BEGIN:VCALENDAR PRODID:-//Hawaii Public Meetings and Events Calendar//111285709//EN VERSION:2.0 CALSCALE:GREGORIAN BEGIN:VEVENT DTSTAMP:20261026T143031Z DTSTART:20260914T100000 DTEND:20260915T000000 SUMMARY:Regular Meeting of the Board of Trustees of the Employees' Retire ment System of the State of Hawaii UID:20261026T143031Z-uidGen@fe80:0:0:0:410:d2ff:fefd:e5dd%ens5 TZID:HST LOCATION:City Financial Tower\, 201 Merchant Street\, Suite 1200\, Honolu lu\, Hawaii 96813 DESCRIPTION:

NOTICE OF REGULAR MEETING&nb sp\;

AGENCY: \; \; \; Board of Trustees o f the Employees&rsquo\; Retirement System of the State of Hawaii\n

DATE: \; \; \; \; \; \;Monday\, S eptember 14\, 2026\; 10:00 a.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 Board of Trustees and members of the publ ic 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 te leconference\, either audio or video\, at the following link or phone nu mber:
https://teams.microsoft.com/meet/229642490810132?p=qqWPQOcy3Is WbqB82g
Or join by entering meeting ID: \; 229 642 490 810 132 \; \; \; \; \; \; \;& nbsp\; \; \; \; \; \; \; \; Passcode: \; pZ6sq2PA

Individuals testifying at the mee ting are requested to limit their testimony to three (3) minutes or an a mount of time otherwise designated by the Chairperson.

Or +1 808-829-4853 United States\, Honolulu (Toll)
~~Conference ID: \; 442 422 3 38#~~

\n
In the event audiov isual 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 commu nication will be made. \; I f such attempt is unsuccessful\, all Trustees\, members of the public\, staff and other interested individuals may continue to participate in th e meeting via telephone using the above-listed telephone and conference ID numbers\, whereby audio-only communication will be established for al l 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.
\n
AGENDA
\n

~~QUORUM/CALL TO ORDER \;~~

PUBLIC COMMENT 
Me mbers of the public may provide in-person testimony at the meeting\, or\ , alternatively\, may submit written testimony in advance on these agend a items via e-mail or postal mail with receipt recommended by 4:30 p.m. on Friday\, September 11\, 2026\, in order to ensure it is distributed i n time for consideration. \; Please address written testimony if by e-mail to: \; dale.kanae@hawaii.gov or by postal mail to: \; Employees&rsquo\; Retirement System of the State of Hawaii\, Board of Trustees\, 201 Merchant Street\, Suite 1 400\, Honolulu\, HI \; 9681 3. \;

REPORTS BY STAFF \;

1. \; \; \; \; \;&nbs p\; Executive Director&rsquo\;s Report on the Administration of the System with Respect to Significant Developments in Investments\, Policy\, Poten tial Legislation\, and Regulatory Matters.

2. \; \; \; \; \; \; Deputy Executive Dir ector&rsquo\;s Report on the Operations of the System with Respect to Is sues Affecting Member Services\, Accounting\, and Information Systems.

3. \; \; \; \;&nbs p\; \; Program Support Staff Report on General Duties\, Current and Fut ure Projects\, Goals\, and Achievements.

Pursuant to HRS §\;92 -5(a)(4)\, the Board of Trustees may enter into Executive Session to con sult with the Board&rsquo\;s attorneys on questions and issues pertainin g to the Board&rsquo\;s powers\, duties\, privileges\, immunities\, and liabilities with respect to these matters.

\n
NEW BUSINESS
\n
1. \; \; \; \; \; \; Update of 2026 Board of Trustee s Election of Officers and Committee Assignments.\n

~~2. \; \; \; \; \; \;~~ Report of Act ivity by the Governance Policy Committee.

