minutes state universities retirement system friday, march ... · mr. noven presented the board...

MINUTES

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

Friday, March 8, 2019, 10:45 a.m. State Universities Retirement System

Main Conference Room 1901 Fox Dr., Champaign, IL 61820

The following trustees were present: Mr. Aaron Ammons, Dr. John Engstrom, Dr. Fred Giertz, Mr. Craig McCrohon, Dr. Steven Rock, Mr. Collin Van Meter and Mr. Antonio Vasquez (via phone conference). Others present: Mr. Martin Noven, Executive Director; Mr. Doug Wesley, Chief Investment Officer; Ms. Bianca Green, General Counsel; Ms. Kristen Houch, Legislative Liaison; Ms. Brenda Dunn, Director of Human Resources; Ms. Suzanne Mayer, Chief Benefits Officer; Ms. Kelly Carson and Ms. Annette Ackerman, Executive Assistants, and Mr. Timothy Spila. Board of trustees roll call attendance was taken. Trustee Ammons, present; Trustee Cross, absent; Trustee Cullen, absent; Trustee Engstrom, present; Trustee Giertz, present; Trustee McCrohon, present; Trustee Rock, present; Trustee Van Meter, present; and Trustee Vasquez, present via conference call.

APPROVAL OF MINUTES Trustee John Engstrom presented the minutes from the board meeting of December 7, 2018. Trustee Steven Rock made the following motion:

• That the minutes from the December 7, 2018 board of trustees meeting be approved as presented.

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

• That the closed session minutes from the December 7, 2018 board of trustees meeting be approved as presented and remain closed.

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

CHAIRPERSON’S REPORT

Chairman Cross was not present.

EXECUTIVE DIRECTOR’S REPORT

Mr. Martin Noven discussed the need to focus on educational topics that have been postponed due to unavoidable reasons. As a result of the recent turnover of the board, Mr. Noven believes that once all new trustees are named, it would be beneficial to hold a board retreat and orientation to get new trustees up to date with current business matters. More details will follow.

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 Rock made the following motions:

• That the board of trustees travel to attend conferences or trainings listed on the March 2019 list of upcoming training opportunities be approved and that all resulting allowable expenses consistent with the SURS travel policy be reimbursed.

Trustee Fred Giertz seconded and the motions 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 2019 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 McCrohon presented the committee actions. The Investment Committee recommends to the board:

• That based on the recommendation from SURS staff, the revised Investment Procurement Policy be approved as presented.

• That based on the recommendation of staff and SURS real assets consultant, that a commitment of €75 million euros to Blackstone Real Estate Partners Europe Fund VI be approved, contingent on successful contract negotiations.

• That based on the recommendation of staff and PCA, that a commitment of no more than 1.75 percent of SURS total portfolio (35 percent of the initial 5 percent target to CRO) to

long duration strategy be authorized, contingent on successful bidding among the approved slate of passively managed liquid fixed income providers.

• That based on the recommendation of staff and PCA, that a search be conducted to identify qualified firms to manage a trend following strategy.

• That based on the recommendation of staff and PCA, that a search be conducted to identify qualified firms to manage an alternative risk premia strategy.

• That based on the recommendation of staff and PCA, SURS shall terminate the Mesirow Small Cap strategy and liquidate assets to transfer to the cash account for benefit payments.

• That based on the recommendation of staff, that SURS consent to the assignment of the Investment Consulting services agreements dated March 1, 2019, between the State Universities Retirement System and Pension Consulting Alliance, LLC, subject to conditions articulated by trustees and satisfactory completion of legal review.

Trustee Rock seconded and the motion carried with all trustees present voting in favor. Administration Committee: On behalf of the Administration Committee, Trustee Engstrom presented the committee actions. The Administration Committee recommends to the board:

• That staff is directed to finalize an agreement for a general contractor to perform work on SURS’ behalf at 1801 Fox Drive.

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

CONSIDERATION OF REVISIONS TO BYLAWS AND COMMITTEE CHARTERS Trustee Van Meter presented the proposed bylaws that were circulated to trustees, fiduciary counsel, executive director and general counsel for input prior to this meeting. Trustee Van Meter stated that because he did not hear back from fiduciary counsel, he consulted with a third party legal counsel that has experience with public pension bylaws and board governance. Before reviewing the bylaws, Trustee Engstrom asked for a general consensus on whether or not trustees should continue with the review and the trustees agreed to continue the review and discussion. Trustee Engstrom voiced his preference to wait until the new trustees are appointed but indicated that if the majority of the board wanted to continue the review, he would vote in favor of doing so. He also stated that Trustee Tom Cross and fiduciary counsel informed him that they are opposed to making changes to the bylaws. The trustees reviewed and discussed all of the proposed changes to the bylaws and shared their thoughts on changes they felt were necessary. Once all changes were identified, it was agreed upon that Trustee Van Meter would compare his understanding of the approved updates with Ms. Bianca Green’s understanding of the same and then the SURS legal staff would review the charters for consistency with the updated bylaws. Trustee Rock thanked

Trustee Van Meter for the time and effort he dedicated to composing the revised bylaws and charters. Trustee McCrohon made the following motion:

• That the amendments and revisions to the bylaws and charters as stated by the board be approved.

Trustee Rock seconded and followed with a roll call vote.

Trustee Ammons - aye Trustee Cross - absent Trustee Cullen - absent Trustee Engstrom - aye Trustee Giertz - aye Trustee McCrohon - abstain Trustee Rock - aye Trustee Van Meter - aye Trustee Vasquez - aye

A copy of the proposed bylaws and charters are incorporated as part of these minutes as Exhibit 3. Trustee Vasquez left the conference call at 12:20 p.m.

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 Rock seconded and the motion carried in a roll call vote:

Trustee Ammons aye Trustee Cross absent Trustee Cullen absent Trustee Engstrom aye Trustee Giertz aye Trustee McCrohon aye Trustee Rock aye Trustee Van Meter aye Trustee Vasquez absent

RETURN TO OPEN SESSION Upon motion by Trustee Van Meter that was seconded by Trustee Giertz and carried, the board of trustees resumed the meeting in open session. Trustee Vasquez joined the conference call at 12:30 p.m.

INFORMATIONAL ITEMS NOT REQUIRING ACTION

1. Exhibit 4 - General Counsel’s FOIA Report 2. Exhibit 5 - Comparative Financial Reports 3. Exhibit 6 - Member Services Division Reports

4. Exhibit 7 - Self-Managed Plan Update for the Quarter Ending December 31, 2018

PUBLIC COMMENT

Mr. Timothy Spila addressed the board with a few questions and concerns regarding SURS SMP plan, return rates and benefit calculations. There was no further business before the board and Trustee Van Meter moved that the meeting be adjourned. The motion was seconded by Trustee McCrohon and carried with all trustees present voting in favor.

Respectfully submitted,

Mr. Martin Noven

Secretary, 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 21, 2019

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 theMarch 2019 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 2019

SURS Board/Committee Meetings for 2019

SURS Board and Committee Meetings March 7-8, 2019 SURS Board and Committee Meetings April 18, 2019 SURS Board and Committee Meetings June 6-7, 2019 SURS Board and Committee Meetings September 12-13, 2019 SURS Board and Committee Meetings October 17, 2019 SURS Board and Committee Meetings December 10-11, 2019

Council of Institutional Investors

Title: 2019 Spring Conference Subject Matter: Corporate Governance Issues Sponsor: Council of Institutional Investors Date: March 4-6, 2019 Location: Washington, DC Registration Fee: Complimentary for members

Title: 2019 Fall Conference Subject Matter: Corporate Governance Issues Sponsor: Council of Institutional Investors Date: September 16-18, 2019 Location: Minneapolis, MN Registration Fee: Complimentary for members

Training Opportunities New Opportunity

Title: 2019 PIMCO Institute Subject Matter: Various Investment Topics Sponsor: PIMCO Date: March 25-28, 2019 Location: Newport Beach, CA Registration Fee: TBD * By invitation only* Please see Kelly if interested

Title: DC Investment Lineup Subject Matter: Various Investment Topics Sponsor: Pensions & Investments Date: April 2, 2019 Location: Chicago, IL Registration Fee: TBD

Exhibit 2

Title: Public Funds Roundtable 2019 Subject Matter: Various Investment Topics Sponsor: Institutional Investor Date: April 24-26, 2019 Location: Los Angeles, CA Registration Fee: TBD

Title: Milken Institute Global Conference 2019 Subject Matter: Various Investment Topics Sponsor: Milken Date: April 28 – May 1, 2019 Location: Los Angeles, CA Registration Fee: TBD

Title: ESG Investing Subject Matter: Various Investment Topics Sponsor: P & I Conference Date: May 14, 2019 Location: Chicago, IL Registration Fee: TBD

