Board Member for completion and signature. The certificates will be kept on file at the URS Retirement Office. Communications Presentation Mr. Mark Cain introduced Mr. Brian Holland who then presented a high-level overview of URS communications including samples of published materials. Three takeaways were as follows: - Compared to other retirement systems, URS is unique in the approach to communications. - URS proactively customizes member communications to targeted audiences. - URS works with employers and responds to their feedback to get the right messaging to members. At 3:53 p.m., Ms. Christie Behunin moved, seconded by Ms. Aaryn Birchell, to move into Executive Session to discuss personnel matters. The motion passed unanimously, 7-0. Executive Session The following were present: - Board Members - Mr. Dan Andersen - Mr. Rob Dolphin - Mr. Chet Loftis - Mr. Dee Larsen Mr. Richard Ellis moved, seconded by Ms. Laura Warnock, to move back into Open Session. The motion passed unanimously, 7-0. The meeting resumed at 4:45 p.m. Adjourn Mr. Richard Ellis moved, seconded by Ms. Christie Behunin, to adjourn the meeting. The motion passed unanimously, 7-0. The meeting adjourned at 4:45 p.m., and the next Administrative Board Meeting will be held on September 24, 2024, at 8:00 a.m. September 24, 2024 Call to Order President Karl Wilson called the meeting to order at 8:01 a.m. and welcomed Board members and staff. PEHP Update Mr. Chet Loftis gave a PEHP update, including the following items: - Core Values - Highlights & Challenges - Year-Over-Year Progress & Operational Stability - Maintain Competitiveness - Membership - State - Workforce - Summary PEHP Core System Update Mr. Lance Toms gave an update on the PEHP Core System project and implementation, including the following items: - All Systems Live and Operating - Highlights - Upcoming Milestones - Timeline - Future Opportunities AUREUS Update Ms. Tiffany Lund gave an overview and update on the AUREUS project, including the following items: - Recap - Teams - Overview - Data Conversion - Year in Review - Actual vs. Expected Progress - The Rest of the Story Continued - What's Left At 10:55 a.m., Mr. Larry Evans moved, seconded by Ms. Christie Behunin, to move into Closed Session to discuss confidential legal and cybersecurity matters. The motion passed unanimously, 7-0. At 11:26 a.m., Ms. Christie Behunin moved, seconded by Ms. Aaryn Birchell, to move back into Open Session. The motion passed unanimously, 7-0. Final Motions ACTION: Ms. Laura Warnock moved, seconded by Ms. Christie Behunin, to approve the following legal items as presented and submitted by the Adjudicative Hearing Officer: - Stipulated Order of Voluntary Dismissal 21-17D - Stipulated Order of Voluntary Dismissal 24-04H - Findings of Fact, Conclusions of Law, and Order of Dismissal with Prejudice 22-10D The motion passed unanimously, 7-0. At 11:28 a.m., Ms. Aaryn Birchell moved, seconded by Ms. Laura Warnock, to move into Executive Session to discuss confidential fiduciary matters, including the Internal Audit Department, the Executive Director's Review, and Board Officer elections. The motion passed unanimously, 7-0. Executive Session The following were present: - Board Members - Mr. Dan Andersen (first portion of session) - Mr. Rob Dolphin (first portion of session) Ms. Christie Behunin moved, seconded by Mr. Marlo Oaks, to move back into Open Session. The motion passed unanimously, 7-0. The meeting resumed at 12:05 p.m. Board Elections During the Executive Session, it was decided that Mr. Karl Wilson and Ms. Christie Behunin would continue in their current roles as Board President and Board Vice President. Adjournment Mr. Richard Ellis moved, seconded by Ms. Laura Warnock, to adjourn the meeting. The motion passed unanimously, 7-0. The meeting adjourned at 12:05 p.m. ________________________________________ Karl W. Wilson, President ________________________________________ Daniel D. Andersen, Executive Director

Notice of Special Accommodations (ADA)

In compliance with the Americans with Disabilities Act, persons needing auxiliary communicative aids and services for this meetings should call Stacie Petersen at 801-366-7302 or use Relay Utah (toll-free in-state 7-1-1 or Spanish-language 888-346-3162), giving her at least 48 hours notice or the best notice practicable.

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

7700 Stein Way
Park City, UT 84060
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Contact Name

Stacie Petersen

Contact Email

stacie.petersen@urs.org

Notice Posting Details

Notice Posted On

October 18, 2024 07:46 AM

Notice Last Edited On

October 18, 2024 07:46 AM

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