2.1. \; \; \; Review and Approve Revisions to the Governance Policy Committee Charter

2.2. \;&nbs p\; \; Discuss Governance Oversight Structure and Policies Needed in Co mmittee Functional Oversight Areas.&nb sp\;

2.3. \; \; \; ~~Discuss Procedure and Policy for Board E ducation and Travel.~~

\n
2.4. \; \; \; Discuss Proposed Legislation to Exempt from HRS Chapter 76 Civil Service the Employees&rsquo\; Retiremen t System&rsquo\;s Information Technology Band D Position (Information Sy stems Branch Manager) for Submittal to Budget and Finance as a Part of t he Administrative Package for the 2027 Legislative Session.
\n
3. \; \; \; \; \; \; Rep ort of Activity by the Administrative &\; Audit Committee.
\n
3.1. \;&nb sp\; \; Compliance Office Update on Enterprise Governance\, Risk\, and Modernization Project.
\n
3.2. \; \; \; Internal Audit Update Report b y KMH LLP on the Current Status of Activities Completed During July and August 2026\, and an Update on the Completion Status of Management Actio n Plans for Past Non-Information Technology Internal Audit Observations and Recommendations.
\n
4. \;&nb sp\; \; \; \; \; Report of Activity by the Human Resources Committee.
\n
4.1. \; \; \; 4.1. \ ; Review the Activities and Timeline of the Human Resources Committee.
\n

< !-- [if !supportLists]-->4.3. \; \; \; 4.3. \; Discuss the Status of the Recruitment Process for a New Chief Investment Officer.

4.5. \; \; \; 4.5. \; Discuss Proposed Plan to Implement Act 149\, Session Laws of Hawaii 202 6 (SB 3097\, SD1\, HD1\, CD1)\, &ldquo\;Relating to the Exemption from C ivil Service of Executive Personnel of the Employees&rsquo\; Retirement System\,&rdquo\; as it Pertains to Recruitment\, Qualifications and Requ irements\, and Proposed Salary Recommendation for the Deputy Executive D irector Position.

4.6. \; \; \; 4.6 . \; Discuss Proposed Plan to Implement Act 149\, Session Laws of Ha waii 2026 (SB 3097\, SD1\, HD1\, CD1)\, &ldquo\;Relating to the Exemptio n from Civil Service of Executive Personnel of the Employees&rsquo\; Ret irement System\,&rdquo\; as it Pertains to Recruitment\, Qualifications and Requirements\, and Proposed Salary Recommendation for the Chief Comp liance Officer Position.

4.7. \; \;& nbsp\; 4.7. \; Discuss Proposed Plan to the Exemption from HRS Chapter 76 Civil Service of the Employees&rsquo\; Retirement System&rsquo\;s Inf ormation Technology Band D Position (Information Systems Branch Manager) .

5. \; \; \; \;& nbsp\; \; Report of Activity by Legislative Committee.

5.1. \; \;&n bsp\; Discuss Potential Employees&rsquo\; Retirement System&rsquo\;s 2027 L egislative Session Proposal to Exempt from HRS Chapter 76 Civil Service the Information Technology Band D Position (Information Systems Branch M anager).

~~5.2. \; \; \;~~ ~~Identify and Discuss Potential Legislative P roposals Determined to be Necessary or Desirable for the System&rsquo\;s Investments\, Administration\, and/or Operations.\n~~

