minutes of the state universities retirement system friday ... · • that the board of trustees...

MINUTES

Quarterly Meeting of the Board of Trustees of the State Universities Retirement System

Friday, March 13, 2020, 9:00 a.m. State Universities Retirement System

1901 Fox Drive, Main Conference Room Champaign, Illinois

The meeting of the Board of Trustees of the State Universities Retirement System convened on March 13, 2020,at 9:00 a.m. in the System’s Champaign office located at 1901 Fox Dr. with a video conference location at the System’s Naperville office at 1120 E. Diehl Road, Naperville, IL The following trustees were present: Mr. John Atkinson, chair (via video conference), Mr. Richard Figueroa (via video conference), Ms. Jamie-Clare Flaherty (via conference call), Dr. Fred Giertz, Mr. Scott Hendrie, Mr. John Lyons (via video conference), Dr. Steven Rock, Mr. Collin Van Meter, Mr. Antonio Vasquez (via conference call) and Mr. Mitch Vogel (via video conference). Others present: Mr. Martin Noven, Executive Director; Mr. Doug Wesley, Chief Investment Officer (CIO); Ms. Ellen Hung, Deputy CIO; Ms. Bianca Green, General Counsel; Mr. Jefferey Saiger, Chief Technology Officer; Ms. Kristen Houch, Head of Legislative Affairs; Ms. Suzanne Mayer, Chief Benefits Officer; Ms. Brenda Dunn, Chief Human Resource Officer; Ms. Tara Myers, Chief Financial Officer; Ms. Jackie Hohn, Chief Internal Auditor; Ms. Kelly Carson, Ms. Chelsea McCarty, and Ms. Annette Ackerman, Executive Assistants; Ms. Tiffany Reeves and Mr. Keith Johnson of Reinhart Boerner Van Deuren, and Mr. Timothy Spila. Board of trustees roll call attendance was taken. Trustee Ammons, absent; Trustee Atkinson, present; Trustee Figueroa, present; Trustee Flaherty, present; Trustee Giertz, present; Trustee Hendrie, present; Trustee Lyons, present; Trustee Rock, present; Trustee Van Meter, present; Trustee Vasquez, present; Trustee Vogel; present.

APPROVAL OF MINUTES Trustee Atkinson presented the minutes from the board of trustee meetings of January 30, 2020 and January 31, 2020. Trustee Figueroa made the following motions:

• That the minutes from the January 30, 2020 Board of Trustees meeting be approved as presented.

• That the minutes from the January 31, 2020 Board of Trustees meeting be approved as presented.

Trustee Van Meter seconded and the motions carried with all trustees present voting in favor.

APPROVAL OF CLOSED SESSION MINUTES

Trustee Atkinson presented the closed session minutes from the board of trustees meetings of January 30, 2020. Trustee Van Meter made the following motions:

• That the closed session minutes from the January 31, 2020 Board of Trustees meeting be approved and remain closed.

Trustee Rock seconded and the motions carried with all trustees present voting in favor.

CHAIRPERSON’S REPORT AND EXECUTIVE DIRECTOR’S REPORT Trustee Atkinson discussed his concerns regarding the impact of the coronavirus and encouraged staff to develop a communication strategy to be deployed immediately. Mr. Noven followed up by informing the board of SURS current strategy regarding the coronavirus and the precautions SURS executive team is taking. Mr. Noven said that SURS is watching this situation closely and knows situations can and will change quickly. After further discussion, it was determined that in the best interest of staff, and to the extent SURS staff can work remotely, they should do so. Mr. Noven stated he appreciates the direction and will continue to keep the board updated on all decisions made by the executive team.

BOARD TRAVEL

Mr. Noven presented the board with travel and conference opportunities suggested by members of the board. Mr. Noven encouraged trustees to continue to make suggestions for future educational opportunities. Trustee Giertz suggested trustees be allowed to roll their out-of-state travel conferences to the next fiscal year due to travel restrictions pertaining to COVID-19. Trustee Giertz made the following motion:

• That the board of trustees travel to attend conferences or trainings listed on the March 2020 list of upcoming training opportunities be approved and that all resulting allowable expenses consistent with the SURS travel policy be reimbursed.

Trustee Rock seconded and the motion carried with all trustees present voting in favor. Trustee Van Meter made the following motion:

• That due to the impact of COVID-19 and the effect on travel, trustees be allowed to extend the typical two out of state meeting to four out of state meetings over the fiscal year 2020 and fiscal year 2021.

Trustee Figueroa seconded and the motion carried with all trustees present voting in favor.

A copy of the staff memorandum titled “Board Training Requirements and Travel Approval” with the list of upcoming training opportunities as of March 2020 is incorporated as part of these minutes as Exhibit 1 and Exhibit 2.

REVIEW OF COMMITTEE ACTION

Investment Committee On behalf of the Investment Committee, Trustee Vasquez presented the committee actions. The Investment Committee recommends to the board:

• That the April 16, 2020 Investment Committee and board meetings be cancelled and added to June 3, 2020.

• That based on the recommendation from SURS staff and Callan, the board of trustees make a

commitment of $50 million to Crow Holdings Realty Partners Fund IX, subject to successful completion of contract negotiations.

• That based on the recommendation of SURS staff and Meketa, the board of trustees approve Bivium Capital to be retained to manage a global credit fixed income manager of emerging managers program with funding from the complete transfer of the global credit fixed income portfolio currently managed by Progress Investment Management Company, subject to successful completion of contact negotiations.

• That based on the recommendation of SURS staff, the board of trustees approve to consent to the Investment Management Agreement dated September 1, 2019, between the State Universities Retirement System and TorreyCove Capital Partners LLC, subject to satisfactory legal review.

• That the board of trustees approve the revised plan documents for the SURS Self-Managed Plan which will now be called the SURS Retirement Savings Plan, effective June 1, 2020, and the SURS Deferred Compensation Plan, effective September 1, 2020, substantially in the form presented.

The motions carried with all trustees present voting in favor. Administration Committee On behalf of the Administration Committee, Trustee Van Meter presented the committee actions. The Administration Committee recommends to the board:

• That staff is directed to prepare a budget that includes a compensation increase of 2.3 percent and a $15,000 fund for the star award program.

The motion carried with all trustees present voting in favor.

FIDUCIARY COUNSEL REPORT

Ms. Tiffany Reeves and Mr. Keith Johnson presented the board with SURS next steps, options and recommendations for governance. Ms. Reeves discussed the feedback from the board survey and discussed opportunities for improvement in SURS governance practices. The funding policy, strategic plans, board policies, committee structure and audit oversight were also discussed with recommendations provided. A copy of the presentation titled “Fiduciary Counsel Report” is incorporated as part of these minutes as Exhibit 3.

CLOSED SESSION

Trustee Van Meter moved that the board of trustees go into closed session pursuant to §2(c)(11) of the Open Meetings Act. Trustee Giertz seconded and the motion carried on a roll call vote:

Trustee Ammons - absent Trustee Atkinson - Aye Trustee Figueroa - Aye Trustee Flaherty - Aye Trustee Giertz - Aye Trustee Hendrie - Aye Trustee Lyons - Aye Trustee Rock - Aye Trustee Van Meter - Aye Trustee Vasquez - Aye Trustee Vogel - Aye

RETURN TO OPEN SESSION

Upon motion by Trustee Vogel that was seconded by Trustee Figueroa and carried, the board of trustees resumed the meeting in open session. Ms. Bianca Green informed the board of a recent FOIA request asking for SURS to provide all payments submitted to trustees and support staff during the fiscal years of 2019 and 2020. Ms. Green then addressed questions from trustees.

INFORMATIONAL ITEMS NOT REQUIRING BOARD ACTION

1. Exhibit 4 – General Counsel’s FOIA Report 2. Exhibit 5 – Member Services Division Reports 3. Exhibit 6 – Comparative Financial Reports 4. Exhibit 7 – Self-Managed Plan Update for the Quarter Ending December 31, 2019

TRUSTEE COMMENT

Trustee Giertz and Trustee Van Meter thanked staff for working quickly and setting up the video conferencing in such a tight timeline.

PUBLIC COMMENT

There were no public comments presented to the board of trustees. There was no further business brought before the committee and Trustee Figueroa moved that the meeting be adjourned. The motion was seconded by Trustee VanMeter and carried with all trustees present voting in favor.

Respectfully submitted,

Mr. Martin Noven

Secretary, SURS Board of Trustees

MMN: kc

MEMORANDUM

TO: Board of Trustees

FROM: Mr. Martin Noven Executive Director

RE: Board Training Requirements and Travel Approval

DATE: February 28, 2020

In order to assist Trustees in obtaining the 8 hours of annual training required by Public Act 96-0006, staff has developed the attached list of upcoming training opportunities. This list will be updated and provided to the Trustees with the regular meeting materials.

Public Act 96-0006 also requires that all Board travel be approved by a majority of Trustees in order to qualify for reimbursement of expenses in accordance with the Board’s Travel Approval and Expense Reimbursement Policy. Each Trustee is eligible to be reimbursed for two out-of-state trips, each fiscal year, for educational purposes. SURS is a voting member of the Council of Institutional Investors (“CII”). In March of 2013, the SURS travel policy was amended, to provide that attendance at the semi-annual meetings of CII not be included in the two-per-year limit for board member attendance at educational conferences, since such conferences are not educational meetings, rather, are working meetings of an organization of which SURS is a member.

Staff Recommends that the following motions be approved at this time:

• That the Board of Trustees travel to attend conferences or trainings listed on theFebruary 2020 list of Upcoming Training Opportunities be approved and that allresulting allowable expenses consistent with SURS travel policy be reimbursed.

Exhibit 1

State Universities Retirement System Schedule of

Upcoming Training Opportunities As of March 2020

SURS Board/Committee Meetings for 2020

SURS Board and Committee Meetings March 12-13, 2020 SURS Board and Committee Meetings April 16, 2020 SURS Board and Committee Meetings June 4-5, 2020

Council of Institutional Investors

Title: 2020 Fall Conference Subject Matter: Corporate Governance Issues Sponsor: Council of Institutional Investors Date: September 21-23, 2020 Location: San Francisco, CA Registration Fee: Complimentary for members

Training Opportunities New Opportunity

Title: 2020 Annual PRISM Conference Subject Matter: Various Information Systems Topics Sponsor: PRISM Date: April 19-20, 2020 Location: Atlanta, GA Registration Fee: TBD

Title: DC Investment Lineup Subject Matter: Various Investment Topics Sponsor: Pensions & Investments Date: April 28, 2020 Location: Chicago, IL Registration Fee: TBD

Title: 2020 Public Funds Roundtable Subject Matter: Various Investment Topics Sponsor: Institutional Investor Date: April 28 – May 1, 2020 Location: The Beverly Hilton, Los Angeles, CA Registration Fee: TBD

Title: Trustee Educational Seminar Subject Matter: Pension Overview Sponsor: NCPERS Date: May 9-10, 2020 Location: Caesars Palace – Las Vegas, NV Registration Fee: TBD

Exhibit 2

Title: Annual Conference and Exhibition (ACE) Subject Matter: Public Pension Overview / Education Sponsor: NCPERS Date: May 10-13, 2020 Location: Caesars Palace – Las Vegas, NV Registration Fee: TBD

Title: 6th Annual Redefining Fixed Income Forum Subject Matter: Various Investment Topics Sponsor: Institutional Investors Date: May 12-13, 2020 Location: Chicago, IL Registration Fee: TBD

Title: ESG Investing Subject Matter: Various Investment Topics Sponsor: Pensions & Investments Date: May 14, 2020 Location: Chicago, IL Registration Fee: TBD

Title: 7th Annual Midwest Institutional Forum Subject Matter: Various Investment Topics Sponsor: Markets Group Date: June 3, 2020 Location: Chicago, IL Registration Fee: TBD

Title: Trustee Leadership Forum for Retirement Security Subject Matter: Trustee Training and Investment Strategies Sponsor: Initiative for Responsible Investment Date: June 8-9, 2020 Location: Cambridge, MA Registration Fee: $150.00

Title: 31st Annual Pension and Financial Services Conference Subject Matter: Various Pension Topics Sponsor: NASP Date: June 15-17, 2020 Location: Chicago, IL Registration Fee: TBD

Title: Private Markets Breakfast Briefing Subject Matter: Various Investment Topics Sponsor: Pensions & Investments Date: June 16, 2020 Location: Chicago, IL Registration Fee: TBD

Title: Private Equity Exclusive Subject Matter: Various Investment Topics Sponsor: Pension Bridge Date: July 27-28, 2020 Location: Chicago, IL Registration Fee: TBD

Exhibit 2

Title: 2020 Annual Conference Subject Matter: Various Public Pension Topics Sponsor: NASRA Date: August 8-12, 2020 Location: Park City, UT Registration Fee: TBD

Title: Public Pension Funding Forum Subject Matter: Pension Overview Sponsor: NCPERS Date: August 23-25, 2020 Location: Chicago, IL Registration Fee: TBD

Title: Global Markets Subject Matter: Various Investment Topics Sponsor: Pensions & Investments Date: September 29, 2020 Location: Chicago, IL Registration Fee: TBD

Title: 2020 NAGDCA Annual Conference Subject Matter: Defined Contribution Retirement Plans Sponsor: National Association of Government Defined Contribution Administrators Date: October 4-7, 2020 Location: Seattle, WA Registration Fee: TBD

Title: NCPERS Accredited Fiduciary Program Subject Matter: Pension Overview Sponsor: NCPERS Date: October 24-25, 2020 Location: Nashville, TN Registration Fee: TBD

Title: Illinois Digital Government Summit 2020 Subject Matter: Various Technology Topics Sponsor: Government Technology Date: October 29, 2020 Location: Springfield, IL Registration Fee: TBD

Title: Asset Allocation Subject Matter: Various Investment Topics Sponsor: Pensions & Investments Date: November 17, 2020 Location: Chicago, IL Registration Fee: TBD

Title: Asset Allocation Subject Matter: Various Investment Topics Sponsor: Pensions & Investments Date: November 17, 2020 Location: Chicago, IL Registration Fee: TBD

Exhibit 2

© 2020 All Rights ReservedReinhart Boerner Van Deuren s.c.1

SURS: Next Steps, Options and Recommendations for Governance Focus

Exhibit 3


Board Member Feedback

Committees need to function effectively

and be separate from the Board meeting

Delegations are unclear; Board is not on the same

page about delegation

Utility of the Governance

Manual; need for policies and compliance

The Board needs to be more involved in

strategic planning

Board materials need to be

focused on key topics and better inform decision-

making

Board meetings are not efficient; Trustees get off topic and lose

focus

Need to improve process for

review, goal-setting, and oversight of

Executive Director

Roles and responsibilities of

Board members are unclear

Need for greater investment

expertise and governance skills

Recent improvement in the System’s and

the Board’s culture

Trustees have a good

understanding of fiduciary duties

Would appreciate clearer

recommendations and greater

candor from staff

Updates to governance

structure needed to create more

efficient Board/staff

relations

Timeliness of receipt of

information

Exhibit 3


Governance IssuesBased on our preliminary observations and the information that has been provided by staff and initial feedback from the Board, we believe that it would be appropriate for the Board to prioritize the development of good governance practices in the following areas: • Funding Policy• Powers Reserved/Oversight Framework• Decision Intelligence (Board Materials)• Strategic Planning• Organizational Culture of Continuous Improvement• Board Policies• Board Committees• Audit Oversight

Exhibit 3


The following table illustrates our initial assessment of the prioritization of the opportunities for improvement in SURS' governance practices:

Triage Opportunities Falling Behind Peer Practices Opportunities for Improvement Consistent with Peer Practices

Funding Policy Compliance and Reassurance Corporate Governance Fiduciary Training and Education

Powers Reserved/Oversight Framework/Formalize Delegated Authority

Enterprise Risk Management Succession Planning Tone at the Top

Decision Intelligence & Monitoring (Board Materials)

Stakeholder Relations Board Self-Assessment/Self-Development

Board Relations

Strategic Planning Effectiveness of Oversight of Key Functions

Role of Board Officers

Organizational Culture of ContinuousImprovement

Board-Staff Relations

Board Policies

Board Committees

Audit Oversight

Exhibit 3


Funding Policy

• SURS’ actuary has opined that the statutory funding policy is inadequate from actuarial perspective.

• In its 2019 report, GRS stated that statutory funding policy set forth in Section 15-155 of the Pension Code "results in a near-term contribution requirement that is less than a reasonable actuarially determined contribution."

Exhibit 3


Statutory Funding Policy

• Level percentage of pensionable payroll (capped) to achieve a 90% funded ratio by 2045

• Determined under the projected unit credit actuarial cost method

• Amortizes the UAAL over a 30-year rolling amortization period

• 5-year smoothing of changes in actuarial assumptions

GRS Recommendation

• Funding normal cost as well as an amortization payment seeking to pay off the unfunded liability over a closed period as long as 15 years (to limit contribution volatility)

• No more than a period of time in order to attain 100% funding by 2045

Exhibit 3


TRS: Actuarial Math 2.0

• The TRS Board adopted a funding policy in 2015 that uses an actuarial cost method (entry age normal) that assigns cost evenly over a teacher’s career instead of back loading costs under the statutory cost method (projected unit credit).

• The TRS funding policy: Funds 100% of benefits earned (instead of 90%) Amortizes the unfunded liability over a closed 20-year period

(statute provides a 50-year closed period)• Annually, TRS certifies both the statutory contribution and the

actuarial determined contribution

Exhibit 3


TRS FY 21 Statutory Contribution

• $4.81 billion

TRS FY 21 Actuarially Determined Contribution

• $8.34 billion

The statutory contribution underfunds TRS by $3.2 billion in 2021 (according to its actuary); it certifies both numbers to the State and has a communications plan to inform participants

Exhibit 3


Recommendation

• Work with GRS and counsel to adopt a funding policy based on actuarial principles

• Annually certify the actuarially determined employer contribution (ADEC) in addition to certifying the statutory contribution

Action Items

• Board education• Draft actuarial

funding policy• Calculate and

report additional contribution based on policy

• Develop a communications plan

Anticipated Expense

• Actuarial fees (to the extent that drafting a funding policy and calculating an additional contribution is not in scope)

• Reinhart: $2,370-$7,900

Funding Policy Exhibit 3


Powers Reserved—Defining the Location of the Fiduciary Line• Ambiguity of roles and responsibilities is a primary barrier to

effective governance.• Only 31% of the respondents to the survey indicated that the roles

and responsibilities of Board members are clear.• Only 36% of survey respondents indicated that the Board

understands and respects the difference between its strategy/policy/oversight role and the operational role of staff.

Exhibit 3


CFA Institute—OPERIS Framework

Objective

Policy

Execute & ResourceImplement

Superintend (to oversee with

formality and accountability)

The Fiduciary Line

Exhibit 3


Precision in Delegation is Critical

• Precision regarding decision rights—above and below the fiduciary line—is critical.

• “The distinguishable, but aligned, roles must work in concert in the best interest of beneficiaries.”

• The role of the Board as superintendent of the investment governance process is as much about alignment (and clarity) of roles and responsibilities across the organization as it is about technical matters (such as performance evaluation).

Exhibit 3


Powers Reserved Framework

Powers Reserved

Set

Oversee

Conduct

Approve

Exhibit 3


Key Decisions (Example)Set

• Strategic direction/policy• Expected rate of return• Asset allocation/benchmarks/beliefs/policy• Budget/compensation/staffing• Committee structure/governance policy

Approve

• Policies (e.g., finance, HR, cyber, benefits administration)• Administrative rules• Plans and budgets• Invest assets, manage and deliver benefits• Engage independent advisors • Select asset managers• Positions on legislation

Conduct

• Conduct meetings• Committees• Board self-assessment• Select independent auditors• Select/evaluate/compensate/ED, Execs, Internal Auditor• Select legal counsel• Adjudicate appeals

Oversee

• Delegated authority• e.g., Member and employer services

• Policy implementation and compliance (performance within policy parameters)

• Performance and risk management• Information flows• Independent reassurance• Stakeholder communications• Authority and resources• Vital functions and signs• Assurance• Trust but verify

Exhibit 3


Recommendations

• That the Board engage in a process of defining the powers, authorities, and responsibilities that it reserves for itself

• Define and documents the scope of delegated authority in appropriate policies

Action Items

• Adopt PW framework

• Draft delegation policies

• Update Bylaws and committee charters

• Establish reporting and oversight protocols

Anticipated Expense

• Reinhart: $4,345-$9,875 (relative to PR exercise—seeBoard Policies relative to policy drafting expense)

Powers ReservedExhibit 3


Decision Intelligence & Monitoring (Board Materials)• The goal of reporting is to provide the fiduciaries with the transparency

that they need to make informed decisions and conduct appropriate oversight This requires disclosure, clarity, consistency and accuracy

• Do the Board materials assist the Board in monitoring how delegates are discharging their roles and responsibilities over time?

