MOTION: 2026-31 MOTION TO ADJOURN
Meeting Date: July 28, 2026
MOTION: 2026-30 Internation Small Cap Manager Discussion
Meeting Date: July 28, 2026
RESOLVED: that the State Employees’ Retirement Board
MOTION: 2026-29 Private Equity Opportunity: TJC Resolute Fund VII
Meeting Date: July 28, 2026
RESOLVED: that the State Employees’ Retirement Board commit up to $150 million to The Resolute Fund VII, L.P., plus investment expenses and pro rata share of partnership operating expenses, consistent with executed partnership documents, as a new investment within the Private Equity asset class, subject to successful completion of contract negotiations and execution and delivery of closing documents by all parties, including required Commonwealth legal approvals, within 12 months?
MOTION: 2026-28 Approval of Consent Calendar
Meeting Date: July 28, 2026
RESOLVED: that the board approves the Consent Calendar items for the July 28, 2026, board meeting.
MOTION: 2026-27 Adoption of the Agenda
Meeting Date: July 28, 2026
RESOLVED: that the board adopt the agenda for the July 28, 2026, board meeting.
MOTION: 2026-26 MOTION TO ADJOURN
Meeting Date: June 16, 2026
MOTION: 2026-25 Results of 2025 independent financial statement audit
Meeting Date: June 16, 2026
RESOLVED: that the State Employees’ Retirement Board accept the Audit, Risk and Compliance Committee’s recommendation to accept the audited 2025 Financial Statements with Required Supplementary Information with Independent Auditors’ Report for Years Ended December 31, 2025, and December 31, 2024, of the Commonwealth of Pennsylvania State Employees’ Retirement System, State Employees’ Defined Contribution Plan, and the Commonwealth of Pennsylvania Deferred Compensation Plan, as presented by our independent auditors, KPMG LLP.
MOTION: 2026-24 Private Equity Opportunity: SkyKnight Capital Fund V, L.P. and Sidecar
Meeting Date: June 16, 2026
RESOLVED: that the State Employees’ Retirement Board commit up to (i) $65 million to SkyKnight Capital Fund V, L.P., and (ii) $35 million to a sidecar vehicle that will co-invest alongside SkyKnight Capital Fund V, L.P., plus investment expenses and pro rata share of partnership operating expenses, consistent with executed partnership documents, as a new investment within the Private Equity asset class, subject to successful completion of contract negotiations and execution and delivery of closing documents by all parties, including required Commonwealth legal approvals, within 12 months.
MOTION: 2026-23 Approval of Consent Calendar
Meeting Date: June 16, 2026
RESOLVED: that the board approves the Consent Calendar items for the June 16, 2026, board meeting.
MOTION: 2026-22 Adoption of the Agenda
Meeting Date: June 16, 2026
RESOLVED: that the board adopt the agenda for the June 16, 2026, board meeting.
MOTION: 2026-21 Motion to Adjourn
Meeting Date: May 5, 2026
MOTION: 2026-20 Actuarial Services RFP #25-038
Meeting Date: May 5, 2026
RESOLVED: I move that the State Employees Retirement Board accept the recommendation of the Audit, Risk, and Compliance (ARC) Committee pursuant to its delegated authority to recommend to the Board the selection of the independent external auditor as identified through RFP #25-038 and determined to be the most advantageous proposal submitted to the Commonwealth and the Board. The Board authorizes the Issuing Office to award the contract and proceed with contract negotiations with the selected vendor, to be publicly named at a later date after successful contract negotiations.
MOTION: 2026-19 Actuarial Valuation Approval
Meeting Date: May 5, 2026
RESOLVED: That the State Employees’ Retirement Board:
A) approve the results of the December 31, 2025, actuarial valuation; and for the Commonwealth’s fiscal year 2026-2027, certify the following contribution rates:
1. a. for Class A-5 and Class A-6 members a reduction in the shared-risk contribution rate of .09% for a total shared-risk contribution rate of zero for their Class A-5 and Class A-6 service. b. for Class A-3 and Class A-4 members, a shared-gain adjustment to their regular member contributions of a reduction of .5% of retirement-covered compensation for their Class A-3 and Class A-4 service, for a total shared-gain reduction in Class A-3 and Class A-4 member contributions of .5%;
2. Employer normal cost contribution rate of 8.32%;
3. Composite employer contribution rate necessary for the funding of the system of 32.36%; and 4. Employer contribution rates by group and class of service of employees as set forth in the actuarial valuation as calculated by SERS’ consulting actuary, GRS, pursuant to Section 5508 of the State Employees’ Retirement Code;
(B) authorize SERS staff and GRS to use those rates to develop all the employer rates for the period of July 1, 2026, to June 30, 2027, pursuant to Section 5902(k) of the State Employees’ Retirement Code;
(C) establish an employer contribution rate of .02% for fiscal year 2026- 2027 to fund the Benefits Completion Plan established pursuant to Section 5941 of the State Employees’ Retirement Code; and
(D) authorize the Executive Director to certify such rates to all employers with employees who are active members of SERS and to the Secretary of the Budget.
MOTION: 2026-18 2026 BOARD Education plan
Meeting Date: May 5, 2026
RESOLVED: That the State Employees’ Retirement Board approve the 2026 Board Education Plan, as attached.
MOTION: 2026-17 Private Equity Opportunity: PSG Europe III
Meeting Date: May 5, 2026
RESOLVED: That the State Employees’ Retirement Board commit up to €100 million (approximately $116 million USD) to PSG Europe III S.C.SP., plus investment expenses and pro rata share of partnership operating expenses, consistent with executed partnership documents, as a follow-on investment within the Private Equity asset class, subject to successful completion of contract negotiations and execution and delivery of closing documents by all parties, including required Commonwealth legal approvals, within 12 months.
