NOTICE OF REGULAR MEETING

 AGENCY:         Administrative and Audit Committee of the Board of Trustees of the
                        Employees’ Retirement System of the State of Hawaii 

DATE:               Wednesday, July 8, 2026; 2:30 p.m.

PLACE:             City Financial Tower, 201 Merchant Street, Suite 1200, Honolulu, Hawaii  96813

                        The meeting will be conducted pursuant to HRS §92-3.7, under which Members of the Administrative and Audit Committee 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.

                        Members of the public may provide testimony in person or by teleconference, either audio or video, at the following link or phone number:
https://teams.microsoft.com/meet/21773289561652?p=Ds6uLN2I0HZib36zRf

                        Or join by entering meeting ID:  217 732 895 616 52                  Passcode:  zq9qT2NL

                        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.

                        Or +1 808-829-4853 United States, Honolulu (Toll)
Conference ID:  184 680 841#

                        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.

AGENDA

QUORUM/CALL TO ORDER

PUBLIC COMMENT

Members of the public may submit written testimony on these agenda items via e-mail or postal mail with receipt recommended by 4:30 p.m. on Tuesday, July 7, 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.

NEW BUSINESS

1.       Update on Trustee Election and Announce New Board Member.

2.       Preliminary Annual Actuarial Valuation Report by Gabriel Roeder Smith & Company for the Year Ending
June 30, 2026.

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.

4.       Compliance Support Staff Report and Update on Implementation of ERS’ Compliance Program on Risk Assessment, Policies & Procedures, and Third-Party Risk Management. 

Pursuant to HRS §92-5(a)(4), and (8), the Committee may enter into Executive Session to consider information that must be kept confidential pursuant to a state or federal law; and 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.

APPROVAL OF MINUTES – February 11, 2026

APPROVAL OF EXECUTIVE SESSION MINUTES – February 11, 2026

Pursuant to HRS § 92-5(a)(4), (6) and (8), the Committee 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.

EXECUTIVE SESSION

1.       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.

2.       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.

3.       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.

ADJOURNMENT 

If 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 Thursday, July 2, 2026, and the ERS will try to obtain the auxiliary aid/service or accommodation, but cannot guarantee that the request will be fulfilled.

Upon request, this notice can be made available in large print.