Audit & Risk Committee Meeting Minutes

June 5, 2025 | SURS Board of Trustees Meeting Minutes

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

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

Others present: Ms. Suzanne Mayer, Executive Director; Ms. Bianca Green, General Counsel; Mr. Albert Lee, Associate General Counsel; Ms. Heather Kimmons, Associate Legal Counsel; Mr. Michael Schlachter, Chief Investment Officer; Ms. Nichole Hemming, Chief Human Resources Officer; Mr. Jefferey Saiger, Chief Strategy & Technology Officer; Ms. Tara Myers, Chief Financial Officer; Ms. Jackie Hohn, Chief Internal Auditor; 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.

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 March 7, 2025.

Trustee Hendrie made the following motion:

• That the minutes from the March 7, 2025, Audit & Risk Committee meeting be approved as presented.

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

Approval of Closed Minutes

Trustee Giertz presented the closed minutes from the Audit & Risk Committee meeting of March 7, 2025.

Trustee Hendrie made the following motion:

• That the closed minutes from the March 7, 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.

Employer Audits

Ms. Jackie Hohn presented the Employer Audits to the Board of Trustees. SURS Special Assistant Auditors were engaged to perform multiple census testing to determine certain compliance by the universities with several specific requirements. She reviewed these requirements and shared the opinion formed by the accountants that stated the universities complied, in all material respects, with the specified requirements during the audit period.

Internal Audits

Disability Audit

Ms. Jackie Hohn discussed the disability audit. She explained that the objectives of the audit were to determine whether the procedures for the calculation and payment of disability benefits adequately conformed to the Illinois Pension Code, to the Joint Committee on Administrative Rules (JCAR) and with applicable federal law. She shared some of internal audit concerns, she confirmed the scope of the audit, and shared the opinion formed by internal audit that the benefit calculation and payment procedures for the disability benefits adequately confirm to the Illinois Pension Code, the Joint Committee on Administrative Rules and applicable federal laws.

Approval of the Two-Year Audit Plan

Ms. Jackie Hohn presented the fiscal year 2026 internal Audit Plan. She reviewed the multiple audit activities that will take place during this two-year Audit Plan and she provided the estimated timeline for each planned audit.

Trustee Hendrie made the following motion:

• That the two-year Audit Plan be approved as presented

Trustee Pitman 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 4:00 p.m. pursuant to §2(c)(8) of the Illinois Open Meetings Act for the consideration of security procedures. Trustee Hendrie 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 4:12 p.m.

Public Comment

There were no public comments presented to the Audit & Risk Committee.

Adjournment

There was no further business brought before the committee and Trustee Rock moved that the meeting be adjourned. 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 M. Mayer
Executive Director and Secretary, Board of Trustees