Meeting of the Administration Committee

Meeting: March 6, 2026 | Posted: June 9, 2026 | SURS Board of Trustees Meeting Minutes

The meeting of the Administration Committee of the Board of Trustees of the State Universities Retirement System (SURS) convened on Friday, March 6, 2026, at 9:00 a.m. 

This meeting was held in person at State Universities Retirement System in Champaign, IL.

The following trustees were present: Dr. Andriy Bodnaruk (Zoom); Mr. Pranav Kothari; Dr. Fred Giertz; Mr. Scott Hendrie; Mr. John Lyons; Mr. Herbert Pitman; Dr. Steven Rock; Mr. Collin Van Meter (chair); and Mr. Antonio Vasquez.

Others present: Ms. Suzanne Mayer, Executive Director; 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. Heather Kimmons, Associate Legal Counsel; Mr. Shane Willoughby, Sr. Investment Officer; Ms. Tracy Bennett, Sr. Investment Compliance Analyst; Ms. Kristen Houch, Director of Legislative and Stakeholder Relations; Mr. Mark Rowe, Chief Benefits Officer; Ms. Amanda Baker, Organizational Strategy Analyst; Ms. Lisa Fink, Communications Manager; Ms. Leslie Pouilliard, PMO Manager; Ms. Kelly Carson, Ms. Chelsea McCarty, and Ms. Annette Ackerman, Executive Assistants; Mr. Michael Calabrese of Foley & Lardner LLP; Mr. Joe Rice of CBIZ; and Ms. Erica Oropeza of Linea.

Administrative Committee roll call attendance was taken: Trustee Kothari, present; Trustee Rock, present; Trustee Van Meter, present; and Trustee Vasquez present.

Motion to Allow Trustees to Participate Via Electronic Means Pursuant to the Illinois Open Meetings Act

Trustee Kothari made the following motion:

• That Trustee Bodnaruk be allowed to participate via video or audio conference call as allowed by 5 ILCS 120/7 due to the fact he is prevented from physically attending this meeting because of 1) personal illness or disability, 2) employment purposes or the business of SURS, 3) a family or other emergency, or 4) unexpected childcare obligations.

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

Trustee Bodnaruk – not called
Trustee Kothari – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye

Roll call attendance for trustees participating via electronic means was taken: Trustee Bodnaruk, present.

Approval of Minutes

Trustee Van Meter presented the minutes from the Administration Committee meeting of December 5, 2025.

Trustee Kothari made the following motion:

• That the minutes from the December 5, 2025, Administration Committee meeting be approved as presented.

Trustee Vasquez 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 chairperson’s report.

Annual Comprehensive Financial Report (Educational Session)

Ms. Tara Myers presented the 2025 Annual Comprehensive Financial Report, “Foundation for Growth,” educational session for the trustees. The Educational session lasted 20 minutes and concluded at 9:25 a.m.

Discussion of Fiscal Year 2026 Compensation Adjustments

Ms. Nichole Hemming and Mr. Joe Rice of CBIZ presented the 2026 Annual Compensation Guidance presentation for the SURS staff compensation package. Discussion followed regarding recommendations for appropriately setting and approving a budget amount for staff increases.

Trustee Rock made the following motion:

• That based on SURS Staff recommendation, a 4.00% increase to the salary budget for FY27 be approved to fund the salary budget increase with 2.6% to be allocated to fund the adjustments to the salary ranges and as the minimum increase for staff with at least one year of service with SURS and 1.4% to be allocated for merit adjustments in addition to the minimum increase.

Trustee Vasquez seconded the motion, 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

Trustee Rock made the following motion:

• That an additional $25,000 be allocated to fund the SURS Star Award Program for FY27.

Trustee Bodnaruk seconded the motion, and it passed via the following roll call vote:

Trustee Bodnaruk – aye
Trustee Kothari – absent
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye

Major Budget Initiatives for Fiscal Year 2027

Mr. Jeffery Saiger presented the Budgetary Plan for FY27. He also discussed the Project Plan and his Capital Budget presentation included highlights of specific areas of the plan including proposed member services program projects, security projects, administration program projects, IT operations/infrastructure, and facilities projects.

Quarterly Pension Administration System (PAS) Update

Mr. Saiger and Ms. Leslie Pouilliard along with Ms. Erica Oropeza of Linea, provided a quarterly update on the Velocity PAS Project. The group discussed recent achievements along with project risks and mitigations.

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 that the meeting be adjourned. The motion was seconded by Trustee Kothari, and it passed via the following roll call vote.

Trustee Bodnaruk – absent
Trustee Kothari – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye

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