MOTION: 2026-16 Transaction Cost Consultant – Trading Technologies (previously known as Abel Noser)
Meeting Date: May 5, 2026
RESOLVED: That the State Employees’ Retirement Board retain Trading Technologies as its investment transaction cost analysis consultant for a five-year term commencing at the conclusion of the Board’s current contract (set to expire as of September 30, 2026), subject to successful completion of contract negotiations and execution and delivery of closing documents by all parties, including required Commonwealth legal approvals, prior to the expiration of the current contract.
MOTION: 2026-15 Proxy Voting Policy Review
Meeting Date: May 5, 2026
RESOLVED: That the State Employees’ Retirement Board adopt the proposed revisions to the SERS U.S. and International Proxy Voting Policy, as set forth in the Attachment.
MOTION: 2026-14 Approval of Consent Calendar
Meeting Date: May 5, 2026
RESOLVED: that the board approves the Consent Calendar items for the May 5, 2026, board meeting.
Approving Board Meeting Minutes – March 3, 2026, Regular meeting
MOTION: 2026-13 ACTUARIAL SERVICES RFP#25-013
Meeting Date: March 3, 2026
RESOLVED: That the State Employees' Retirement Board authorizes the Issuing Office to award the contract and proceed with contract negotiations with the selected vendor, to be publicly named at a later date after successful contract negotiation.
MOTION: 2026-12 2026 COMMITTEE WORK PLAN
Meeting Date: March 3, 2026
RESOLVED: That the State Employees' Retirement Board approve the 2026 Securities Litigation Committee Work Plan set forth in the attachment.
MOTION: 2026-11 2026 COMMITTEE WORK PLAN
Meeting Date: March 3, 2026
RESOLVED: That the State Employees' Retirement Board approve the 2026 Finance and Member and Participant Services Committee Work Plan, as set forth in the attachment.
MOTION: 2026-10 ANNUAL SALARY ADJUSTMENT FOR CHIEF INVESTMENT OFFICER
Meeting Date: March 3, 2026
RESOLVED: That the State Employees' Retirement Board accept the Board Governance and
Personnel Committee's recommendation to approve a pay increase of 3.3% to $215.20 an hour for James Nolan, Chief Investment Officer SERS, to be effective the first full pay period of March 2026.
MOTION: 2026-09 SALARY ADJUSTMENT RECOMMENDATIONS FOR THE LISTED INVESTMENT PROFESSIONALS
Meeting Date: March 3, 2026
RESOLVED: That the State Employees' Retirement Board recommend that the State Employees' Retirement Board authorize cash payments to those Investment Professionals in 2026 whose recommended salary adjustments have exceeded the pay bands, as attached in Exhibit B, to be effective the first full pay period of March 2026 and paid as soon as administratively feasible.
MOTION: 2026-08 2026 BOARD GOVERNANCE AND PERSONNEL COMMITTEE WORK PLAN
Meeting Date: March 3, 2026
RESOLVED: That the State Employees' Retirement Board approve the 2026 Board Governance and Personnel Committee Work Plan, as attached and located in BoardDocs at Agenda Item 6.A.
MOTION: 2026-07 ACCOUNT CHANGE AUTHENTICATION REPORT
Meeting Date: March 3, 2026
RESOLVED: That the State Employees' Retirement Board direct management, in cooperation with the Audit, Risk and Compliance Committee, to prioritize the recommendations contained within the Account Change Authentication Report as presented at the January 23, 2026 special committee meeting under agenda item 4.A, and provide said prioritization report to the Committee and Board no later than April 28th, 2026. The prioritization report provided to the Board shall include an implementation timetable for all prioritized recommendations
MOTION: 2026-06 2026 AUDIT, RISK AND COMPLIANCE COMMITTEE WORK PLAN
Meeting Date: March 3, 2026
RESOLVED: That the State Employees' Retirement Board accept the recommendation of the Audit, Risk and Compliance Committee to approve the 2026 Audit, Risk and Compliance Committee Work Plan, as set forth in the BoardDocs February 24, 2026, Audit, Risk and Compliance Committee Agenda Item 6A and as attached.
MOTION: 2026-05 PRIVATE EQUITY OPPORTUNITY: FRANCISCO PARTNERS FUND VIII, FRANCISCO PARTNERS AGILITY FUND IV AND FP VIII PA CO-INVEST
Meeting Date: March 3, 2026
RESOLVED: That the State Employees' Retirement Board commit up to (i) $100 million to Francisco Partners VIII, L.P., (ii) $30 million to Francisco Partners Agility IV, L.P., and (iii) $50 million to FP VIII PA Co-Invest, LP., a sidecar vehicle that will co-invest alongside Francisco Partners VIII, LP., plus investment expenses and pro rata share of partnership operating expenses, consistent with executed partnership documents, as follow-on investments within the Private Equity asset class, subject to successful completion of contract negotiations and execution and delivery of closing documents by all parties, including required Commonwealth legal approvals, within 12 months.
MOTION: 2026-04 2025 ACCOMPLISHMENTS AND 2026 GOALS/INVESTMENT COMMITTEE WORK PLAN
RESOLVED: That the State Employees' Retirement Board approve the 2026 Investment Committee Work Plan, as set forth in the attachment.
MOTION: 2026-03 APPROVAL OF CONSENT CALENDAR
Meeting Date: March 3, 2026
RESOLVED: that the board approves the Consent Calendar items for the March 3, 2026, board meeting.
MOTION: 2026-02 ADOPTION OF THE AGENDA
Meeting Date: March 3, 2026
RESOLVED: that the board adopt the agenda for the March 3, 2026, board meeting.