Board of Trustees Meeting Minutes
The meeting of the Board of Trustees of the State Universities Retirement System (SURS) convened on Friday, December 5, 2025, at 12:00 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; Mr. Scott Hendrie; Mr. Panav Kothari; Mr. John Lyons (chair); Mr. Herbert Pitman; Dr. Steven Rock; Mr. Collin Van Meter; and Mr. Antonio Vasquez.
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 & Lardner LLP.
Board of Trustees roll call attendance was taken: Trustee Bodnaruk, present; Trustee Figueroa, present; Trustee Giertz, present; Trustee Hendrie, present; Trustee Jiganti, absent; Trustee Kothari, present; Trustee Lyons, present; Trustee Pittman, present; Trustee Rock, present; Trustee Van Meter, present; and Trustee Vazquez, present.
Approval of Minutes
Trustee Lyons presented the minutes from the Board of Trustees meeting on October 23, 2025.
Trustee Rock made the following motion:
- That the minutes from October 23, 2025, Board of Trustees meeting be approved as presented.
Trustee Kothari seconded the motion which passed via all trustees present voting in favor of the motion.
Approval of Closed Minutes
Trustee Lyons presented the minutes from the Board of Trustees meeting on October 23, 2025.
Trustee Rock made the following motion:
- That the closed minutes from October 23, 2025, Board of Trustees meeting be approved as presented and remain closed.
Trustee Giertz seconded the motion which passed via all trustees present voting in favor of the motion.
Semiannual Review of Closed Minutes
Trustee Lyons presented the Semiannual Review of the Closed Session Board meeting minutes.
Trustee Rock made the following motion:
- That the closed session minutes listed on Exhibit A (listed below) remain closed.
- February 3, 2022 – Board of Trustees
- June 2, 2022 – Audit & Risk Committee
- June 3, 2022 – Board of Trustees
- July 22, 2022 – Claims Panel Committee
- October 5, 2022 – Claims Panel Committee
- October 20, 2022 – Audit & Risk Committee
- February 28, 2023 – Claims Panel Committee
- March 10, 2023 – Executive Committee
- August 21, 2023 – Claims Panel Committee – Dan Gaumer
- September 8, 2023 – Audit & Risk Committee
- November 13, 2023 – Claims Panel Committee – Dan Gaumer
- March 1, 2024 – Executive Committee
- June 6, 2024 – Investment Committee
- June 6, 2024 – Administration Committee
- June 6, 2024 – Audit & Risk Committee
- June 7, 2024 – Board of Trustees
- June 7, 2024 – Special Meeting of the Elected Members of the Board
- August 15, 2024 – Special Investment Committee Meeting
- August 26, 2024 – Claims Panel Committee – Dan Gaumer
- August 26, 2024 – Claims Panel Committee – Carolyn Clifford
- September 12, 2024 – Investment Committee
- September 13, 2024 – Audit & Risk Committee
- September 13, 2024 – Board of Trustees
- September 13, 2024 – Executive Committee
- October 24, 2024 – Investment Committee
- November 19, 2024 – Claims Panel Committee – Dan Gaumer
- November 19, 2024 – Claims Panel Committee – Carolyn Clifford
- December 5, 2024 – Investment Committee
- December 5, 2024 – Audit & Risk Committee
- December 6, 2024 – Board of Trustees
- February 10, 2025 – Claims Panel Committee – Carolyn Clifford
- March 6, 2025 – Investment Committee
- March 7, 2025 – Audit & Risk Committee
- March 7, 2025 – Board of Trustees
- April 17, 2025 – Investment Committee
- April 17, 2025 – Board of Trustees
- May 5, 2025 – Claims Panel Committee – Dan Gaumer
- May 5, 2025 – Claims Panel Committee – Carolyn Clifford
- June 5, 2025 – Investment Committee
- June 5, 2025 – Audit & Risk Committee
- June 6, 2025 – Administration Committee
- June 6, 2025 – Board of Trustees
- August 28, 2025 – Claims Panel Committee – Dan Gaumer
- August 28, 2025 – Claims Panel Committee – Carolyn Clifford
- September 11, 2025 – Investment Committee
- September 12, 2025 – Board of Trustees
Trustee Giertz seconded the motion which passed via all trustees present voting in favor of the motion.
Trustee Rock made the following motion:
- That the closed session minutes listed on Exhibit B (listed below) be opened.
- June 21, 2021– Executive Committee
- November 13, 2023 – Claims Panel Committee – Carolyn Clifford
- December 7, 2023 – Investment Committee
- December 8, 2023 – Audit & Risk Committee
- December 8, 2023 – Board of Trustees
- February 12, 2024 – Claims Panel Committee – Carolyn Clifford
- February 12, 2024 – Claims Panel Committee – Dan Gaumer
- February 29, 2024 – Investment Committee
- February 29, 2024 – Audit & Risk Committee
- March 1, 2024 – Board of Trustees
- April 4, 2024 – Claims Panel Committee – Carolyn Clifford
- April 18, 2024 – Board of Trustees
- May 6, 2024 – Claims Panel Committee – Dan Gaumer
Trustee Giertz seconded the motion which passed via all trustees present voting in favor of the motion.
