BEGIN:VCALENDAR PRODID:-//Hawaii Public Meetings and Events Calendar//111286039//EN VERSION:2.0 CALSCALE:GREGORIAN BEGIN:VEVENT DTSTAMP:20261104T231616Z DTSTART:20261109T090000 DTEND:20261110T000000 SUMMARY:Regular Meeting of the Board of Trustees of the Employees' Retire ment System of the State of Hawaii UID:20261104T231616Z-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: \; \; \; \; \; Boa rd of Trustees of the Employees&rsquo\; Retirement System of the State o f Hawaii \ ;

DATE: \; \; \; \; \; \; \; \;Monday\, November 9\, 2026\; 9:00 a.m.

PLACE:&n bsp\; \; \; \; \; \; \;City Financi al Tower\, 201 Merchant Street\, Suite 1200\, Honolulu\, Hawaii \; 96813

\; \;&n bsp\; \; \; \; \; \; \; \; \; \;&nbs p\; \; \; \; \; \; \; \; \; \; \ ; The meeting will be conducted pursua nt to HRS §\;92-3.7\, under which Members of the Board of Trustees a nd members of the public may participate via interactive conference tech nology or in person at the meeting place stated above.

\; \; \; \; \;& nbsp\; \; \; \; \; \; \; \; \; \;&nb sp\; \; \; \; \; \; \; \; Members of the public may provide testimony in person or by teleconference\, either audio or video\, at the following link or phone number:
https://te ams.microsoft.com/meet/2731653466116261?p=1tZiZHeEHOtdXRL7HY
~~Or joi n by entering meeting ID: \; 273 165 346 611 626 1 \; \; \; \; \; \; \; \; \;&nbs p\; \; \; Passcode: \; VR3TV969~~

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\; \; \; \; \; \; \; \; \;&nbs p\; \; \; \; \; \; \; \; \; \; \ ; \; \; \; 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.
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~~\; \; \; \; \;&nb sp\; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; Or~~ +1 808-829-4853 United States\, Honolulu (Toll)Co nference ID:& nbsp\; 430 401 65#