• Achieving alignment between the Board and staff is about both policy and behavior Reporting should demonstrate compliance with policies

Exhibit 3


Decision Intelligence

Background

Due Diligence

Benefits and Risks

Fiscal Impact

Analysis

Exhibit 3


Recommendations

•Create a consistent structure in the way that information is reported to the Board

•Focus on high-level summaries

•Demonstrate due diligence conducted (appropriately documenting and reporting processes)

•Link access to supporting materials (rather than including in-depth information in body of report)

Action Items

•Review Board reports and develop templates

•Document due diligence conducted

•Establish compliance reporting protocol

•Leverage BoardVantage functionality to make key information readily accessible

Anticipated Expense

•Reinhart: $1,975-$5,925 (we anticipate that this would be a staff lead initiative, but would be happy to review reports and provide input, as needed)

Decision Intelligence (Board Materials)Exhibit 3


Exhibit 3


Strategic Planning

• A leading practice implemented by many of SURS' peer system boards is formal strategic planning. These processes look at longer time horizons (3-5 years),

developing key functional strategies and objectives, with the assistance of staff and consultants.

• It is unclear that SURS has undertaken a comprehensive and long-term planning process that ties each initiative into a cohesive plan, with action items, timelines, monitoring, established performance metrics and reporting

Exhibit 3


Effective oversight of the strategic plan may include:• Establishing an annual issue calendar • Create action plans linked to specific strategic objectives• Creating a business plan (including budget and staffing)• Establish formal communications plan• Establishing performance metrics and reporting• Tying Board reports into strategic initiatives

Exhibit 3


Example: CalPERS Strategic Goals (2017-2022)• Fund Sustainability

Strengthen the long-terms sustainability of the pension fund• Health Care Affordability

Transform health care purchasing and delivery to achieve affordability• Reduce Complexity

Reduce complexity across the enterprise• Risk Management

Cultivate a risk-intelligent organization• Talent Management

Promote a high-performing and diverse workforce• https://www.calpers.ca.gov/docs/forms-publications/2017-22-strategic-plan.pdf

Exhibit 3

https://www.calpers.ca.gov/docs/forms-publications/2017-22-strategic-plan.pdf


PESTEL Framework for Strategic PlanningExhibit 3

Strategy is identifying, developing, and

executing on initiatives that position TRS for the future when considering

all the forces that impactTRS, such as:

TX TRS: Applying the PESTEL Framework

Strategic Planning is a process of identifying an organization’s future directionand allocating resources in pursuit of that future direction.

PoliticalEconomic

Social

Technological

Legal

Environmental

2

Exhibit 3

Customer Needs1. TRUST Phase II2. Member self-service3. Ease of access to TRS4. Employers wanting more input on

health benefits

Internal Operational Needs1. Adequate staffing/training (business

operations and once ‘in the door’)2. Data management3. Cross-functional intelligence

TX TRS—Develop Plan: Strategic Fit

Opportunities1. Health care innovation2. Data analytics3. Educate stakeholders

Threats1. Failure to meet rate of return2. Failures on TEAM HILOB implementation3. Failure to adequately address talent issues4. Cyber security5. Destabilization of TRS-ActiveCare6. Procurement

Example Strategic Seedlings1. Expand work from everywhere2. Offer statewide 403(b)3. Reshape health care by collaborating with health care

vendors in radical transparency4. Go paperless5. Incorporate AI into contract management6. Expand Learning & Development7. Develop a culture of digital business transformation8. Embark on plain language initiative9.Explore opening regional offices 10.Communicate with future educators 11.Utilize institutional knowledge based systems

Ask how well do the seedlingsaddress the top opportunities,threats, customer needs, andinternal operational needs?

IDENTIFY 8

Exhibit 3

TX TRS—Develop Plan: Framework

• Goal – general statement of desired outcome

• Objective – specific, measurable statement of desired outcome, linked to a goal

• Strategy – general statement of how an objective will be achieved

Goal

Objective Objective Objective

Strategy Strategy Strategy Strategy Strategy Strategy

DEVELOP 9

Exhibit 3

TX TRS—Develop Plans: Draft FY 2021-2025 Goals, Objectives and Strategies

Objective 1: Improve communication regarding pension fundingneeds.Strategy 1: Serve as a trusted resource and engage with policymakers on pension funding.

Objective 2: Increase identification of underpayments and collection of future contributions toTRS.Strategy 1: Increase testing coverage of high-risk reporting employers.

Objective 3: Achieve the trust’s actuarial assumed rate of return as measured on rolling 20-yearperiods.*Strategy 1: Maintain an effective investment governance structure. Strategy 2: Enhance current competitive advantages and total returns. Strategy 3: Manage cost structures to increase net alpha generated.

Objective 4: Improve communication regarding the impact of changing pension plandesign.Strategy 1: Serve as a trusted resource and engage with policymakers on pension plan design.

DEVELOP

Sustain a financially sound pension system.GOAL 1

* Executive Director’s Areas of Focus

12

Exhibit 3

TX TRS—Year Ahead

Results Forum Report Out (Q1)

• Achieve the investment rate of return

• Improve the customer service experience

• Improve benefit estimates and disbursements

• Strengthen ethics and culture

• Improve strategic communications


• Advance and enhance IT systems and services

• Enhance the information security program

Adopt 2021-25 Strategic Plan

Due Jun. 1


• Improve pension funding communication

• Improve information regarding the impact of changing plan design

• Improve health care funding needs communication

• Increase the value of health care benefits

• Improve the health of our members

• Increase the number of HUBs utilized by TRS


• Achieve the investment rate of return

• Improve the customer service experience

• Improve benefit estimates and disbursements

• Strengthen ethics and culture

• Improve strategic communications


• Increase identification of underpayments and collection of future contributions

• Attract, retain and develop a highly competent staff

• Implement modern benefit and health informationsystems

Fiscal Year 2020 Recap

2021-25 Strategic PlanBegins Sept. 1

Sep. 2020Strategic Planning Committee

Dec. 2020Strategic Planning Committee

Jul. 2020Strategic Planning Committee

Apr. 2020Strategic Planning Committee

Dec. 2019Strategic Planning Committee

February Board Meeting Preview Draft 2021-2025

Strategic PlanFiscal Year 2021Fiscal Year 2020

EXECUTE 19

Exhibit 3

TX TRS—ED’s Areas of Focus Success Measures –Customer Service

TARGETS DELIVERABLESKPI Target Q1 FY 20

Member satisfaction survey score (percent satisfied for actives and retirees)

80% 43% (actives)77% (retirees)

Calls answered within 3 minutes Benefits 80% 32.61%Calls answered within 3 minutes HIB 80% 97.27%Retiree receiving first annuity payment within 31 days of TRS receiving required information or due date, whichever is later

98% 99.21%

Claims payments issued within 31 days of receipt of all required paperwork

95% 82.10%

Deliverable StatusDevelopment of project plan for regional service centers to advance for legislative funding, if appropriate

In Progress

Program to expand cross-sharing within BenefitServices and cross- trainingbetween Benefits and HIB

In Progress

21

Exhibit 3


Strategic PlanningRecommendations

•Establish a formal strategic planning process

•Define strategic planning cycle (recommend every 3-4 years)

•Gain consensus between the Board and staff on key issues

•Define key issues to address, underlying planning assumptions, and identify long-term goals

•Review strategic plan annually; update, as needed, to address evolving issues or material changes to the environment or assumptions

Action Items

•Draft Strategic Planning Policy•Engage in strategic planning process with senior staff

•Delegate process oversight to Executive Committee

•Develop performance metrics reporting protocols

•Establish annual issue calendar•Create action plans linked to strategic directives

•Create a business plan (including budget and staffing)

•Establish a formal communications plan

•Tie Board reports to strategic initiatives

•Tie performance metrics into 360 evaluation process

Anticipated Expense

•Potential third party expense f the Board wishes to engage a third party to facilitate

•Reinhart: see Board Policies drafting expense

Exhibit 3


Governance and Organizational Culture• The responses to the Board survey indicated some concerns about

the organizational culture at SURS.• One of the biggest factors that can impact the success or failure of

an organization (including the failure to evolve) is challenges with organizational culture.

• Governance changes may be ineffective without a corollary evolution in organization culture.

• Does the Board want to adopt a culture of continuous improvement?

Exhibit 3


Governance is Dynamic

• Governance is a dynamic, ongoing process of continuous improvement that reflects “anxious vigilance” of a fiduciary

• Good practice in investment implementation (and investment governance in general) requires a significant and ongoing commitment to process improvement

• Remember: fiduciaries are not judged on outcomes, they are are judged on the prudence of processes (which should evolve over time)

Exhibit 3


Culture of Continuous Improvement

• Tone at the top• Organizational culture• Growth mindset• Change management• Process oriented• Documented procedures• Reporting and compliance

Exhibit 3


The Board Can Impact Organizational Culture• Set the Tone from the Top: The Board should convey an

expectation (and accountability) that leadership foster a culture of continuous improvement and change management.

• Strategic Planning: Aligning the mission and strategy to create clarity of organizational purposes, roles, expectations and accountabilities.

• Performance Management: Performance should align to the strategic plan, and core competencies including both hard skills and soft skills should inventoried with opportunities for improvement being addressed through performance management.

• Process and Documentation: It is imperative that the System has defensible, repeatable, and documented processes

Exhibit 3


Implementing Cultural Shift

• Convey to staff and consultants that the achieving leading practices is a core institutional value and establish an assessment of organizational culture as a key performance metric.

• Engage in a robust strategic planning process.• The Personnel Committee (see below recommendation) or such

other committee tasked with performance management) should include an assessment of soft skills and opportunities for improvement in its evaluation process, and timely address any noted deficiencies when they occur.

Exhibit 3


Culture of Continuous ImprovementRecommendations

•Set the tone at the top•Formalize strategic

planning•Integrate organizational

cultural metrics and soft skill competencies into performance management

•Consider engaging a third party consultant to facilitate assess assist in creating structure around performance management

•Document processes

Action Items

•Convey Board expectations regarding organizational culture

•Adopt policies regarding strategic planning and performance management (see Policy Framework)

•Engage in strategic planning process

• Delegate oversight to Personnel Committee (draft and adopt charter)

Anticipated Expense

•Potential expense of third party consultant

•Expenses relative to drafting policies and charters (see Board Policies and Board Committees)

Exhibit 3


Board Policies• Clear and appropriate governance policies provide uniformity and

clear direction to the Board and staff. • It is important to create structure and continuity despite turnover

in Board members and staff. • Clear governance policies and procedures demonstrate prudent

oversight, and the due diligence processes undertaken in delegating certain authorities

• A comprehensive Governance Policy Manual is a useful training resource for new Trustees, a reference point for Board members, staff and consultants, and provides guidance for dealing with difficult and sensitive issues before they arise.

Exhibit 3


Board Survey

• 67% of the Trustee respondents indicated that the current Board Governance Manual is not an effect guide to understanding the Trustees’ responsibilities, policies and practices.

Exhibit 3


Proposed Policy FrameworkImperative PoliciesAudit Policy Confidentiality Policy External Communications (including the

media)

Actuarial Services Policy Corporate Governance and Proxy Voting (update)

Funding Policy

Board Education Policy Crisis Communications Policy Personnel Performance Evaluation Policy

Boards Ethics and Standards of Conduct• Conflict of Interest—General• Voting Conflicts and Recusal• Gift Ban (update)• Financial Interest and Reporting• Penalties and Enforcement

Delegations to Staff and Third Parties (update)

Powers Reserved

Board Chair and Vice-Chair Position Descriptions

Enterprise Risk Oversight Vendor Referrals by Board Members

Compliance Policies Ex Parte Communications Whistleblower and Complaint Handling

Exhibit 3


Board PoliciesRecommendations

• That the Board adopt a comprehensive policy manual, including, at a minimum, the imperative policies identified in the Proposed Policy Framework.

Action Items

• Draft comprehensive Governance Manual

Anticipated Expense

• Reinhart: $9,085-$49,610 (the Board may choose to have staff or another third party draft the governance policies; pricing will depend in large part on whether it involves an “off-the-shelf” approach or policies specifically tailored for SURS)

Exhibit 3


Board Committees

• 40% of Trustee survey respondents report that they are dissatisfied with Board committees

• Feedback indicated a desire to have: Effective delegation to committees Clear roles and responsibilities Separate committee and Board meetings Formal committee reports

Exhibit 3


Current SURS Committees• While the number and subject matter of SURS' Board committees is

somewhat consistent with peer practices, the structure, scope, roles and responsibilities, and authorities should be further defined.

• Current committees: Audit & Risk Investment Legal & Legislative Executive Diversity Administration Board Governance

Exhibit 3


TRSInvestmentLegislative

Rules and PersonnelClaims Hearing

Audit

IMRFAudit

Benefit ReviewInvestmentLegislative

CTPFInvestment

Finance and AuditPension Laws and Administrative Rules

Claims and Service Credits

ISBIExecutive

Audit & ComplianceInvestment PolicyEmerging Manager

Defined Contribution

SURSAdministration

InvestmentLegal & Legislative

Audit & RiskDiversity

Governance Executive

Exhibit 3

AMONG 25 PUBLIC RETIREMENT SYSTEMSRANGING IN SIZE FROM $15 TO $40 BILLION

CommitteesNo. of Funds with Committee % with Committee

Investment 17 68%Audit 15 60%Performance & Compensation / Personnel

10 40%

Legislation 6 24%Executive 4 16%Pension Benefits / Actuarial

4 16%

Board Governance 4 16%Finance / Budget 4 16%Administrative/Operations 4 16%Appeal / Disability Review 2 6%Election 2 8%Education 2 8%Retirement/Benefits 2 8%Shareholder Responsibility / Corporate Governance

1 4%

Policy / External Affairs 1 4%Risk 1 4%Health Benefits 1 4%Other* 12 48%

*Other: Outside Legal Services, Standardization, Insurance, Facilities Management, Securities Litigation, Technology, Claims

Exhibit 3


Proposed Standing Committee Structure

• The goal of establishing the proposed standing committees is to align SURS' core functions with designated committee oversight, and to ensure the each committees' scope of responsibilities aligns with its functional area.

Exhibit 3


AdministrationInvestment

Legal & LegislativeAudit & Risk

Diversity Governance Executive

Benefits Finance & Administration

PersonnelInvestment

Audit, Risk & ComplianceExecutive

Current Committee Structure

Proposed Committee Structure

Exhibit 3


Administration Committee

• The scope of the responsibilities of the Administrative Committee appears too broad.

• We suggest that such important functions should be assigned to other committees to achieve the appropriate level of focus.

Exhibit 3


Administration Committee—Current Mandate

Organizational Mission and

PerformanceStrategy

Performance metrics and reporting

Selection and evaluation of consultants

Develop SURS communications strategy

Oversee stakeholder relationships

PersonnelOversight of Executive

Director and CIOPerformance goals

CompensationSuccession planning

BenefitsMember and employer

servicesTechnology

Insurance serviceAdministrative rules

Disaster recovery

FinanceReview actuarial

assumptionsOrganizational strategic

planningAnnual State contribution

Business planningBudget oversight

Financial reportingCash management

Exhibit 3


Administrative Committee

BenefitsFinance & AdministrationPersonnel

Exhibit 3


Member and employer services

Defined contribution plan

Administrative rulesHearings and appeals

Insurance services

Benefits Committee

Exhibit 3


Review actuarial assumptionsFunding policy

Annual State contributionReview unfunded liability and

sustainability

Business planningBudget oversight

Financial reportingFinancial controlsCash management

FacilitiesTechnology

Disaster recovery

Finance & Administration

Exhibit 3


Executive Committee

• It is unclear what the role of the Executive Committee is beyond its authority for interim decision making and hiring investment counsel.

• We suggest that Board governance functions and the legal and legislative could be substantially rolled into the Executive Committee.

• In addition, we suggest that the Executive Committee be responsible for the coordination of the strategic planning process, initial recommendations for updates to the strategic plan, and monitoring performance (Note: it is expected that the full Board will participate strategic planning process)

Exhibit 3


GovernanceLegal & LegislativeAdministrative (strategy)

Executive

Exhibit 3


Board governance

Organizational strategic planningPerformance metrics and reporting

Communications strategyStakeholder relations

Legal & Legislative Interim Authority

Executive Committee

Exhibit 3


Diversity Committee• There is currently no charter, and the intended scope and purpose

of this committee is unclear• It is unusual from a peer benchmarking perspective to have a

stand-alone diversity committee (although peer practices are not dispositive and the Board may choose to elevate to a stand alone committee)

• Depending on the intended scope, we suggest that this committee's mandate could be folded into the Investment Committee (as it pertains to EM/MWDBE issues), Personnel Committee (as it related to diversity and inclusion in SURS personnel practices), and Finance & Administration (if the strategy includes vendor diversity)

Exhibit 3


Diversity InvestmentPersonnelFinance & Administration

Exhibit 3


Alternative Approach: Elevating D & I and Investment Manager Diversity as Key Strategic Initiatives

Diversity (standingcommittee)

Diversity Strategy and Oversight (special committee)

InvestmentPersonnelFinance &Administration

Key Next Step: Clarifying the Mandate

Exhibit 3

Diversity Outreach Program (CDOP)Our vision is to administer an innovative state-of-the-art diversity and inclusion program that serves as a model for the state of California and all public pension funds.We're dedicated to creating an environment that provides:• Our workforce with equal opportunities for growth and promotion

in a discrimination-free environment.• Our diverse members with access to the highest quality retirement

and health program services.• All entities with equal opportunity to participate in our investment

programs and enterprise-wide procurement processes.

Exhibit 3

Diversity Strategy Includes:• Recruiting and Developing Diverse Talent• Diversity in the CalPERS Organizational Culture• Supplier Diversity• Investment Office Diversity

Corporate board diversity External manager diversity Hiring, development, and mentoring team members

Exhibit 3

Vision Assessment Strategic Plan Implementation Measure Progress

On-going DE&I work

Diversity Representation; Demographic make-up of the agency

EquityAccess to and use of resources for success within the agency

InclusionSense of belonging, value, ownership in the agency and its achievements

GDIBAssessment to determine level of progress and challenge areas

Inclusion Index Identify gaps, provide tools, target efforts to achieve goals

Add’l Resources TRS OE; Previous TRS surveys; CQC; conversations; CFA; DBP Inclusion Index

2020 Q2Strategic Plan developed and submitted for review and input

2020 Q3Strategic Plan revised, reviewed again, finalized and published

2020 Q4Internal marketing of DEI Plan; develop Progress Report template

PrioritizeDevelop a list of focus areas for each year; determine reasonable timeline

Collaboration Work across the organization to implement DE&I practices into work

Work the Plan Develop working schedule to support, pivot and/or initiate

Quick Assess Develop schedule to do quick assessments on/toward progress

Annual Re-Assess Progress will be determined and adjustments made as necessary

ReportAnnual DE&I Report will be generated to provide overview and update

TX TRS DE & I Plan:

4

Exhibit 3

TX TRS: DE & I Success Measures

Diversity Representation; Demographic make-up of the agency

EquityAccess to and use of resources for success within the agency

InclusionSense of belonging, value, ownership in the agency and its achievements

• Diversity hires at all levels across the organization• Diversity retention• Reflection of demographic make-up of the state

• Increased use of professional development opportunities• Established internal promotion support program• Activated diversity pipeline succession plan

• Higher engagement survey ratings• Progression in GDiB© Assessment and DBP © Inclusion Index• TRS Leadership all with DE&I related training

6

Exhibit 3


Sample Reports

• https://www.calpers.ca.gov/docs/board-agendas/201902/financeadmin/item8a-01_a.pdf

• https://www.calpers.ca.gov/page/forms-publications/diversity-inclusion-report-2018-19

• https://www.calpers.ca.gov/docs/board-agendas/202002/financeadmin/item-8a-00_a.pdf

• https://www.calpers.ca.gov/page/forms-publications/diversity-inclusion-report-2017-18#investment-office-diversity-inclusion-update

Exhibit 3

https://www.calpers.ca.gov/docs/board-agendas/202002/financeadmin/item-8a-00_a.pdf



https://www.calpers.ca.gov/page/forms-publications/diversity-inclusion-report-2017-18#investment-office-diversity-inclusion-update


Oversight of Executive Director, CIO, and

Director of Internal AuditDiversity and Inclusion

CompensationSuccession planning

Performance management

Personnel Committee

Exhibit 3


Recommended Actions• Establish defined qualifications for service on Board committees• Conduct a skill inventory (at least annually) to determine which Board members are best suited

for committee assignment, and establish a defined process for committee appointments• Establish Board training program to align with current and anticipated committee assignments

Goal of developing governance oversight capacity rather than management capacity• Update charters such the that the scope, roles, responsibilities, and authorities of committees

are clear• Create a consistent structure around committee reports and recommendations• Appoint committee vice-chairs and further define the roles and responsibilities of committee

chairs• Establish issue calendars for each committee based on the strategic plan and the broader SURS

issue calendar• Designate senior staff by functional areas to support committees

Exhibit 3

TX TRS—Committee Issue Calendar: Upcoming Agendas

April 16-17, 2020 (Quarterly Meeting)April 16, 2020Strategic Planning CommitteeReport on 2nd Quarter Results ForumProposed Adoption of Strategic Plan for 2021-2025

April 17, 2020 TEAM Update

Committee Reports

Long Term Space PlanningBenefits CommitteeBenefits UpdateActiveCare Plan design, rates and benefits Selection of TRSCare HMO vendor

ED Report

COAO Report

Fiduciary Training presentationBudget CommitteeReview Proposed FY2021 BudgetPolicy CommitteeProposed Adoption of Proxy Policy Proposed Adoption of Chpt. 23 RulesInvestment Management CommitteeCIO Update4th Quarter 2019 Performance ReviewSemi-annual Risk ReportHedge Funds, Public Equity MarketsAudit Compliance and Ethics CommitteeReview of ENRI Operations Follow-up of HIPAA Employer AuditsRisk Training presentation

6

Exhibit 3

TX TRS: Upcoming Agendas

July 17, 2020TEAM Update

Committee Reports

Long Term Space Planning

Actuarial Audit

ED Report COAO Report

July 16-17, 2020 (Quarterly Meeting)July 16, 2020Strategic Planning CommitteeReport on 3rd Quarter Results Forum Proposed Core Values

Benefits CommitteeBenefits Update HIB Update

Budget CommitteePropose Adoption of FY2021 BudgetState CertificationsReceive overview of proposed 2022-2023 LAR

Policy CommitteePropose Adoption of Proxy PolicyInvestment Management CommitteeCIO Update1st Quarter 2020 Performance Review External Private Market UpdateAudit Compliance and Ethics CommitteeReview of Accounting OperationsReview of Quantitative Equity StrategiesReview of Compliance with federal Regulations Employer Data Analysis Testing

7

Exhibit 3


Exhibit 3


Board CommitteesRecommendations

• That the Board establish a committee structure that aligns with SURS’ functional areas

• Tie committee planning into strategic planning

Action Items

• Update the Bylaws and charters; draft charters for new committees

• Define roles and responsibilities of committee chairs and vice-chairs; document delegated authority

Anticipated Expense

• Reinhart: $3,555-10,665 (the Board could have staff draft updates to Bylaws and new charters)

Exhibit 3


Audit Oversight

• The survey results indicate that Board member education with respect to audit oversight is an area of opportunity.

