Audit & Risk Committee Meeting Minutes

Meeting: December 4, 2025 | Posted: March 9, 2026 | SURS Board of Trustees Meeting Minutes

The meeting of the of the Audit & Risk Committee of the Board of Trustees of the State Universities Retirement System (SURS) convened on Thursday, December 4, 2025, at 3:30 p.m.

This meeting was held in person at Northern Trust, Chicago, IL 60604.

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

Others present: Ms. Suzanne Mayer, Executive Director; Mr. Michael Schlachter, Chief Investment Officer (CIO); Ms. Bianca Green, General Counsel; Ms. Tara Myers, Chief Financial Officer; Ms. Jackie Hohn, Chief Internal Auditor; Ms. Nichole Hemming, Chief Human Resources Officer; Mr. Jefferey Saiger, Chief Strategy and Technology Officer; Mr. Albert Lee, Associate Legal Counsel; Ms. Kristen Houch, Director of Legislative and Stakeholder Relations; Ms. Kelly Carson, Ms. Chelsea McCarty, and Ms. Annette Ackerman, Executive Assistants; and Mr. Michael Calabrese of Foley & Lardner LLP.

Audit & Risk Committee roll call attendance was taken: Trustee Bodnaruk, present; Trustee Giertz, present; Trustee Hendrie, present; Trustee Pitman, present; and Trustee Rock, present.

Approval of Minutes

Trustee Giertz presented the minutes from the Audit & Risk Committee meeting of September 11, 2025.

Trustee Rock made the following motion:

• That the minutes from the September 11, 2025, Audit & Risk Committee meeting be approved as presented.

Trustee Bodnaruk seconded the motion which passed via all trustees present voting in favor of the motion.

Approval Closed of Minutes

Trustee Giertz presented the closed minutes from the Audit & Risk Committee meeting of September 11, 2025.

Trustee Hendrie made the following motion:

• That the closed minutes from the September 11, 2025, Audit & Risk Committee meeting be approved and remain closed.

Trustee Rock seconded the motion which passed via all trustees present voting in favor of the motion.

Chairperson’s Report

Trustee Giertz did not have a formal chairperson’s report.

Review of the Internal Audit Charter and Policy

Ms. Jackie Hohn presented a review of the Internal Audit Charter and Policy which is used to strengthen SURS’ ability to protect, create, and sustain value for the System by providing independent, risk-based and objective assurance, advice, insight, and foresight. After briefly reviewing the charter and policy, the trustees agreed to make a small change to charter. No changes were made to the policy.

Trustee Rock made the following motion:

• That the Audit & Risk Committee approve the Internal Audit Charter as presented with the changes directed by the committee.
  Trustee Hendrie seconded the motion which passed via the following roll call vote:

Trustee Bodnaruk – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Pitman – aye
Trustee Rock – aye

Trustee Rock made the following motion:

• That the Audit & Risk Committee approve the internal audit policy as presented.

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

Trustee Bodnaruk – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Pitman – aye
Trustee Rock – aye

Closed Session

Trustee Rock moved that the Audit & Risk Committee go into closed session at 3:43 p.m. pursuant to §2(c)(8) & §2(c)(29) of the Illinois Open Meetings Act for the consideration of security procedures. Trustee Bodnaruk seconded, and the motion passed via the following roll call vote:

Trustee Bodnaruk – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Pitman – aye
Trustee Rock – aye

Return to Open Session

Open session resumed at 4:25 p.m.

Trustee Rock made the following motion:

• That the pursuant to section 40 ILCS/1-135, the Audit & Risk Committee direct General Counsel to report the suspected fraud matters discussed in closed session to the appropriate state’s attorney and to relevant law enforcement agencies for further investigation.

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

Trustee Bodnaruk – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Pitman – aye
Trustee Rock – aye

Public Comment

There were no public comments presented to the Audit & Risk 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 Hendrie, and it passed via the following roll call vote:

Trustee Bodnaruk – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Pitman – aye
Trustee Rock – aye

Ms. Suzanne Mayer

Executive Director and Secretary, SURS Board of Trustees