BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Access100//Hawaii Public Meetings//EN
BEGIN:VEVENT
UID:77489@access100.app
DTSTAMP:20261006T173530Z
DTSTART:20260713T190000Z
DTEND:20260713T200000Z
SUMMARY:Regular Meeting of the Board of Trustees of the Employees' Retirement System of the State of Hawaii
DESCRIPTION:Council: Employees' Retirement System\n\nOfficial Notice: https://calendar.ehawaii.gov/calendar/meeting/77489/details.html\n\nNOTICE OF REGULAR MEETING
\nAGENCY:           Board of Trustees of the Employees’ Retirement System of the State of Hawaii
\n PLACE:              City Financial Tower\, 201 Merchant Street\, Suite 1200\, Honolulu\, Hawaii  96813
\n                          The meeting will be conducted pursuant to HRS §92-3.7\, under which Members of the Board of Trustees and members  of the public may participate via interactive conference technology or in person at the meeting place stated above.
\n                          Members of the public may provide testimony in person or by teleconference\, either audio or video\, at the following  link   or phone number:
\n                         https://teams.microsoft.com/meet/274119535422597?p=LmAnuBzjDcvB9lSEtl Or join by entering meeting ID:  274 119 535 422 597                Passcode:  G6Di9Fw3 Individuals testifying at the meeting are requested to limit their testimony to three (3) minutes or an amount of time otherwise designated by the Chairperson.
\n                        Or +1 808-829-4853 United States\, Honolulu (Toll)Conference ID:  206 911 865# 
\n                        In the event audiovisual communication cannot be maintained with participating Trustees and quorum is lost\, the meeting shall be automatically recessed for up to 30 minutes\, during which time\, an attempt to restore audiovisual communication will be made.  If such attempt is unsuccessful\, all Trustees\, members of the public\, staff and other interested individuals may continue to participate in the meeting via telephone using the above-listed telephone and conference ID numbers\, whereby audio-only communication will be established for all participants and the meeting will continue.  If reconvening the meeting is not possible because neither audiovisual nor audio-only communication can be re-established\, the meeting will be terminated.
\nAGENDA
\n QUORUM/CALL TO ORDER
\nPUBLIC COMMENTMembers of the public may provide in-person testimony at the meeting\, or\, alternatively\, may submit written testimony in advance on these agenda items via e-mail or postal mail with receipt recommended by 4:30 p.m. on Friday\, July 10\, 2026\, in order to ensure it is distributed in time for consideration.  Please address written testimony if by e-mail to:  dale.kanae@hawaii.gov or by postal mail to:  Employees’ Retirement System of the State of Hawaii\, Board of Trustees\, 201 Merchant Street\, Suite 1400\, Honolulu\, HI  96813.  
\nREPORTS BY STAFF 
\n1.       Executive Director’s Report on the Administration of the System with Respect to Significant Developments in Investments\, Policy\, Potential Legislation\, and Regulatory Matters.
\n2.       Deputy Executive Director’s Report on the Operations of the System with Respect to Issues Affecting Member Services\, Accounting\, and Information Systems.
\n3.       Retirement Benefits Branch Report on General Duties\, Current and Future Projects\, Goals\, and Achievements.
\nPursuant to HRS §92-5(a)(4)\, the Board of Trustees may enter into Executive Session to consult with the Board’s attorneys on questions and issues pertaining to the Board’s powers\, duties\, privileges\, immunities\, and liabilities with respect to these matters.
\nNEW BUSINESS 
\n1.       Update of 2026 Board of Trustees Election of Officers and Committee Assignments.
\n2.       Report of Activity by the Administrative & Audit Committee.
\n2.1.    Update on Trustee Election for the General Employee-Trustee Vacancy and Announcement of New Board Member Dr. Amanda Lowrey.
\n2.2.    Preliminary Annual Actuarial Valuation Report by Gabriel Roeder Smith & Company for the Year Ending June 30\, 2026.
\n2.3.    Internal Audit Update Report by KMH LLP on the Current Status of Activities Completed During Q1 and Q2 2026\, and an Update on the Completion Status of Management Action Plans for Past Non-Information Technology Internal Audit Observations and Recommendations.
\n2.4.    Compliance Support Staff Report and Update on Implementation of ERS’ Compliance Program on Risk Assessment\, Policies & Procedures\, and Third-Party Risk Management.
\n3.       Report of Activity by the Human Resources Committee.
\n3.1.    3.1.  Review the Activities and Timeline of the Human Resources Committee.
\n3.2.    3.2.  Discuss Plans to Implement Act 149\, Session Laws of Hawaii 2026 (SB 3097\, SD1\, HD1\, CD1)\, “Relating to the Exemption from Civil Service of Executive Personnel of the Employees’ Retirement System\,” as it pertains to the Deputy Executive Director\, Chief Compliance Officer\, and Information Security Officer Positions.
\n3.3.    3.3.  Discuss the Recent Departure of the Employees’ Retirement System’s Deputy Executive Director\, Recruitment Process of a New Deputy Executive Director\, and the Announcement of an Interim Deputy Executive Director Wesley Machida.
\n3.4.    3.4.  Discuss Update of the Recruitment Process of the Vacant Employees’ Retirement System’s Chief Investment Officer.
