Meeting of the Board of Trustees
Meeting: June 5, 2026 | Posted: September 15, 2026 | SURS Board of Trustees Meeting Minutes
The meeting of the Board of Trustees of the State Universities Retirement System (SURS) convened on Friday, June 5, 2026, at 2:00 p.m.
This meeting was conducted in person at Northern Trust in Chicago, IL.
The following trustees were present: Dr. Andriy Bodnaruk; Mr. Richard Figueroa; Dr. Fred Giertz; Mr. Scott Hendrie; Ms. Jeanine Jiganti; Mr. Pranav 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. Michael Schlachter, Chief Investment Officer (CIO); 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; Mr. Mark Rowe, Chief Benefits Officer; Ms. Kristen Houch, Director of Legislative and Stakeholder Relations; Ms. Heather Kimmons, Associate Legal Counsel; Ms. Kelly Carson, Ms. Chelsea McCarty, and Ms. Annette Ackerman, Executive Assistants; and Mr. Michael Calabrese, 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, present; Trustee Kothari, present; Trustee Lyons (chair), present; Trustee Pitman, present; Trustee Rock, present; Trustee Van Meter, present; Trustee Vasquez, present.
Approval of Minutes
Trustee Lyons presented the minutes from the SURS Board of Trustees Meeting on April 16, 2026.
Trustee Rock made the following motion:
- That the minutes from April 17, 2025, SURS Board of Trustees meeting be approved as presented.
Trustee Vasquez seconded the motion, which passed with all trustees present voting in favor of the motion.
Semi-Annual Review of Closed Board of Trustees Meeting Minutes
Trustee Lyons presented the semi-annual review of closed Board of Trustees’ meeting minutes.
Trustee Vasquez 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)
- November 13, 2023 – Claims Panel Committee (Dan Gaumer)
- March 1, 2024 – Executive Committee
- September 13, 2024 – Executive Committee
- November 19, 2024 – Claims Panel Committee (Dan Gaumer)
- 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 (Carolyn Clifford)
- May 5, 2025 – Claims Panel Committee (Dan Gaumer)
- 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 (Carolyn Clifford)
- August 28, 2025 – Claims Panel Committee (Dan Gaumer)
- September 10, 2025 – Executive Committee
- September 11, 2025 – Investment Committee
- September 11, 2025 – Audit & Risk Committee
- September 12, 2025 – Board of Trustees
- October 23, 2025 – Investment Committee
- October 23, 2025 – Board of Trustees
- November 4, 2025 – Claims Panel Committee (Carolyn Clifford)
- November 4, 2025 – Claims Panel Committee (Dan Gaumer)
- December 4, 2025 – Investment Committee
- December 4, 2025 – Audit & Risk Committee
- December 5, 2025 – Board of Trustees
- February 10, 2026 – Claims Panel Committee (Carolyn Clifford)
- February 10, 2026 – Claims Panel Committee (Dan Gaumer)
- March 5, 2026 – Investment Committee
- March 6, 2026 – Board of Trustees
Trustee Rock seconded the motion, which passed with 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:
- September 8, 2023 – Audit & Risk 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 Elected Board of Trustees
- August 15, 2024 – Special Investment Committee
- August 26, 2024 – Claims Panel Committee (Dan Gaumer)
- August 26, 2025 – Claims Panel Committee (Carolyn Clifford)
- September 12, 2024 – Investment Committee
- September 13, 2024 – Audit & Risk Committee
- September 13, 2024 – Board of Trustees
- October 24, 2024 – Investment Committee
- 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
Trustee Vasquez seconded the motion, which passed with all trustees present voting in favor of the motion.
Semi-Annual Review of Closed Verbatim Recordings
Trustee Lyons presented the semi-annual review of the Closed Session Verbatim Recordings.
Trustee Rock made the following motion:
- That the Closed Session Verbatim Recordings of the following board and committee meetings be discarded in accordance with 5 ILCS 120/2.06(c)(1)(2):
- February 18, 2021 – Board of Trustees
- June 21, 2021 – Executive Committee
- June 2, 2022 – Investment Committee
- August 11, 2022 – Executive Committee
- September 8, 2023 – Audit & Risk 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)
- June 6, 2024 – Administration Committee
- June 6, 2024 – Audit & Risk Committee
- June 6, 2024 – Investment Committee
- June 7, 2024 – Board of Trustees
- June 7, 2024 – Special Meeting of Elected Trustees
- August 15, 2024 – Special Investment Committee
- August 26, 2024 – Claims Panel Committee (Carolyn
- Clifford)
- August 26, 2024 – Claims Panel Committee (Dan Gaumer)
- September 12, 2024 – Investment Committee
- September 13, 2024 – Audit & Risk Committee
- September 13, 2024 – Board of Trustees
- October 24, 2024 – Investment Committee
- November 19, 2024 – Claims Panel Committee (Carolyn
- Clifford)
- December 5, 2024 – Audit & Risk Committee
- December 5, 2024 – Investment Committee
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 – aye
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Chairperson’s Report
Trustee Lyons did not have a report.