• Leading practice to have the chief audit executive/director of internal audit report directly to the board or to the Audit committee

Exhibit 3


Audit OversightRecommendations

• Change the reporting structure so that the Director of Internal Audit reports directly to the Board through the Audit Committee.

• Establish a robust process for evaluating Board direct reports.

Action Items

• Adopt changes to the Bylaws and Audit Committee charter.

• Engage third party consultant to assist the Board in structuring a 360 or other competency and performance based evaluation process for its direct reports.

Anticipated Expense

• Reinhart: $1,185-$3,950

• Expense of engaging third party to assist in personnel review process

Exhibit 3

March 2020 Freedom of Information Act Requests Received Since Last Report:

FOIA Number Name Affiliation (if any)

Information Requested Date Responded

Commercial Request?

2020-29 Shea Hammond

Boston College Requested the 2019 Actuarial Valuation Report. 11/27/19 No

2020-30 Kiannah Sepeda-Miller

Better Government Association

Requested the number of SURS members who have taken or completed an application to take the state’s COLA buyout, the number of SURS members who have taken or completed an application to take the state’s total buyout, and the total number of retiring members qualified to take each of those buyouts, or to whom the offer has been extended.

11/26/19 No

2020-31 Sid Beaumaster

Harvard Business School

Requested for each year from 2001 to the present the full name of the Chief Investment Officer. If there is no Chief Investment Officer, we would like the full name and title of the person who fills the equivalent position (e.g., head of investments). Second, we would like the Comprehensive Annual Financial Report for each year from 2001 to the present.

11/27/19 No

2020-32 Kevin Mullally

University of Central Florida

Requested salaries of the SURS investment staff. 12/16/19 No

2020-33 Jon Peterson Real Estate Reporter Requested documents from the Real Assets Class Review and Pacing Update. 12/12/19 No

2020-34 Debbie Gregory

eVestment Requested the December 5, 2019 Meeting of the Investment Committee of the Board of Trustees: All investment related documents, materials, and/or presentations, including those by external managers and/or consultants (and any approved meeting minutes); and December 6, 2019 Quarterly Meeting of the Board of Trustees: All investment related documents, materials, and/or presentations, including those by external managers and/or consultants (and any approved meeting

12/19/19 Yes

2020-35 Haley Parker Preqin Requested distribution data as of June 30, 2019. 1/14/2020 Yes

2020-36 Matthew McCue

Financial Investment News

Requested Investment Committee information: Chief Investment Officer Report, Corporate Governance Update, ESG Overview - Educational Session, Real Assets Asset Class Review and Pacing Update, Private Equity Strategic Plan and Pacing Update, Approval of Revised Investment Policy, Defined Contribution Plan Update and Quarterly Performance Report.

12/17/19 No

2020-37 Shea Hammond

Boston College Requested information on how many investment staff members are at SURS. 12/18/19 No

Exhibit 4

2020-38 Cecilia Banares

Secondary Link Requested: Names of all limited partnerships (e.g. private equity, real estate, hedge fund, infrastructure and timber funds) your institution owns, Sizes of all the limited partnerships, Vintage years of all the limited partnerships, Most updated information available on amount committed to the partnerships and amount drawn by the partnerships, Distributions made by each individual partnership, Net Asset Value of each partnership, Internal rates of return (IRRs), TVPIs/Multiples, and DPI for each individual partnership, for the most recent date available. (Please specify whether the data is net or gross of expenses and fees.), and date as of which all the above data was calculated.

1/16/2020 Yes

2020-39 Steven Schupbach

American Transparency

Requested any and all active employees which were submitted to SURS or pension benefits for the year 2019 broken down by employee, in electronic format and emailed. This data should include the following data items: employee name, employer name, employer zip code, wages, contribution amount, months of service.

12/17/19 No

2020-40 Tyler Bond National Institute on Retirement Security

Requested a spreadsheet for calendar year 2015 containing both the total dollar amount of pension benefits and the number of beneficiaries by county in your state.

12/19/19 No

2020-41 Michael Messier

eVestment Requested investment manager name and legal fund name for the listed investment vehicles: Adams Street Partners Partnership Trust, Dune RealEstate Parallel Fund III, Franklin Templeton EMREEF, Franklin Templeton FTPREF, Franklin Templeton MDP RE 2015, Alinda Capital Partners Angelo Gordon GECC, and Oaktree Capital Management.

1/22/2020 Yes

2020-42 Veronica Benjou

Segal Requested all proposals including cost and any evaluation analysis for the following RFP: Title: SURS RFP 30-20-01 Pension System Assessment, Due Date: 9/20/19

1/7/20 No

2020-43 Jon Frankel Frankel PLLC Requested information from the RFP Pension System Assessment. 1/7/20 No

2020-44 Oliver Taylor Proxy Insight Requested proxy voting records for the period of 1st July 2019 to 31st December 2019: Name of Issuer, Issuer Identifier e.g. Ticker or CUSIP, Date of Shareholder Meeting, Type of Shareholder Meeting (Annual, Special etc.), Proposal No., Proposal, Proposer (Management / Shareholder), Vote cast by SURS, Entity responsible for vote decision (Internal/external asset manager (if external, please name) / proxy voting advisor (ISS, Glass Lewis, Segal Marco, etc.)

1/24/2020 Yes

2020-45 Austin Berg Illinois Policy Institute

Requested information on a beneficiary, who was not located in the system. 1/8/2020 No

2020-46 Rae Ann McNeilly

None listed Requested the following information: For all the recipients of benefits from SURS: Name, date of retirement or effective date, age at retirement, employee contributions to the fund, total amount of pension payments paid to the member to date, current annual pension (2020), classification of benefit (ie: disability, survivorship, retirement, etc.), years of service, salary used to calculate first benefit year (if available), name of last employer, county of last employer (if available).

1/17/2020 No

2020-47 Chris Janiec Agri Investor Requested a copy of any available materials related to any aspect of SURS interest in agricultural investments.

1/14/2020 No

2020-48 Georgia Kromrei

The Real Deal Requested copies of public records that pertain to Madison Realty Capital, from Minutes for Meeting of the Investment Committee of the Board of Trustees of SURS Thursday, September 14, 2017. I am requesting a copy of any information, reports, asset listings and other material your agency has in regards to proposed or actual investments in Madison Realty Capital, Madison Realty Debt Fund III, Madison Realty Debt Fund IV or any related entities.

2/6/2020 No

2020-49 Aaron DeGroot

House Republican Caucus

Requested full name, age, years of service, current employer and last employer for active and retired members of SURS.

1/31/2020 No

Exhibit 4

2020-50 Marissa B Brewer

None listed Requested a list of all deceased SURS members (name, age, and date of death) whose deaths occurred from 7/1/19 to 12/19 for the following: University of Illinois at Urbana-Champaign, University of Illinois System, employees located in Urbana-Champaign, State Universities Civil Service System, SURS, University of Illinois Alumni Association & University of Illinois Foundation.

1/31/2020 No

2020-51 Debbie Gregory

eVestment Requested: January 30, 2020 Meeting of the Investment Committee of the Board of Trustees: All investment related documents, materials, and/or presentations, including those by external managers and/or consultants (and any approved meeting minutes), January 30, 2020 Quarterly Meeting of the Board of Trustees: All investment related documents, materials, and/or presentations, including those by external managers and/or consultants (and any approved meeting minutes), and January 31, 2020 Trustee Educational Forum: All investment related documents, materials, and/or presentations, including those by external managers and/or consultants (and any approved meeting minutes).

pending yes

2020-52 William Dubbs

Bloomberg Requested access to and/or a copy of all documents, materials, and/or presentations, including those by external consultants, pertaining to alternative investments and including the criteria: 1. For Private Equity, Private Debt, Real Assets, and Real Estate, reported by fund for the last four quarters, the following data: Fund Name, Vintage Year, Commitment Date, and Committed Capital, Invested Capital, Distributions, Current Market Value, Since inception Net IRR and MOIC and for Hedge Funds and Multi-Asset Strategies, the following data reported by fund for the current portfolio’s holdings: Fund Name, Investment Strategy, and Fund Domicile, Initial Allocation Size, Funding Date, and Current Market Values and Performance/Returns Since Inception.

2/13/20250 No

2020-53 Nanette Lee Preqin Requested hedge fund information for the period thru September 30, 2019. 2/13/2020 Yes

2020-54 Albert Winfrey

MuckRock Requested all current (as of Feb. 5, 2020) recipients of benefits through SURS, include names, counties, place of employment, and benefit for each recipient.

2/13/2020 No

2020-55 Matt McCue Investment Financial News

Requested the following documents from the plan's January meetings. Investment Committee: Item 4: Chief Investment Officer Report, Item 5: Global Equity Search Update and Manager Interview, Item 7: Investment Beliefs Review, Item 8: Recap/Discussion of Prior Strategic Decisions, Item 9: Approval of Defined Contribution Investment Line-up, Item 10: approval of Defined Contribution Plan Documents, Item 11: Approval of the Defined Benefit and Defined Contribution Investment Policies; Trustee Education: Item 2: Private Equity Education, Item 3: Private Credit Education and Market Outlook, Item 4: Real Assets Education and Item 5: Real Estate Market Outlook.

2/26/2020 No

2020-56 Steven Schupbach

Open the Books Requested a list all retired employees which are paid a monthly pension annuity broken down by employee and year, for 2019, including first name, middle initial, last name, retirement date, year, hire date (or pension start date), last employer name, last employer zip code and monthly annuity amount.

2/24/2020 No

2020-57 Daniel Ryan None listed Requested Investment Update. Pending No

2020-58 Jared Rutecki Better Government Requested documents sufficient to show the following: all retired employees and/or surviving family members of employees, pension data as of today that show the following: salary at retirement - sometimes called Final Rate of Earnings, Retirement date, Start of annuity date, Annual pension for all current recipients, Years of service, First and last names of all recipients, Status of pension recipient (i.e. retiree, child/spousal inheritance, QILDRO, disability, et al.).

pending No

Exhibit 4

2020-59 Yan Lu University of Central Florida

Requested whether the investment staff of SURS is eligible for incentive compensation, is the pension budget governed by the legislature versus Trustees and requested the statutes.

Pending No

2020-60 Isabella Raynal

None listed Requested data for all regular retired members: Name, gender, Current age and/or age at retirement and/or year of birth, Benefit Tier, Annuity type, Date of first service, Last employer, Last employment title/role/job code, Total creditable service, in total and broken down into regular service, Sick Leave, Reciprocal, Military, Leave of Absence, Out-of-System, Other Optional, etc., Date of retirement/claim date, Earnings in first year of service, Last annual salary/pensionable earnings before retirement, final average salary as used to determine initial pension benefit, Annual pension benefits received in first year of retirement and/or first monthly benefit received, Total annual pension benefits received in calendar and/or fiscal year 2019, recent current monthly benefit received, total member contributions made to the fund, and total amount of benefit payments made to retiree to date. Also requested data for all current active members: Name, Gender, current age and/or year of birth, Benefit Tier, Date of first service, Creditable service earned so far, broken down into total service, regular service, Reciprocal etc., Current employer(s), Current employment title/role/job code, Earnings in first year of service, Total annual pensionable earnings in calendar and/or fiscal year 2019, Current annual salary/pensionable earnings and/or monthly salary/earnings), member contributions made to the fund so far.

pending No

2020-61 Mike Viscusi eVestment Requested data on contributed capital to (i.e. Private Equity, Private Debt, and/or Real Assets) including Fund Name, Vintage Year, Market Value/Total Value, Total Commitment, Total Contributions, Total Distributions, Adjusted Remaining Value, Gain/Loss, Net Return, Gross IRR, Net IRR, TVPI, DPI, Management Fee Information, Partnership Expenses, and Carried Interest.

pending No

Exhibit 4

To: SURS Board of Trustees From: Suzanne Mayer, Chief Benefits Officer Date: February 28, 2020 Re: Member Service Division Report

Buyout Update In May and June, SURS notified 31,077 total members that they may be eligible for an optional pension buyout. 17,952 members were notified of eligibility for the Tier I Automatic Annual Increase (AAI) Buyout, 8,129 were notified of eligibility for the Vested, Inactive Buyout and 4,996 members were notified of eligibility for both buyouts. Members were encouraged to utilize the multiple resources available, including our online buyout estimator, before deciding whether to apply for a buyout.

On June 10, SURS began accepting buyout applications. Members must first apply for a buyout. Once the application is received, SURS will perform an audit of the member account and calculate a full retirement claim to determine the buyout amount. When the claim is finalized, a buyout final offer letter will be sent to the member with the amount of the buyout indicated. The letter also informs the member of the estimated amount of lifetime benefits that will be given up if the buyout is accepted. Members may then choose to irrevocably elect the buyout or decline the buyout offer.

Applications received and buyout totals as of February 28, 2020, are shown below.

Applications Received

Final Offers Sent

Final Offers Accepted

(Buyouts Elected)

Final Offers

Declined

Total $ Amt of Buyouts Elected

Regular Retirement 1,642 n/a n/a n/a n/a Tier 1 AAI

Buyout 48 15 8 1 $507,167.47 Vested, Inactive

Buyout 48 24 13 1 $2,556,574.67 Totals 1,738 39 21 2 $3,063,742.14

Member Satisfaction As of January 31st, SURS representatives met with 2,519 members for individual counseling, provided an additional 507 written estimates, conducted 50 on-campus outreach visits, held 6 retirement seminars, conducted 30 group presentations & webinars, handled 66,113 incoming callers and assisted 4,828 walk-ins. SURS Employer Services conducted 8 employer training sessions.

Call volume has grown exceptionally high over the past several weeks. In January, we experienced a 47% increase in calls compared to December. A portion of the increase can be attributed to questions regarding automatic annual increases and tax forms.

One hundred percent of members receiving counseling, a random sample of twenty-five percent of reception visitors and five percent of incoming callers received electronic surveys after their interactions with SURS. Our member satisfaction ratings fiscal year-to-date follow.

Exhibit 5

Member Satisfaction Rating

Target

FY20

Counseling 90% 98%

Call Center 90% 89%

Reception 90% 94%

Defined Benefit Claims Fiscal year-to-date, SURS staff has processed 5,475 total claims including lump-sum refunds, retirements, disabilities, death and survivor benefits. Of the 1,962 retirement claims, 52% were highest under Money Purchase, 43% General Formula and 5% other (minimum annuity, police/fire formula). The average age at retirement is 62 and the average length of service is 21.94 years. The average monthly annuity is $3,017.

Approximately 14% of the finalized retirement claims included a refund of excess contributions and 22% included a refund of survivor contributions. Since July, the lump-sum payouts for these refunds and portable lump-sum retirements totaled over $44 million.

Approximately 12% of finalized retirement claims generated an employer 6% bill.

Retirement Claim Volume Claim volume fiscal year-to-date was above average in July and slightly below average each month following. This is a common occurrence after a benefit change. New money purchase actuarial factors became effective July 2, 2019. The factors were a result of the 2018 change in the assumed rate of return from 7% to 6.75%. July 1 retirement applications received were more than double the average amount for a typical July due to a portion of members choosing to retire immediately before the change in factors.

The chart below shows applications received over the last five fiscal years.

0100200300400500600700800900

1000Retirement Claims

FY2016

FY2017

FY2018

FY2019

FY2020

2019 Money Purchase Factor Change

2016 Money Purchase Factor Change

Exhibit 5

MONTHLY FINANCIAL STATEMENTS AND

SUMMARY OF PERFORMANCE MEASUREMENTS

Reporting Packet Includes: Page #Statement of Net Assets 1Summary of Investment Information 1Statement of Operations - YTD 2Summary of Employer Funding 2Statement of Cash Flows 2Administrative Expenses 3Performance Measures for: Member Services 4 Outreach 4 Human Resources 4 Accounting 5 Information Technology - Operations 5 Support Services 5 Information Technology - Application Development 5 Risk Management 5

Updated on JANUARY 30, 2020

STATE UNIVERSITIES RETIREMENT SYSTEM

as of DECEMBER 31, 2019

Exhibit 6

STATE UNIVERSITIES RETIREMENT SYSTEMSTATEMENT OF NET ASSETSas of DECEMBER 31, 2019

Actual Prior Year Increase/ (Decrease)$ %

AssetsCash and investments 20,274,065,184$ 17,812,882,559$ 2,461,182,625$ 13.8%

Accounts receivable & other assets 172,911,877 194,055,179 (21,143,302) -10.9%

Accrued investment income 50,312,056 38,668,516 11,643,540 30.1%

Fixed Assets, net of accum deprec 10,018,716 8,375,475 1,643,241 19.6%

Total Assets 20,507,307,833 18,053,981,729 2,453,326,104 13.6%

Liabilities & Designated BalancesAccounts and benefits payable 20,255,230 12,543,092 7,712,138 61.5%

Employee contributions 6,615,367,600 6,569,812,568 45,555,032 0.7%

Benefits in force and future benefit payments 13,871,685,003 11,471,626,069 2,400,058,934 20.9%

Total Liabilities & Designated Balances 20,507,307,833 18,053,981,729 2,453,326,104 13.6%

Net Assets 20,487,052,603$ 18,041,438,637$ 2,445,613,966$ 13.6%

STATE UNIVERSITIES RETIREMENT SYSTEMSUMMARY OF INVESTMENT INFORMATIONYear to dateJULY 1, 2019 - DECEMBER 31, 2019

Actual Prior Year Variance Inc/(Dec)Investment Assets: Cash 1,177,626,458$ 482,215,575$ 695,410,884$ 144.2% Stocks 9,462,233,617 9,232,896,899 229,336,719 2.5% Bonds 5,778,846,248 4,715,608,276 1,063,237,972 22.5% Real estate 1,178,242,902 917,651,946 260,590,956 28.4% Alternatives 2,677,115,959 2,464,509,863 212,606,096 8.6%

Total Cash and Investment Assets 20,274,065,184$ 17,812,882,559$ 2,248,576,530$ 12.6%

Actual Prior Year Variance Inc/(Dec)Investment Income: Interest on bonds and notes 92,660,619$ 78,220,569$ 14,440,050$ 18.5% Dividends from stocks and real estate 89,179,082 92,739,073 (3,559,991) -3.8% Securities Lending 2,583,553 2,290,199 293,354 12.8% Investment Expense (34,357,970) (32,527,071) (1,830,899) 5.6%Net gain (loss) on security disposal 923,392,838 (1,082,559,480) 2,005,952,318 -185.3%

Total Investment Income, net of expense 1,073,458,122$ (941,836,710)$ 2,015,294,832$ -214.0%

SURS

Fiscal Year 2020 to date 5.91%

Prior year returns basedon 6/30/2019 data for FY 2019.