\n3.5.  Discuss Proposed Plan to the Exemption from Civil Service of the Employees’ Retirement System’s Information Technology Band D Position (Information Systems Branch Chief).
\n4.       Report of Activity by the Investment Committee.
\n4.1.    Total Fund Performance Review for Period Ending March 31\, 2026.
\n4.2.    2026 Asset Liability Study Education:  Capital Market Assumptions.
\n4.3.    2026 Asset Liability Study Education:  Risk & Implementation Survey.
\n4.4.    Rotating Alternative Asset Class Review:  Private Equity Annual Review for Period Ending December 31\, 2025.
\n4.5.    Review and Approve Investment Risk Management Policy.
\nPursuant to HRS §92-5(a)(4)\, the Board of Trustees may enter into Executive Session to consult with the Board’s attorneys on questions and issues pertaining to the Board’s powers\, duties\, privileges\, immunities\, and liabilities with respect to these matters.
\nAPPROVAL OF MINUTES – May 7\, 2026                                        – June 1\, 2026
\nAPPROVAL OF EXECUTIVE SESSION MINUTES – May 7\, 2026                                                                          – June 1\, 2026
\nAPPROVAL OF CONFIDENTIAL EXECUTIVE SESSION MINUTES – May 7\, 2026
\nPursuant to HRS § 92-5(a)(2)\, (4)\, (6) and (8)\, the Board may enter into executive session if such approval requires the consideration of sensitive matters relating to public safety or security\; the consideration of information that must be kept confidential pursuant to State law\; the consideration of the hire\, evaluation\, dismissal\, or discipline of an officer or employee or of charges brought against the officer or employee\, where consideration of matters affecting privacy will be involved\; and/or to consult with the Board’s attorneys on questions and issues pertaining to the Board’s powers\, duties\, privileges\, immunities\, and liabilities with respect to these matters.
\nEXECUTIVE SESSION
\n1.       Executive Session\, pursuant to HRS §92-5(a)(4) and (6)\, to consider and consult with the Board’s attorneys on questions and issues pertaining to the Board’s powers\, duties\, privileges\, immunities\, and liabilities\, and to consider sensitive matters related to Cyber Security that involves Information Security\, Technology Risk Management\, and the protection of Employees’ Retirement System Information Assets.
\n2.       Executive Session\, pursuant to HRS §92-5(a)(4) and (6)\, to consider and consult with the Internal Auditors and the Board’s attorneys on questions and issues pertaining to the Board’s powers\, duties\, privileges\, immunities\, and liabilities\, and to consider sensitive matters related to the Internal Audit Resource Reallocation.
\n3.       Executive Session\, pursuant to HRS §92-5(a)(4) and (6)\, to consider and consult with the Board’s attorneys on questions and issues pertaining to the Board’s powers\, duties\, privileges\, immunities\, and liabilities\, and to consider sensitive matters related to the Risk Dashboard that involves Cyber Security\, Information Security\, Technology Risk Management\, Security Vulnerabilities\, and related Mitigation Activities.
\n4.       Executive Session pursuant to HRS §92-5(a)(4) and (8)\, to consult with the Board’s attorneys on questions and issues pertaining to the Board’s powers\, duties\, and privileges\, immunities\, and liabilities with respect to a potential compromise and settlement pursuant to HRS §88-106.5\; and appropriate action regarding a matter that requires the consideration of information that must be kept confidential pursuant to Hawaii State Constitution\, Article 1\, Section 6.
\n5.       Executive Session\, pursuant to HRS §92-5(a)(4)\, to consult with the Board’s attorneys on questions and issues pertaining to the Board’s powers\, duties\, privileges\, immunities\, and liabilities\, with respect to litigation regarding Allan Zachary\, SCWC-23-0000326.
\n6.       Executive Session\, pursuant to HRS §92-5(a)(4)\, to consult with the Board’s attorneys on questions and issues pertaining to the Board’s powers\, duties\, privileges\, immunities\, and liabilities\, with respect to litigation regarding Robert G. Gomes\, Jr.\, SCWC-23-0000498L.
\n7.       Executive Session pursuant to HRS §92-5 (a)(4) to consult with the Board’s attorneys on questions and issues pertaining to the Board’s powers\, duties\, and privileges\, immunities\, and liabilities with respect to litigation regarding Linda S. Martell\, SCWC-22-0000545.
\n8.       Executive Session pursuant to HRS §92-5(a)(4) and (8)\, to consult with the Board’s attorneys on questions and issues pertaining to the Board’s powers\, duties\, and privileges\, immunities\, and liabilities with respect to a compromise and settlement pursuant to HRS §88-106.5\; and appropriate action regarding a matter that requires the consideration of information that must be kept confidential pursuant to Hawaii State Constitution\, Article 1\, Section 6. 
\nADJOURNMENT
\nIf you require auxiliary aid/service or other accommodation due to a disability\, please contact Dale Kehau Kanae at (808) 586-1706 or dale.kanae@hawaii.gov as soon as possible\, preferably by Wednesday\, July 8\, 2026\, and the ERS will try to obtain the auxiliary aid/service or accommodation\, but cannot guarantee that the request can be fulfilled.
\n Upon request\, this notice can be made available in large print.
LOCATION:City Financial Tower\, 201 Merchant Street\, Suite 1200\, Honolulu\, Hawaii  96813
END:VEVENT
END:VCALENDAR