Title: 6th Annual Midwest Institutional Investor Forum Subject Matter: Various Investment Topics Sponsor: Markets Group Date: June 4, 2019 Location: Chicago, IL Registration Fee: TBD

Title: 2019 PIMCO Institute Subject Matter: Various Investment Topics Sponsor: PIMCO Date: June 10-13, 2019 Location: Newport Beach, CA Registration Fee: TBD * By invitation only* Please see Kelly if interested

Title: The Private Equity Exclusive Subject Matter: Various Investment Topics Sponsor: The Pension Bridge Date: July 22 – 23, 2019 Location: Chicago, IL Registration Fee: TBD

Title: 2019 PIMCO Institute Subject Matter: Various Investment Topics Sponsor: PIMCO Date: September 16-19, 2019 Location: Newport Beach, CA Registration Fee: TBD * By invitation only* Please see Kelly if interested

Exhibit 2

Bylaws of the Board of Trustees

Exhibit 3

TABLE OF CONTENTS

Section 1 Meetings ................................................................................................................................................ 3

Section 1.1 Indemnity .............................................................................................................................................. 3

Section 2 Quorum ................................................................................................................................................. 3

Section 2.1 Quorum Requirements and Voting of Board Committees .................................................................... 3

Section 3 Officers and Administrative Staff ......................................................................................................... 4

Section 4 Duties of the Chairperson ...................................................................................................................... 4

Section 5 Duties of the Vice-Chairperson ............................................................................................................. 4

Section 6 Duties of the Secretary and Executive Director .................................................................................... 4

Section 7 Certification of Checks and Drafts ........................................................................................................ 5

Section 8 Duties of the Treasurer .......................................................................................................................... 6

Section 9 Authorization for Sale or Purchase of Investments ............................................................................... 6

Section 10 Selection of Depository Bank ............................................................................................................... 6

Section 11 Furnishing of Bond by Officers and Employees ................................................................................... 6

Section 12 Parliamentary Procedure ....................................................................................................................... 6

Section 13 Executive Committee and Duties of that Committee ............................................................................ 6

Section 14 Appointment of Standing Committees .................................................................................................. 7

Section 14.1 Meetings of the Standing Committees .................................................................................................. 8

Section 14.2 Duties of Standing Committees ............................................................................................................ 8

Section 15 Duties of Claims Panel .......................................................................................................................... 8

Section 16 Amendments to the Bylaws .................................................................................................................. 9

Exhibit 3

BYLAWS OF THE BOARD OF TRUSTEES

Section 1 Meetings

Regular meetings. The Board of Trustees of the State Universities Retirement System, hereinafter referred to as the Board, shall have regular meetings during the months of March, June, September, and December, unless by vote of the Board or order of the Chairperson, the date of any meeting is changed. The fourth regular meeting of each fiscal year shall be the annual meeting. Annual meeting. The agenda for the annual meeting shall include, but not be limited to:

• Election of officers and at-large members, • Appointment of standing committees, • Approval of the annual budget, • Approval of meeting dates, • Review and approval of Board governance manual, • Review of the Executive Director, • Review of contractors that report to the Board.

Special meetings. Special meetings may be called by the Chairperson or a majority of the Board by giving at least five days’ notice thereof by email to each of the other members of the Board.

Meeting conduct and agendas. The Board of Trustees will conduct its meetings in accordance with the Illinois Open Meetings Act. Meeting agendas will be prepared by the Chairperson in consultation with the Executive Director. The matters included for discussion and action shall include those submitted by:

• Any Trustee • A Board Committee • The Chairperson • The Executive Director

Agenda items may only be removed by the person or committee that added the item or by a majority of the Board.

Section 1.1 Indemnity

The State Universities Retirement System, hereinafter referred to as the System, shall indemnify and hold harmless its employees and the members of the Board for all acts taken in furtherance of the business of the System, to the fullest extent permitted by law.

Section 2 Quorum

Quorum. A majority of the Board shall be a quorum, but a majority of a quorum shall not be less than a majority of the Board for the transaction of business, provided that a smaller number

Exhibit 3

may meet and adjourn to some other time or until a quorum is obtained. No motion, resolution, directive to staff, or other action shall be effective unless a quorum is present, and a majority of the Board members present at the meeting vote in favor of such a motion, resolution or other action.

Voting. Assuming a quorum is present, any action that the Board or Board Committee is authorized to take must be approved by a majority of the Board or Board committee members present. Voting shall be by acclamation oral and without roll call, except when a roll call is requested by a member. In that case, the votes shall be polled and the “yeas” and the “nays” recorded. The order for polling the Board shall be alphabetical. When there is a tie vote, the question is defeated.

Section 2.1 Quorum Requirements and Voting of Board Committees

The quorum and voting requirements for committees established by the Board shall be as set forth in this section.

Quorum. To the extent not otherwise specifically established, the quorum requirement for a committee of the Board is the least number more than 50% of the membership of the committee. If required at any meeting of a committee for purposes of establishing a quorum, the Chairperson may serve as a member of the committee for that meeting. A smaller number may meet and adjourn to some other time or until a quorum is obtained. No motion, resolution, or other action shall be effective unless a quorum is present. Voting. Any member of the Board may attend the meetings of any committee established by the Board. Any member of the Board attending a committee meeting, whether orff not an appointed member of that committee, may make motions and may vote. The provisions of this section do not apply to the Executive Committee, which is governed by Section 13 of these bBylaws. Section 3 Officers and Administrative Staff Officers. The officers of the Board shall consist of a Chairperson, a Vice-Chairperson, a Secretary and Executive Director, and a Treasurer. The Chairperson, Vice-Chairperson and Treasurer must be members of the Board. The Secretary and Executive Director may not be a member of the Board. The cChairperson shall be as designated in 40 ILCS 5/15-159. Election; Officers. Not less than five (5) days prior to the annual meeting, the Chairperson shall submit to the Board nominations for the Vice-Chairperson and Treasurer positions. At the annual meeting the floor shall be open to any additional nominations from members of the Board, including self-nominations. The Board will then vote on the nominations. Following the Board’s approval of the nominations, the Vice-Chairperson and Treasurer shall be elected at the annual meeting of the Board, and if so elected shall take office beginning on the followingfirst day of the fiscal year immediately following the annual meeting. In the event that no nominee for an individual position receives a majority of the votes there will be a second election between the two nominees that received the most votes in the first election. If the outcome of

Exhibit 3

the second election results in no nominee receiving a majority then a coin toss by the Chairperson with the Executive Director calling will decide. Term. The Vice-Chairperson and Treasurer shall hold their respective offices for one year or until their successors are elected and qualified. Any vacancy in an office, other than the office of Chairperson, may shall be elected by the Board filled in accordance with the annual officer nomination and election procedures in these Bylaws at any regular meeting or a special meeting of the Board called for the purpose, and if so elected shall take office immediately and shall hold their respective offices until their successors are elected and qualified.

Section 4 Duties of the Chairperson

The Chairperson, who shall be the chief executive officer of the Board, shall execute all the responsibilities assigned by statute or administrative rule to the PresidentChairperson of the Board. The Chairperson shall preside at all meetings of the Board and the Executive Committee; shall certify, together with the Secretary, on behalf of the Board, all warrants, checks or drafts on its bank in accordance with actions of the Board authorizing payments for benefits, expenses, and investments out of funds belonging to the System and in the hands of the custodian bank; and shall see that all necessary committees perform their assigned duties.

Section 5 Duties of the Vice-Chairperson

The Vice-Chairperson shall preside at all meetings at which the Chairperson would otherwise preside but from which the Chairperson is absent. The Vice-Chairperson shall assume all of the duties of Chairperson if the Chairperson becomes statutorily ineligible to serve in that capacity, is legally incapacitated, or dies. The Vice-Chairperson shall relinquish those duties when a new Chairperson is properly qualified.