~~6. \; \; \; \; \; \; Report of Ac tivity by the Investment Committee.~~

\n
6.1. \; \; \; Total Fund Perfor mance Review for Period Ending June 30\, 2026.
\ n
2026 A sset Liability Study Education: \; Update.
\n
6.3. \; \; \; Educat ion: \; Systematic Trend Be nchmark Review &\; Approval.
\n
Pursuant to HRS §\;92-5(a)(4)\ , the Board of Trustees may enter into Executive Session to consult with the Board&rsquo\;s attorneys on questions and issues pertaining to the Board&rsquo\;s powers\, duties\, privileges\, immunities\, and liabiliti es with respect to these matters.
\n
APPROVAL OF MINUTES &ndash\ ; July 13\, 2026
\n
APPROVAL OF EXECUTIVE SESSION MINUTES &nda sh\; July 13\, 2026
\n
Pursuant 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 safet y or security\; the consideration of information that must be kept confi dential pursuant to State law\; the consideration of the hire\, evaluati on\, dismissal\, or discipline of an officer or employee or of charges b rought against the officer or employee\, where consideration of matters affecting privacy will be involved\; and/or to consult with the Board&rs quo\;s attorneys on questions and issues pertaining to the Board&rsquo\; s powers\, duties\, privileges\, immunities\, and liabilities with respe ct to these matters.
\n
EXECUTIVE SES SION
\n
1. \;& nbsp\; \; \; \; \; Executive Session\, pursuant to HRS &sec t\;92-5(a)(4) and (6)\, to consider sensitive matters related to Cyber S ecurity that involves Information Security\, Technology Risk Management\ , and the protection of Employees&rsquo\; Retirement System Information Assets\, and to consider and consult with the Board&rsquo\;s attorneys o n questions and issues pertaining to the Board&rsquo\;s powers\, duties\ , privileges\, immunities\, and liabilities with respect to such matters .
\n
2. \; \; \; \;& nbsp\; \; Executive Session\, pursua nt to HRS §\;92-5(a)(2) and (4)\, to consider the hire\, evaluation\ , dismissal\, or discipline of ERS&rsquo\; Chief Compliance Officer\, wh ere consideration of matters affecting privacy will be involved\; and to consider and consult with the Board&rsquo\;s attorneys on questions and issues pertaining to the Board&rsquo\;s powers\, duties\, privileges\, immunities\, and liabilities with respect to this matter.
\n
ADJOURNMENT
\n
If you requi re auxiliary aid/service or other accommodation due to a disability\, pl ease contact
Dale Kehau Kanae at (808) 586-1706 or dale.kanae@hawaii.gov as soon as possible\, preferably by
Wednesday\, Septemb er 9\, 2026\, and the ERS will try to obtain the auxiliary aid/service o r
accommodation\, but cannot guarantee that the request can be ful filled.
\n
Upon request\, this notice can be made available in large print.
\n
Coffee-type refreshments will be served as an integr al part of the meeting.
\n
\;
X-ALT-DESC;FMTTYPE=text/html:
NOTICE OF REGULAR MEETING \;
\n
A GENCY: \; \; \; Bo ard of Trustees of the Employees&rsquo\; Retirement System of the State of Hawaii
\n
DATE: \; \; \; \; \; \; Monday\, September 14\, 2026\; 10:00 a.m.
\n
PLACE: \; \; \; \; \;City Financial Tower\, 201 Mercha nt 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 me mbers of the public may participate via interactive conference technolog y or in person at the meeting place stated above.
\n
Members of the public may provide testimony i n person or by teleconference\, either audio or video\, at the following link or phone number:
https://teams.microsoft.com/meet/229642490810 132?p=qqWPQOcy3IsWbqB82g
Or join by entering meeting ID: \; 229 642 490 810 13 2 \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; Passcode: \; pZ6sq2PA
\n
Individuals test ifying 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)
Confe rence ID:&nbs p\; 442 422 338#
\n
In the event audiovisual communication cannot be maintained with participa ting Trustees and quorum is lost\, the meeting shall be automatically re cessed 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 telephon e and conference ID numbers\, whereby audio-only communication will be e stablished for all participants and the meeting will continue. \; If reconvening the meeting is not possible because neither audiovisual nor audio-only communication can b e re-established\, the meeting will be terminated.
\nAGENDA\n
QUORUM/CALL TO ORDER \;
\n
PUBLIC COMMENT