1 Year 6.01%

3 Years 8.78%

5 Years 5.82%

10 Years 9.69%

Investment Returns:

23%

19%

8%6%10%

19%4%

3% 2%5% 1%

Asset AllocationUS Equities Non-US Equities Global Equities Private EquitiesReal Estate Fixed Income TIPS Emerging Market DebtCommodities Hedge Funds Opportunity Fund

Exhibit 6

STATE UNIVERSITIES RETIREMENT SYSTEMSTATEMENT OF OPERATIONSYear to date

JULY 1, 2019 - DECEMBER 31, 2019Actual Prior Year Increase/ (Decrease)

$ %

Employee Contributions 140,488,496$ 137,122,557$ 3,365,939$ 2.5%

State Appropriations 890,727,965 793,894,789 96,833,176 12.2%Fed/Trust/Other contributions 24,168,324 22,450,276 1,718,048 7.7%

Operating Revenue 1,055,384,785 953,467,622 101,917,163 10.7%

Benefit Expenses- Traditional Retirement annuities 1,080,754,670 1,035,974,470 44,780,200 4.3% Survivor annuities 87,992,787 83,606,623 4,386,164 5.2% Death Benefits 6,138,068 (986,321) 7,124,389 -722.3%

Benefit Expenses- Portable Retirement annuities 128,732,935 112,717,809 16,015,126 14.2% Retirement LS distributions 6,242,361 9,521,164 (3,278,803) -34.4% Survivor annuities 2,286,312 1,861,594 424,718 22.8% Death Benefits 2,595,078 2,592,515 2,563 0.1%

Disability benefits 8,069,573 8,219,229 (149,656) -1.8%

Traditional plan refunds 15,056,496 15,883,728 (827,232) -5.2%Portable plan refunds 11,518,031 12,847,993 (1,329,962) -10.4%SMP balance transfers 1,327,494 1,023,655 303,839 29.7%

Total Benefit Expenses 1,350,713,805 1,283,262,459 67,451,346 5.3%

Administrative Expenses 8,424,460 8,005,317 419,143 5.2%

Operating Expenses 1,359,138,265 1,291,267,776 67,870,489 5.3%

Net Operating Gain / (Loss) (303,753,480) (337,800,154) 34,046,674 -10.1%

Net Investment Income / (Loss) 1,073,458,122 (941,836,710) 2,015,294,832 -214.0%

Increase/ (Decrease) in Net Assets 769,704,642 (1,279,636,864) 2,049,341,506 -160.2%

Net Assets, Beginning of Period 19,717,347,961 19,321,075,501 396,272,460 2.1%

Net Assets, End of Period 20,487,052,603$ 18,041,438,637$ 2,445,613,966$ 13.6%

Benefit Exp as a % of total Operating Exp 99.4% 99.4%Admin Exp as a % of total Operating Exp 0.6% 0.6%

SUMMARY OF EMPLOYER FUNDING STATEMENT OF CASH FLOW- year to dateActual Prior Year

Combined Plans:FY 2020 Actuarial Determined Contribution 2.390 billion (303,753,480)$ (337,800,154)$ FY 2020 Statutory Required Contribution (SRC) 1.917 billionFY 2020 Certified State Contribution 1.855 billion (Inc) / Dec in Receivables (5,997,703) (93,327,205) Inc / (Dec) in Payables (12,269,102) (21,290,989) Defined Benefit Plan: Fiscal year to datePayments received - State Appropriations 723.5 million *Net Operating Gain / (Loss), cash basis (322,020,285)$ (452,418,348)$ as a % of SRC - State portion 40.6%

*Represents amount of investments liquidated to pay expendituresPayments received- Trust/fed/grants/other 24.2 million

Net Operating Gain/(Loss), accrued

Exhibit 6

STATE UNIVERSITIES RETIREMENT SYSTEMSUMMARY OF EXPENSES

JULY 1, 2019 - DECEMBER 31, 2019Y-T-D Prior Under (Over) Budget Under (Over) Prior Year

Administrative Expenses Budget Actual Year $ % $ %ITEM:Personal Services:Salaries & Wages 4,969,619$ 4,473,375$ 4,024,530$ 496,243$ 10.0% (448,845)$ -11.2%Employee's Group Health Insurance 1,408,879 1,074,693 1,188,968 334,186 23.7% 114,275 9.6%Retirement Contributions 623,110 558,495 473,216 64,615 10.4% (85,279) -18.0%Medicare 71,443 61,345 54,148 10,098 14.1% (7,197) -13.3% Total Personal Services 7,073,051 6,167,908 5,740,862 905,143 12.8% (427,046) -7.4%

Contractual Services:Freight, Express & Drayage 2,800 1,462 2,259 1,338 47.8% 797 35.3%Repairs & Maintenance, Equipment 5,000 5,347 4,226 (347) -6.9% (1,121) -26.5%Repairs & Maintenance EDP 33,254 11,855 17,368 21,399 64.4% 5,513 31.7%Statistical & Tabulation-Applications 18,866 18,866 218,945 - 0.0% 200,079 91.4%Statistical & Tabulation-Operations 1,111,920 569,155 225,314 542,765 48.8% (343,841) -152.6%Medical Consultant Fees 4,800 2,626 1,191 2,174 45.3% (1,435) -120.5%Auditing & Management Services 6,840 5,040 5,487 1,800 26.3% 447 8.1%Legal Counsel 169,500 25,029 118,972 144,471 85.2% 93,943 79.0%Actuarial Consultant 180,109 115,075 150,091 65,034 36.1% 35,016 23.3%Professional & Artistic Services, Recruit 473,831 207,473 332,185 266,358 56.2% 124,712 37.5%Building and Ground Maintenance 233,856 68,191 110,376 165,665 70.8% 42,185 38.2%Utilities 92,291 50,296 44,843 41,995 45.5% (5,453) -12.2%Postage 103,320 71,282 70,537 32,038 31.0% (745) -1.1%Surety, Bond & Insurance 364,513 426,661 344,652 (62,148) -17.0% (82,009) -23.8%Subscriptions/Information Services 18,220 13,694 20,104 4,526 24.8% 6,410 31.9%Board Travel 15,000 11,358 11,931 3,642 24.3% 573 4.8%Board Meeting Expenses 7,500 4,494 5,671 3,006 40.1% 1,177 20.8%Conference Fees & Expenses 33,145 11,370 8,735 21,775 65.7% (2,635) -30.2%Association Dues 21,415 29,479 20,190 (8,064) -37.7% (9,289) -46.0%Employee Training, Tuition 21,894 14,111 15,131 7,783 35.5% 1,020 6.7%Copying, Photographic & Printing 14,675 1,645 18,917 13,030 88.8% 17,272 91.3%Travel 55,816 53,413 46,158 2,403 4.3% (7,255) -15.7%Printing Supplies 11,200 11,995 10,468 (795) -7.1% (1,527) -14.6%Office & Library Supplies 28,090 25,476 24,286 2,614 9.3% (1,190) -4.9%EDP Supplies & Equipment 72,802 53,980 53,972 18,822 25.9% (8) 0.0%Office Rental 10,072 10,072 10,672 (0) 0.0% 600 5.6%Rental, Phone Services/Equipment 68,100 68,816 46,898 (716) -1.1% (21,918) -46.7% Total Contractual Services 3,178,827 1,888,261 1,939,579 1,290,566 40.6% 51,318 2.6%Depreciation 567,500 368,291 324,876 199,209 35.1% (43,415) -13.4% TOTAL 10,819,378$ 8,424,460$ 8,005,317$ 2,394,918$ 22.1% (419,143)$ -5.2%

Capital Expenditures: 1,408,445 590,795 2,404,375 817,650$ 58.1% 1,813,580$ 75.4%

Y-T-D PriorIncrease

(Decrease)Investment Expenses Actual Year $

Investment Management Fees: U.S. Equities 3,565,375$ 3,926,592$ (361,217)$ International Equities 3,193,055 3,119,746 73,309 Global Equities 3,528,686 2,978,482 550,204 Private Equities 5,987,273 5,871,215 116,058 Fixed Income 5,731,866 4,937,629 794,237 Real Estate 6,418,234 4,533,205 1,885,029 Hedge Funds 1,640,963 2,728,600 (1,087,637) Commodities 1,354,328 1,574,879 (220,551) Opportunity Fund 803,848 857,931 (54,083) Securities Lending Expense 232,933 207,412 25,521 Consultant Fees 398,250 417,500 (19,250) Custody & Performance Reporting 537,500 537,500 - Database and Resources Expense 80,481 74,674 5,807 Personnel Expense 728,477 711,167 17,310 Travel Expense 23,960 27,508 (3,548) Investment Counsel Fees 132,741 23,031 109,710 Total Investment Expenses 34,357,970$ 32,527,071$ 1,830,899$

Women10.0% Minority

6.6%

Disabled4.2%

Non-MWDBE

79.2%

FY 2019 MWDBE SPENDING

Exhibit 6

STATE UNIVERSITIES RETIREMENT SYSTEMOPERATIONAL STATISTICSas of DECEMBER 31, 2019

Defined Benefit Plan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Member Services - ProcessingRetirement Applications: Received 258 311 479 491 331 227 204 177 162 208 161 176 Processed 241 232 257 353 257 280 226 274 286 282 233 213 Outstanding 734 742 709 602 536 535 684 811 801 830 818 715 # of Days - Ready for Calc to Approval 59 71 72 56 43 43 40 32 37 32 46 55 # of VIB applications received n/a n/a n/a n/a n/a 0 12 11 4 4 5 4 # of AAI Buyout applications received n/a n/a n/a n/a n/a 7 1 7 4 7 8 5 # of VIB elections received n/a n/a n/a n/a n/a 0 0 0 0 0 1 4 # of AAI Buyout elections received n/a n/a n/a n/a n/a 0 0 0 0 0 0 0

Refund Applications: Received 380 391 535 304 248 293 328 292 254 273 343 351 Processed 333 360 556 293 243 311 268 285 280 298 225 510 Outstanding 221 232 193 206 211 182 240 245 222 194 311 149 # of Days- Application to Approval 13 11 15 18 18 20 16 18 14 17 15 14

Disability & DRA Applications: Received 30 25 29 37 44 36 28 28 27 33 32 36 Processed 21 26 33 32 46 35 33 41 26 36 31 38 Outstanding 123 100 133 135 148 153 136 109 115 108 117 112 # of days- ready for calc to approval

Death Benefit Applications: Received 158 146 135 160 155 149 159 138 122 180 149 158 Processed 108 116 130 107 111 105 98 139 77 135 79 140 Outstanding 959 973 975 1,014 1,080 1,113 1,154 1,164 1,195 1,232 1,306 1,325 # of days- ready for calc to approval

Service Credit Purchases: Received 247 262 280 304 236 215 264 250 232 228 211 201 Processed 162 209 239 196 56 39 297 290 140 228 107 159 Outstanding 204 246 226 255 381 492 367 233 251 185 244 221

OutreachChampaign Office & All Phone Appts* 254 286 439 540 401 313 305 385 376 461 391 252Champaign Walk-in Visitors 569 839 896 957 892 635 680 750 648 738 524 637Naperville Office Appointments 50 59 0 22 25 32 47 22 15 28 38 29Written Estimates 72 81 52 50 79 98 88 89 51 78 73 75Group Presentations/Webinars 3 1 7 16 3 2 4 4 5 11 3 1Benefits Fairs 1 0 2 0 1 0 0 2 1 6 1 0Seminars 0 0 1 4 3 0 0 0 2 2 2 0Group Counseling sessions n/a n/a n/a 2 2 0 0 0 0 0 0 0Incoming Webmails Processed 468 577 415 528 430 340 425 430 405 519 409 383

Telephone Calls 10,917 11,612 11,682 10,629 9,573 8,764 10,089 9,028 8,306 9,185 8,404 8,531 Ave Hold Time (minutes) 2:49 2:45 2:39 2:43 2:38 2:55 2:48 2:41 2:48 2:53 3:02 2:49 Ave Talk Time (minutes) 4:40 4:51 5:01 5:01 4:58 5:07 4:59 4:56 5:01 5:06 5:01 4:51 Abandoned Calls 2,135 3,034 3819 2,591 1,972 1,693 2,513 1,969 2,008 2,227 1,953 1,645 Average Speed of Answer 5:17 8:11 10:52 7:56 6:35 5:55 8:09 7:03 8:07 8:23 7:57 6:35

Employer Services*Employer Emails and phone calls n/a n/a n/a n/a n/a n/a 302 340 369 336 266 210*Employer Trainings n/a n/a n/a n/a n/a n/a 3 1 1 2 0 0

Human Resources

Staffing Approved FTE'S 143 143 143 143 143 143 170 170 170 170 170 170 Current FTE'S 139 136 134 133 138 137 140 140 136 138 145 145 Open FTE's 4 7 9 10 5 6 30 30 34 32 25 25

Current Staffing by Area Member Services 41 39 38 38 41 41 42 41 40 40 41 41 Outreach 34 33 32 31 35 34 35 35 33 33 37 37 Information Systems 32 32 32 32 31 31 30 31 31 32 34 34 Accounting 6 6 6 6 6 6 7 7 7 7 7 7 Administration 14 14 14 14 13 13 14 14 13 14 14 14 SMP 3 3 3 3 3 3 3 3 3 3 3 3 Investments 9 9 9 9 9 9 9 9 9 9 9 9

Contractor FTE's 1 1 2 2 3 3 3 0 0 0 0 0Extra Help FTE's 1 0 0 0 0 0 0 0 0 0 0 0Interns 0 0 0 0 0 0 0 0 0 0 0 0

Turnover Voluntary 0 0 0 0 0 0 1 0 3 0 0 0 Retirement 0 0 0 0 2 0 0 0 0 0 0 0 Termination 1 3 0 1 1 1 0 1 1 0 0 0 Death 0 0 0 0 0 0 0 0 0 0 0 0New Hires 8 0 0 0 7 0 4 1 0 2 7 0

Diversity-Race White 111 108 107 106 110 109 113 113 112 114 121 121 African American 14 14 13 13 14 14 14 14 12 12 12 12 Asian 8 8 8 8 8 8 8 8 7 7 7 7 Latino 6 6 6 6 6 6 5 5 5 5 5 5 Other 0 0 0 0 0 0 0 0 0 0 0 0

Diversity-Gender Male 44 42 41 41 39 39 40 41 41 42 43 43 Female 95 94 93 92 99 98 100 99 95 96 102 102

Diversity-Age 20 - 29 18 16 16 15 15 15 16 15 14 14 13 13 30 - 39 28 28 28 28 32 31 33 34 32 33 37 36 40 - 49 42 42 40 40 42 42 41 41 40 39 42 42 50 - 59 37 36 37 37 37 36 36 36 36 38 38 39 60 - 69 14 14 13 13 12 13 13 14 14 14 15 15 70+

Overtime Hours 69.50 49.25 285.25 238.00 163.50 133.00 97.25 146.25 100.50 105.75 77.25 120.00

Exhibit 6

STATE UNIVERSITIES RETIREMENT SYSTEMOPERATIONAL STATISTICSas of DECEMBER 31, 2019

Defined Benefit Plan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Information Technology - Operations

Email Incoming Emails 96,616 107,172 108,936 97,062 86,413 78,421 82,262 68,380 67,174 71,652 70,414 66,088 Blocked Emails 51,467 62,789 63,617 48,463 37,940 35,396 34,920 22,592 23,445 21,879 22,109 17,185 Delivered Emails 45,149 44,383 45,319 48,599 48,473 43,025 47,342 45,788 43,729 49,773 48,305 48,903 System Capacity 61.0% 61.0% 61.5% 56.0% 56.0% 56.5% 57.0% 57.0% 57.0% 56.0% 56.0% 55.6%

Support Services

Imaging/Data Entry Member Documents Scanned 9,656 9,863 10,466 10,948 10,454 9,343 8,992 8,869 8,703 9,085 7,346 8,333 Member Documents Imported 19,428 18,131 17,289 17,103 16,950 16,824 27,074 19,950 22,249 19,086 14,193 224,846 Admin Documents Scanned 206 573 321 554 150 178 239 349 171 386 191 229 Faxes Received 784 828 788 750 804 724 786 802 774 767 682 751 Print to TIFF 2,490 3,384 2,710 3,053 3,111 3,670 3,216 2,961 2,904 2,873 2,886 4,015 Web Generated Documents 972 1,088 1,069 982 695 661 853 699 768 686 732 856 Total Incoming Documents 33,536 33,867 32,643 33,390 32,164 31,400 41,160 33,630 35,569 32,883 26,030 239,030

Mailroom Statistics Outbound Items Mailed 92,517 13,587 12,902 13,215 12,578 11,854 19,297 13,190 13,661 13,542 45,033 14,092

Information Technology - Applications

Internet Visits Member Website 46,591 37,804 36,218 37,809 33,984 35,379 37,838 35,879 33,693 37,684 40,829 46,500 Internet Benefit Estimates 13,598 13,451 12,791 13,871 12,109 13,018 12,904 12,768 11,149 11,062 17,624 11,929 Employer Website 1,298 1,220 973 1,097 1,083 1,107 1,410 2,082 1,787 1,649 1,035 1,032 SURS Home Page 106,073 95,792 89,511 94,252 80,116 74,819 80,084 88,693 68,472 73,539 80,537 79,849

Process Change Requests (PCR's) New Requests 35 33 21 17 23 41 48 40 29 41 30 29 In Process 332 353 346 345 355 369 370 383 376 387 397 400 In User Test 41 41 41 43 44 40 47 50 52 50 39 40 Promoted 19 12 27 11 14 25 42 26 31 25 18 23

Program Promotions Word Letter 9 8 4 18 14 29 54 11 11 4 18 12 Web 6 15 6 1 12 10 0 9 9 9 18 1 CSG 18 10 18 34 29 240 57 31 70 40 25 19 Query 3 0 1 10 15 1 9 3 6 7 0 0

Risk Management: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecInternal audits Scheduled 14 14 14 14 14 14 7 7 7 7 7 7 In process 5 2 2 1 1 0 2 2 1 2 2 2 Completed 1 6 6 1 0 1 0 0 2 0 0 0

Exhibit 6

Statement of Operations pg 1Employer and Employee Contributions 1Statement of Net Assets 1Schedule of Administrative Expenses 2Performance Measures 2

SUMMARY OF PERFORMANCE MEASUREMENTS

SURS SELF MANAGED PLAN

FINANCIAL STATEMENTS AND

December 31, 2019

Exhibit 6

SURS SELF MANAGED PLANSTATEMENT OF OPERATIONSJuly 1, 2019 - December 31, 2019

Current Year Prior Year $ %

Member contributions Balance transfers 1,332,893$ 1,028,034$ 304,859$ 29.7% Contributions 44,394,615 40,997,418 3,397,197 8.3% Service credit purchases 303,166 302,324 842 0.3% Roll-ins 1,218,190 1,499,364 (281,174) -18.8%

Employer contributions State appropriations 36,618,038 33,682,211 2,935,827 8.7% Trust, federal, and grant funds 4,836,282 4,642,263 194,019 4.2%

Operating Revenue 88,703,184 82,151,614 6,551,570 8.0%

Retirement benefits 33,730,726 32,787,723 943,003 2.9%Death benefits 3,481,740 2,333,785 1,147,955 49.2%Separation refunds 16,115,252 14,185,521 1,929,731 13.6%Disability benefits 935,325 831,317 104,008 12.5%

Administrative expenses 321,172 230,856 90,316 39.1%

Operating Expenses 54,584,215 50,369,202 4,215,013 8.4%

Net operating income (deficit) 34,118,969 31,782,412 2,336,557 7.4%

Net investment gain (loss) 205,081,896 (174,225,064) 379,306,960 217.7%

Increase (Decrease) in Net Assets 239,200,865$ (142,442,652)$ 381,643,517$ 267.9%

Net assets, beginning of period 2,729,607,034 2,500,452,464 229,154,570 9.2%

Net assets, end of period 2,968,807,899$ 2,358,009,812$ 610,798,087$ 25.9%

Employer and Member Contributions - Self Managed Plan

Year to Date Full Year Estimate Full Year ActualFY 2020 FY 2020 FY 2019

Employer Contribution Rate 7.60% 7.60% 7.60%Employer Contributions - State $36.6 million $63.5 million $62.5 millionEmployer Contributions - Fed/Trust $4.8 million $8.1 million $8.7 million

Member Contribution Rate 8.00% 8.00% 8.00%Member Contributions $47.2 million $83.1 million $88.6 million

SURS SELF MANAGED PLANSTATEMENT OF NET ASSETSDecember 31, 2019

Current Year Prior Year $ %

Accounts receivable 3,053,065$ 2,893,498$ 159,567$ 5.5%

Investments Cash and short-term 221,600,822 208,955,340 12,645,482 6.1% Equities 1,455,341,442 1,117,835,780 337,505,662 30.2% Fixed income 196,550,676 164,331,517 32,219,159 19.6% Balanced 907,761,633 695,608,074 212,153,559 30.5% Real estate 51,158,424 40,677,159 10,481,265 25.8% Disability funds 115,831,881 108,430,510 7,401,371 6.8% Forfeiture funds 17,509,956 19,277,934 (1,767,978) -9.2%

Total Assets 2,968,807,899$ 2,358,009,812$ 610,798,087$ 25.9%

Member balances 2,835,465,020 2,230,300,261 605,164,759 27.1%Disability reserve 115,832,923 108,431,617 7,401,306 6.8%Forfeiture reserve 17,509,956 19,277,934 (1,767,978) -9.2%

Total Liabilities and Reserves 2,968,807,899$ 2,358,009,812$ 610,798,087$ 25.9%

Change from Prior Year

Change from Prior Year

Exhibit 6

SURS SELF MANAGED PLANSCHEDULE OF ADMINISTRATIVE EXPENSESJuly 1, 2019 - December 31, 2019

YTD YTD YTDBudget Actual Prior Yr $ % $ %

3 Salaries and wages 147,550 133,258 144,181 14,292 9.69% (10,923) -7.58%4 Health insurance benefits 40,840 36,098 43,639 4,742 11.61% (7,541) -17.28%5 Retirement benefits 17,688 17,100 17,965 588 3.33% (865) -4.81%6 Payroll taxes 2,132 1,932 2,091 200 9.38% (159) -7.60%

Compensation 208,211 188,388 207,876 19,823 9.52% (19,488) -9.37%

9 Consulting and legal 66,250 125,738 16,250 (59,488) -89.79% 109,488 673.77%10 Postage 3,150 3,519 4,127 (369) -11.71% (608) -14.73%11 Printing and copying 610 790 716 (180) -29.51% 74 10.34%12 Subscriptions - - - - 0.00% - 0.00%13 Conferences and meetings 150 - 372 150 100.00% (372) -100.00%14 Association dues 600 - 600 600 100.00% (600) -100.00%15 Member programs - - - - 0.00% - 0.00%16 Employee tuition - - - - 0.00% - 0.00%17 Travel 1,900 2,737 915 (837) -44.05% 1,822 199.13%

Contractual and Other Services 72,660 132,784 22,980 (60,124) -82.75% 109,804 477.82%

Total Administrative Expenses 280,871 321,172 230,856 (40,301) -14.35% 90,316 39.12%

SURS SELF MANAGED PLANOPERATIONAL STATISTICSFor the Twelve Months Ending December 31, 2019

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Processing

Terminations processed 89 104 98 70 77 106 108 117 121 178 98 136

Re-hires processed 22 12 10 7 5 11 7 19 36 16 8 12

Distribution packets to members 136 136 135 109 112 143 154 147 147 208 128 177 Withdrawal forms to providers 83 98 79 69 74 82 108 78 91 85 78 87

Retirement-eligible lump sum pmts 16 17 23 26 18 23 15 20 17 19 26 23 Annuity payments 7 8 14 5 9 10 9 20 13 15 10 4 Separation refund payments 47 67 69 77 53 105 137 66 55 132 53 53 Fixed period payments 114 114 118 114 115 113 115 115 124 116 117 119 Death claim payments 6 3 1 11 6 5 0 2 3 0 4 4

SMP elections 181 154 127 97 99 106 196 177 216 161 142 138 Total plan elections 976 995 1,219 737 595 508 945 800 795 646 616 725 SMP % of total elections 18.55% 15.48% 10.42% 13.16% 16.64% 20.87% 20.74% 22.13% 27.17% 24.92% 23.05% 19.03%

Active SMP members 13,563 13,594 13,660 13,680 13,692 13,669 13,737 13,786 13,874 13,870 13,917 14,013 Inactive SMP members 8,022 8,065 8,043 8,052 8,025 8,092 8,135 8,156 8,230 8,313 8,312 8,300 Total SMP members 21,585 21,659 21,703 21,732 21,717 21,761 21,872 21,942 22,104 22,183 22,229 22,313

Member Contact

Walk-ins 10 6 4 28 22 8 12 10 18 19 16 16 Telephone calls 412 307 344 414 374 301 450 400 351 378 300 354 Unified statement email notices 16,218 0 0 16,547 0 0 16,941 0 0 17,128 0 0 Webmail inquiries 62 55 51 79 64 42 73 62 90 99 52 69 Counseling appointments 36 33 52 76 39 45 36 43 37 35 24 28

Under (Over)vs Budget

Increase (Decrease)vs Prior Year

Exhibit 6

Date: March 13, 2020 To: Board of Trustees From: Tara R. Myers Re: SURS Variance Analysis – 2nd Quarter Fiscal Year 2020 Administrative Expenses Attached is the Summary of Administrative Expenses and Capital Expenditures of the State Universities Retirement System financial activity as of the 2nd Quarter of Fiscal Year 2020 (July 1, 2019 – Dec 30, 2019). The total non-capital variance is under budget by 22.1%. Below is the explanation of the significant variances.