Section 6 Duties of the Secretary and Executive Director

The Secretary and Executive Director, who shall be the same person, shall be the Chief Executive Officer in charge of the detailed administration of the System, shall take minutes of the Board’s proceedings; keep all records, papers, and documents pertaining to the work of the Board; certify, together with the Chairperson, on behalf of the Board, all warrants, checks or drafts on its depository bank or corporate trustee in accordance with actions or delegated actions of the Board authorizing payments for benefits, expenses and investments out of funds belonging to the System and in the hands of the depository bank or corporate trustee; attest all documents signed by the Chairperson on the authority of the Board; give notice in writing or by email, to all members of the Board of all meetings of the Board not later than five days previous to any meeting; collect all monies due the Board, except investment income and proceeds from sales or redemptions of securities; endorse, only for deposit in the depository bank approved by the Board or for transfer to the corporate trustee employed by the Board, all warrants, checks, drafts and other remittances payable to the order of the Board or the System, which are received by him or her and see that same are deposited immediately with the depository bank or corporate trustee; submit to the Board at each annual meeting or at such other time as may be appropriate, a budget for the administrative expenses of the System; keep the accounts of the System as approved by the Board; be custodian of all property owned by

Exhibit 3

the Board other than the money and property in the custody of the depository bank or corporate trustee; submit recommendations to the Board for the appointment of the such employees as may be necessary, and the employment of consistent with the budget approved by the Board and with the exception of the position of Executive Director and Chief Investment Officer, employ such personnel, professional, clerical, actuarial, legal, medical, corporate trustee, investment agents, governance, and other services which may from time to time be required, and fix their compensation; prepare and approve all vouchers for benefits, expenses, and investments; and prepare all warrants or drafts on the depository bank or corporate trustee for the signature of the proper officers, provided that (1) no payments for other than general administrative expenses and benefit payments and refunds shall be made without the prior approval of the Board or the Executive Committee, and (2) vouchers covering payments to the Secretary and Executive Director shall be approved by the Chairperson.; satisfy all such duties described in the Executive Director Policy, Position Description, and Employment Contract; perform such other duties that are called for by the rules, orders, directives and resolutions of the Board.

Except as otherwise provided herein, the Secretary and Executive Director may appoint or employ personnel whose duties shall include thebe such duties of the Secretary and Executive Director as the latter may assign to them. Section 7 Certification of Checks and Drafts

If the Board shall employ a corporate trustee or depository bank pursuant to the power and authority granted in and by 40 ILCS 5/15-169, and shall transfer to such corporate trustee or depository bank funds and investments of the System, the Chairperson and Secretary or their respective deputies approved and appointed by the Board shall, from time to time, certify on behalf of the Board, drafts or checks for payment of benefits, expenses, and investments, approved by the Board by general or special authorization, out of funds of the System in the hands of said corporate trustee or depository bank, and said corporate trustee or depository bank shall make payment as appropriate on account of any purchases of securities or other security transaction authorized by the Board or Executive Committee and shall charge the System account for the amount involved and send a detailed advice of such charges to the Secretary and Executive Director. The corporate trustee or depository bank is authorized and directed to honor checks, drafts or other orders for the payment of money drawn in this corporation’s name, including those payable to the individual order of any person or persons whose name or names appear thereon as signer or signers thereof, when bearing or purporting to bear the facsimile signatures of the Chairperson and Secretary, and the corporate trustee or depository bank shall be entitled to honor and to charge the System’s account for all such checks, drafts or other orders, regardless of by whom or by what means the facsimile signatures thereon may have been affixed thereto, if such facsimile signatures resemble the facsimile specimens of the signatures of the then acting Chairperson and Secretary of this corporation duly certified to or filed with the corporate trustee or depository bank by the Secretary or other officer of this corporation. Section 8 Duties of the Treasurer

The Treasurer shall serve as a member of the Executive Committee. The Treasurer shall preside

Exhibit 3

at Board meetings at which the Vice-Chairperson would otherwise preside but from which the Vice-Chairperson is absent.

Section 9 Authorization for Sale or Purchase of Investments

No sale, purchase, exchange, or deposit under reorganization proceedings of any investment belonging to the System may be made except by action of the Board or the Executive Committee. If the Board employs a corporate trustee or investment agent, the Secretary and Executive Director of the Board, or his or her deputies approved and appointed by the Board, shall from time to time certify action taken by the Board or the Executive Committee authorizing the sale, purchase, exchange, or deposit under reorganization proceedings of any investment held by said corporate trustee or investment agent, and any other action of the Board or the Executive Committee pertinent to the duties or powers ofr said corporate trustee or investment agent, and such certification shall be deemed sufficient evidence to said corporate trustee or investment agent that the required action has been taken. No sale, purchase, or other conveyance of any real estate owned by the Board may be made by the Executive Committee unless previously specifically authorized by the Board in session or by a majority of the Board members individually in writing.

Section 10 Selection of Depository Bank

The Board may select a depository bank in which the Secretary and Executive Director or the corporate trustee contracted by the Board shall deposit all monies received by them. Such monies shall be disbursed by the corporate trustee on checks or drafts signed by the Chairperson and Secretary.

Section 11 Furnishing of Bond by Officers and Employees

All officers and employees shall, if required by the Board, furnish bond for such amount as the Board may determine.

Section 12 Parliamentary Procedure

Robert’s Rules of Order shall govern the procedure for all meetings of the Board and its committees, except to the extent otherwise provided in these bBylaws, the Illinois Compiled Statutes or the Illinois Administrative Code.

Section 13 Executive Committee and Duties of that Committee

The Chairperson, the Vice-Chairperson, the Treasurer and two other (“at-large”) members of the Board shall constitute the Executive Committee. The Chairperson shall be the chair of the Executive Committee. Election; At-large Members. Not less than five (5) days prior to the annual meeting, the Chairperson shall submit to the Board nominations for the two at-large members. At the annual meeting the floor shall be open to any additional nominations from members of the Board, including self-nominations. The Board will then vote on the nominations. Following the

Exhibit 3

Board’s approval of the nominations, the at-large members shall take office beginning on the following day. In the event that no nominee for an individual position receives a majority of the votes there will be a second election between the two nominees that received the most votes in the first election. If the outcome of the second election results in no nominee receiving a majority then a coin toss by the Chairperson with the Executive Director calling will decide. Term. The at-large members shall hold their respective offices for one year or until their successors are elected and qualified. Vacancies occuringoccurring for any reason, including by reason of an increase in the number of members of the Executive Committee, shall be filled in accordance with the annual at-large member nomination and election procedures in these Bylaws by the Board at any regular meeting or special meeting of the Board called for that purpose. upon the occurrence of any such vacancy. Meeting. The Executive Committee shall meet upon the call of the chair, or of any three members thereof. Three members thereof shall constitute a quorum. Powers. The Executive Committee shall possess all the powers of the Board when in session, except as provided in this section. The Executive Committee shall not have the power to:

• that it may not oOverrule, revise, or modify any previous acts of the Board, • iInvade the jurisdiction of any permanent or special committee of the Board, • shall not have the power to lLease, sell, or purchase real estate, unless previously

specifically authorized by the Board in session or by a majority of the Board members individually in writing.,

• Make changes, revise, modify, or overrule these Bylaws or any Committee Charter, • Review or revise SURS employee compensation or performance matters, • Take action on any matter regarding statutory or legislative matters without specific

Board approval.

Investments. Except as specifically limited in the Powers subsection above, Tthe Executive Committee shall be authorized and directed to invest and reinvest the funds of the System in accordance with the provisions of the Illinois Pension Code and specific resolutions from the Board. The authority to invest and reinvest shall include the authority to issue instructions to the corporate trustee or investment agent to sell, purchase, exchange, or deposit under reorganization proceedings, any investment. The Committee shall, with the approval of the Board, obtain investment counsel when necessary. The approval of three members of the committee shall be necessary for any committee action regarding investments, approval of benefit claims, or other matters falling within the jurisdiction of this Committee. Reporting. The Executive Committee shall promptly, but in no event later than five (5) business days, submit to the Board at its next regular meeting a written report of all actions taken since the previous meeting of the Board. Such record shall thereupon be incorporated into the Minutes of the Board as an integral part thereof.

Exhibit 3

Section 14 Appointment of Standing Committees Appointment. At the annual meeting, the Executive Committee, taking into consideration the expressed desires of individual board members, shall nominate, and vote on a Chair for, and the members of, each of the following committees: an Administration Committee, an Audit and Risk Committee, a Board Governance Committee;, an Investment Committee, a Corporate Governance Committee, and a Legal and Legislative Committee. Committee members and Chairs shall assume their positions beginning on the following day.

Restrictions. The Board Chairperson may not be Chair of any committee other than the Executive Committee. No Board member may Chair more than one committee. Each committee shall consist of not less than three members of the Board. The Executive Committee’s nominations for each committee shall be subject to approval or amendment by the Board. Term. Committee Chairs and committee members will serve a one-year term or until their successors are elected and qualified. Any member of a committee may resign at any time by giving written notice to the Chairperson, and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective. A vacancy or resignation on any Committee may be filled in accordance with the annual Standing Committee nomination and election procedures in these Bylaws at any regular meeting or a special meeting of the Executive Committee called for that purpose, and shall be by nomination of the Executive Committee, subject to Board approval or amendment. Procedures. Members of committees shall be reimbursed for travel and other expenses incurred in connection with his or her duties as a member of a Committee in accordance with all applicable travel regulations and guidelines of the Board or imposed by law. Each committee may fix its own rules of procedures which shall not be inconsistent with these bBylaws. It shall keep regular minutes of its proceedings and shall report to the Board at the meeting of the Board following the committee’s meeting of all actions taken by or recommended by the committee. The committee cChair may appoint a subcommittee from the members of the committee, which is responsible to and reports to the committee. The designation of the various Board committees and the delegation thereto of authority shall not operate to relieve the Board, or any member thereof, of any responsibility imposed by law.