Executive Director’s Report
Ms. Suzanne Mayer thanked the Board for its support of the various initiatives currently pending at SURS.
Board Travel
Ms. Mayer presented the “June 2026 Travel Memo” and the “June 2026 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 trainings listed on the “June 2026 Upcoming Training Opportunity List” be approved.
Trustee Kothari 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 – aye
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 two-year Audit 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 – aye
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – abstain
Trustee Vasquez – aye
Trustee Giertz presented the following motion:
- That pursuant to section 40ILCS5/1-135, the Audit & Risk Committee direct SURS 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 – aye
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – abstain
Trustee Vasquez – aye
Legal & Legislative Committee
Trustee Rock presented the following motion:
- That the proposed “July 2026 Regulatory Agenda” be approved as presented and be filed substantially in the form presented.
The motion passed via the following roll call vote:
Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – aye
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – abstain
Trustee Vasquez – aye
Administrative Committee
Trustee Van Meter presented the following motion:
- That the “Fiscal Year 2027 Administrative Expense Budget” 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 – aye
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 the “Fiscal Year 2027 Capital Expenditure Budget” 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 – aye
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 the “Investment Department Administrative Expense Budget for Fiscal Year 2027” 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 – aye
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 the projected “Investment Department Investment Management Fees for Fiscal Year 2027” be accepted 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 – aye
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 the Chief Investment Officer’s salary be increased at the percentage assigned to his performance rating, beginning with the pay period that includes July 1, 2026.
The Motion passed via the following roll call vote:
Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – aye
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 the Executive Director’s salary be increased at the percentage assigned to her performance rating, beginning with the pay period that includes July 1, 2026.
The Motion passed via the following roll call vote:
Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – aye
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 June 4, 2026, Investment Committee meeting. These items are referenced in greater detail in the Investment Committee meeting minutes of June 4, 2026.
Election of Executive Committee Officers and At-Large Executive Committee Members For Fiscal Year 2027
Trustee Lyons presented the proposed slate of Executive Committee members for FY2027. Trustee Lyons also asked for nominations from the floor, but no additional nominations were made.
Trustee Rock made the following motion:
- That Collin Van Meter be elected as a member of the Executive Committee and elected to serve as Vice-President of the SURS Board of Trustees for FY2027.
Trustee Vasquez 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 – aye
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Trustee Van Meter made the following motion:
- That Scott Hendrie be elected as a member of the Executive Committee and elected to serve as Treasurer of the SURS Board of Trustees for FY2027.
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 – aye
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Trustee Rock made the following motion:
- That Fred Giertz and Antonio Vasquez be elected as at-large members of the SURS Executive Committee for FY2027.
Trustee Bodnaruk 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 – aye
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Trustee Rock made the following motion:
- That the trustees nominated by the Executive Committee’s proposed slate to serve as chairs and members of standing committees for FY2027 be elected as presented.
Trustee Van Meter 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 – aye
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez -aye
Approval of 2027 Regular Meeting Dates
Trustee Lyons presented the “Proposed 2027 Meeting Dates Memo” for trustees’ consideration of regular committee and board meeting dates for the upcoming calendar year.
Trustee Rock made the following motion:
- That the regular meeting dates for the calendar year 2027 be approved as presented.
Trustee Kothari 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 – aye
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Trustee Election Information
Ms. Kelly Carson presented the “2027 Trustee Election Memo” and “Communication Plan” that outlined the process for the upcoming trustee election and timeline of events.
Fiduciary Liability Insurance Renewal
Ms. Tara Myers summarized the details in the proposal for the renewal of SURS’ Fiduciary Insurance policy. She presented the full proposal received from Alliant Insurance Services that currently serves as the insurance broker for SURS for all property and casualty insurance coverages as well as cyber security insurance and fiduciary liability insurance.
Trustee Rock made the following motion:
- That the fiduciary liability insurance coverage to be provided by Alliant Insurance Services be renewed under the agreed upon terms and rates presented.
Trustee Vasquez 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 – aye
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman -aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Personnel Items
There were no personnel items brought before the Board of Trustees.
Closed Session
At 2:25 p.m. Trustee Hendrie moved that the Board of Trustees Committee go into closed session pursuant to §2(c)(11) of the Illinois Open Meetings Act to consider the General Counsel Litigation Report. Trustee Kothari seconded the motion, which passed via the following roll call vote:
Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – absent
Trustee Hendrie – aye
Trustee Jiganti – aye
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 2:34 p.m.
Informational Items Not Requiring Board Action
- General Counsel’s Quarterly FOIA Report
- Comparative Financial Reports and Budget Variance
- Member Services Division Report
- Retirement Savings Plan Update for the Quarter Ending March 31, 2026
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 Figueroa, which passed via the following roll call vote:
Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – aye
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye
Ms. Suzanne M. Mayer
Executive Director and Secretary, Board of Trustees