Review of Closed Verbatim Recordings
Trustee Lyons presented the review of the Closed Verbatim Recordings.
Trustee Rock made the following motion:
- That the closed session verbatim recordings of the following meetings be discarded in accordance with 5 ILCS 120/2.06(c)(1)(2).
- June 21, 2021 – Executive Committee
- December 7, 2023 – Investment Committee
- December 8, 2023 – Audit & Risk Committee
- December 8, 2023 – Board of Trustees
- February 12, 2024 – Claims Panel Committee – Carolyn Clifford
- February 12, 2024 – Claims Panel Committee – Dan Gaumer
- February 29, 2024 – Audit & Risk Committee
- February 29, 2024 – Investment Committee
- March 1, 2024 – Board of Trustees
- April 4, 2024 – Claims Panel Committee – Carolyn Clifford
- April 18, 2024 – Board of Trustees
- May 6, 2024 – Claims Panel Committee – Dan Gaumer
- November 13, 2024 – Claims Panel Committee – Carolyn Clifford
Trustee Giertz seconded the motion which passed via the following roll call vote:
Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Chairperson’s Report
John Lyons welcomed former SURS Board Chair, Mr. John Atkinson, who provided an update on the efforts of the Illinois Economic Development Corporation. Mr. Atkinson’s presentation is titled, “IL EDC Presentation.”
Executive Director’s Report
Ms. Suzanne Mayer did not have a formal Executive Director’s Report.
Board Travel
Ms. Suzanne Mayer presented the “December 2025 Travel Memo” and the “December 2025 Upcoming Training Opportunity List” that contains information relating to upcoming travel and training opportunities available to the trustees.
Trustee Rock made the following motion:
- That the Board of Trustees travel to attend conferences or training listed on the December 2025 list of upcoming training opportunities be approved and that all resulting expenses as defined in the SURS travel policy be reimbursed.
Trustee Giertz seconded the motion which passed via the following roll call vote:
Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Review of Committee Actions
Audit & Risk Committee
Trustee Giertz presented the following motion:
- That the Audit & Risk Committee approve the Internal Audit Charter with changes directed by the committee as presented.
The motion passed via the following roll call vote:
Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Trustee Giertz presented the following motion:
- That the Audit & Risk Committee approve the internal audit policy as presented.
The motion passed via the following roll call vote:
Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Trustee Giertz presented 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.
The motion passed via the following roll call vote:
Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Administration Committee
Trustee Van Meter presented 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.
The motion passed via the following roll call vote:
Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Trustee Van Meter presented 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.
The motion passed via the following roll call vote:
Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Trustee Van Meter presented 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.
The motion passed via the following roll call vote:
Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Trustee Van Meter presented the following motion:
- That based on the recommendation of SURS staff, the Effective Rate of Interest to be used for all purposes, other than Rule 2 money purchase calculation, remain unchanged at 7.25% for Fiscal Year 2027.
The motion passed via the following roll call vote:
Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Trustee Van Meter presented the following motion:
- That based on the recommendation of SURS staff and Mosaic, the 2026-2031 SURS Strategic Plan be approved as presented.
The motion passed via the following roll call vote:
Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Legal & Legislative Committee
Trustee Rock presented the following motion:
- That the proposed January 2026 Regulatory Agenda be approved as presented and be filed in substantially the same format.
The motion passed via the following roll call vote:
Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Report of Investment Committee Actions
Trustee Hendrie reported on the specific action items taken by the Investment Committee during the December 4, 2025 Investment Committee meeting. These items are referenced in greater detail in the Investment Committee meeting minutes of December 4, 2025.
Approval of Fiscal Year 2026 Board Manual
Ms. Bianca Green presented the proposed updates and changes to the Board Governance Manual for Fiscal Year 2026.
Trustee Rock made the following motion:
That the proposed Board Governance Manual for Fiscal Year 2026 be accepted and approved as presented.
Trustee Pitman seconded the motion which passed via the following roll call vote:
Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Closed Session
Trustee Rock moved that the Board of Trustees go into closed session at 12:35 p.m. pursuant to §2(c)(11) of the Illinois Open Meetings Act for the consideration of security procedures. Trustee Hendrie seconded the motion which passed via the following roll call vote:
Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Return to Open Session
Open session resumed at 12:42 p.m.
Informational Items Not Requiring Board Action
- General Counsel’s FOIA Report
- Comparative Financial Reports and Budget Variance
- Member Services Division Report
- Retirement Saving Plan Update for the Quarter Ending September 30,2025
Public Comment
There were no public comments presented to the SURS Board of Trustees.
Trustee Comment
There were no Trustee comments.
Adjourn
There was no further business brought before the Board and Trustee Rock moved to adjourn the meeting. The motion was seconded by Trustee Vasquez and it passed via the following roll call vote:
Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Ms. Suzanne Mayer
Executive Director and Secretary, SURS Board of Trustees