Section 14.1 Meetings of the Standing Committees

The Administration, Audit and Risk, Board Governance, Investment, Corporate Governance, and Legal and Legislative committees shall meet at least quarterly. Special meetings of each committee may be called by any member thereof upon not less than three days’ notice stating the place, date, and hour of the meeting, which notice may be written, emailed, or oral, and, if mailed, shall be deemed to be delivered four business days subsequent to the day when deposited in the United States mail addressed to the member of the committee at his or her address. Any member of a committee may waive notice of any meeting and no notice of any meeting need be given to any member thereof who attends in person. All meetings of the each committee shall be noticed and conducted in conformance with the Illinois Open Meetings Act.

Exhibit 3

Section 14.2 Duties of Standing Committees

Each standing committee of the Board will have its own charter. Each committee shall act in accordance with its applicable charter. The charters will set forth the purposes, goals and responsibilities of the committee, as well as any qualifications for committee membership, procedures for committee member appointment and removal, committee structure and operations, and manner of reporting to Board, provided such charters shall not contain any provision inconsistent with these Bylaws. The Board may review and amend the charter of any committee at any time.

Section 15 Duties of Claims Panel

A Claims Panel shall hear all administrative contested matters as fiduciaries pursuant to procedure adopted by administrative rule. The Claims Panel shall consist of the Executive Director of SURS, the Chair of the Administration Committee or their appointed Board member designee, and an attorney licensed to practice law in the State of Illinois approved by the Board. The Chairperson, in his or her sole discretion, may also appoint one other person to be selected from (a) the membership of the Board; (b) a participant in SURS; or (c) an attorney licensed to practice law in the State of Illinois. Each member of the Panel shall be reimbursed for travel or other related expenses incurred in connection with his or her duties as a member of the Panel, and, if he or she is not a member of the Board or currently employed by one of the employers covered by SURS, shall receive reasonable compensation, as recommended by the Executive Director and approved by the Board, for time spent in reviewing claims and attending Panel hearings. The members of this Panel shall serve at the pleasure of the Chairperson and shall meet periodically as determined by the Executive Director. The Executive Director shall serve as the Head of the Panel, and the Panel shall select one of its members as the Hearing Officer. The Executive Director shall provide the Board a summary of rulings of the Claims Panel.

A decision of two members of the Panel shall constitute a final decision of the Board for all purposes and is not subject to administrative or judicial review under the Illinois Administrative Review Law unless the claimant or SURS files a statement of exceptions pursuant to administrative rule. If two members of the Panel are unable to agree on a decision or if a statement of exceptions is filed, the claim shall be presented to the Executive Committee for a final decision. Notwithstanding the foregoing, the Hearing Officer retains full power to conduct hearings alone and the presence of any other member of the Panel is not required at hearings. Section 16 Amendments to the Bylaws

These bBylaws may be amended or repealed at any regular meeting or special meeting of the Board by a majority vote of record of all the members of the Board, provided that copies of the amendments and notice of repeal shall be submitted in writing or by email to each member of the Board with the notice of such meeting.

Adopted: September 25, 1941. Amended: December 4, 1941, October 6, 1951, April 7, 1955, July 1, 1963, July 20, 1964, July 27, 1967, February 1, 1971, April 18, 1973, November 3, 1973, November 8, 1975, February 10, 1983, March 8, 1990, September 22, 1995, December 10, 1999, September 22, 2000, March 23, 2001, June 22, 2001, March 29, 2002,

Exhibit 3

September 27, 2002, December 10, 2004, December 7, 2006, September 11, 2008, June 12, 2009, September 11, 2009, December 2, 2009, December 10, 2010, June 13, 2014. March 13, 2015, June 12, 2015, March 08, 2019

Exhibit 3

THE BOARD OF TRUSTEES OF THE STATE UNIVERSITIES RETIREMENT SYSTEM ADMINISTRATION COMMITTEE CHARTER

I. PURPOSE

In general, the Administration Committee (“Committee”) shall assist the Board of Trustees (the “Board”) of the State Universities Retirement System (“SURS”) in a number of organization-wide activities, including without limitation, (1) the development of organizational mission and goals, (2) review and oversight of organizational performance, (3) the development of an overall communication strategy and strategic plan, (4) overseeing personnel matters including management compensation policies and practices, (5) providing oversight for operations, member and employer services delivery and insurance services and (6) overseeing the financial management of SURS including oversight of SURS’ strategic and transactional planning activities, budget process, accounting policies and financial reporting processes. II. MEMBERSHIP

The Committee shall consist of at least five members of the Board., appointed by the Chairperson of the Board. The Chair of the Committee shall be appointed by the Chairperson of the Board and shall preside at all Committee meetings. At the Annual Meeting of the Board, the Chairperson will appoint the Committee Chair and members for a one year term. The members of the Committee shall serve at the pleasure of the Chairperson of the Board. III. MEETINGS AND QUORUM

The Committee shall meet on a regularly scheduled basis, at least quarterly, and may convene more or less often as circumstances dictate. The Committee shall keep regular minutes of its proceedings and shall report to the Board at the meeting of the Board following the Committee’s meeting of all actions taken or recommended by the Committee. Meetings of the Committee are subject to the Open Meetings Act, 5 ILCS 120/1 et seq., and, consistent with the requirements of the Open Meetings Act, may be held by means of conference telephone or other communications equipment, by means of which all persons participating in the meeting can hear and speak to each other. A majority of the members of the Committee shall constitute a quorum. The act of a majority of the Committee members present at a meeting at which a quorum is present shall be the act of the Committee. IV. AUTHORITY

Exhibit 3

In discharging its role, the Committee is empowered to inquire into any matter it considers appropriate to carry out its responsibilities, with access to all books, records, facilities and personnel of SURS. The Committee has the power to retain outside advisors, subject to SURS’ procurement rules, to assist it in carrying out its activities. SURS shall provide adequate resources to support the Committee’s activities, including compensation of the Committee’s advisors. The Committee shall have authority, subject to Board approval, to retain, compensate, direct, oversee and terminate such other advisors hired to assist the Committee, who shall be accountable to the Committee. V. KEY RESPONSIBILITIES

The Committee shall undertake the following responsibilities, which are set forth as a guide. The Committee is authorized to carry out these activities and other actions reasonably related to the Committee’s purposes or assigned by the Board from time to time. To fulfill its purposes, the Committee shall:

Organizational Mission and Performance 1. Define organizational mission, vision, goals and objectives and make

recommendations to the Board in relation to same; 2. Oversee the selection and evaluation of Board and committee

consultants, such as actuarial consultants, benchmarking consultants, human resources consultants, insurance consultants, etc. and make recommendations to the Board in relation to same;

3. Review information for presentation to the Board, including any and all

reports and benchmarks which trigger Board review; 4. Develop and establish organization wide performance metrics and make

recommendations to the Board in relation to same; 5. Oversee and monitor organizational performance in relation to

established performance metrics and make recommendations to Board in relation to same;

6. Develop overall communications strategy for approval by the Board; 7. Oversee various SURS stakeholder relationships; and 8. Conduct annually a self-assessment regarding its performance against

its stated responsibilities and share the results of such assessment with the Board.

Personnel

Exhibit 3

1. Review and approve the compensation of the SURS’ senior managers

and employees who have substantial influence over the affairs of SURS Executive Director and the Chief Investment Officer (“Key Executives”);

2. Review and approve SURS’ goals and objectives relevant to the

compensation of Key Executives, including annual performance goals and objectives and make recommendations for Board approval regarding same;

3. Evaluate at least annually the performance of the Key Executives

against SURS’ goals and objectives, including the annual performance goals/objectives and, based on this evaluation, determine and recommend for Board approval the compensation level for the Key Executives, reviewing as appropriate, any agreement or understanding relating to their employment, incentive compensation, or other benefits based on this evaluation;

4. Solicit input from the Executive Director/CEO, if necessary, regarding

performance of the Key Executives working on his/her executive team; 5. Review and authorize any employment, compensation, benefit or

severance agreement with Key Executives; 6. Prepare recommendations to the Board regarding the hiring and/or

termination of Key Executives; 7. Oversee and develop long-term succession planning in relation to

Key Executives; and 8. Oversee the establishment of salary ranges for all positions in

accordance with established SURS compensation policies and procedures.

