MINUTES State Universities Retirement System Member Advisory Committee April 6, 2018

Transcription

1 MINUTES State Universities Retirement System Member Advisry Cmmittee April 6, 2018 On February 12, 2018, members f the State Universities Retirement System Members Advisry Cmmittee were ntified that a meeting wuld cnvene n April 6, 2018 at 10:00am at the State Universities Retirement System, Champaign, Illinis. The meeting was cnducted at the time and lcatin set frth in the ntice f the meeting. The fllwing SURSMAC members were present at the meeting: Ms. Ellen Andres, Illinis Cmmunity Cllege Bard, Ms. Linda Brkhart, State Universities Annuitants Assciatin, Ms. Jill Cranmre, Danville Area Cmmunity Cllege, Ms. Judy Cnnelly, Jliet Junir Cllege, Ms. Jean Ann Dargatz, Illinis State University, Mr. Barry Hancck, Illinis Cuncil f Cmmunity Cllege Administratrs, Ms. Dnna Haynes, University f Illinis-Springfield, Ms. Lra Hines, Jhn A. Lgan Cllege, Ms. Leslie Hfer, Illinis Valley Cmmunity Cllege, Ms. Karen Hustn, Shawnee Cmmunity Cllege, Ms. Mia Igyart, Cllege f Dupage, Ms. Julia Jamisn, Gvernrs State University, Mr. Jhn Kindt, University f Illinis-Urbana, Mr. Hngbk Lee, Western Illinis University, Ms. Melanie Lewis, Parkland Cllege, Mr. Glenn Martin, University f Illinis-Chicag, Mr. Shawn Marshall, University f Illinis-Chicag, Ms. Rashidah Muhammad, Gvernrs State University, Mr. Brad McCrmick, Jhn A. Lgan Cllege, Ms. Mary Nippe, Suthern Illinis University-Carbndale, Ms. Danielle Ruth, State Universities Civil Service System, Mr. David Seiler, Lake Land Cllege, Ms. Stephanie Spann, Illinis Cmmunity Clleges Trustees Assciatin, Mr. Rger Spayer, William Rainey Harper Cllege, Mr. H. F. Williamsn, University f Illinis-Urbana, Ms. Clleen Winchester, Lake Land Cllege The fllwing SURSMAC members participated in the meeting via cnference call: Ms. Jeannie Franklin, Illinis Valley Cmmunity Cllege, Ms. Lynn Harringtn, Mraine Valley Cmmunity Cllege, Ms. Dalia Luna, Illinis Math and Science Academy, Ms. Glenna Maxwell, Rend Lake Cllege, Ms. Hannah Renner, Heartland Cmmunity Cllege, Ms. Anita Rewer, McHenry Cllege The fllwing SURS staff members were present fr the meeting: Mr. Larry Curtis, Emplyer Services Manager, Ms. Kristen Huch, Legislative Liaisn, Ms. Ellen Hung, Deputy Chief Investment Officer, Mr. Andy Jeng, Finance and Accunting, Mr. Albert Lee, Assciate General Cunsel, Ms. Suzanne Mayer, Chief Benefits Officer, Ms.Tara Myers, Finance, Mr. Martin Nven, Executive Directr, Ms. Stacy Smith, Senir Educatin Manager, Mr. Eric

2 Stickels, Emplyer Representative, Ms. Phyllis Walker, Chief Financial Officer, Ms. Shelly Wd, Accunting WELCOME/INTRODUCTIONS SURS UPDATES Chief Financial Officer Phyllis Walker discussed Public Act Emplyer Cst fr Earnings Exceeding the Gvernr s Salary and the full-time equivalent prvisin. Cst calculatin scenaris (attached) were available fr attendees. Executive Directr Martin Nven shared infrmatin regarding rganizatinal changes within SURS, the status f the Optinal Hybrid Plan and the intent f pending legislatin that affects the General peratin f the System. Investment Department Ellen Hung shared current investment results and activity. (attached) Legal/Legislative Update Kristen Huch identified and explained several pending legislative bills and their effect n SURS and participants. SURSMAC ACTION ITEMS Apprval f Minutes Nvember 1, 2017 Meeting The Nvember 2, 2017 Meeting Minutes were apprved by the Cmmittee fllwing a vte t apprve amending sme language fr better clarity. Vte fr Apprval f Amendment t Cnstitutin and Bylaws It was mved t adpt the amendment f the Cnstitutin and Bylaws t add ARTICLE IX 9.1 and 9.2 t the Cnstitutin and Bylaws. Discussin fllwed the secnd mtin. A mtin t amend Article IX by adding als in the first sentence f 9.1 was made. Fllwing a secnd t the mtin the Cmmittee adpted the amendment t be effective immediately. Respectfully submitted, Larry Curtis Emplyer Services Manager

3 Update: PA Optinal Hybrid Plan Implementatin / Emplyer Cst Shift SURS has cntinued t get inquiries frm emplyers regarding timing f the implementatin f the ptinal hybrid plan and the emplyer cst shift created as part f PA We are unable t mve frward with implementatin f the ptinal hybrid plan r the emplyer cst shift. We are unable t implement either withut the General Assembly passing clarifying legislatin. We wrked extensively with the General Assembly n a trailer bill last year that failed t pass. At this time, it appears unlikely that the General Assembly will pass legislatin t implement PA r any nrmal cst shift. If anything changes, we will let yu knw. The ptinal hybrid plan and emplyer cst prtin f PA is separate frm the gvernr s salary prvisin which we will cntinue t mve frward n as we have indicated in previus cmmunicatins. March 14, 2018

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9 Legislatin Passed Cmmittee:

10 Legislatin Psted fr Huse Persnnel and Pensins Cmmittee n April 12 th at 11:00 AM: FY 2019 Budget:

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12 Other Ntable Legislatin:

13 Sessin Outlk:

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