Members of the public may provide in-person testimony at the meeting\, or\, alternatively\, may submit written testimony in advan ce on these agenda items via e-mail or postal mail with receipt recommen ded by 4:30 p.m. on Friday\, September 11\, 2026\, in order to ensure it is distributed in time for consideration. \; Please address written testimony if by e-mail to: \; dale.kanae@hawaii.go v or by postal mail t o: \; Employees&rsquo\; Ret irement System of the State of Hawaii\, Board of Trustees\, 201 Merchant Street\, Suite 1400\, Honolulu\, HI&n bsp\; 96813. \;
\n
RE PORTS BY STAFF \;
\n
1. \; \; \;& nbsp\; \; \; Executive Director&rsquo\;s Report on the Administrati on of the System with Respect to Significant Developments in Investments \, Policy\, Potential Legislation\, and Regulatory Matters.
\n
2. \; \; \; \; \; \; Dep uty Executive Director&rsquo\;s Report on the Operations of the System w ith Respect to Issues Affecting Member Services\, Accounting\, and Infor mation Systems.
\n
3. \; \;& nbsp\; \; \; \; Program Support Staff Report on General Duties\ , Current and Future Projects\, Goals\, and Achievements.
\n
Pursuant to HRS §\;92-5(a)(4)\, the Board of Trustees may enter into Executi ve Session to consult with the Board&rsquo\;s attorneys on questions and issues pertaining to the Board&rsquo\;s powers\, duties\, privileges\, immunities\, and liabilities with respect to these matters.
\n
NEW BUSINESS
\n
1. \; \; \; \; \; \; Update of 2026 Board of Trustees Election of Officers and Committee Assignments.
\n
2. \; \; \; \; \;& nbsp\; Report of Activity by the Governance Policy Committee.
\n
2.1. \; \ ; \; Review and Approve Revisions to the Governance Policy Committee Ch arter
\n
2.2. \; \; \; Discuss Governance Oversight Structure and Poli cies Needed in Committee Functional Oversight Areas. \;
\n
2.3. \; \; \; Discuss Procedure and P olicy for Board Education and Travel.
\n
2.4. \; \; \; Discuss Propose d Legislation to Exempt from HRS Chapter 76 Civil Service the Employees& rsquo\; Retirement System&rsquo\;s Information Technology Band D Positio n (Information Systems Branch Manager) for Submittal to Budget and Finan ce as a Part of the Administrative Package for the 2027 Legislative Sess ion.
\n
3. \; \; \; \; \; \; Report of Activity by the Administrative &\; Audit Comm ittee.
\n
3.1. \; \; \; Compliance Office Update on Enterprise Governa nce\, Risk\, and Modernization Project.
\n
~~3.2. \; \; \;~~ Internal Audi t Update Report by KMH LLP on the Current Status of Activities Completed During July and August 2026\, and an Update on the Completion Status of Management Action Plans for Past Non-Information Technology Internal Au dit Observations and Recommendations.
\n
~~4. \; \; \; \; \; \;~~ ~~< !--[endif]-->Report of Activity by the Human Resources Committee.~~
\n
4.1. \; \; \; 4.1. \; Review the Activities and Timeline of the Human Resou rces Committee.
\n
\n
~~4.3 . \; \; \;~~ 4.3.&n bsp\; Discuss the Status of the Recruitment Process for a New Chief Inve stment Officer.
\n
\n
4.5. \; \ ; \; 4.5. \; Discuss Proposed Plan to Implement Act 149\, Session L aws of Hawaii 2026 (SB 3097\, SD1\, HD1\, CD1)\, &ldquo\;Relating to the Exemption from Civil Service of Executive Personnel of the Employees&rs quo\; Retirement System\,&rdquo\; as it Pertains to Recruitment\, Qualif ications and Requirements\, and Proposed Salary Recommendation for the D eputy Executive Director Position.
\n
4.6. \; \; \; 4.6. \; Discuss Proposed Plan to Implement Act 149\, S ession Laws of Hawaii 2026 (SB 3097\, SD1\, HD1\, CD1)\, &ldquo\;Relatin g to the Exemption from Civil Service of Executive Personnel of the Empl oyees&rsquo\; Retirement System\,&rdquo\; as it Pertains to Recruitment\ , Qualifications and Requirements\, and Proposed Salary Recommendation f or the Chief Compliance Officer Position.
\n
4.7. \; \; \; 4.7. \; Discuss Proposed Plan to the Exemption from HRS Chapter 76 Civil Service of the Employees&rsquo\; Retirement Sy stem&rsquo\;s Information Technology Band D Position (Information System s Branch Manager).
\n
5. \; \; \; \; \; \; Report of Activity by Legislative Committee.
\n
5.1. \; \; \; Discuss Potential Employees&rsquo\; Retirement Syste m&rsquo\;s 2027 Legislative Session Proposal to Exempt from HRS Chapter 76 Civil Service the Information Technology Band D Position (Information Systems Branch Manager).
\n
5.2. \; \; \; Identify and Discuss Potent ial Legislative Proposals Determined to be Necessary or Desirable for th e System&rsquo\;s Investments\, Administration\, and/or Operations.
\n
6. \; \; \; \; \; \; Report of Activity by the Investment Committee.
\n
6.1. \; \; \; Total Fund Performance Review for Period Ending June 30\, 2026.
\n
6.2. \;& nbsp\; \; 2026 Asset Liability Study Education: \; Update.
\n