Expense Line Item Variance Explanation

Personal Services Under by $905,143 Several new positions were approved in the FY2020 budget. The timing of filling vacant positions is difficult to predict during the budget process. The spending is expected to increase by the 4th quarter as more positions are filled.

Statistical & Tabulation-Operations

Under by $542,765

Procurement is often a slow process at SURS which makes the budget spread a difficult task. The spending in this category should increase in the 3rd and 4th quarter.

Legal Counsel Under by $144,471 New Board counsel was retained at the beginning of December, so no expense had been incurred by the date of these financial statements. General and Benefits outside counsel expense has been lower than anticipated at budget time.

Actuarial Consultant Under by $65,034 This variance is related to the “special projects” portion of the actuarial services which has not been utilized much to date.

Professional & artistic services

Under by $266,358

Admin is under budget by $60k related to Corporate and Board Governance. Member Outreach is under budget by $99k related to SMP redesign spending that has not been incurred to date. Human Resources is under budget by $95k related to the retention of an outside recruitment firm that will be used later in the fiscal year. Expenses are expected to catch up in the last half of the fiscal year.

Building and ground maintenance

Under by $165,665 Expense related to the temporary chiller was budgeted but the chiller replacement ended up being installed much sooner than anticipated.

Exhibit 6

Grounds care cost have been lower due to the mild winter.

Surety, bond & insurance Over by $62,148 The amount of the Fiduciary Insurance coverage was increased during renewal therefore increasing the cost. The Employment Practices Insurance was broken out as a separate policy (from the Fiduciary policy) which also increased the cost of that coverage.

Capital Expenditures Under by $817,650 Capital Expenditures will increase in the 3rd and 4th quarter. Procurement is a slow process at SURS which makes predicting the timing of the expenditure spread a difficult task.

Exhibit 6

STATE UNIVERSITIES RETIREMENT SYSTEMSUMMARY OF EXPENSESPRELIMINARY

July 1, 2019 - December 31, 2019

Y-T-D Y-T-D PriorAdministrative Expenses Budget Actual Year $ %

ITEM:Personal services:Salaries & Wages 4,969,619$ 4,473,375$ 4,024,530$ 496,243$ 10.0%Employee's group health insurance 1,408,879 1,074,693 1,188,968 334,186 23.7%Retirement contributions 623,110 558,495 473,216 64,615 10.4%Medicare 71,443 61,345 54,148 10,098 14.1% Total Personal Services 7,073,051 6,167,908 5,740,862 905,143 12.8%

Contractual services:Freight, express & drayage 2,800 1,462 2,259 1,338 47.8%Repairs & maintenance, equipment 5,000 5,347 4,226 (347) -6.9%Repairs & maintenance EDP 33,254 11,855 17,368 21,399 64.4%Statistical & tabulation-Applications 18,866 18,866 218,945 - 0.0%Statistical & tabulation-Operations 1,111,920 569,155 225,314 542,765 48.8%Medical consultant fees 4,800 2,626 1,191 2,174 45.3%Auditing & management services 6,840 5,040 5,487 1,800 26.3%Legal counsel 169,500 25,029 118,972 144,471 85.2%Actuarial Consultant 180,109 115,075 150,091 65,034 36.1%Professional & artistic services 473,831 207,473 332,185 266,358 56.2%Building and ground maintenance 233,856 68,191 110,376 165,665 70.8%Utilities 92,291 50,296 44,843 41,995 45.5%Postage 103,320 71,282 70,537 32,038 31.0%Surety, bond & insurance 364,513 426,661 344,652 (62,148) -17.0%Subscriptions/information services 18,220 13,694 20,104 4,526 24.8%Board Travel 15,000 11,358 11,931 3,642 24.3%Board Meeting Expenses 7,500 4,494 5,671 3,006 40.1%Conference fees & expenses 33,145 11,370 8,735 21,775 65.7%Association dues 21,415 29,479 20,190 (8,064) -37.7%Employee Training, Tuition 21,894 14,111 15,131 7,783 35.5%Copying, photographic & printing 14,675 1,645 18,917 13,030 88.8%Travel 55,816 53,413 46,158 2,403 4.3%Printing 11,200 11,995 10,468 (795) -7.1%Office & library supplies 28,090 25,476 24,286 2,614 9.3%EDP Supplies and Equipment 72,802 53,980 53,972 18,822 25.9%Office Rental 10,072 10,072 10,672 (0) 0.0%Rental, phone services/equipment 68,100 68,816 46,898 (716) -1.1% Total Contractual Services 3,178,827 1,888,261 1,939,579 1,290,566 40.6%Depreciation 567,500 368,291 324,876 199,209 35.1% TOTAL 10,819,378 8,424,460 8,005,317 2,394,918 22.1%

Capital Expenditures 1,408,445 590,795 2,404,375 817,650 58.1%

Under (Over) Budget

Exhibit 6

Check ReportSTATE UNIV RETIREMENT SYSTEM Page 102-11-2020

CheckCheck Date Amount Name Description

63961 10-01-2019 15,833.98 AFSCME CHAPTER 31 ANNUITANT DEDUCTION63962 10-01-2019 2,216.98 ALPHA CONTROLS & SERVICES LLC 1901 THERMOSTAT

10-01-2019 ALPHA CONTROLS & SERVICES LLC DRYCOOLER MAINT10-01-2019 ALPHA CONTROLS & SERVICES LLC LIEBERT UNITS ALARM

63963 10-01-2019 7,480.04 BLACK HAWK COLLEGE ANNUITANT DEDUCTION63964 10-01-2019 480.76 CHEMICAL MAINTENANCE, INC. 1801 BATHROOM SUPPLIES

10-01-2019 CHEMICAL MAINTENANCE, INC. 1801 BATHROOM SUPPLIES10-01-2019 CHEMICAL MAINTENANCE, INC. 1801 BATHROOM SUPPLIES

63965 10-01-2019 2,781,189.18 IL DEPT OF CENTRAL MGMT SVCS ANNUITANT DEDUCTION63966 10-01-2019 1,765.00 COOK CO COLLEGE TEACHERS UNION ANNUITANT DEDUCTION63967 10-01-2019 2,964.00 COOK CO COLLEGE TEACHERS UNION ANNUITANT DEDUCTION63968 10-01-2019 11,018.88 FEDERAL COMPANIES 1801 MOVING FEES63969 10-01-2019 40,904.00 GARTNER INC OCT2019-SEPT2020 SUBSCRIP63970 10-01-2019 420.63 ILLINOIS VALLEY COMM COLLEGE ANNUITANT DEDUCTION63971 10-01-2019 127.08 INSIGHT PUBLIC SECTOR USB CABLES (2)63972 10-01-2019 1,224.73 INTERNAL REVENUE SERVICE XXX-XX-0383 OCT 2019 PMT63973 10-01-2019 2,126.65 LAKE LAND COLLEGE ANNUITANT DEDUCTION63974 10-01-2019 344.85 NEWEGG.COM SUPPLIES63975 10-01-2019 3,757.64 PARKLAND COLLEGE ANNUITANT DEDUCTION63976 10-01-2019 40.00 RBC GAM VASQUEZ-ESG BREAKFAST EVE63977 10-01-2019 23,445.90 STATE UNIV. ANNUITANTS ASSN. ANNUITANT DEDUCTION63978 10-01-2019 1,353.00 TRITON COLLEGE ANNUITANT DEDUCTION63979 10-01-2019 4,249.00 UNIVER OF IL CAMPUS RECREATION ANNUITANT DEDUCTION63980 10-01-2019 2,992.99 UNITED STATE TREASURY XXX-XX-8400 OCT 2019 PMT63981 10-01-2019 20,614.48 MARIA R RIPA STALE DATE CHECK

10-01-2019 MARIA R RIPA STALE DATE CHECK10-01-2019 MARIA R RIPA STALE DATE CHECK10-01-2019 MARIA R RIPA STALE DATE CHECKS10-01-2019 MARIA R RIPA STALE DATE CHECK

63982 10-03-2019 24.00 ABRAHAM LINCOLN LIB FOUNDATION CURTIS-Q3 2019 CONTRIBUTI63983 10-03-2019 300.00 CHAMPAIGN HUMANE SOCIETY CAGLE-Q3 2019 CONTRIBUTIO63984 10-03-2019 30.00 CRISIS NURSERY DUNN-Q3 2019 CONTRIBUTION63985 10-03-2019 150.00 EASTERN ILLINOIS FOODBANK DUNN-Q3 2019 CONTRIBUTION

10-03-2019 EASTERN ILLINOIS FOODBANK WILLOUGHBY-Q3 2019 CONTRI63986 10-03-2019 300.00 GARY SINISE FOUNDATION CAGLE-Q3 2019 CONTRIBUTIO63987 10-03-2019 2,185.00 H-SQUARED LEADERSHIP INSTITUTE LIVE2LEAD TRAINING63988 10-03-2019 1,650.00 NPEA SMITH-2019 CONF REG FEES

10-03-2019 NPEA MAYER-2019 CONF REG FEE63989 10-03-2019 30.00 SALT & LIGHT DUNN-Q3 2019 CONTRIBUTION63990 10-03-2019 100.00 SAMS CLUB OCT2019-OCT2020 MEMBERSHI63991 10-03-2019 24.00 STEPHENS FAMILY YMCA CURTIS-Q3 2019 CONTRIBUTI63992 10-03-2019 220.00 UNITED STATES POSTAL SERVICE NAPERVILLE POSTAGE63993 10-08-2019 485.00 ACCESS LOCKSMITHS & SECURITY DOOR HINGE INSTALL63994 10-08-2019 970.00 TECHNOLOGY MANAGEMENT REV FUND T2222476 AUG 2019 ICN CON63995 10-08-2019 1,250.00 COUNCIL INSTITUTIONAL INVESTOR VALLE-FALL 2019 CONF REG63996 10-08-2019 458.02 ILLINOIS AMERICAN WATER 1901 SEPT26-OCT23 FIRE SV

10-08-2019 ILLINOIS AMERICAN WATER 1801 AUG16-SEPT17 WATER63997 10-08-2019 266.50 ILLINI FIRE EQUIPMENT EXTINGUISHER MAINT63998 10-08-2019 959.00 LEE ENTERPRISES-CENTRAL IL NEWSPAPER AD/JOB POSTINGS63999 10-08-2019 156.76 NEWEGG.COM SUPPLIES

10-08-2019 NEWEGG.COM SUPPLIES64000 10-08-2019 2,595.64 RR DONNELLEY CHECK STOCK64001 10-08-2019 388.94 UPCLOSE PRINTING NOTE PADS64002 10-08-2019 49.14 UNITED PARCEL SERVICE FREIGHT SEPT16-20 201964003 10-08-2019 235.11 WALZ LABEL AND MAILING SYSTEMS INK CARTRIDGE64004 10-10-2019 177.08 AFLAC STAFF PYRL DEDUCTION64005 10-10-2019 8,156.63 AMEREN ILLINOIS 1801 SEPT 2019 ELECTRIC

10-10-2019 AMEREN ILLINOIS 1801 SEPT 2019 GAS10-10-2019 AMEREN ILLINOIS 1801 SEPT 2019 GAS10-10-2019 AMEREN ILLINOIS 1801 SEPT 2019 GAS10-10-2019 AMEREN ILLINOIS 1901 SEPT 2019 ELECTRIC &

64006 10-10-2019 2,240.15 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION64007 10-10-2019 10,661.34 DEF COMP PLAN FUND DEFCOM STAFF PYRL DEDUCTI

Exhibit 6



64007 10-10-2019 10,661.34 DEF COMP PLAN FUND ROTH STAFF PYRL DEDUCTION64008 10-10-2019 176.39 TECHNOLOGY MANAGEMENT REV FUND S6930000 AUG 2019 CMS FUN64009 10-10-2019 95,480.26 IL DEPT OF CENTRAL MGMT SVCS ER PREMIUM PPE10071964010 10-10-2019 14,098.50 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION64011 10-10-2019 2,009.97 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION64012 10-10-2019 172.46 COMCAST CABLE & INTERNET OCT 2019 TV & INTERNET64013 10-10-2019 175.24 ILLINOIS STATE DISBURSEMENTS 96-D-490 JOHNSON PYRL DED64014 10-10-2019 803.00 INSIGHT PUBLIC SECTOR HEADSETS64015 10-10-2019 2,050.00 NCPERS 2020 MEMBERSHIP RENEWAL64016 10-10-2019 397.48 NEWEGG.COM KEYBOARDS64017 10-10-2019 993.97 STAPLES BUSINESS CREDIT OFFICE SUPPLIES64018 10-10-2019 430.00 TOP QUALITY ROOFING COMPANY PIPE BOOT INSTALL64019 10-10-2019 193.70 UNITED PARCEL SERVICE FREIGHT SEPT23-27 201964020 10-10-2019 694.44 URBANA/CHAMPAIGN SAN DIST 1901 AUG15-SEPT17 2019 SE64021 10-10-2019 201.00 WALZ LABEL AND MAILING SYSTEMS JAM REMOVAL64022 10-11-2019 16,883.00 MESIROW INSURANCE SERVICES INC FY20 FIDUCIARY INSURANCE

10-11-2019 MESIROW INSURANCE SERVICES INC FY20 FIDUCIARY INSURANCE64023 10-15-2019 295.76 AREA DISPOSAL SERVICE, INC. OCT 2019 TRASH SVC64024 10-15-2019 335.96 CARAHSOFT TECHNOLOGY CORP. PURECLOUD64025 10-15-2019 653.66 CHEMICAL MAINTENANCE, INC. BATHROOM SUPPLIES

10-15-2019 CHEMICAL MAINTENANCE, INC. BATHROOM SUPPLIES10-15-2019 CHEMICAL MAINTENANCE, INC. BATHROOM SUPPLIES

64026 10-15-2019 443.70 HONEYWELL INC. NOV 2019 TEMP CONTROL SVC64027 10-15-2019 1,857.81 DONNA SVEHLA STALE DATE CHECK

10-15-2019 DONNA SVEHLA STALE DATE CHECK64028 10-17-2019 20.00 MOHAMED BOUBEKRI MID127847- RET SEMINAR REFUND64029 10-17-2019 1,130.00 BACON & VAN BUSKIRK SKYLIGHT REPAIRS64030 10-17-2019 1,518.30 INSIGHT PUBLIC SECTOR SUPPLIES

10-17-2019 INSIGHT PUBLIC SECTOR LAPTOP CASES10-17-2019 INSIGHT PUBLIC SECTOR MONITORS

64031 10-17-2019 210.00 INSTITUTE OF INTERNAL AUDITORS IIA ANNUAL MEMBERSHIP64032 10-17-2019 386.06 WINDSTREAM SEPT4-OCT3 2019 PHONE SVC64033 10-17-2019 2,644.03 SECOND EXECUTIVE PARK 1801/1901 OCT 2019 MOWING

10-17-2019 SECOND EXECUTIVE PARK 1801/1901 TRIM/WEED/IRRIG10-17-2019 SECOND EXECUTIVE PARK TREE CUT DOWN10-17-2019 SECOND EXECUTIVE PARK 1801 MITE SPRAY10-17-2019 SECOND EXECUTIVE PARK 1801 SPRAY SDWLK/PRKNG LO10-17-2019 SECOND EXECUTIVE PARK 1801 SCALE SPRAYING10-17-2019 SECOND EXECUTIVE PARK 1901 SPRAY SDWLKS/PRKNG L10-17-2019 SECOND EXECUTIVE PARK 1801/1901 SEPT 2019 GEESE10-17-2019 SECOND EXECUTIVE PARK 1801/1901 QRTLY HAULING

64034 10-17-2019 70.75 UNITED PARCEL SERVICE FREIGHT SEPT30-OCT4 201964035 10-17-2019 20.00 BETTY ZEEDYK MID1052265- RET SEMINAR REFUND64036 10-22-2019 567.87 ULINE WALL CLOCKS/SHELVES/CART64037 10-22-2019 3,611.64 MARSHA KNAPP STALE DATE CHECK64038 10-22-2019 407.26 CARLOS CASTELLAN STALE DATE CHECK64039 10-22-2019 738.18 ELDON BENZ STALE DATE CHECK64040 10-22-2019 48.13 JOSEPH MCCOY STALE DATE CHECK64041 10-22-2019 218.03 KAREN RAPP STALE DATE CHECK64042 10-22-2019 298.00 BETTY POINTS STALE DATE CHECK

10-22-2019 BETTY POINTS STALE DATE CHECK64043 10-22-2019 604.25 GARY WISBY STALE DATE CHECK64044 10-24-2019 177.08 AFLAC STAFF PYRL DEDUCTION64045 10-24-2019 5.00 AMERICAN MESSAGING OCT 2019 PAGER SVC64046 10-24-2019 2,240.15 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION64047 10-24-2019 10,661.34 DEF COMP PLAN FUND DEFCOM STAFF PYRL DEDUCTI

10-24-2019 DEF COMP PLAN FUND ROTH STAFF PYRL DEDUCTION64048 10-24-2019 95,480.26 IL DEPT OF CENTRAL MGMT SVCS ER PREMIUM PPE10211964049 10-24-2019 14,098.50 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION64050 10-24-2019 2,015.17 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION64051 10-24-2019 1,252.80 ILLINOIS AMERICAN WATER 1901 SEPT18-OCT15 WATER

10-24-2019 ILLINOIS AMERICAN WATER 1801 SEPT18-OCT15 WATER64052 10-24-2019 175.24 ILLINOIS STATE DISBURSEMENTS 96-D-490 JOHNSON PYRL DED

Exhibit 6



64053 10-24-2019 109.00 IPMA-HR DUNN-FY20 MEMBERSHIP DUES64054 10-24-2019 237.64 LEWIS & CLARK COLLEGE OVP REFUND64055 10-24-2019 2,019.61 UNIVERSITY OF ILLINOIS @00873227 SEPT 2019 CARPO64056 10-24-2019 191.29 CHARMAINE CHILDS STALE DATE CHECK64057 11-01-2019 670.00 ACCESS LOCKSMITHS & SECURITY 1901 HALLWAY DOOR LABOR

