Administration Committee Meeting Minutes
Meeting: December 5, 2025 | Posted: March 10, 2026 | SURS Board of Trustees Meeting Minutes
The meeting of the of the Administration Committee of the Board of Trustees of the State Universities Retirement System (SURS) convened on Friday, December 5, 2025, at 9:00 a.m.
This meeting was held in person at Northern Trust in Chicago, IL, 60604.
The following trustees were present: Dr. Andriy Bodnaruk; Mr. Richard Figueroa; Dr. Fred Giertz; Mr. Scott Hendrie; Mr. Pranav Kothari; 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; Ms. Kristen Houch, Director of Legislative and Stakeholder Relations; Mr. Mark Rowe, RSP Manager; Ms. Amanda Baker, Organizational Strategy Analyst; Ms. Lisa Fink, Communications Manager; Ms. Kelly Carson, Ms. Chelsea McCarty, and Ms. Annette Ackerman, Executive Assistants; Mr. Michael Calabrese of Foley & Lardner LLP; Mr. Kevin Noelke, Ms. Kristen Brundirks, and Ms. Amy Williams of Gabriel, Roeder, Smith & Company (GRS); Ms. Erica Oropeza, Mr. Bryce Haws, and Mr. Tom Duffy of Linea Solutions.
Administrative Committee roll call attendance was taken. Trustee Bodnaruk, present; Trustee Kothari, present; Trustee Rock, present; Trustee Van Meter, present; and Trustee Vasquez, present.
Approval of Minutes
Trustee Van Meter presented the minutes from the Administration Committee meeting of October 23, 2025.
Trustee Rock made the following motion:
- That the minutes from October 23, 2025, Administration Committee meeting be approved as presented.
Trustee Kothari seconded the motion, and it passed with all trustees present voting in favor of the motion.
Chairperson’s Report
Trustee Van Meter did not have a formal chairperson’s report.
Receipt of Fiscal Year 2025 Actuarial Valuation Report and Fiscal Year 2025 GASB 67 and 68 Report
Ms. Tara Myers introduced Ms. Amy Williams and Ms. Kristen Brundirks of Gabriel, Roeder, Smith & Company (GRS), who presented the results of the Fiscal Year 2025 Actuarial Valuation Report and the Fiscal Year 2025 GASB 67 & 68 Report to the SURS Board of Trustees. She provided an overview of the June 30, 2025, Actuarial Valuation, reviewed the results of the valuation, and provided a summary of the same.
These documents are titled, “GRS 2025 Val Presentation,” “GRS Valuation 2025 with Stress Testing,” “GRS 2025 GASB6768 Report,” and “FY25 Valuation,” and “67-68 Report Memo.”
Trustee Rock made the following motion:
- That based on the joint recommendation of SURS staff and Gabriel, Roeder, Smith & Company (GRS), the Actuarial Valuation Report and GASB 67/68 Report as of June 30, 2025, be received as presented.
Trustee Kothari 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 State Contribution
Ms. Tara Myers presented and discussed the new proposed state contribution for Fiscal Year 2027 that was discussed by GRS earlier in the meeting. These documents are titled, “FY2027 Certification of Statutory Contribution,” “SURS Cheiron 2025 Draft Report,” “GRS Response to State Actuary,” and “FY25 SURS State Actuary Report Memo.”
Trustee Rock made the following motion:
- That based on the recommendation of Gabriel, Roeder, Smith & Company (GRS), the monetary amount of $2,366,144,000 be certified for Fiscal Year 2027 as the SURS State Contribution.
Trustee Kothari 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
Trustee Rock made the following motion:
- That based on the joint recommendation of SURS staff and Gabriel, Roeder, Smith & Company (GRS), the State Actuary’s Preliminary Report regarding review of assumptions and methods used in the June 30, 2025 Actuarial Valuation be received as presented.
Trustee Kothari 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
Approval of Fiscal Year 2027 Effective Rate of Interest
Ms. Tara Myers presented the Fiscal Year 2027 Effective Rate of Interest recommendation entitled, “ERI December 2025 Memo.” The applicable statute requires that the Board of Trustees consider expected future investment performance when determining the Effective Rate of Interest. For this portion of the statutory analysis, the variable used is the actuarially assumed rate for future investment performance. Based on the statutory factors being considered, SURS staff recommended that the Effective Rate of Interest (ERI) remain at 7.25 percent for Fiscal Year 2027.
Trustee Rock made the following motion:
- That based on the recommendation of SURS staff, the Effective Rate of Interest to be used for all purposes other than the Rule 2 money purchase calculation remain unchanged at 7.25 percent for Fiscal Year 2027.
Trustee Kothari 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
Quarterly Pension Administration System (PAS) Update
Mr. Jefferey Saiger, along with Ms. Erica Oropeza from Linea, presented the “SURS Board Velocity Update” report which included the quarterly update on the PAS Project Velocity. They noted achievements along with project risks and mitigations.
Strategic Plan for 2026-2031
Mr. Jefferey Saiger and Ms. Suzanne Mayer provided an overview of the SURS strategic planning initiative. Ms. Katherine Jackson of Mosaic provided additional information in her report titled, “SURS Board Strategic Plan Presentation.” A draft version of the Strategic Plan titled, “SURS Strategic Plan 2025 Draft” was presented to the committee.
Trustee Rock made the following motion:
- That based on the recommendation of SURS staff and Mosaic, the 2026-2031 SURS Strategic Plan be approved as presented.
Trustee Kothari 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
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 to adjourn the meeting. The motion was seconded by Trustee Kothari, and it 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