~~6.3. \; \; \;~~ Rotating Alternative Asset Class Review: \; Pri vate Credit Portfolio Review for Period Ending March 31\, 2026.

6.4. \;& nbsp\; \; Education: \; Sy stematic Trend Benchmark Review &\; Approval.

Pursuant to HRS & sect\;92-5(a)(4)\, the Board of Trustees may enter into Executive Sessio n to consult with the Board&rsquo\;s attorneys on questions and issues p ertaining to the Board&rsquo\;s powers\, duties\, privileges\, immunitie s\, and liabilities with respect to these matters.\n

APPROVAL OF MINUTES &ndash\; July 13\, 2026

APPROVAL OF EXECUTIVE SESSIO N MINUTES &ndash\; July 13\, 2026

Pursuant 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 relatin g to public safety or security\; the consideration of information that m ust be kept confidential pursuant to State law\; the consideration of th e hire\, evaluation\, dismissal\, or discipline of an officer or employe e or of charges brought against the officer or employee\, where consider ation of matters affecting privacy will be involved\; and/or to consult with the Board&rsquo\;s attorneys on questions and issues pertaining to the Board&rsquo\;s powers\, duties\, privileges\, immunities\, and liabi lities with respect to these matters.

EXECUTIVE SESSION

1. \; \; \; \; \; \; Executive Session\, pur suant to HRS §\;92-5(a)(4) and (6)\, to consider sensitive matters r elated to Cyber Security that involves Information Security\, Technology Risk Management\, and the protection of Employees&rsquo\; Retirement Sy stem Information Assets\, and to consider and consult with the Board&rsq uo\;s attorneys on questions and issues pertaining to the Board&rsquo\;s powers\, duties\, privileges\, immunities\, and liabilities with respec t to such matters.

2. \; \; \; \; \; \; Executive Session\, pursuant to HRS §\;92-5(a)(2) and (4)\, to consider the h ire\, evaluation\, dismissal\, or discipline of ERS&rsquo\; Chief Compli ance Officer\, where consideration of matters affecting privacy will be involved\; and to consider and consult with the Board&rsquo\;s attorneys on questions and issues pertaining to the Board&rsquo\;s powers\, dutie s\, privileges\, immunities\, and liabilities with respect to this matte r.

ADJOURNMENT

If you require auxiliary aid/service or other accommodation due to a disability\, please contact
Dale Kehau Kanae at (808) 586-1706 o r dale.kanae@hawaii. gov as soon as possible\, preferably by
We dnesday\, September 9\, 2026\, and the ERS will try to obtain the auxili ary aid/service or
accommodation\, but cannot guarantee that the r equest can be fulfilled.

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

Coffee-type refreshments will be se rved as an integral part of the meeting.

END:VEVENT END:VCALENDAR