11-01-2019 ACCESS LOCKSMITHS & SECURITY 1801 SOUTH ENTRY DOOR64058 11-01-2019 15,885.33 AFSCME CHAPTER 31 ANNUITANT DEDUCTION64059 11-01-2019 195.00 AREA WIDE REPORTING SERVICE BENEFIT MATTERS64060 11-01-2019 7,138.82 BLACK HAWK COLLEGE ANNUITANT DEDUCTION64061 11-01-2019 260.00 CHEMICAL MAINTENANCE, INC. BATHROOM SUPPLIES64062 11-01-2019 2,752,282.24 IL DEPT OF CENTRAL MGMT SVCS ANNUITANT DEDUCTION64063 11-01-2019 1,826.00 COOK CO COLLEGE TEACHERS UNION ANNUITANT DEDUCTION64064 11-01-2019 2,972.00 COOK CO COLLEGE TEACHERS UNION ANNUITANT DEDUCTION64065 11-01-2019 966.90 I.D.E.S. BENEFIT REF64066 11-01-2019 420.63 ILLINOIS VALLEY COMM COLLEGE ANNUITANT DEDUCTION64067 11-01-2019 1,224.73 INTERNAL REVENUE SERVICE XXX-XX-0383 NOV 2019 PMT64068 11-01-2019 2,126.65 LAKE LAND COLLEGE ANNUITANT DEDUCTION64069 11-01-2019 1,830.02 MICRO FOCUS, INC. COBOL SUPPORT64070 11-01-2019 39.98 NEWEGG.COM SUPPLIES64071 11-01-2019 1,091.50 THE NORTHERN TRUST COMPANY OCT17 BD MTG CATERING64072 11-01-2019 3,757.64 PARKLAND COLLEGE ANNUITANT DEDUCTION64073 11-01-2019 428.00 SQUIRE PATTON BOGGS AUG 2019 LEGAL SVC-PANTHEON64074 11-01-2019 23,315.20 STATE UNIV. ANNUITANTS ASSN. ANNUITANT DEDUCTION64075 11-01-2019 1,353.00 TRITON COLLEGE ANNUITANT DEDUCTION64076 11-01-2019 4,249.00 UNIVER OF IL CAMPUS RECREATION ANNUITANT DEDUCTION64077 11-01-2019 541.94 URBANA/CHAMPAIGN SAN DIST 1801 AUG15-OCT15 SEWER64078 11-01-2019 2,992.99 UNITED STATE TREASURY XXX-XX-8400 NOV 2019 PMT64079 11-01-2019 30,000.00 U.S. POSTAL SERVICE (NEOPOST) NOV 2019 POSTAGE64080 11-01-2019 25,748.32 DEBORAH GUNTER STALE DATE CHECK64081 11-01-2019 188.32 JOHNNIE ROGERS JR STALE DATE CHECK64082 11-01-2019 9.96 DEBORAH ZANCHO STALE DATE CHECK64083 11-01-2019 1,354.03 CONCETTA RIGNEY STALE DATE CHECK64084 11-01-2019 593.83 SUSAN SEPULVEDA STALE DATE CHECK64085 11-01-2019 173.71 EILEEN SAPP STALE DATE CHECK64086 11-01-2019 167.60 MAVIS DARE STALE DATE CHECK64087 11-01-2019 2,754.01 ANDRZEJ WROBLEWSKI STALE DATE CHECK64088 11-01-2019 122.02 KISHIKO TROMBLEY STALE DATE CHECK64089 11-01-2019 448.31 JAMES GILL STALE DATE CHECK64090 11-01-2019 972.91 PAUL MCFARLANE STALE DATE CHECK64091 11-01-2019 937.52 SUSAN BENNETT STALE DATE CHECK64092 11-05-2019 1,459.44 AT&T OCT16-NOV15 2019 INTERNET64093 11-05-2019 457.80 CHEMICAL MAINTENANCE, INC. VACUUM CLEANER

11-05-2019 CHEMICAL MAINTENANCE, INC. BATHROOM SUPPLIES64094 11-05-2019 970.00 TECHNOLOGY MANAGEMENT REV FUND T2222476 SEPT 2019 ICN CO64095 11-05-2019 172.46 COMCAST CABLE & INTERNET NOV 2019 TV & INTERNET64096 11-05-2019 14,299.35 COUNCIL INSTITUTIONAL INVESTOR 2020 ANNUAL MEMBERSHIP64097 11-05-2019 57.91 ILLINOIS AMERICAN WATER OCT24-NOV22 2019 FIRE SVC64098 11-05-2019 568.24 INSIGHT PUBLIC SECTOR SUPPLIES

11-05-2019 INSIGHT PUBLIC SECTOR SUPPLIES64099 11-05-2019 369,053.00 MESIROW INSURANCE SERVICES INC FY20 FIDUCIARY INSURANCE

11-05-2019 MESIROW INSURANCE SERVICES INC FY20 FIDUCIARY INSURANCE11-05-2019 MESIROW INSURANCE SERVICES INC FY20 EXCESS FIDUCIARY INSURANC11-05-2019 MESIROW INSURANCE SERVICES INC FY20 EMPLOYMENT PRAC INSURANCE

64100 11-05-2019 111.61 ULINE WALL CLOCKS64101 11-05-2019 89.64 UNITED PARCEL SERVICE FREIGHT OCT7-11 2019

11-05-2019 UNITED PARCEL SERVICE FREIGHT OCT14-18 201964102 11-05-2019 665.29 NANCY NELSON STALE DATE CHECK64103 11-07-2019 177.08 AFLAC STAFF PYRL DEDUCTION64104 11-07-2019 18.00 BREEZE COURIER RFP JANITORIAL SVCS64105 11-07-2019 2,357.79 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION64106 11-07-2019 10,891.34 DEF COMP PLAN FUND STAFF PYRL DEDUCTION

11-07-2019 DEF COMP PLAN FUND ROTH STAFF PYRL DEDUCTION64107 11-07-2019 97,026.94 IL DEPT OF CENTRAL MGMT SVCS ER PREMIUM PPE110419

Exhibit 6



64108 11-07-2019 14,363.50 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION64109 11-07-2019 2,053.67 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION64110 11-07-2019 175.24 ILLINOIS STATE DISBURSEMENTS 96-D-490 JOHNSON PYRL DED64111 11-14-2019 6,646.13 AMEREN ILLINOIS 1901 OCT 2019 ELECTRIC

11-14-2019 AMEREN ILLINOIS 1801 OCT 2019 GAS11-14-2019 AMEREN ILLINOIS 1801 OCT 2019 GAS11-14-2019 AMEREN ILLINOIS 1801 OCT 2019 GAS11-14-2019 AMEREN ILLINOIS 1801 OCT 2019 ELECTRIC

64112 11-14-2019 295.25 AREA DISPOSAL SERVICE, INC. NOV 2019 TRASH SVC64113 11-14-2019 18.60 BREEZE COURIER RFP-HUMAN CAPITAL MGMT64114 11-14-2019 305.48 CHEMICAL MAINTENANCE, INC. BATHROOM SUPPLIES

11-14-2019 CHEMICAL MAINTENANCE, INC. JANITORIAL SUPPLIES64115 11-14-2019 152.12 TECHNOLOGY MANAGEMENT REV FUND S6930000 SEPT 2019 CMS FU64116 11-14-2019 148.48 TAMMIE DEAN MID1058782 - MILEAGE REFUND64117 11-14-2019 443.70 HONEYWELL INC. DEC 2019 TEMP CONTROL64118 11-14-2019 1,250.00 NASIO ANNUAL MEMBERSHIP DUES64119 11-14-2019 181.71 WINDSTREAM OCT4-NOV3 2019 PHONE SVC64120 11-14-2019 99,521.00 PARAMETRIC CLIFTON Q3 2019 INVST MGMT FEE64121 11-14-2019 1,669.92 RCM & ASSOCIATES HEADSETS64122 11-14-2019 517.57 SECOND EXECUTIVE PARK SPRAYING YELLOW NUTSEDGE

11-14-2019 SECOND EXECUTIVE PARK SPRAYING YELLOW NUTSEDGE11-14-2019 SECOND EXECUTIVE PARK FALL WEED/FEED/SPRAY

64123 11-14-2019 419.86 SITEONE LANDSCAPE SUPPLY SALT SPREADER64124 11-14-2019 2,249.10 STARWIND SOFTWARE VIRTUAL TAPE LIBRARY64125 11-14-2019 155.21 UNITED PARCEL SERVICE FREIGHT OCT21-25 2019

11-14-2019 UNITED PARCEL SERVICE FREIGHT OCT28-NOV1 201964126 11-14-2019 490.95 URBANA/CHAMPAIGN SAN DIST 1901 SEPT17-OCT15 SEWER64127 11-14-2019 12,486.78 MARGARET OEHLER STALEDATE CHECK

11-14-2019 MARGARET OEHLER STALEDATE CHECK11-14-2019 MARGARET OEHLER STALE DATE CHECK11-14-2019 MARGARET OEHLER STALE DATE CHECK11-14-2019 MARGARET OEHLER STALE DATE CHECK11-14-2019 MARGARET OEHLER STALE DATE CHECKS11-14-2019 MARGARET OEHLER STALE DATE CHECK11-14-2019 MARGARET OEHLER STALE DATE CHECK11-14-2019 MARGARET OEHLER STALE DATE CHECK

64128 11-15-2019 24,469.35 SMITH BURGETT ARCHITECTS INC 1801 BUILDING REMODEL11-15-2019 SMITH BURGETT ARCHITECTS INC 1801 BUILDING REMODEL

64129 11-19-2019 502.42 AMSTERDAM PRINTING & LITHO SURS PENS64130 11-19-2019 25.00 FIDELITY INVESTMENTS Q3 2019 SMP MRD FEES64131 11-19-2019 .20 ESTATE OF CHRISTINE REID MID15322-OVP OVERPAYMENT REFUN64132 11-19-2019 1,100.00 RICHARD S. GOLDBERG, M.D., LTD MID1058782 DEAN MED EVAL64133 11-19-2019 1,701.28 STAPLES BUSINESS CREDIT OFFICE SUPPLIES64134 11-19-2019 289.05 EUGENIO FLAMAND STALE DATE CHECK64135 11-19-2019 143.75 WESLEY FARIS STALE DATE CHECK64136 11-19-2019 4,064.94 LEONA RISTOW STALE DATE CHECK64137 11-21-2019 177.08 AFLAC STAFF PYRL DEDUCTION64138 11-21-2019 2,298.97 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION64139 11-21-2019 10,891.34 DEF COMP PLAN FUND DEFCOM STAFF PYRL DEDUCTI

11-21-2019 DEF COMP PLAN FUND ROTH STAFF PYRL DEDUCTION64140 11-21-2019 100,267.66 IL DEPT OF CENTRAL MGMT SVCS ER PREMIUM PPE11181964141 11-21-2019 14,646.25 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION64142 11-21-2019 2,110.76 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION64143 11-21-2019 10,230.00 DIAMOND DATA TAPE DRIVES

11-21-2019 DIAMOND DATA TAPE DRIVE FREIGHT64144 11-21-2019 175.24 ILLINOIS STATE DISBURSEMENTS 96-D-490 JOHNSON PYRL DED64145 11-22-2019 895.89 JENNIFER LOWRY PPE111819-INCORRECT ROUTING NU64146 11-27-2019 5.00 AMERICAN MESSAGING NOV 2019 PAGER SVC64147 11-27-2019 1,326.48 CHEMICAL MAINTENANCE, INC. BATHROOM SUPPLIES64148 11-27-2019 633.18 ILLINOIS AMERICAN WATER 1801 OCT16-NOV14 2019 WAT

11-27-2019 ILLINOIS AMERICAN WATER 1901 OCT16-NOV14 2019 WAT64149 11-27-2019 323.56 INSIGHT PUBLIC SECTOR SUPPLIES64150 11-27-2019 132.00 MEYER CAPEL OCT 2019 LEGAL SVC-EMP/LABOR

Exhibit 6



64151 11-27-2019 317.40 NEOPOST USA INC ONLINE POSTAGE64152 11-27-2019 499.97 RCM & ASSOCIATES HEADSETS64153 11-27-2019 994.15 SECOND EXECUTIVE PARK OCT 2019 GEESE CONTROL

11-27-2019 SECOND EXECUTIVE PARK OCT 2019 TRIM/WEED/TRASH11-27-2019 SECOND EXECUTIVE PARK NOV 2019 MOWING11-27-2019 SECOND EXECUTIVE PARK GRASS SEED APPLICATION

64154 11-27-2019 1,916.62 UNIVERSITY OF ILLINOIS @00873227 OCT 2019 CARPOO64155 11-27-2019 39.36 UNITED PARCEL SERVICE FREIGHT NOV4-8 201964156 11-27-2019 245.21 WALZ LABEL AND MAILING SYSTEMS INK CARTRIDGE64157 11-27-2019 528.73 WATTS COPY SYSTEMS INVESTMENTS COPIER64158 11-27-2019 3,000.00 WORKSRIGHT SOFTWARE, INC. 2020 PER/ZIP4 RENEWAL64159 11-27-2019 1,942.00 SANDRA BALLANTYNE STALE DATE CHECK64160 11-27-2019 1,920.20 DEBRA STOLTMAN STALE DATE CHECK64161 12-02-2019 15,817.98 AFSCME CHAPTER 31 ANNUITANT DEDUCTION64162 12-02-2019 7,116.95 BLACK HAWK COLLEGE ANNUITANT DEDUCTION64163 12-02-2019 2,754,827.81 IL DEPT OF CENTRAL MGMT SVCS ANNUITANT DEDUCTION64164 12-02-2019 1,816.00 COOK CO COLLEGE TEACHERS UNION ANNUITANT DEDUCTION64165 12-02-2019 2,976.00 COOK CO COLLEGE TEACHERS UNION ANNUITANT DEDUCTION64166 12-02-2019 420.63 ILLINOIS VALLEY COMM COLLEGE ANNUITANT DEDUCTION64167 12-02-2019 1,224.73 INTERNAL REVENUE SERVICE XXX-XX-0383 DEC 2019 PMT64168 12-02-2019 2,126.65 LAKE LAND COLLEGE ANNUITANT DEDUCTION64169 12-02-2019 3,637.78 PARKLAND COLLEGE ANNUITANT DEDUCTION64170 12-02-2019 88.88 EASYPERMIT POSTAGE POSTAGE64171 12-02-2019 23,259.01 STATE UNIV. ANNUITANTS ASSN. ANNUITANT DEDUCTION64172 12-02-2019 1,353.00 TRITON COLLEGE ANNUITANT DEDUCTION64173 12-02-2019 4,249.00 UNIVER OF IL CAMPUS RECREATION ANNUITANT DEDUCTION64174 12-02-2019 2,992.99 UNITED STATE TREASURY XXX-XX-8400 DEC 2019 PMT64175 12-02-2019 925.00 WHITT LAW LLC OCT 2019 LEGAL SVC-CLAIMS PANE64176 12-05-2019 177.08 AFLAC STAFF PYRL DEDUCTION64177 12-05-2019 1,459.44 AT&T NOV16-DEC15 2019 INTERNET64178 12-05-2019 840.00 BERWYN GROUP 2020 OBITUARY CHECK SVC64179 12-05-2019 13.20 BREEZE COURIER RFP-GLOBAL EQUITY SEARCH64180 12-05-2019 325.00 CHAMPAIGN COUNTY CHAMBER 2020 ANNUAL MEMBERSHIP64181 12-05-2019 970.00 TECHNOLOGY MANAGEMENT REV FUND T2222476 OCT 2019 ICN CON64182 12-05-2019 2,365.63 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION64183 12-05-2019 11,051.34 DEF COMP PLAN FUND DEFCOM STAFF PYRL DEDUCTI

12-05-2019 DEF COMP PLAN FUND ROTH STAFF PYRL DEDUCTION64184 12-05-2019 208.03 TECHNOLOGY MANAGEMENT REV FUND S6930000 OCT 2019 CMS FUN64185 12-05-2019 104,460.49 IL DEPT OF CENTRAL MGMT SVCS ER PREMIUM PPE12021964186 12-05-2019 15,377.50 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION64187 12-05-2019 2,163.10 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION64188 12-05-2019 172.46 COMCAST CABLE & INTERNET DEC 2019 TV & INTERNET64189 12-05-2019 57.91 ILLINOIS AMERICAN WATER 1901 NOV23-DEC26 2019 FIR64190 12-05-2019 175.24 ILLINOIS STATE DISBURSEMENTS 96-D-490 JOHNSON PYRL DED64191 12-05-2019 3,615.84 INSIGHT PUBLIC SECTOR #6833-42 MONITORS/SUPPLIE

12-05-2019 INSIGHT PUBLIC SECTOR POWER DISTRIBUTION STRIP64192 12-05-2019 6,138.00 ISPRING ISPRING ANNUAL SUBSCRIPTI64193 12-05-2019 233.11 MYRON CORP. 2020 CALENDARS64194 12-05-2019 98.49 UNITED PARCEL SERVICE FREIGHT NOV11-15 2019

12-05-2019 UNITED PARCEL SERVICE FREIGHT NOV18-22 201964195 12-05-2019 251.02 URBANA/CHAMPAIGN SAN DIST 1901 OCT15-NOV14 2019 SEW64196 12-05-2019 266.67 BARBARA O'CONNOR STALE DATE CHECK64197 12-10-2019 1,677.00 ACCESS LOCKSMITHS & SECURITY 1801 & 1901 LOCK INSTALL64198 12-10-2019 7,576.53 AMEREN ILLINOIS 1801 NOV 2019 GAS

12-10-2019 AMEREN ILLINOIS 1801 NOV 2019 GAS12-10-2019 AMEREN ILLINOIS 1801 NOV 2019 GAS12-10-2019 AMEREN ILLINOIS 1801 NOV 2019 ELECTRIC12-10-2019 AMEREN ILLINOIS 1901 NOV 2019 ELECTRIC

64199 12-10-2019 23,336.06 PRUDENTIAL GROUP INSURANCE 92631 JUN 2018 STAFF LONG12-10-2019 PRUDENTIAL GROUP INSURANCE 92631 JUL 2018 STAFF LONG12-10-2019 PRUDENTIAL GROUP INSURANCE 92631 AUG 2018 STAFF LONG12-10-2019 PRUDENTIAL GROUP INSURANCE 92631 SEPT 2018 STAFF LON12-10-2019 PRUDENTIAL GROUP INSURANCE 92631 OCT 2018 STAFF LONG

Exhibit 6



64199 12-10-2019 23,336.06 PRUDENTIAL GROUP INSURANCE 92631 NOV 2018 STAFF LONG12-10-2019 PRUDENTIAL GROUP INSURANCE 92631 DEC 2018 STAFF LONG12-10-2019 PRUDENTIAL GROUP INSURANCE 92631 JAN 2019 STAFF LONG12-10-2019 PRUDENTIAL GROUP INSURANCE 92631 FEB 2019 STAFF LONG12-10-2019 PRUDENTIAL GROUP INSURANCE 92631 MAR 2019 STAFF LONG12-10-2019 PRUDENTIAL GROUP INSURANCE 92631 APR 2019 STAFF LONG12-10-2019 PRUDENTIAL GROUP INSURANCE 92631 MAY 2019 STAFF LONG12-10-2019 PRUDENTIAL GROUP INSURANCE 92631 JUN 2019 STAFF LONG12-10-2019 PRUDENTIAL GROUP INSURANCE 92631 JUL 2019 STAFF LONG12-10-2019 PRUDENTIAL GROUP INSURANCE 92631 AUG 2019 STAFF LONG12-10-2019 PRUDENTIAL GROUP INSURANCE 92631 SEPT 2019 STAFF LON12-10-2019 PRUDENTIAL GROUP INSURANCE 92631 OCT 2019 STAFF LONG

64200 12-10-2019 23,960.47 RAMIREZ ASSET MANAGEMENT Q3 2019 INVST ADVISORY SV64201 12-10-2019 765.00 SECUREWORKS, INC MONITORED ENDPOINT SVCS64202 12-10-2019 7,187.31 SERVICEMASTER JANITORIAL DEC 2019 JANITORIAL SVC64203 12-12-2019 1,702.00 ALPHA CONTROLS & SERVICES LLC CONTROL VALVE REPLACEMENT

12-12-2019 ALPHA CONTROLS & SERVICES LLC LIEBERT UNITS64204 12-12-2019 385.00 ARDC VOCK-#6314200 2020 ARDC64205 12-12-2019 295.42 AREA DISPOSAL SERVICE, INC. DEC 2019 TRASH SVC64206 12-12-2019 58.98 CHEMICAL MAINTENANCE, INC. BATHROOM SUPPLIES64207 12-12-2019 782.00 DIGICERT INC MULTI-DOMAIN SSL64208 12-12-2019 443.70 HONEYWELL INC. JAN 2020 TEMP CONTROL64209 12-12-2019 1,809.59 INSIGHT PUBLIC SECTOR #6843 LAPTOP64210 12-12-2019 8,734.77 MECHANICAL INC. RTU #9 REPLACEMENT64211 12-12-2019 407.51 WINDSTREAM NOV4-DEC3 2019 PHONE SVC64212 12-12-2019 4.97 EASYPERMIT POSTAGE POSTAGE64213 12-12-2019 1,356.86 STAPLES BUSINESS CREDIT OFFICE SUPPLIES64214 12-12-2019 1,307.75 UNIVERSITY OF ILLINOIS @00873227 NOV 2019 CARPOO64215 12-12-2019 120.20 UNITED PARCEL SERVICE FREIGHT NOV25-29 2019

