Administration Committee Meeting Minutes

Meeting: October 23, 2025 | Posted: December 9, 2025 | SURS Board of Trustees Meeting Minutes

The meeting of the of the Legal & Legislative Committee of the Board of Trustees of the State Universities Retirement System (SURS) convened on Thursday, October 23, 2025, at 3:05 p.m.

This meeting was held in person at State Universities Retirement System in Champaign, IL.

The following trustees were present: Dr. Andriy Bodnaruk (Zoom), Mr. Richard Figueroa (Zoom); Dr. Fred Giertz; Mr. Scott Hendrie; Mr. Herbert Pitman (Zoom); Mr. Pranav Kothari (Zoom); Mr. John Lyons; Dr. Steven Rock; Mr. Collin Van Meter (chair); and Mr. Antonio Vasquez.

Others present: Ms. Suzanne Mayer, Executive Director; Mr. Michael Schlachter, Chief Investment Officer (CIO); Mr. Jefferey Saiger, Chief Strategy & Technology Officer; Ms. Jackie Hohn, Chief Internal Auditor; Ms. Tara Myers, Chief Financial Officer; Ms. Bianca Green, General Counsel; Ms. Nichole Hemming, Chief Human Resources Officer; Mr. Albert Lee, Senior Associate General Counsel; Ms. Heather Kimmons, Associate Legal Counsel; Ms. Anna Dempsey, Investment Counsel; Ms. Kristen Houch, Director of Legislative and Stakeholder Relations; Ms. Amanda Baker, Organizational Strategy Analyst; Ms. Kelly Carson, Ms. Chelsea McCarty, and Ms. Annette Ackerman, Executive Assistants; Mr. Michael Calabrese of Foley & Lardner LLP; Mr. Kevin Noelke, Mr. Brian Murphy, Ms. Kristen Brundirks, and Ms. Amy Williams of Gabriel, Roeder, Smith & Company (GRS).

Administrative Committee roll call attendance was taken: Trustee Rock, present; Trustee Van Meter, present; and Trustee Vasquez, present.

Motion to Allow Trustees to Participate Via Electrionic Means

Trustee Rock made the following motion:

• That Trustees Bodnaruk and Kothari be allowed to participate via video or audio conference call for the Investment committee

Meeting on October 23, 2025, pursuant to Section 7(a) of the Open Meetings Act.

Trustee Vasquez seconded the motion which passed via the following roll call vote:

Trustee Bodnaruk – not called
Trustee Kothari – not called
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye

Roll call attendance for trustees participating via electronic means was taken: Trustee Bodnaruk, present; Trustee Kothari, present.

Approval of Minutes

Trustee Van Meter presented the minutes from the Administration Committee meeting of September 12, 2025.

Trustee Rock made the following motion:

• That the minutes from the September 12, 2025, Administration Committee meeting be approved as presented.

Trustee Vasquez seconded the motion which passed with all trustees present voting in favor of the same.

Chairperson’s Report

Trustee Van Meter did not have a formal chairperson’s report.

Certification of Preliminary State Contribution for Fiscal Year 2027

Ms. Tara Myers introduced Mr. Brian Murphy and Ms. Amy Williams of Gabriel, Roeder, Smith & Company (GRS) who presented the proposed Certification of Preliminary State Contribution for Fiscal Year 2027 and provided their feedback and recommendations for the coming year. They explained the actuarial valuation plan provision changes, the key actuarial valuation assumptions, and the overall actuarial valuation results. Ms. Myers discussed the preliminary proposed state contribution for Fiscal Year 2027.

Documents titled “GRS-SURS 2025 Val Presentation Prelim,” “GRS-SURS 2025 Valuation,” “SURS Buyout Assumption Recommendations 2025,” and “FY2027 Certification of Statutory Contribution” were referenced.

Trustee Rock made the following motion:

• That based on the recommendation of Gabriel, Roeder, Smith & Company (GRS), the amount of $2,368,598,000 be certified for Fiscal Year 2027 as the Preliminary Proposed State Contribution.

Trustee Vasquez seconded the motion which passed via the following roll call vote.

Trustee Bodnaruk – aye
Trustee Kothari – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye

Certification of Fiscal Year 2027 Normal Cost Rate

Ms. Myers and GRS presented the documents titled “FY2027 Certification of Normal Cost” and “GRS Normal Cost Letter” which included a breakdown of the certification of Fiscal Year 2027 normal cost rate by benefit type for the defined benefit plan. Ms. Myers explained the employer normal cost as it applies to employers that pay employee salaries through federal trust and/or grant contributions beginning with the pay period in effect from July 1, 2026, through June 30, 2027. The Normal Cost Rate will be applied to pensionable earnings of participating members that exceed the governor’s salary for this period.

Mr. Brian Murphy and Amy Williams of Gabriel, Roeder, Smith & Company (GRS) shared their insights and recommendations with the board.

Trustee Rock made the following motion:

• That based on the recommendation of Gabriel, Roeder, Smith & Company (GRS), the Employer Normal Cost Rate of 11.58% be approved as presented.

Trustee Vasquez seconded the motion which passed via the following roll call vote.

Trustee Bodnaruk – aye
Trustee Kothari – aye
Trustee Rock – aye
Trustee Van Meter -aye
Trustee Vasquez – aye

Certification of The State Contribution to The Community College Health Insurance Security Fund for Fiscal Year 2027

Mrs. Tara Myers discussed the information included in the SURS staff memorandum titled “FY2027 Certification of State CIP Contribution” which included an explanation of how the College Insurance Program (CIP) provides health insurance benefits to retired community college employees under SURS. She discussed the increases that will take place in Fiscal Year 2027 for the full-time employees, the contribution rate for employers and the state contribution rate which will increase to match the full-time employee contributions CIP.

Following that discussion, Trustee Vasquez made the following motion:

• That based on staff recommendation, the amount of $11,707,648 be certified for Fiscal Year 2027 as the contribution to the Community College Health Insurance Security Fund.

Trustee Rock seconded the motion which passed via the following roll call vote:

Trustee Bodnaruk – aye
Trustee Kothari – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye

Strategic Plan

Mr. Jefferey Saiger and Ms. Suzanne Mayer discussed the Strategic Plan for 2026-2031 referenced in the SURS staff memorandum titled, “Admin Committee Org Strategy 10-2025”. They discussed the timeline, implementation process, and next steps. A draft strategic plan titled “SURS Strategic Plan – Draft” was shared which included the mission, vision, values, and goals that will be made public once approved. Mr. Saiger requested any edits or changes be sent to him or to Ms. Mayer in advance of the December meeting so the work can stay on track and the final strategic plan to be presented in December can be approved at that time.

Public Comment

There was no public comment presented to the Administration Committee.

Adjourn

There was no further business brought before the committee and Trustee Rock moved that the meeting be adjourned. The motion was seconded by Trustee Vasquez which passed via the following roll call vote:

Trustee Bodnaruk – aye
Trustee Kothari – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye

Ms. Suzanne Mayer

Executive Director and Secretary, SURS Board of Trustees