Benefits

1. Provide oversight for operations including, without limitation,

member and employer service, information technology and business infrastructure and review overall cost effectiveness of all such functions;

2. Provide oversight for member service delivery, quality and

effectiveness of related processes and procedures;

Exhibit 3

3. Provide oversight of employer (community colleges and universities) service delivery, quality and effectiveness of related processes and procedures;

4. Provide oversight of insurance services and service delivery

processes and procedures; Provide oversight of the SMP plan administration and service delivery and make recommendations to the Board in relation to same;

5. Develop administrative rules pertaining to retirement benefit

administration for approval of the Board; and

6. Review SURS business continuity and disaster recovery policies.

Finance

1. Review actuarial assumptions, actuarial variations and employer rate setting for Board approval;

2. Develop and oversee organizational strategy and strategic planning

including development of long-term strategic plan for Board approval; 3. Oversee certification of the annual state contribution; 4. Review and oversight of the business planning process including

review of annual business plan for Board approval; 5. Provide oversight of budget process including resource allocations and

the review of enterprise-wide budgets for Board approval; 6. Approve financial reports and oversee financial reporting controls and

processes; 7. Review draft annual financial statements and consider whether they

are complete, consistent with information known to committee members, and reflect appropriate accounting principles;

8. Provide oversight of financial condition of SURS system, inclusive of

Defined Benefit and Self-Managed Plan, including the annual review of

Exhibit 3

unfunded liability, overall pension soundness and sustainability and any and all other programs offered;

9. Provide oversight of cash management functions to ensure sufficient

cash is available to pay benefits and operating expenses

VI. Limitations

If this Charter conflicts with, or is inconsistent in any way with, the Bylaws, the Bylaws shall control.

Updated March 2019 to reflect changes approved to the Board Bylaws on March 08, 2019.

Exhibit 3

THE BOARD OF TRUSTEES OF THE STATE UNIVERSITIES RETIREMENT SYSTEM AUDIT AND RISK COMMITTEE CHARTER

I. PURPOSE In general, the Audit and Risk Committee (“Committee”) shall assist the Board of Trustees (the “Board”) of the State Universities Retirement System (“SURS”) in providing oversight with respect to the financial reporting process, the system of risk management, the system of internal controls, internal and external audit functions and compliance with applicable laws, rules, regulations and policies, and to initiate special investigations as needed. II. MEMBERSHIP

The Committee shall consist of at least three members of the Board., appointed by the Chairperson of the Board. The Chair of the Committee shall be appointed by the Chairperson of the Board and shall preside at all Committee meetings.These Committee members shall be independent and possess financial literacy skills sufficient to understand the financial statements of SURS. Each trustee is to be free from any relationship that, in the opinion of the board, would interfere with the exercise of his or her independent judgment as a member of the audit committee and should recognize the significance of the Audit Committee’s responsibilities. At the Annual Meeting of the Board, the Chairperson will appoint the Committee Chair and members for a one year term. The members of the Committee may be removed by a majority vote of the Board. III. MEETINGS AND QUORUM

The Committee shall meet on a regularly scheduled basis, at least quarterly, and may convene more or less often as circumstances dictate. The Committee shall keep regular minutes of its proceedings and shall report to the Board at the meeting of the Board following the Committee’s meeting of all actions taken or recommended by the Committee. Meetings of the Committee are subject to the Open Meetings Act, 5 ILCS 120/1 et seq., and, consistent with the requirements of the Open Meetings Act, may be held by means of conference telephone or other communications equipment, by means of which all persons participating in the meeting can hear and speak to each other. A majority of the members of the Committee shall constitute a quorum. The act of a majority of the Committee members present at a meeting at which a quorum is present shall be the act of the Committee. The SURS Director of Internal Audit should attend each meeting of the Committee, however may be excused from meetings when the Committee discusses his/her performance or personnel related issues.

Exhibit 3

The Committee may invite members of management, external auditors or other third parties to attend meetings and provide pertinent information the Committee deems appropriate to carry out its responsibilities. IV. AUTHORITY

In discharging its role, the Committee is empowered to inquire into any matter it considers appropriate to carry out its responsibilities, with access to all books, records, facilities and personnel of SURS. The Committee has the power to retain outside advisors, subject to SURS’ procurement rules, to assist it in carrying out its activities. SURS shall provide adequate resources to support the Committee’s activities, including compensation of the Committee’s advisors. The Committee shall have the authority, subject to Board approval, to retain, compensate, direct, oversee and terminate such other advisors hired to assist the Committee, who shall be accountable to the Committee.

V. KEY RESPONSIBILITIES


1. Review and oversee of the work of the internal audit, including review

of all internal audit reports and management’s follow-up activities, approval and completion of the annual audit plan, review and approval of Internal Audit department’s charter, ensure compliance with professional standards and ensure that the internal audit unit’s independence and objectivity are maintained;

2. Review internal audit findings and recommendations, management’s responses and actions taken to implement the audit recommendations;

3. Review audit work completed by the external auditors, including audit scope and approach, annual audit reports, accounting, compliance and financial reporting issues, difficulties encountered during the audit and all matters required to be communicated to the Committee under generally accepted auditing standards;

4. Review all findings and recommendations of the external auditors,

management’s responses and actions taken to implement the audit recommendations;

Exhibit 3

5. Obtain an understanding of SURS’ internal control systems. Provide and develop the framework for an effective system of internal controls, including information system technology and develop mechanisms for periodic assessment of same;

6. Obtain an understanding of SURS’ major risk exposures (whether

financial, operating or otherwise) and the related risk assessment processes implemented by management. Review the effectiveness of SURS’ systems for assessing, monitoring and controlling significant risks or exposures;

7. Review the effectiveness of SURS’ system for monitoring compliance

with laws, regulations, rules, policies and procedures and the results of management’s investigation and follow-up of any instances of noncompliance;

8. Ensure the creation and maintenance of an appropriate whistleblower

mechanism for reporting any fraud, non-compliance and/or inappropriate activities;

9. Review the hiring and/or termination of the Chief Audit Executive and/or

Director of Internal Audit and make recommendations to the Board regarding same and

10. Conduct annually a self-assessment regarding committee performance

against stated responsibilities and share the results of such assessment with the Board.

VI. Limitations



Exhibit 3

THE BOARD OF TRUSTEES OF THE STATE UNIVERSITIES RETIREMENT SYSTEM BOARD GOVERNANCE COMMITTEE CHARTER

I. PURPOSE In general, the Board Governance Committee (“Committee”) shall assist the Board of Trustees (the “Board”) of the State Universities Retirement System (“SURS”) in: (1) developing and implementation of policies and procedures to enhance the Board’s effectiveness and continued development; (2) assisting the Board in the periodic review of the Board’s performance; (3) development of Board committee roles and function; (4) development of Board agenda and policies; (5) the review of Board compliance; and (6) reviewing on a regular basis the overall governance of the Board and recommending improvements when necessary to the Board. II. MEMBERSHIP

The Committee shall consist of at least three members of the Board., appointed by the Chairperson of the Board. The Chair of the Committee shall be appointed by the Chairperson of the Board and shall preside at all Committee meetings. At the Annual Meeting of the Board, the Chairperson will appoint the Committee Chair and members for a one year term. The members of the Committee shall serve at the pleasure of the Chairperson of the Board. III. MEETINGS AND QUORUM

The Committee shall meet on a regularly scheduled basis, at least quarterly, and may convene more or less often as circumstances dictate. The Committee shall keep regular minutes of its proceedings and shall report to the Board at the meeting of the Board following the Committee’s meeting of all actions taken or recommended by the Committee. Meetings of the Committee are subject to the Open Meetings Act, 5 ILCS 120/1 et seq., and, consistent with the requirements of Open Meetings Act, may be held by means of conference telephone or other communications equipment, by means of which all persons participating in the meeting can hear and speak to each other. A majority of the members of the Committee shall constitute a quorum. The act of a majority of the Committee members present at a meeting at which a quorum is present shall be the act of the Committee. IV. AUTHORITY

In discharging its role, the Committee is empowered to inquire into any matter it considers appropriate to carry out its responsibilities, with access to all books, records, facilities and

Exhibit 3

personnel of SURS. The Committee has the power to retain outside advisors, subject to SURS’ procurement rules, to assist it in carrying out its activities. SURS shall provide adequate resources to support the Committee’s activities, including compensation of the Committee’s advisors. The Committee shall have the authority, subject to Board approval, to retain, compensate, direct, oversee and terminate such other advisors hired to assist the Committee, who shall be accountable to the Committee. V. KEY RESPONSIBILITIES


1. Identify and define Board committee roles and by-laws and committee

charters including creating, disbanding and realigning both standing and ad hoc committees for approval by the Board;

2. Develop Board agendas while identifying, prioritizing and scheduling matters of policy, strategy and oversight required with emphasis on Board and/or Trustee fiduciary duties;