12-12-2019 UNITED PARCEL SERVICE FREIGHT DEC2-6 201964216 12-12-2019 189.95 WORLDSHARP TECHNOLOGIES, INC 2019 1099/1042-S SOFTWARE64217 12-12-2019 357.54 KAREN ODOM STALE DATE CHECK64218 12-12-2019 490.34 LOUIS HAGENBRUCH STALE DATE CHECK64219 12-12-2019 126.88 VIVIAN DOTY STALE DATE CHECK64220 12-12-2019 137.50 KENT WHEELER STALE DATE CHECK64221 12-12-2019 737.96 LAURA GRESHAM STALE DATE CHECK64222 12-12-2019 218.15 LAWRENCE WARD STALE DATE CHECK64223 12-19-2019 177.08 AFLAC STAFF PYRL DEDUCTION64224 12-19-2019 385.00 ARDC #6226260 GREEN 2020 ARDC64225 12-19-2019 2,332.30 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION64226 12-19-2019 11,051.34 DEF COMP PLAN FUND DEFCOM STAFF PYRL DEDUCTI

12-19-2019 DEF COMP PLAN FUND ROTH STAFF PYRL DEDUCTION64227 12-19-2019 14,932.50 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION64228 12-19-2019 2,157.68 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION64229 12-19-2019 1,265.00 GOV FIN OFFICERS ASSN FY19 CERTIFICATION FEE64230 12-19-2019 1,835.40 IBM CORPORATION IBM RATIONAL DEVELOPER64231 12-19-2019 175.24 ILLINOIS STATE DISBURSEMENTS 96-D-490 JOHNSON PYRL DED64232 12-19-2019 184.00 RCM & ASSOCIATES HEADSET64233 12-19-2019 7,187.31 SERVICEMASTER JANITORIAL JAN 2020 JANITORIAL SVC64234 12-19-2019 252.40 UNIVERSITY OF ILLINOIS @00873227 NOV 2019 CARPOO64235 12-19-2019 215.00 UPCLOSE PRINTING BUSINESS CARDS64236 12-19-2019 9,875.00 WHITT LAW LLC OCT/NOV 2019 LEGAL SVC-CLAIMS64237 12-19-2019 239.14 PATRICK PRINDABLE STALE DATE CHECK64238 12-19-2019 3,692.03 CATHERINE NELSON STALE DATE CHECK64239 12-19-2019 289.68 DAVID FELLOWS STALE DATE CHECK64240 12-19-2019 417.08 DIANE DIMICELI STALE DATE CHECK64241 12-19-2019 604.25 GARY WISBY STALE DATE CHECK64242 12-19-2019 131.25 JUDITH ESPY STALE DATE CHECK64243 12-26-2019 101,743.00 IL DEPT OF CENTRAL MGMT SVCS ER PREMIUM PPE12161964244 12-26-2019 1,250.00 NASIO 2019-2020 MEMBERSHIP DUES64245 12-26-2019 330.00 PREA 2020 MEMBERSHIP DUES64246 12-26-2019 200.00 P2F2 2020 ANNUAL MEMBERSHIP DU64247 12-31-2019 8,500.00 ADJACENT TECHNOLOGIES, INC FILENET SUPPORT HOURS

Exhibit 6



64248 12-31-2019 5.00 AMERICAN MESSAGING DEC 2019 PAGER SVC64249 12-31-2019 9,730.00 ATLAS GROUP BUSINESS IMPACT ANALYSIS64250 12-31-2019 15.60 BREEZE COURIER RFP-ARCHITECT SVCS64251 12-31-2019 779.27 CHEMICAL MAINTENANCE, INC. BATHROOM SUPPLIES

12-31-2019 CHEMICAL MAINTENANCE, INC. BATHROOM SUPPLIES12-31-2019 CHEMICAL MAINTENANCE, INC. SUPPLIES

64252 12-31-2019 50.00 GOV FIN OFFICERS ASSN 2020 NEWSLETTER64253 12-31-2019 570.16 ILLINOIS AMERICAN WATER 1901 NOV15-DEC16 2019 WAT

12-31-2019 ILLINOIS AMERICAN WATER 1801 NOV15-DEC16 2019 WAT64254 12-31-2019 1,928.90 INSIGHT PUBLIC SECTOR SUPPLIES

12-31-2019 INSIGHT PUBLIC SECTOR SUPPLIES64255 12-31-2019 809.38 MECHANICAL INC. HAIL GUARD INSTALL64256 12-31-2019 406.67 URBANA/CHAMPAIGN SAN DIST 1801 OCT15-DEC16 2019 SEW

10,198,023.33

Exhibit 6

STATE UNIV RETIREMENT SYSTEM Page 102-11-2020

Payment date from: 10-01-2019 Payment date to: 12-31-2019

NTAP ElectronicACCOUNTS PAYABLE

Payment Payment Amount Payee DescriptionReference Date Vendor Paid

0004392 10-01-2019 AMAZONBUS 116.19 AMAZON CAPITAL SERVICES SUPPLIES0004393 10-01-2019 BRANSONMAR 149.00 MARILYN BRANSON BRANSON-SEPT17-0004394 10-01-2019 CHRISBROWN 2,750.00 CHRIS BROWN PHOTOGRAPHY FY19 ANNUAL REP0004395 10-01-2019 CITYCOLLEG 265,851.80 CITY COLLEGES OF CHICAGO ANNUITANT DEDUC0004396 10-01-2019 CLICKDIMEN 14,569.20 CLICKDIMENSIONS, LLC EMAIL BLAST SVC0004397 10-01-2019 HOUCHKRIST 193.72 KRISTEN HOUCH HOUCH-SEPT24 DU0004398 10-01-2019 ISEA RET 4,389.00 ISEA RETIREES ANNUITANT DEDUC0004399 10-01-2019 lazer 318.00 Lazer's Edge Office Automation TONER0004400 10-01-2019 NOVENMARTI 1,050.92 MARTIN NOVEN NOVEN-SEPT8-12 0004401 10-01-2019 RICOH 1,905.46 RICOH USA INC COMP ROOM B/W P0004402 10-01-2019 ROGARDS 23,300.00 ROGARDS 1801 CONF RM FU0004403 10-01-2019 ROMANO 1,150.00 TOMASINE ROMANO XXX-XX-4355 OCT0004404 10-01-2019 STOCKOFFIC 4,707.24 STOCKS OFFICE FURNITURE 1801 OFFICE FUR0004405 10-01-2019 TIMETRADE 21,384.00 TIMETRADE SYSTEMS, INC. APPOINTMENT SCH0004406 10-01-2019 UNIVERPROF 432.50 UNIVERSITY PROFESSIONALS IL. ANNUITANT DEDUC0004407 10-01-2019 UPI-COPE 672.50 UPI-COPE ANNUITANT DEDUC0004408 10-01-2019 WILLOUGHBY 474.00 SHANE WILLOUGHBY WILLOUGHBY-AIRF0004409 10-01-2019 WINFREYAND 173.07 ANDREA JORDAN JORDAN-SEPT18-10004410 10-01-2019 ZONES 64,515.82 ZONES LLC VEEAM BACKUP0004411 10-03-2019 ADAMSSTREE 42,500.00 ADAMS STREET PARTNERS, LP Q3 2019 INVST M0004412 10-03-2019 CALLAN 75,000.00 CALLAN ASSOCIATES INC. Q3 2019 INVST C0004413 10-03-2019 CAMMACK 46,250.00 CAMMACK LARHETTE ADVISORS RFP-SMP/SUPPLEM0004414 10-03-2019 KERNLORI 64.47 LORI KERN KERN-RETIRE ED 0004415 10-03-2019 NASRA 100.00 NASRA 2019 PPCC APPLI0004416 10-03-2019 NEUBERGER 117,243.44 NEUBERGER BERMAN Q3 2019 INVST M0004417 10-03-2019 PROPIO 17.92 PROPIO LANGUAGE SERVICES SEPT 2019 INTER0004418 10-03-2019 TROPHYTIM 122.40 TROPHYTIME 2019 EOY PLAQUE0004419 10-03-2019 VASQUEZANT 8.00 ANTONIO A. VASQUEZ VASQUEZ-IPAD BA0004420 10-08-2019 ACEHARDWAR 35.22 ACE HARDWARE 665 BUILDING MAINT0004421 10-08-2019 BAUERCYNTH 126.00 CYNTHIA A. BAUER BAUER-HOTEL FEE0004422 10-08-2019 DROZDZ JAM 126.00 JAMES DROZDZ DROZDZ-HOTEL FE0004423 10-08-2019 LUTZLUCAS 126.00 LUCAS LUTZ LUTZ-HOTEL FEE0004424 10-08-2019 MEETINGZON 653.00 MEETINGZONE, INC. OCT 2019 VIDEO 0004425 10-08-2019 NORTHERNIL 1,078.65 NORTHERN ILLINOIS UNIVERSITY OCT 2019 RENT0004426 10-08-2019 OFFICEDEPO 954.95 OFFICE DEPOT OFFICE SUPPLIES0004427 10-08-2019 ORMONDBRAN 37.31 BRANDON ORMOND ORMOND-SEPT16-O0004428 10-08-2019 PLANTS 140.60 PLANTS ETC OCT 2019 PLANT 0004429 10-08-2019 SIRIUS 2,843.26 SIRIUS Computer Solutions 8 PORT 8GB UPGR0004430 10-08-2019 TEPPERELEC 564.66 TEPPER ELECTRIC SUPPLY CO. ELECTRICAL SUPP0004431 10-08-2019 UPKEEPMAIN 8,800.00 UPKEEP MAINTENANCE SERVICE SEPT 2019 JANIT0004432 10-08-2019 VERITASTEC 3,147.00 VERITAS TECHNOLOGIES LLC ENTERPRISE VAUL0004433 10-10-2019 BLACKMESH 900.00 CONTEGIX OCT 2019 HOSTED0004434 10-10-2019 CHAMPDOITB 249.24 CU HARDWARE COMPANY GENERAL HARDWAR0004435 10-10-2019 COPS 260.76 CONFIDENTIAL ON-SITE PAPER SHR SEPT 2019 SHRED0004436 10-10-2019 CURTISLARR 228.40 LARRY CURTIS CURTIS-SEPT24-20004437 10-10-2019 EVANSJIM 225.56 JIM EVANS EVANS-OCT2-3 CO0004438 10-10-2019 GABRIELCOM 78,358.17 GABRIEL,ROEDER,SMITH & CO. SEPT 2019 RET/A0004439 10-10-2019 HIPSKIND K 140.48 KAREN HIPSKIND HIPSKIND-CPDM C0004440 10-10-2019 HUNGELLEN 1,437.01 ELLEN HUNG HUNG-SEPT26-28 0004441 10-10-2019 ILLPRESS 135.15 ILLINOIS PRESS ASSOCIATION 0197 SEPT 2019 0004442 10-10-2019 JOHNSONM 225.56 MARLYS M. JOHNSON JOHNSON-OCT2-3 0004443 10-10-2019 LEXISNEXRD 150.00 LEXISNEXIS RISK SOLUTIONS SEPT 2019 MIN C0004444 10-10-2019 QUICKSILVE 2,263.57 QUICKSILVER MAILING SERVICES SEPT 2019 PRESO0004445 10-10-2019 RELYCO 465.27 RELY CO AP CHECK STOCK/0004446 10-10-2019 SIRIUS 630.50 SIRIUS Computer Solutions PALO ALTO TRAPS0004447 10-10-2019 SPOC LLC 7,505.66 CONSOLIDATED COMMUNICATIONS 1801 OCT 2019 P

Exhibit 6





0004448 10-10-2019 VALLEKELLY 689.60 KELLY VALLE VALLE-SEPT16-180004449 10-10-2019 VASQUEZANT 430.38 ANTONIO A. VASQUEZ VASQUEZ-SEPT11-0004450 10-15-2019 AMAZONBUS 194.85 AMAZON CAPITAL SERVICES SUPPLIES0004451 10-15-2019 BAUERCYNTH 136.20 CYNTHIA A. BAUER BAUER-SEPT26-270004452 10-15-2019 CDWGOVERN 1,893.00 CDW GOVERNMENT, INC. #6817-18 LAPTOP0004453 10-15-2019 DENALI 60,815.38 DENALI ADVISORS, LLC Q3 2019 INVST M0004454 10-15-2019 GORDONKELL 38.43 KELLY CARSON CARSON-OCT7-8 E0004455 10-15-2019 WESLEYDOUG 503.87 DOUG WESLEY WESLEY-SEPT29-O0004456 10-17-2019 Ativo 198,211.97 ATIVO CAPITAL MANAGEMENT Q3 2019 INVST M0004457 10-17-2019 CASTLEARK 193,668.18 CASTLEARK MANAGEMENT LLC Q3 2019 INVST M0004458 10-17-2019 CDWGOVERN 2,600.00 CDW GOVERNMENT, INC. #6819 LOGITECH 0004459 10-17-2019 HERRIOTTS 401.00 HERRIOTT'S COFFEE COMPANY COFFEE SUPPLIES0004460 10-17-2019 ITECH 2,501.50 ITECH SOLUTIONS GROUP, LLC OCT 2019 DR SVC0004461 10-17-2019 LMCAPGRP 80,542.79 LM CAPITAL GROUP Q3 2019 INVST M0004462 10-17-2019 MATARIN 160,138.00 MATARIN CAPITAL MANAGEMENT Q3 2019 INVST M0004463 10-17-2019 PIEDMONTIN 275,320.18 PIEDMONT INVESTMENT ADVISORS Q3 2019 INVST M0004464 10-17-2019 SHI SOFTWA 30.00 SOFTWARE HARDWARE INTEGRATION SUPPLIES0004465 10-22-2019 ACKERMAN A 780.31 ANNETTE ACKERMAN ACKERMAN-OCT15-0004466 10-22-2019 AMAZONBUS 1,175.26 AMAZON CAPITAL SERVICES SUPPLIES0004467 10-22-2019 BAUERCYNTH 238.50 CYNTHIA A. BAUER BAUER-OCT15-17 0004468 10-22-2019 DROZDZ JAM 163.56 JAMES DROZDZ DROZDZ-OCT1 COU0004469 10-22-2019 EARNESTPAR 98,884.26 EARNEST PARTNERS, LLC Q3 2019 INVST M0004470 10-22-2019 FELLERSTAR 238.50 TARI FELLERS FELLERS-OCT15-10004471 10-22-2019 GH&A 119,772.05 GARCIA HAMILTON & ASSOC Q3 2019 INVST M0004472 10-22-2019 HOUCHKRIST 939.38 KRISTEN HOUCH HOUCH-OCT16-18 0004473 10-22-2019 HUNGELLEN 332.32 ELLEN HUNG HUNG-OCT16-17 B0004474 10-22-2019 LUTZLUCAS 10.00 LUCAS LUTZ LUTZ-COUNSEL UI0004475 10-22-2019 MICHAELS 880.00 MICHAELS CATERING SEPT18 RETIRE S0004476 10-22-2019 MONDRIAN 362,653.15 MONDRIAN INVESTMENT PARTNERS Q3 2019 INVST M0004477 10-22-2019 MS PEST CT 45.00 M & S PEST CONTROL OCT 2019 PEST C0004478 10-22-2019 NEUBERGER 175,188.67 NEUBERGER BERMAN Q3 2019 INVST M0004479 10-22-2019 RAMOSALEX 296.32 ALEX RAMOS RAMOS-OCT16-17 0004480 10-22-2019 SHI SOFTWA 2,407.26 SOFTWARE HARDWARE INTEGRATION CREATIVE CLOUD0004481 10-22-2019 STRATEGICG 276,130.14 STRATEGIC GLOBAL ADVISORS Q3 2019 INVST M0004482 10-22-2019 VASQUEZANT 297.19 ANTONIO A. VASQUEZ VASQUEZ-OCT3-4 0004483 10-24-2019 BARBER&DEA 134,788.30 BARBER & DEATLEY, INC. 1801 BUILDING W0004484 10-24-2019 BLOOMBERG 6,420.00 BLOOMBERG FINANCE L.P. OCT18 2019-JAN10004485 10-24-2019 CAREERBUIL 564.10 CAREERBUILDER, LLC. AUG 2019 BACKGR0004486 10-24-2019 CDWGOVERN 150.00 CDW GOVERNMENT, INC. MOBILE CART0004487 10-24-2019 CHANNINGCA 124,010.65 CHANNING CAPITAL MANAGEMENT Q3 2019 INVST M0004488 10-24-2019 DUNNB 1,991.00 BRENDA DUNN OCT8-12 HR PUBL0004489 10-24-2019 GORDONKELL 715.81 KELLY CARSON CARSON-OCT15-170004490 10-24-2019 GREENBIANC 178.63 BIANCA T GREEN GREEN-OCT7-8 BD0004491 10-24-2019 NOVENMARTI 884.29 MARTIN NOVEN NOVEN-OCT1-10 B0004492 10-24-2019 RHUMBLINE 40,775.00 RHUMBLINE ADVISERS Q3 2019 INVST M0004493 10-24-2019 THOMSONW 1,064.86 THOMSON WEST SEPT 2019 LEGAL0004494 10-24-2019 VASQUEZANT 1,484.25 ANTONIO A. VASQUEZ VASQUEZ-SEPT15-0004495 10-24-2019 VOGELMITCH 61.24 MITCHELL VOGEL VOGEL- OCT1 FID0004496 11-01-2019 AMAZONBUS 220.39 AMAZON CAPITAL SERVICES SUPPLIES0004497 11-01-2019 AMMONSAARO 1,018.56 AARON AMMONS AMMONS-OCT15-180004498 11-01-2019 CAREERBUIL 502.95 CAREERBUILDER, LLC. SEPT 2019 BACKG0004499 11-01-2019 CITYCOLLEG 290,199.89 CITY COLLEGES OF CHICAGO ANNUITANT DEDUC0004500 11-01-2019 FEATHERSTU 2,178.00 FEATHERSTUN, GAUMER, POSTLEWAI SEPT 2019 LEGAL0004501 11-01-2019 GLASSLEWIS 28,350.00 GLASS LEWIS & CO, LLC Q4 2019 PROXY S0004502 11-01-2019 GREENBIANC 764.02 BIANCA T GREEN GREEN-OCT15-17 0004503 11-01-2019 HOUCHKRIST 669.34 KRISTEN HOUCH HOUCH-OCT23-24

