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Meeting of the Board of Trustees
Champaign, IL – The Board of Trustees of the State Universities Retirement System (SURS) will meet on Friday, December 5, 2025, at the Northern Trust, Global Conference Center, 50 S. LaSalle St. Chicago, IL 60604.
Times shown on the agenda that follows are approximate.
Members of the public who would like to make public comments during any SURS Board of Trustees or Committee meetings that are open to the public must comply with the requirements found in Title 80, Subtitle D, Chapter II, Section 1600.120 (i)(1) and (2) of the Illinois Register. Click here for details.
Optional Remote Connection for Public Members
Zoom Meeting Number: 1-312-626-6799 | Meeting ID: 828 5466 2810 Passcode: 829018
1. 12:00 p.m.
Roll Call of Trustees
2.* 12:00 p.m.
Motion to Allow Trustees to Participate Via Electronic Means, if Necessary
3.* 12:00 p.m.
Approval of the Board of Trustees Meeting Minutes of:
a. October 23, 2025
Presenter: Chairman John Lyons
4.* 12:00 p.m.
Approval of the Closed Session Board of Trustees Meeting Minutes of:
a. October 23, 2025
Presenter: Chairman John Lyons
5.* 12:05 p.m.
Semi-Annual Review of Closed Session Minutes – Privileged & Confidential
• June 21, 2021 – Executive Committee
• 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
• 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 – Dan Gaumer
• February 12, 2024 – Claims Panel Committee – Carolyn Clifford
• February 29, 2024 – Investment Committee
• February 29, 2024 – Audit & Risk Committee
• March 1, 2024 – Board of Trustees
• March 1, 2024 – Executive Committee
• 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 – 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
• Exhibit A – Recommended minutes to remain closed
• Exhibit B – Recommended minutes to be opened
Presenter: Chairman John Lyons
6.* 12:10 p.m.
Review of Closed Verbatim Recordings – Privileged & Confidential
a. June 21, 2021 – Executive Committee
b. December 7, 2023 – Investment Committee
c. December 8, 2023 – Audit & Risk Committee
d. December 8, 2023 – Board of Trustees
e. February 12, 2024 – Claims Panel Committee – Carolyn Clifford
f. February 12, 2024 – Claims Panel Committee – Dan Gaumer
g. February 29, 2024 – Audit & Risk Committee
h. February 29, 2024 – Investment Committee
i. March 1, 2024 – Board of Trustees
j. April 4, 2024 – Claims Panel Committee – Carolyn Clifford
k. April 18, 2024 – Board of Trustees
l. May 6, 2024 – Claims Panel Committee – Dan Gaumer
m. November 13, 2024 – Claims Panel Committee – Carolyn Clifford
Presenter: Chairman John Lyons
7. 12:15 p.m.
Chairperson’s Report
Presenter: Chairman John Lyons
8. 12:30 p.m.
Executive Director’s Report
Presenter: Ms. Suzanne Mayer
9.* 12:35 p.m.
Board Travel
Presenter: Ms. Suzanne Mayer
10.* 12:40 p.m.
Approval of Committee Actions
a. Audit & Risk Committee
b. Administration Committee
c. Legal & Legislative Committee
Presenter: Committee Chair
11. 12:45 p.m.
Report of Investment Committee Actions
Presenter: Trustee Scott Hendrie
12.* 12:50 p.m.
Approval of Fiscal Year 2026 Board Manual
Presenter: Ms. Bianca Green
13.* 12:55 p.m.
Personnel Items – Closed Session if Necessary
Presenter: Chairman John Lyons
14. 1:00 p.m.
General Counsel’s Litigation Report – Closed Session
a. General Counsel’s Litigation Report
b. Potential Litigation Matters (if any)
Presenter: Ms. Bianca Green
15. 1:20 p.m.
Informational Items Not Requiring Board Action
a. General Counsel’s FOIA Report
b. Comparative Financial Reports and Budget Variance
c. Member Services Division Report
d. Retirement Savings Plan Update for the Quarter Ending September 30, 2025
Presenter: SURS Staff
16.* 1:20 p.m.
Public Comment
17.* 1:20 p.m.
Trustee Comment
18.* 1:20 p.m.
Adjourn
* Denotes Action Item