3. Conduct annual reviews of Board by-laws, committee charters and

Board policies and recommend changes to same for Board approval. All such committee charters, Board policies and by-laws will be maintained in a Board Governance Manual;

4. Develop administrative rules for Board approval pertaining to election

of Trustees to the Board in accordance with the provisions of 40 ILCS 5/15-159;

5. Make recommendations to the Board pertaining to instances where

delegation of the Board’s authority to the Executive Committee of the Board or other third parties is necessary or in the best interests of the Board and/or SURS;

6. Develop Board and committee agendas for Board approval by

identifying, prioritizing and scheduling matters and reports that require Board consideration;

7. Conduct and oversee periodic Board self-assessment of effectiveness,

policies governing Board conduct and utilization of Board resources, time and processes;

Exhibit 3

8. Develop Trustee continuing education program for Board approval;

9. Review Board compliance with various fiduciary, ethics, Open Meetings Act (5 ILCS 120/1 et seq.) training requirements and Board policies as well as disclosures required by the State Officials and Employees Ethics Act (5 ILCS 430 1/1 et seq.);

10. Recommend for Board approval any and all actions necessary to

ensure decision making transparency, compliance with the Open Meetings Act, the Illinois Freedom of Information Act (5 ILCS 140/1 et seq.) and the disclosure of any and all ethical or fiduciary conflicts in matters to be considered by the Board; and

11. Conduct annually a self-assessment regarding its performance against

its stated responsibilities and share the results of such assessment with the Board;.

VI. Limitations



Exhibit 3

THE BOARD OF TRUSTEES OF THE STATE UNIVERSITIES RETIREMENT SYSTEM CORPORATE GOVERNANCE COMMITTEE CHARTER

I. PURPOSE

In general, the Corporate Governance Committee (“Committee”) shall assist the Board of Trustees (the “Board”) of the State Universities Retirement System (“SURS”) in the review of corporate governance practices of the Board, general policy relating to corporate governance, monitoring statutory mandates that may impact corporate governance matters and evaluation of the effectiveness of the Board’s corporate governance initiatives, proposing, when appropriate, suitable modifications for approval by the Board. II. MEMBERSHIP

The Committee shall consist of at least three members of the Board., appointed by the Chairperson of the Board. The Chair of the Committee shall be appointed by the Chairperson of the Board and shall preside at all Committee meetings. At the Annual Meeting of the Board, the Chairperson will appoint the Committee Chair and members for a one-year term. The members of the Committee shall serve at the pleasure of the Chairperson of the Board. III. MEETINGS AND QUORUM


In discharging its role, the Committee is empowered to inquire into any matter it considers appropriate to carry out its responsibilities, with access to all books, records,

Exhibit 3

facilities and personnel of SURS. The Committee has the power to retain outside advisors, subject to SURS’ procurement rules, to assist it in carrying out its activities. SURS shall provide adequate resources to support the Committee’s activities, including compensation of the Committee’s advisors. The Committee shall have the authority, subject to Board approval, to retain, compensate, direct, oversee and terminate such other advisors hired to assist the Committee, who shall be accountable to the Committee. V. KEY RESPONSIBILITIES The Committee shall undertake the following responsibilities, which are set forth as a guide. The Committee is authorized to carry out these activities and other actions reasonably related to the Committee’s purposes or assigned by the Board from time to time. To fulfill its purposes, the Committee shall:

1. Maximize long-term economic value of SURS investments by responsibly overseeing corporate governance issues affecting those investments including securities litigation, proxy voting and other matters impacting the governance of corporations;

2. Develop, monitor and periodically review policies and practices for voting SURS’ domestic and foreign proxies;

3. Promote implementation of the environmental, social, and governance (“ESG”) principles embodied by the United Nations supported Principles for Responsible Investment;

4. Review any and all statutory mandates that impact corporate governance and make recommendations to the Board for changes to corporate governance polices or this charter;

5. Make recommendations to the Board in relation to the hiring or termination of SURS corporate governance advisors, including proxy monitoring and voting services; and

6. Conduct annually a self-assessment regarding its performance against its stated responsibilities and share the results of such assessment with the Board.

VI. Limitations

Exhibit 3



Exhibit 3

THE BOARD OF TRUSTEES OF THE STATE UNIVERSITIES RETIREMENT SYSTEM EXECUTIVE COMMITTEE CHARTER

I. PURPOSE

The Executive Committee (“Committee”) shall exercise the powers of the Board of Trustees (the “Board”) of the State Universities Retirement System (“SURS”) in relation to matters that arise between regularly scheduled meetings of the Board or when it is not practical or feasible for the Board to meet. The Committee is delegated the authority to act as the full Board when exercising the powers and authorities under this charter, subject to the limitations listed below in Section V. It is the general intention that all substantive matters in the ordinary course of business be brought before the full Board for action, but the Board recognizes the need for flexibility to act on substantive matters where action may be necessary between Board meetings which, in the opinion of the Chairperson of the BoardExecutive Committee, should not be postponed until the next previously scheduled meeting and where, in the opinion of the ChairpersonExecutive Committee, a special meeting is unwarranted. II. MEMBERSHIP

The Committee shall consist of the Chairperson, the Vice-Chairperson, the Treasurer and two other (“at-large”) members of the Board. III. MEETINGS AND QUORUM

The Committee shall meet upon the call of the Chairperson, or of any three members thereof. Meetings of the Committee are subject to the Open Meetings Act, 5 ILCS 120/1 et seq., and, consistent with the requirements of the Open Meetings Act, may be held by means of conference telephone or other communications equipment, by means of which all persons participating in the meeting can hear and speak to each other. The act of a majority of the Committee members present at a meeting at which a quorum is present shall be the act of the Committee. IV. AUTHORITY

In discharging its role, the Committee is empowered to inquire into any matter it considers appropriate to carry out its responsibilities, with access to all books, records, facilities and personnel of SURS. The Committee has the power to retain outside advisors, subject to SURS’ procurement rules, to assist it in carrying out its activities. SURS shall provide adequate resources to support the Committee’s activities, including compensation of the Committee’s advisors. The Committee shall have the authority,

Exhibit 3

subject to Board approval, to retain, compensate, direct, oversee and terminate such other advisors hired to assist the Committee, who shall be accountable to the Committee. V. Key Responsibilities


1 Possess all the powers of the Board when in session, except as provided in

this section. The Executive Committee shall not have the power to: a. that it may not oOverrule, revise, or modify any previous acts of the

Board, b. iInvade the jurisdiction of any permanent or special committee of the

Board, c. shall not have the power to lLease, sell, or purchase real estate,

unless previously specifically authorized by the Board in session or by a majority of the members individually in writing.,

d. Make changes, revise, modify, or overrule these Bylaws or any Committee Charter,

e. Review or revise SURS employee compensation or performance matters,

f. Take action on any matter regarding statutory or legislative matters without specific Board approval.

2 Invest and reinvest the funds of SURS in accordance with the provisions of the Illinois Pension Code and specific resolutions from the Board. The authority to invest and reinvest shall include the authority to issues instructions to the corporate trustee or investment agent to sell, purchase, exchange or deposit under the reorganization proceedings, any investment. The approval of twothree members of the Committee shall be necessary for any Committee action regarding investments, approval of benefit claims or other matters falling within the jurisdiction of the Committee;

3 Subject to the approval of the Board, obtain investment counsel when

necessary and in accordance with SURS’ procurement rules; 4 Call Special Meetings of the Board when necessary;

5 Promptly, but in no event later than five (5) business days, sSubmit to the

Board at its next regular meeting a written report of all actions taken since

Exhibit 3

the previous meeting of the Board. Such record shall thereupon be incorporated into the Minutes of the Board as an integral part thereof; and

6 Conduct annually a self-assessment regarding its performance against its

stated responsibilities and share the results of such assessment with the Board.

VI. Limitations


Updated MarchJune 201915 to reflect changes approved to the Board Bylaws on JuneMarch 0812, 201915.