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\; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; In the event audiovisual communication cann ot be maintained with participating Trustees and quorum is lost\, the me eting shall be automatically recessed for up to 30 minutes\, during whic h time\, an attempt to restore audiovisual communication will be made. \; If such attempt is unsucc essful\, all Trustees\, members of the public\, staff and other interest ed individuals may continue to participate in the meeting via telephone using the above-listed telephone and conference ID numbers\, whereby aud io-only communication will be established for all participants and the m eeting will continue. \; If reconvening the meeting is not possible because neither audiovisual nor audio-only communication can be re-established\, the meeting will be te rminated.
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AGENDA
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QUORUM/CALL TO ORDER
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PUBLIC COMME NT \;
Members of the public may prov ide 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\, November 6\, 202 6\, in order to ensure it is distributed in time for consideration. \; Please address written testi mony if by e-mail to: \; dale.kanae@hawaii.gov or by postal mail to: \; Employees&rsquo\; Retirement System of the State of Hawaii\, Board o f Trustees\, 201 Merchant Street\, Suite 1400\, Honolulu\, HI \; 96813. \;
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REPORTS BY STAFF \;
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1. \; \; \; \; \; \; Executive Director&rsquo\;s R eport on the Administration of the System with Respect to Significant De velopments in Investments\, Policy\, Potential Legislation\, and Regulat ory Matters.
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2. \; \;&nbs p\; \; \; \; Deputy Executive Director&rsquo\;s Report on the O perations of the System with Respect to Issues Affecting Member Services \, Accounting\, and Information Systems.
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~~3. \; \; \; \; \; \; Compliance Office Staf f Report on General Duties\, Current and Future Projects\, Goals\, and A chievements.~~
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Pursuant to HRS §\;92-5(a)(4)\, the Board of Trus tees may enter into Executive Session to consult with the Board&rsquo\;s attorneys on questions and issues pertaining to the Board&rsquo\;s powe rs\, duties\, privileges\, immunities\, and liabilities with respect to these matters.
\n
NEW BUSINESS
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1. \; \; \; \; \; \; Discussion and Action Regarding the Election of the 2027 Board of Trustees Officers and Commit tee Assignments\, and Approval of the 2027 Board of Trustees Schedule of Meetings.
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2. \; \; \ ; \; \; \; Report of Activity by the Administrative &\; Audi t Committee.
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2.1. \; \;&n bsp\; Compliance Office Quarterly Update Report on Enterprise Governance\, Risk\, Compliance\, and Modernization Project.
\ n
2.2. \; \; \; Internal Audit Update Report by KMH LLP on the Current Status of Activities Completed During September and October 2026\, and an Update on the Completion Status of Management Acti on Plans for Past Non-Information Technology Internal Audit Observations and Recommendations.
\n
2.3. \; \; \; Draft Auditor&rsquo\;s Report and Financial Statements of th e Employees&rsquo\; Retirement System by KKDLY LLC.
\n
Pursuant to HR S §\;92-5(a)(4)\, the Board of Trustees may enter into Executive Ses sion to consult with the Board&rsquo\;s attorneys on questions and issue s pertaining to the Board&rsquo\;s powers\, duties\, privileges\, immuni ties\, and liabilities with respect to these matters.
\n
EXECUTIVE SESSION
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< !-- [if !supportLists]-->1. \; \; \; \; \; \; Executi ve Session\, pursuant to §\;88-27.5(a)(1) and (3) and HRS §\;92- 5(a)(4)\, to conduct discussions and deliberations relating to\, and if appropriate\, to make a decision on investments or prospective investmen ts by the system that require the consideration of information or record s that are exempt from disclosure under HRS Chapter 92F\, including info rmation and records that are proprietary information or confidential bus iness information\, and 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 the Approval o f Strategic Asset Allocation Targets.
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~~2. \; \; \; \; \; \;~~ < !--[endif]-->Executive Session\, pursu ant to HRS §\;92-5(a)(4) and (6)\, to consider sensitive matters rel ated to Cyber Security that involves Information Security\, Technology R isk Management\, and the protection of Employees&rsquo\; Retirement Syst em Information Assets\, and to consider and consult with the Board&rsquo \;s attorneys on questions and issues pertaining to the Board&rsquo\;s p owers\, duties\, privileges\, immunities\, and liabilities with respect to such matters.
\n
3. \; \; \; \; \; \; Executive S ession\, pursuant to HRS §\;92-5(a)(2) and (4)\, to consider the hir e\, evaluation\, dismissal\, or discipline of ERS&rsquo\; Deputy Executi ve Director\, where consideration of matters affecting privacy will be i nvolved\; 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 require auxiliary aid/service or other accommodation due to a disability\, please contact
Dale Keha u Kanae at (808) 586-1706 or dale.kanae@hawaii.gov as soon as possib le\, preferably by Wednesday\, November 4\, 2026\, and the ERS will try to obtain the auxiliary aid/service or accommodation\, but cannot guaran tee that the request can be fulfilled.
\n
Upon request\, this notice can be made available in large print.
\n
\;Coffee-type refreshments will be served as an integral part of the meeting.
X-ALT-DESC;FMTTYPE=text/html:
NOTICE OF REGULAR MEETING \;
\n
A GENCY: \; \; \; \; & nbsp\; Board of Trustees of the Employees&rsquo\; Retirement Syst em of the State of Hawaii \;
\n
DATE : \; \; \; \; \ ; \; \; \;Monday\, November 9\, 2026\; 9:00 a.m.
\n
PLACE: \; \; \; \; \; \; \;City Financial Tower\, 201 Merchant Street\, Suite 1200\, Honolulu\ , Hawaii \; 96813
\n
