What's Being Discussed

Staff updates: The Executive Director, Deputy Executive Director, and Retirement Benefits Branch will report on investments, member services, accounting, and technology operations.
Board leadership: An update on the 2026 election of Board officers and committee assignments, including the announcement of new Trustee Dr. Amanda Lowrey.
Financial health of the pension fund: A preliminary actuarial valuation report for the year ending June 30, 2026, will be presented to assess the fund's long-term financial condition.
Staffing changes: Discussion of the departure of the Deputy Executive Director, the appointment of interim Deputy Executive Director Wesley Machida, and ongoing recruitment for a new Chief Investment Officer.
New state law implementation: The Board will discuss how to carry out Act 149 (2026), which exempts certain senior ERS positions from civil service rules.
Investment performance: A review of total fund performance through March 31, 2026, a private equity review, and education sessions on long-term investment planning.
Cybersecurity and compliance: Closed-door sessions will cover cybersecurity risks, technology vulnerabilities, and internal audit activities.
Legal matters: Private sessions will address ongoing litigation involving several individuals and potential settlement matters.

Decisions Expected

Approval of meeting minutes from May 7 and June 1, 2026
Approval of a revised Investment Risk Management Policy
Possible action on legal settlements and litigation strategy (in closed session)

Who Should Pay Attention

Hawaii state and county employees who are members of the pension system
Retirees receiving benefits from the Employees' Retirement System
Anyone interested in how public employee retirement funds are managed and invested