Exhibit 3

THE BOARD OF TRUSTEES OF THE STATE UNIVERSITIES RETIREMENT SYSTEM INVESTMENT COMMITTEE CHARTER

I. PURPOSE

In general, the Investment Committee (“Committee”) shall assist the Board of Trustees (the “Board”) of the State Universities Retirement System (“SURS”) in the development of investment strategies and the review of prospective investments with the goal of supporting the Board in the prudent investment and expenditure of SURS assets. The Committee provides investment oversight in support of the Board through the review of investment policies and practices and the performance of investment vehicles. II. MEMBERSHIP



In discharging its role, the Committee is empowered to inquire into any matter it considers appropriate to carry out its responsibilities, with access to all books, records,

Exhibit 3

facilities and personnel of SURS. The Committee has the power to retain outside advisors, subject to SURS’ procurement rules, to assist it in carrying out its activities. SURS shall provide adequate resources to support the Committee’s activities, including compensation of the Committee’s advisors. The Committee shall have the authority, subject to Board approval, to retain, compensate, direct, oversee and terminate such other advisors hired to assist the Committee, who shall be accountable to the Committee. V. KEY RESPONSIBILITIES The Committee shall undertake the following responsibilities, which are set forth as a guide. The Committee is authorized to carry out these activities and other actions reasonably related to the Committee’s purposes or assigned by the Board from time to time. To fulfill its purposes, the Committee shall:

1. Review strategic asset allocation (including expected rate of return and risk) for approval by the Board to maximize the likelihood of realizing SURS’ investment objectives;

2. Review investment strategy and plans, portfolio construction policy

guidelines, target rates of return and benchmarks and make recommendations for approval by the Board in relation to same;

3. Make recommendations for approval by the Board in relation to the

selection and performance review of Board consultants, investment counsel, investment managers and partners who provide investment-related expertise and services to the Board;

4. Provide investment oversight of the Self-Managed Plan; 5. Provide oversight of the cost effectiveness of the SURS investment

program; 6. Review compliance with applicable investment statutes and policies; 7. Review of policies related to the Investment Program, including the

Investment Policy, Rebalancing Policy, Investment Manager Selection & Termination Policy, Brokerage Policy and Corporate Governance Policy and make recommendations to Board in relation to same;

8. Review of the Master Trustee/Custodian relationship and make

recommendations to the Board in relation to same;

Exhibit 3

9. Review of the Securities Lending Program and make recommendations to

the Board in relation to same; 10. Review of investment manager and investment consulting relationships

and make recommendations to the Board in relation to same; 11. Review of Emerging Investment Manager and Broker/Dealers and make

recommendations to the Board in relation to same;

12. Develop investment risk and risk tolerances for all SURS assets and asset classes for Board approval; provide oversight of investment risk processes, including risk management, and investment policy compliance processes; and

13. Monitor fund volatility and liquidity and ensure that the fund has sufficient

liquid assets to respond to market conditions and meet investment and benefit obligations;

14. Develop investment manager diversity policies and objectives for approval

by the Board; 15. Provide oversight of interaction of cash management and liquidity

management process; and 16. Conduct annually a self-assessment regarding its performance against its

stated responsibilities and share the results of such assessment with the Board.

VI. Limitations If this Charter conflicts with, or is inconsistent in any way with, the Bylaws, the Bylaws shall control.


Exhibit 3

THE BOARD OF TRUSTEES OF THE STATE UNIVERSITIES RETIREMENT SYSTEM LEGAL AND LEGISLATIVE COMMITTEE CHARTER

I. PURPOSE

In general, the Legal and Legislative Committee (“Committee”) shall assist the Board of Trustees (the “Board”) of the State Universities Retirement System (“SURS”) in the review of litigation matters and other legal matters involving SURS. The Committee shall further assist the Board in determining its legislative agenda and positions on legislation. II. MEMBERSHIP



In discharging its role, the Committee is empowered to inquire into any matter it considers appropriate to carry out its responsibilities, with access to all books, records, facilities and personnel of SURS. The Committee has the power to retain outside advisors, subject to SURS’ procurement rules, to assist it in carrying out its activities. SURS shall provide adequate resources to support the Committee’s activities, including compensation of the Committee’s advisors. The Committee shall have authority, subject to Board approval, to retain, compensate, direct, oversee and

Exhibit 3

terminate such other advisors hired to assist the Committee, who shall be accountable to the Committee. V. KEY RESPONSIBILITIES


1. Monitor and review major litigation matters and make recommendations to the Board in relation to same;

2. Provide oversight and review of legal services provided in connection with

SURS matters to protect the interests of SURS;

3. Review and modify, as needed, the legislative program and agenda of SURS while considering the Board’s fiduciary duties, the views of SURS membership and membership organizations and the relevant actuarial and financial impacts;

4. Provide the policy and framework for compliance with all applicable laws,

rules and SURS policies and provide the mechanisms for periodic assessment of compliance;

5. Develop legislative priorities, legislative policies and positions in regard

to legislation impacting SURS and make recommendations to the Board in relation to same;

6. Review and evaluate possible legislative events, sponsorships or

possible SURS participation in legislative events and make recommendations to the Board in relation to same;

7. Obtain regular reports from staff regarding legislative matters;

8. Review of administrative rules for approval by the Board prior to

submission to the Joint Committee on Administrative Rules (“JCAR”);

9. Review of all fraud investigations and make recommendations to the Board in relation to same including review of referrals to the Inspector General;

Exhibit 3

10. Review all plan qualifications documents prior to submission to the Internal Revenue Service and make recommendations to the Board in relation to same; and

11. Conduct annually a review of the performance of any fiduciary or legal

counsel of the Board; and

12. Conduct annually a self-assessment regarding its performance against its stated responsibilities and share the results of such assessment with the Board.

VI. Limitations



Exhibit 3

March 2019

Freedom of Information Act Requests Received Since Last Report: Date Received Name Affiliation

(if any) Information Requested Date

Responded

Commercial Request?

FOIA 2019-59 11/27/18

Elsa Kansal None listed Reqeusted for the period 1st January 2017 to present: documents pertaining to whether you have ever bought or sold any private equity, real estate or infrastructure interests in the secondaries market. (i.e. what was transacted). If so, any documents pertaining to the price in relation to NAV that the interest or interests we transacted at. (i.e. what price did you transact at). If so, any documents pertaining to the identity of the counterparty with whom the interest(s) were transacted (i.e. who was the buyer or seller). If so, any documents pertaining to any fees paid to any intermediaries involved in the process. (i.e. what was the fee paid to the intermediary).Irrespective of whether you have bought or sold, any documents pertaining to solicited or unsolicited in-bound "binding" offers or bids from you, buyers, sellers or intermediaries seeking to transact funds with you or you seeking to transact with them. (i.e. transactional documents such as PSAs). Potential documents relevant to this request include but are not limited to: (i) Binding bid letters received either physically or via email or sent by you as part of your bidding process. For the avoidance of doubt, we are NOT interested in non-binding or vague solicitations. (ii) Purchase and Sale Agreements (PSAs) completed with relevant buyers or sellers, (iii) If a portfolio purchase or sale, any schedule setting out the allocated pricing across the assets. Relevant documents shall include, inter alia, any emails, letters or contracts held by you.

12/4/18 No

FOIA 2019-60 11/29/18

Nanette Lee Preqin Requested documentation that shows information as listed below dated to June 30, 2018: list of ALL hedge funds and fund of hedge funds in which SURS is an investor; and for each hedge fund and fund of hedge funds, records that would show some or all of the following information: a. the month by month market value of SURS holding in each fund from July 1, 2018 to September 30, 2018, b. the month by month amount invested by SURS in each fund from July 1, 2018 to September 30, 2018, c. the month by month net returns (net of fees) earned by SURS on its investment in each fund from July 1, 2018 to September 30, 2018.

12/19/18 Yes

FOIA 2019-61 12/3/18

Tao Li University of Florida

Requested proxy voting records of SURS for the period of January 1st 2003 to June 30th 2018 (or the maximum period available until present).

12/17/18 Yes

Exhibit 4

FOIA 2019-62 12/6/18

William Dubbs Public Plan IQ Requested the following documents from the December 6, 2018 Meeting of the Investment Committee: Approval of the Investment Committee Meeting Minutes of October 18, 2018, December 6, 2018 Meeting of the Investment Committee, Approval of the Closed Session Investment Committee Minutes of October 18, 2018, December 6, 2018 Meeting of the Investment Committee, Chairperson’s Report, December 6, 2018 Meeting of the Investment Committee, Chief Investment Officer Report, December 6, 2018 Meeting of the Investment Committee, Asset Allocation policy Implementation Discussion, December 6, 2018 Meeting of the Investment Committee, Real Asset Class Review and Strategic Plan, December 6, 2018 Meeting of the Investment Committee, Pantheon Access 2019 Follow-up, December 6, 2018 Meeting of the Investment Committee, Private Equity Implementation / Private Equity Consultant Search, December 6, 2018 Meeting of the Investment Committee, Diversity Program Update, December 6, 2018 Meeting of the Investment Committee, SMP/Supplemental Plan Provider Search, December 6, 2018 Meeting of the Investment Committee, Quarterly Performance Report, December 6, 2018 Meeting of the Investment Committee, Informational Items Not Requiring Committee Action

12/19/18 Yes

FOIA 2019-63 12/12/18

Ana Irizarry Mandate Wire Requested information regarding the redemptions of the KKR and PAAMCO funds.