\; \; \; \; \; \; \; \; \; \;& nbsp\; \; \; \; \; \; \; \; \; \;&nb sp\; \; \; The meeting will be conducted pursuant to HRS §\;92-3.7\, under which Members of the Bo ard of Trustees and members of the public may participate via interactiv e conference technology or in person at the meeting place stated above.
\n
\; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; Members of the public may provide testimony in person or by teleco nference\, either audio or video\, at the following link or phone number :
https://teams.microsoft.com/meet/2731653466116261?p=1tZiZHeEHOtdX RL7HY
Or join by entering meeting ID: \; 273 165 346 611 626 1 \; \; \; \; \; \; \;& nbsp\; \; \; \; \; Passcode: \; VR3TV969
\n
\; \; \; \; \; \; \;& nbsp\; \; \; \; \; \; \; \; \; \;&nb sp\; \; \; \; \; \; 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
~~\; \; \; \; \; \; \; \; \; \; \; \; \;&n bsp\; \; \; \; \; \; \; \; \; \;~~ Or +1 808-829-4853 United States\, Honolulu (Toll)
Conference ID: \; 430 401 65#
\n
\; \; \; \; \; \; \;&n bsp\; \; \; \; \; \; \; \; \; \;&nbs p\; \; \; \; \; \; In the event audiovisual c ommunication cannot be maintained with participating Trustees and quorum is lost\, the meeting shall be automatically recessed for up to 30 minu tes\, during which time\, an attempt to restore audiovisual communicatio n will be made. \; If such attempt is unsuccessful\, all Trustees\, members of the public\, staff a nd other interested individuals may continue to participate in the meeti ng via telephone using the above-listed telephone and conference ID numb ers\, whereby audio-only communication will be established for all parti cipants and the meeting will continue. \; If reconvening the meeting is not possible because neithe r audiovisual nor audio-only communication can be re-established\, the m eeting will be terminated.
\n
AGENDA
\n
QUO RUM/CALL TO ORDER
\n
PUBLIC COMMENT \;Members of th e public may provide in-person testimony at the meeting\, or\, alternati vely\, 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\, November 6\, 2026\, in order to ensure it is distributed in time for co nsideration. \; Please addr ess written testimony if by e-mail to: \; dale.kanae@hawaii.gov< /a> or by postal mail to: \; Employees&rsquo\; Retirement System of the State of Hawaii\, Board of Trustees\, 201 Merchant Street\, Suite 1400\, Honolul u\, HI \; 96813. \;
\n
REPORTS BY STAFF \;\n
1. \; \; \; \; \; \; Executive Di rector&rsquo\;s Report on the Administration of the System with Respect to Significant Developments in Investments\, Policy\, Potential Legislat ion\, and Regulatory Matters.
\n
2.& nbsp\; \; \; \; \; \; Deputy Executive Director&rsquo\; s Report on the Operations of the System with Respect to Issues Affectin g Member Services\, Accounting\, and Information Systems.
\n
3. \; \; \; \; \; \; Compl iance Office Staff Report on General Duties\, Current and Future Project s\, Goals\, and Achievements.
\n
Pursuant to HRS §\;92-5(a)(4)\, the Board of Trustees may enter into Executive Session to consult with t he Board&rsquo\;s attorneys on questions and issues pertaining to the Bo ard&rsquo\;s powers\, duties\, privileges\, immunities\, and liabilities with respect to these matters.
\n
NEW BUSINESS
\n
1. \; \; \; \; \; \; Discu ssion and Action Regarding the Election of the 2027 Board of Trustees Of ficers and Committee Assignments\, and Approval of the 2027 Board of Tru stees Schedule of Meetings.
\n
2.&nb sp\; \; \; \; \; \; Report of Activity by the Administr ative &\; Audit Committee.
\n
2.1. \; \; \; Compliance Office Quarterly Update Report on Enterpr ise Governance\, Risk\, Compliance\, and Modernization Project.
\n
2.2. \; \; \; Internal Audit Upd ate Report by KMH LLP on the Current Status of Activities Completed Duri ng September and October 2026\, and an Update on the Completion Status o f Management Action Plans for Past Non-Information Technology Internal A udit Observations and Recommendations.
\n
2.3. \; \; \; Draft Auditor&rsquo\;s Report and Financial Statements of the Employees&rsquo\; Retirement System by KKDLY LLC.
\n
Pursuant to HRS §\;92-5(a)(4)\, the Board of Trustees may enter i nto Executive Session to consult with the Board&rsquo\;s attorneys on qu estions and issues pertaining to the Board&rsquo\;s powers\, duties\, pr ivileges\, immunities\, and liabilities with respect to these matters.
\n
EXECUTIVE SESSION
\n
1. \; \; \; \;&n bsp\; \; Executive Session\, pursuant to §\;88-27.5(a)(1) and (3) a nd HRS §\;92-5(a)(4)\, to conduct discussions and deliberations rela ting to\, and if appropriate\, to make a decision on investments or pros pective investments by the system that require the consideration of info rmation or records that are exempt from disclosure under HRS Chapter 92F \, including information and records that are proprietary information or confidential business information\, and to consult with the Board&rsquo \;s attorneys on questions and issues pertaining to the Board&rsquo\;s p owers\, duties\, privileges\, immunities\, and liabilities with respect to the Approval of Strategic Asset Allocation Targets.
\n
2. \; \; \; \; \; \; Executiv e Session\, pursuant to HRS §\;92-5(a)(4) and (6)\, to consider sens itive matters related to Cyber Security that involves Information Securi ty\, Technology Risk Management\, and the protection of Employees&rsquo\ ; Retirement System Information Assets\, and to consider and consult wit h the Board&rsquo\;s attorneys on questions and issues pertaining to the Board&rsquo\;s powers\, duties\, privileges\, immunities\, and liabilit ies with respect to such matters.
\n
3. \; \; \; \; \; \; Executive Session\, pursuant to HRS §\;92-5(a)(2) and (4)\, to consider the hire\, evaluation\, dismissal\, or discipline of ERS&rsquo \; Deputy Executive Director\, where consideration of matters affecting privacy will be involved\; and to consider and 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 this matter.
\n
A DJOURNMENT
\n
If you require auxiliar y aid/service or other accommodation due to a disability\, please contac t
Dale Kehau Kanae at (808) 586-1706 or dale.kanae@hawaii.gov as soon as possible\, preferably by Wednesday\, November 4\, 2026\, and the ERS will try to obtain the auxiliary aid/service or accommodation\, but cannot guarantee that the request can be fulfilled.
\n
Upo n request\, this notice can be made available in large print.
\n
\;Coffee-type refreshments will be served as an integral part of the meeting.
END:VEVENT END:VCALENDAR