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Closed Session: Audit & Risk Committee Meeting Minutes

Meeting: September 13, 2024 | Posted: June 8, 2026 | SURS Board of Trustees Meeting Minutes

The meeting of the Audit & Risk Committee of the Board of Trustees of the State Universities Retirement System (SURS) convened on Friday, September 13, 2024, at 10:00 a.m.

Upon motion by Trustee Hendrie, seconded by Trustee Rock and all present trustees voting in favor, the SURS Audit & Risk Committee went into closed session at 10:38 a.m. pursuant to section 2(c)(29) and 2(c)(8) of the Open Meetings Act.

The following trustees were present: Dr. Fred Giertz; Mr. Scott Hendrie, Mr. Pranav Kothari (via zoom), Mr. John Lyons, Mr. Herbet Pitman; Dr. Steven Rock, Mr. Collin Van Meter, Mr. Antonio Vasquez.

Others present: Ms. Suzanne Mayer, Executive Director; Ms. Bianca Green, General Counsel; Mr. Albert Lee, Associate General Counsel; Mr. Michael Schachter, Chief Investment Officer; Ms. Nichole Hemming, Chief Human Resource Officer; Mr. Jefferey Saiger, Chief 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, Mr. Michael Calabrese of Foley.

Information Systems Security Update

Mr. Jefferey provided the IT Annual Security update to the Board of Trustees. Historically, the report has been based upon the Department of Labor’s cyber security guidelines for plan sponsors & fiduciaries, which focus on twelve key areas. Over the past year SUR’S focus was to further leverage the tools currently used to improve the processes IT put into place and also to continue developing the skills of new SURS staff members who have been hired recently. SURS will continue to make improvements to the overall security posture at SURS. Mr. Saiger then reviewed the annual security report with the board and opened the floor for questions.

Fraud Report

Ms. Bianca Green provided a brief update on a previous fraud report discussed with the board and she provided new details regarding repeats of the attempted fraudulent activities occurring in the same manner as before. She provided feedback regarding how the situation was handled in the past and she indicated that she would notify the appropriate authorities regarding these repeated
fraudulent activities. Ms. Green confirmed that SURS has not lost any money as a result of this attempted fraud.

The Audit & Risk Committee returned to open session at 11:34 a.m.

Respectfully submitted,

Suzanne Mayer Signature

Ms. Suzanne Mayer
Executive Director and Secretary, SURS Board of Trustees