Exhibit 6





0004504 11-01-2019 HUNGELLEN 726.14 ELLEN HUNG HUNG-OCT20-22 D0004505 11-01-2019 ICCTA 600.00 ICCTA NOV 2019 SUBLEA0004506 11-01-2019 ICEMILLER 3,243.60 ICE MILLER LLP SEPT 2019 LEGAL0004507 11-01-2019 ISEA RET 4,374.50 ISEA RETIREES ANNUITANT DEDUC0004508 11-01-2019 JOHNSONM 238.50 MARLYS M. JOHNSON JOHNSON-OCT15-10004509 11-01-2019 LYONSJOHN 437.68 JOHN K LYONS LYONS-SEPT11-130004510 11-01-2019 MAYERSUZAN 1,170.23 SUZANNE MAYER MAYER-OCT19-23 0004511 11-01-2019 MYERSTARA 44.00 TARA MYERS MYERS-OCT17 BD 0004512 11-01-2019 NAPPA 300.00 NAPPA 2020 ANNUAL DUE0004513 11-01-2019 NOVENMARTI 2,834.01 MARTIN NOVEN NOVEN-OCT BD MT0004514 11-01-2019 OFFICEDEPO 469.23 OFFICE DEPOT OFFICE SUPPLIES0004515 11-01-2019 POLLITTKIM 642.73 KIM POLLITT POLLITT-OCT23-20004516 11-01-2019 PROGINVEST 602,567.12 PROGRESS INVESTMENT MGMT CO. Q3 2019 INVST M0004517 11-01-2019 PUGHCAPITA 77,708.77 PUGH CAPITAL MANAGEMENT Q3 2019 INVST M0004518 11-01-2019 QUALITYTRA 15,800.00 QUALITY TRAINING SOLUTIONS LLC EMP ENGAGEMENT 0004519 11-01-2019 QUICKSILVE 1,292.37 QUICKSILVER MAILING SERVICES OCT1-15 2019 FL0004520 11-01-2019 ROMANO 1,150.00 TOMASINE ROMANO XXX-XX-4355 NOV0004521 11-01-2019 SMITHSTACY 1,657.02 STACY SMITH SMITH-OCT19-23 0004522 11-01-2019 UNIVERPROF 430.50 UNIVERSITY PROFESSIONALS IL. ANNUITANT DEDUC0004523 11-01-2019 UPI-COPE 670.50 UPI-COPE ANNUITANT DEDUC0004524 11-01-2019 VAN METERC 1,169.11 COLLIN VAN METER VAN METER-OCT150004525 11-01-2019 VASQUEZANT 84.53 ANTONIO A. VASQUEZ VASQUEZ-OCT23-20004526 11-01-2019 VERIZONPA 1,424.43 VERIZON WIRELESS SEPT16-OCT15 PH0004527 11-01-2019 WESLEYDOUG 327.32 DOUG WESLEY WESLEY-OCT16-170004528 11-01-2019 WILLOUGHBY 282.32 SHANE WILLOUGHBY WILLOUGHBY-OCT10004529 11-01-2019 WINFREYAND 264.61 ANDREA JORDAN JORDAN-OCT17-180004530 11-05-2019 GIERTZFRED 624.30 J. FRED GIERTZ GIERTZ-OCT16-170004531 11-05-2019 ITECH 2,501.50 ITECH SOLUTIONS GROUP, LLC NOV 2019 DR SVC0004532 11-05-2019 ORMONDBRAN 37.31 BRANDON ORMOND ORMOND-OCT7-23 0004533 11-05-2019 RICOH 164.95 RICOH USA INC COMP RM B/W PRI0004534 11-05-2019 SHI SOFTWA 26.00 SOFTWARE HARDWARE INTEGRATION SUPPLIES0004535 11-05-2019 TEPPERELEC 417.00 TEPPER ELECTRIC SUPPLY CO. ELECTRICAL SUPP0004536 11-05-2019 ZONES 11,026.66 ZONES LLC SKYPE FOR BUSIN0004537 11-07-2019 AMAZONBUS 25.89 AMAZON CAPITAL SERVICES SUPPLIES0004538 11-07-2019 BAUERCYNTH 196.20 CYNTHIA A. BAUER BAUER-OCT29-30 0004539 11-07-2019 DROZDZ JAM 296.56 JAMES DROZDZ DROZDZ-OCT24-250004540 11-07-2019 GLADIUS 555,895.98 GLADIUS CAPITAL MANAGEMENT LP Q3 2019 INVST M0004541 11-07-2019 GLOBEFLEX 225,871.18 GLOBEFLEX CAPITAL, L.P. Q3 2019 INVST M0004542 11-07-2019 LUTZLUCAS 200.50 LUCAS LUTZ LUTZ-OCT24-25 C0004543 11-07-2019 MEETINGZON 653.00 MEETINGZONE, INC. NOV 2019 VIDEO 0004544 11-07-2019 MICHAELS 250.00 MICHAELS CATERING OCT23 RET SEM L0004545 11-07-2019 MYERSTARA 125.00 TARA MYERS MYERS-CHECK SIG0004546 11-07-2019 NOVENMARTI 385.00 MARTIN NOVEN NOVEN-ATTORNEY 0004547 11-07-2019 PLANTS 140.60 PLANTS ETC NOV 2019 PLANT 0004548 11-07-2019 RICOH 1,648.86 RICOH USA INC COMP RM COLOR P0004549 11-07-2019 TORREYCOVE 57,291.67 TORREYCOVE CAPITAL PARTNERS SEPT 2019 CONSU0004550 11-07-2019 TROWEPRICE 858,648.20 T. ROWE PRICE Q3 2019 INVST M0004551 11-07-2019 UPKEEPMAIN 8,800.00 UPKEEP MAINTENANCE SERVICE OCT 2019 JANITO0004552 11-12-2019 EVANSJIM 129.75 JIM EVANS EVANS-OCT29-30 0004553 11-12-2019 HUNGELLEN 775.78 ELLEN HUNG HUNG-OCT24-30 P0004554 11-12-2019 LEXISNEXRD 150.00 LEXISNEXIS RISK SOLUTIONS OCT 2019 MIN CO0004555 11-12-2019 OFFICEDEPO 198.58 OFFICE DEPOT OFFICE SUPPLIES0004556 11-12-2019 PROPIO 16.64 PROPIO LANGUAGE SERVICES OCT 2019 INTERP0004557 11-14-2019 BLACKMESH 900.00 CONTEGIX NOV 2019 HOSTED0004558 11-14-2019 CHAMPDOITB 780.55 CU HARDWARE COMPANY GENERAL HARDWAR0004559 11-14-2019 COPS 254.40 CONFIDENTIAL ON-SITE PAPER SHR OCT 2019 SHRED

Exhibit 6





0004560 11-14-2019 CUSTOMFLOO 750.00 CUSTOM FLOORING & INTERIORS 1801 BLINDS0004561 11-14-2019 EARNESTPAR 207,278.82 EARNEST PARTNERS, LLC O3 2019 INVST M0004562 11-14-2019 FELLERS JO 1,458.43 JOEL FELLERS FELLERS-OCT18-20004563 11-14-2019 FIDELITYIN 216,202.89 FIDELITY INSTITN'L ASSET MGMT Q3 2019 INVST M0004564 11-14-2019 GABRIELCOM 5,350.17 GABRIEL,ROEDER,SMITH & CO. OCT 2019 RETAIN0004565 11-14-2019 HERRIOTTS 302.00 HERRIOTT'S COFFEE COMPANY COFFEE SUPPLIES0004566 11-14-2019 lazer 1,390.00 Lazer's Edge Office Automation TONER0004567 11-14-2019 MS PEST CT 90.00 M & S PEST CONTROL NOV 2019 PEST C0004568 11-14-2019 NORTHERNIL 1,078.65 NORTHERN ILLINOIS UNIVERSITY NOV 2019 RENT0004569 11-14-2019 OFFICEDEPO 137.09 OFFICE DEPOT OFFICE SUPPLIES0004570 11-14-2019 QUICKSILVE 521.09 QUICKSILVER MAILING SERVICES OCT 2019 PRESOR0004571 11-14-2019 SPOC LLC 8,083.20 CONSOLIDATED COMMUNICATIONS OCT 2019 PHONE 0004572 11-19-2019 BARBER&DEA 37,655.00 BARBER & DEATLEY, INC. 1801 BUILDING W0004573 11-19-2019 BRANSONMAR 144.56 MARILYN BRANSON BRANSON-NOV5-6 0004574 11-19-2019 FLOWER FUN 1,544.00 FLOWER FUND B DUNN & S GORDON 2019 HOLIDAY PA0004575 11-19-2019 ILLPRESS 147.05 ILLINOIS PRESS ASSOCIATION 0197 OCT 2019 R0004576 11-19-2019 JOHNSONM 129.75 MARLYS M. JOHNSON JOHNSON-OCT29-30004577 11-19-2019 MYERSTARA 863.11 TARA MYERS MYERS-OCT20-23 0004578 11-19-2019 QUICKSILVE 4,322.80 QUICKSILVER MAILING SERVICES OCT16-31 2019 F0004579 11-19-2019 ROCKSTEVEN 155.00 STEVEN ROCK OCT15-21 BD MTG0004580 11-19-2019 SMITHGRAHA 25,999.00 SMITH GRAHAM & CO. Q3 2019 INVST M0004581 11-19-2019 STATESTREE 12,410.01 STATE STREET GLOBAL ADVISORS Q3 2019 INVST M0004582 11-19-2019 THOMSONW 1,064.86 THOMSON WEST OCT 2019 LEGAL 0004583 11-19-2019 WILLOUGHBY 458.83 SHANE WILLOUGHBY WILLOUGHBY-NOV50004584 11-21-2019 DROZDZ JAM 144.56 JAMES DROZDZ DROZDZ-NOV5-6 C0004585 11-21-2019 JOHNSONM 428.35 MARLYS M. JOHNSON JOHNSON-NOV13-10004586 11-21-2019 NOVENMARTI 481.86 MARTIN NOVEN NOVEN-NOV7-8 DU0004587 11-21-2019 OFFICEDEPO 295.75 OFFICE DEPOT OFFICE SUPPLIES0004588 11-21-2019 ORMONDBRAN 46.63 BRANDON ORMOND ORMOND-OCT25-NO0004589 11-27-2019 AMAZONBUS 349.56 AMAZON CAPITAL SERVICES SUPPLIES0004590 11-27-2019 CAGLEJON 2,021.71 JON CAGLE CAGLE-NOV3-11 M0004591 11-27-2019 FELLERS JO 118.00 JOEL FELLERS FELLERS-PHOTOPL0004592 11-27-2019 GIERTZFRED 820.85 J. FRED GIERTZ GIERTZ-OCT22-240004593 11-27-2019 HOUCHKRIST 200.00 KRISTEN HOUCH HOUCH-ILLINOIS 0004594 11-27-2019 INFOTECH 9,000.00 INFO-TECH RESEARCH GROUP INC. ADVISORY SVCS0004595 11-27-2019 lazer 378.00 Lazer's Edge Office Automation MAINT KIT0004596 11-27-2019 NORTRUST 29,997.11 THE NORTHERN TRUST COMPANY Q3 2019 INVST M0004597 11-27-2019 QUICKSILVE 1,082.23 QUICKSILVER MAILING SERVICES NOV1-15 2019 FL0004598 11-27-2019 TAYLORD 1,358.71 W. DOUGLAS TAYLOR TAYLOR-OCT25-310004599 11-27-2019 TENSIONENV 2,680.00 TENSION ENVELOPE CORPORATION #10 ENVELOPES0004600 12-02-2019 CITYCOLLEG 286,625.53 CITY COLLEGES OF CHICAGO ANNUITANT DEDUC0004601 12-02-2019 FEATHERSTU 2,090.00 FEATHERSTUN, GAUMER, POSTLEWAI OCT 2019 LEGAL 0004602 12-02-2019 HOHNJACKIE 745.42 JACKIE HOHN HOHN-OCT26-31 A0004603 12-02-2019 ISEA RET 4,357.50 ISEA RETIREES ANNUITANT DEDUC0004604 12-02-2019 NOVENMARTI 213.24 MARTIN NOVEN NOVEN-NOV19 DUE0004605 12-02-2019 ROMANO 1,150.00 TOMASINE ROMANO XXX-XX-4355 DEC0004606 12-02-2019 UNIVERPROF 427.50 UNIVERSITY PROFESSIONALS IL. ANNUITANT DEDUC0004607 12-02-2019 UPI-COPE 660.50 UPI-COPE ANNUITANT DEDUC0004608 12-05-2019 AMAZONBUS 459.96 AMAZON CAPITAL SERVICES SUPPLIES0004609 12-05-2019 BLACKROCK 388,270.55 BLACKROCK INST TRUST CO. Q3 2019 INVST M0004610 12-05-2019 COPS 298.92 CONFIDENTIAL ON-SITE PAPER SHR NOV 2019 SHRED 0004611 12-05-2019 CRAINCOMM 1,573.00 CRAIN COMMUNICATIONS INC. SPONSORSHIP CAM0004612 12-05-2019 GONESCINDY 199.95 CINDY GONES GONES-EXPERT EX0004613 12-05-2019 ICCTA 600.00 ICCTA DEC 2019 SUBLEA0004614 12-05-2019 ILLPRESS 126.65 ILLINOIS PRESS ASSOCIATION 0197 NOV 2019 R0004615 12-05-2019 ITECH 2,501.50 ITECH SOLUTIONS GROUP, LLC DEC 2019 DR SVC

Exhibit 6





0004616 12-05-2019 LEXISNEXRD 150.00 LEXISNEXIS RISK SOLUTIONS NOV 2019 MIN CO0004617 12-05-2019 LUTZLUCAS 54.49 LUCAS LUTZ LUTZ-NOV13-14 C0004618 12-05-2019 MEETINGZON 653.00 MEETINGZONE, INC. DEC 2019 VIDEO 0004619 12-05-2019 NORTHERNIL 1,078.65 NORTHERN ILLINOIS UNIVERSITY DEC 2019 RENT0004620 12-05-2019 OFFICEDEPO 642.07 OFFICE DEPOT OFFICE SUPPLIES0004621 12-05-2019 PACIFICINV 164,222.85 PACIFIC INVESTMENT CO. Q3 2019 INVST M0004622 12-05-2019 PLANTS 140.60 PLANTS ETC DEC 2019 PLANT 0004623 12-05-2019 PROPIO 29.44 PROPIO LANGUAGE SERVICES NOV 2019 INTERP0004624 12-05-2019 RICOH 861.17 RICOH USA INC COMP RM PRINTER0004625 12-05-2019 SURFACE 51 4,743.75 SURFACE 51, INC. 2019 ANNUAL REP0004626 12-05-2019 TORREYCOVE 49,504.84 TORREYCOVE CAPITAL PARTNERS DUE DILIGENCE L0004627 12-05-2019 VERIZONPA 1,376.85 VERIZON WIRELESS OCT16-NOV15 2010004628 12-05-2019 WELLINGTON 758,588.66 WELLINGTON MANAGEMENTCOMPANY Q3 2019 INVST M0004629 12-05-2019 ZONES 47.08 ZONES LLC SUPPLIES0004630 12-10-2019 AMAZONBUS 384.98 AMAZON CAPITAL SERVICES SUPPLIES0004631 12-10-2019 BLACKMESH 900.00 CONTEGIX DEC 2019 HOSTED0004632 12-10-2019 CAMMACK 77,500.00 CAMMACK LARHETTE ADVISORS SMP/457 RECORDK0004633 12-10-2019 CHILDRESST 375.00 TRACY L. CHILDRESS CHILDRESS-LYNDA0004634 12-10-2019 FLOWER FUN 926.00 FLOWER FUND B DUNN & S GORDON 2019 TRANSFER #0004635 12-10-2019 GORDONKELL 351.26 KELLY CARSON CARSON-DEC4-6 B0004636 12-10-2019 HUNGELLEN 170.76 ELLEN HUNG HUNG-DEC4-5 BD 0004637 12-10-2019 MEKETAINVE 123,250.00 MEKETA INVESTMENT GROUP Q4 2019 INVST C0004638 12-10-2019 TEAMDYNAMI 689.36 TEAMDYNAMIX SOLUTIONS LLC ITSM IMPLEMENTA0004639 12-10-2019 UPKEEPMAIN 8,800.00 UPKEEP MAINTENANCE SERVICE NOV 2019 JANITO0004640 12-10-2019 WILLOUGHBY 1,983.01 SHANE WILLOUGHBY WILLOUGHBY-DEC40004641 12-12-2019 ACKERMAN A 335.77 ANNETTE ACKERMAN ACKERMAN-DEC4-60004642 12-12-2019 ADVANCEDAU 75,357.00 ADVANCED AUDIO AND LIGHTING EQUIPMENT DEPOS0004643 12-12-2019 AMAZONBUS 55.90 AMAZON CAPITAL SERVICES CREDIT MEMO0004644 12-12-2019 CHAMPDOITB 223.57 CU HARDWARE COMPANY GENERAL HARDWAR0004645 12-12-2019 GREENBIANC 66.50 BIANCA T GREEN GREEN-NOV19 DUE0004646 12-12-2019 HERRIOTTS 369.00 HERRIOTT'S COFFEE COMPANY COFFEE SUPPLIES0004647 12-12-2019 HUBERASSOC 162,178.52 HUBER & ASSOCIATES, INC. ISERIES REPLACE0004648 12-12-2019 MCCARTYCHE 326.02 CHELSEA MCCARTY MCCARTY-DEC4-6 0004649 12-12-2019 NOVENMARTI 530.37 MARTIN NOVEN NOVEN-DEC4-6 BD0004650 12-12-2019 OFFICEDEPO 47.53 OFFICE DEPOT OFFICE SUPPLIES0004651 12-12-2019 PACIFICINV 623,519.46 PACIFIC INVESTMENT CO. Q3 2019 INVST M0004652 12-12-2019 QUICKSILVE 2,806.97 QUICKSILVER MAILING SERVICES NOV 2019 PRESOR0004653 12-12-2019 SAIGERJEFF 409.52 JEFFEREY SAIGER SAIGER-DEC4-6 B0004654 12-12-2019 SPOC LLC 6,548.70 CONSOLIDATED COMMUNICATIONS DEC 2019 PHONE 0004655 12-12-2019 THOMSONW 1,064.86 THOMSON WEST NOV 2019 LEGAL 0004656 12-12-2019 VALLEKELLY 201.76 KELLY VALLE VALLE-DEC4-5 BD0004657 12-12-2019 WESLEYDOUG 495.96 DOUG WESLEY WESLEY-DEC4-6 B0004658 12-19-2019 AMAZONBUS 36.95 AMAZON CAPITAL SERVICES SUPPLIES0004659 12-19-2019 GABRIELCOM 17,751.09 GABRIEL,ROEDER,SMITH & CO. NOV/DEC 2019 RE0004660 12-19-2019 GIERTZFRED 552.00 J. FRED GIERTZ GIERTZ-DEC4-6 B0004661 12-19-2019 GLADIUS 102,861.87 GLADIUS CAPITAL MANAGEMENT LP Q3 2019 INVST M0004662 12-19-2019 HOHNJACKIE 298.76 JACKIE HOHN HOHN-DEC5-6 BD 0004663 12-19-2019 LUTZLUCAS 10.00 LUCAS LUTZ LUTZ-DEC11-12 C0004664 12-19-2019 MAYERSUZAN 156.76 SUZANNE MAYER MAYER-DEC5-6 BD0004665 12-19-2019 MYERSTARA 146.76 TARA MYERS MYERS-DEC5-6 BD0004666 12-19-2019 NOVENMARTI 1,350.54 MARTIN NOVEN NOVEN-DEC BD DI0004667 12-19-2019 OFFICEDEPO 59.33 OFFICE DEPOT OFFICE SUPPLIES0004668 12-19-2019 POLLITTKIM 284.48 KIM POLLITT POLLITT-DEC4-5 0004669 12-19-2019 SAIGERJEFF 1,667.54 JEFFEREY SAIGER SAIGER-NOV18-210004670 12-19-2019 VAN METERC 844.31 COLLIN VAN METER VAN METER-DEC4-0004671 12-19-2019 ZAHNGOVSOL 15,000.00 ZAHN GOVERNMENTAL SOLUTIONS SEPT/OCT 2019 C

Exhibit 6





0004672 12-26-2019 GREENBIANC 416.52 BIANCA T GREEN GREEN-DEC4-6 BD0004673 12-26-2019 HICKS HANE 689.99 HANEA HICKS HICKS-FALL 20190004674 12-26-2019 HOUCHKRIST 407.85 KRISTEN HOUCH HOUCH-DEC4-8 BD0004675 12-26-2019 ORMONDBRAN 46.63 BRANDON ORMOND ORMOND-NOV18-DE0004676 12-26-2019 RENFROWROS 1,044.00 ROSE A. RENFROW RENFROW-FALL 20

Payment Account Total 9,387,922.85*Payment Type Total 9,387,922.85*

Report Total 9,387,922.85*

Exhibit 6

Exhibit 6

To: SURS Board of Trustees From: Keith Johnson, SMP Manager Date: February 7, 2020 Re: Self-Managed Plan (SMP) Update, Quarter Ending December 31, 2019 _____________________________________________________________________________________

Overview

As of December 31, 2019, the average SMP participant’s account balance was $126,940 based on 22,313 participants, 14,013 active and 8,300 terminated, with participants’ investments totaling $2,620,304,453. 61.9% of participants’ assets were invested with Fidelity and 38.1% with TIAA-CREF. The average participant is invested in 3 funds.

Fiscal Year 2020 Distributions

For the fiscal year, 42 SMP members have retired and annuitized their account balance through Principal. The average age at annuitization is 62.4. The average monthly annuity is $1,104.30. 35 members annuitized their account balances through TIAA. The average age at annuitization was 62.4. The average monthly benefit was $1,487.20.

For the fiscal year, 148 SMP retirement eligible participants chose to forego an annuity in favor of a lump-sum distribution. 377 non-retirement eligible, terminated members have taken lump-sum distributions.

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

SMP PARTICIPANTS AND AVERAGE ACCOUNT BALANCES as of December 31, 2019

Avg Account BalanceParticipants

Exhibit 7

Membership Composition 42.3% of the SMP active participants are Academic and 57.7% are Staff.

72.5% of active SMP participants are full-time, 27.5% are part-time.

3,941 7,3166,957 13,946 32,160

7,784 10,7476,999 18,368 43,898

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Traditional Portable SMP Default Total

ACTIVE SURS PARTICIPANTSACADEMIC vs STAFF as of December 31, 2019

Academic Staff

11,272 14,467 8,903 21,069 55,711

2,745 3,772 3,01611,573

21,106

0%10%20%30%40%50%60%70%80%90%

100%

SMP Portable Traditional Default Total

Tot. Active FULL TIME vs. PART TIME EMPLOYMENT as of December 31, 2019

Full Time Part Time

Exhibit 7

Education For the fiscal year, SURS has provided individual counseling to 203 SMP members, two Navigating the SMP webinars has been offered with attendance of 118. Plan Election Since January 1, 2011, 12,276 (18.82%) of the 65,219 Tier 2 new hires chose the SMP, 10.17% chose Traditional, 22.46% Portable and 48.54% defaulted to Traditional. 18.2% of all active SURS participants are in the Self-Managed Plan, 23.8% Portable, 15.5% Traditional, 42.5 Traditional by default.

0%

10%

20%

30%

40%

50%

60%

70%

80%

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Year / Calendar Qtr

10 yr. SURS Plan Elections by Quarter

Default PortableSMP TraditionalTraditional + Default

Exhibit 7

Self Managed Plan Distributions Distributions paid in quarter ending December 31, 2019 Non-Retirement eligible: Total Non-Retirement eligible 245 $ 8,903,102

Fixed period 76 $ 53,100 Lump sum 68 $ 2,822,995 Rollovers 98 $ 5,664,655 QILDRO 3 $ 362,352

Retirement eligible: Total Retirement eligible 132 $ 11,292,886

Annuities 24 $ 5,380,437 Fixed period 47 $ 120,835 Lump sum 19 $ 448,684 Rollovers 42 $ 5,042,930 QILDRO 0 $

Death benefits: Total Death benefits 11 $ 2,898,273 Annuity 0 $

Lump sum 10 $ 2,711,777 Rollovers 1 $ 186,496

Total: 388 $ 23,094,261

Exhibit 7