12/21/18 No

FOIA 2019-64 12/14/18

Christina Murray

Aidn LLC Requested the quarterly cash flow information of all private capital investments (private equity funds, venture capital funds, real estate funds, private debt funds, infrastructure funds, natural resource funds, etc.) made since inception in digital format. The details per quarter for each investment should include the standard data such as: Investment (Fund) Name; Vintage/Year; Period/Date; Capital Calls; Distributions; Remaining Value/Net Asset Value; Net IRR; Net Multiple.

1/8/2019

Yes

FOIA 2019-65 Angela Calonder

S&P Global Market Intelligence

Requested information concerning two hedge fund terminations. 12/21/18 No

FOIA 2019-66 12/20/18

Thomas Corfman

Cook County Treasurer

Requested information for a study of public pension funds in the county: City Colleges of Chicago Community College District No. 508, please provide the most recent membership data. Specifically, please provide the number of active contributing members, inactive noncontributing members, benefit recipients, including retiree, disability and survivor benefit recipients and total members

12.28.18 No

FOIA 2019-67 12/21/18

Haley Parker Preqin Requested distribution as of June 30, 2018. This list should include all such partnerships, i.e. private equity, venture capital, distressed debt, mezzanine, fund of funds, real estate, natural resources and private debt investments.

12/21/18 Yes

FOIA 2019-68 12/26/2018

Justin Demerath

O’Hanlon Demerath &

Castillo

Requested information to understand SURS position in Academy Sports + Outdoors and/or any Academy Sports + Outdoors related entity (hereinafter “Academy”) from 1/1/2016 to present. Please provide us with a copy of the most succinct information possible related to your public pension fund’s ownership of that company, if any. I believe the KKR 2006 Fund, L.P. is an investment fund which acquired a majority interest in Academy Sports + Outdoors during this time frame. Please provide documents which reveal the amount SURS invested in the KKR Investment Fund that owns Academy or in Academy directly; and/or any document which reveals whether SURS holds a direct or indirect financial interest in Academy and the amount of the interest.

1/3/2019 No

FOIA 2019-69 1/2/19

Timothy McLaughlin

Thomson Reuters Requested Fidelity’s latest response to the due diligence questionnaire sent by SURS.

1/16/19 No

Exhibit 4

FOIA 2019-70 1/4/2019

Matt McCue Financial Investment News

Requested the following items from the plan's Dec. 6 Investment Committee meeting: Chief Investment Officer Report, Asset Allocation Policy Implementation Discussion, Real Asset Class Review and Strategic Plan, Pantheon Access 2018 Follow-up , Private Equity Implementation / Private Equity Consultant Search, Diversity Program Update, SMP/Supplemental Plan Provider Search and Quarterly Performance Report

1/4/19 No

FOIA 2019-71 1/4/19

Daniel Hertz Center for Tax and Budget

Accountability

Requested the cost of 3% compounded COLA benefit in terms of actuarial liabilities or ARC payments.

1/8/19 No

FOIA 2019-72 1/8/2019

Sophie Miles Proxy Insight Requested information with the proxy voting records of the SURS for the period of 7/1/2018 to 12/31/2018. 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.), In addition, please indicate whether SURS has its own proxy voting policy or whether you use that of an external provider (Please Name). If own policy, please include a copy of the proxy voting policy in your response.

1/15/2019 yes

FOIA 2019-73 Karolis Dirzys Local Labs Requested for active members: First name, middle name, last name, current employer, department, role/job title, employee contribution to pension by year (2018 or most updated year), current salary (yearly or monthly amount), earliest pension date. For retired members: first name, middle name, last name, last applicable employer, department, role/job title, start date, leave date / last day at company, pension start date (if applicable), and amount of pension collected in 2018 (most updated year).

1/16/19 No

FOIA 2019-74 1/10/2019

Vincent Caruso Illinois Policy Requested all records disclosing the following information: The names of all SURS employees from whom the state had withheld agency fees and/or dues prior to the U.S. Supreme Court’s June 27, 2018 ruling in Janus v. AFSCME, but since June 27, 2018 has ceased withholding such agency fees and/or dues, the residential zip code of all SURS employees from whom the state had withheld agency fees and/or dues prior to the U.S. Supreme Court’s June 27, 2018 ruling in Janus v. AFSCME, but since June 27, 2018 has ceased withholding such agency fees and/or dues, the labor union affiliation of all SURS employees from whom the state had withheld agency fees and/or dues prior to the U.S. Supreme Court’s June 27, 2018 ruling in Janus v. AFSCME, but since June 27, 2018 has ceased withholding such agency fees and/or dues and the date upon which each pertinent employee ceased the deduction of labor union agency fees and/or dues from his or her paycheck.

1/15/2019 No

FOIA 2019-75 1/14/19

David Fahrenthold

The Washington Post

Requested records detailing expenditures by SURS or SURS employees at the Trump International Hotel, Chicago (legal name: 401 N. Wabash Venture LLC), or any of its restaurants, as part of SURS employees’ attendance at conferences put on by The Pension Bridge in 2017 and 2018, and records detailing payments already made by SURS or SURS employees to the Trump International Hotel or its restaurants in advance of the 2019 Pension Bridge conference, at which a number of SURS employees are scheduled to appear.

1/16/19 No

FOIA 2019-76 1/16/2019

Katie Drews Better Government Association

Requested examination into legal costs at the state's public pension plans. Please make available copies of any and all itemized legal bills from Jan. 1, 2018 to Dec. 31, 2018. Also requested copies of any and all contracts and agreements between the fund and any law firms from Jan. 1, 2018 to Dec. 31, 2018.

1/31/19 No

FOIA 2019-77 1/16/19

Matt McCue Financial Investment News

Requested the official e-mail noticed provided by Pension Consulting Alliance to Illinois SURS regarding the firm's merger with Meketa Investment Group

1/24/19 No

Exhibit 4

FOIA 2019-78 1/17/2019

Mike Fenstermacher

None listed Requested the following data points for each of your respective funds (listed above) in Excel: the current Accrued Liability amount, how much of the Accrued Liability amount is from members currently receiving (or expected to receive) greater than $100,000 per year in annual benefits; as well as B) the population of members receiving $100,000 per year or more, how much of the Accrued Liability amount is from members currently receiving (or expected to receive) less than $100,000 per year in annual benefits; as well as the population of members receiving less than $100,000.

1/29/19 No

FOIA 2019-79 1/17/19

Melanie McCrea

S&P Global Market Intelligence

Requested updated assets for SMP. 1/23/19 No

FOIA 2019-80 1/18/19

Michelle Foster Western Illinois University

Requested the number of insured employees/retirees from WIU in SURS, the average monthly retirement benefit of a SURS annuitant from WIU (if not available, then all of Illinois) and the number of insured employees/retirees from WIU living in Illinois and the annual retirement benefits cost.

1/25/19 No

FOIA 2019-81 1/22/19

Steven Schupbach

American Transparency Open

the Books

Requested information on retired employees which are paid a monthly pension annuity broken down by employee and year, in electronic format and emailed for the year 2018. This data should include the following data items: 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.

2/5/19 No

FOIA 2019-82 1/22/19

Steven Schupbach

American Transparency Open

the Books

Requested copies of the following record(s): We are requesting an electronic copy of all active employees submitted to SURS for pension benefits for the year 2018 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, and months of service.

2/5/19 No

FOIA 2019-83 1/22/19

Cole Lauterbach

Illinois News Network

Requested EBA information for fiscal years 2014, 2015, 2016, 2017 and 2018. 1/25/19 No

FOIA 2019-84 1/25/2019

Jenny Millard Election Services Co

Requested an opportunity to inspect or obtain copies of public records that relate to the Board elections for the State Universities Retirement System, including any Request for Proposal, Questions and Answers as well as the Proposal Responses provided by interested vendors.

2/1/19 No

FOIA 2019-85 1/31/19

Cole Lauterbach

Illinois News Network

Requested EBA information for fiscal years 2014, 2015, 2016, 2017 and 2018. 2/4/19 No

FOIA 2019-86 2/1/19

Aravind Boddupalli

Urbna Brookings Tax Policy Center

Requested CAFR for 2000, 2001 and 2002. 2/4/19 No

FOIA 2019-87 2/5/19

Adam Schuster Illinois Policy Institute

Requested information about participants in SURS: name of the pensioner, employer, zip code and/or state of residence of recipient, annuity type, years of service, total employee contribution, total employer contribution (if available), last title before retirement, benefit start date, age at retirement, final average salary, current monthly benefit amount, current annual benefit amount, total benefits paid to date, projected lifetime benefits (if available).

2/12/19 No

FOIA 2019-88 2/14/19

Kaitlyn Schuring

Merritt Research Services LLC

Requested a copy of the 2016 Actuarial Valuation Report. 2/14/19 No

FOIA 2019-89 2/14/19

Rae Ann McNeilly

None listed. Requested for all the recipients of benefits from the State University Retirement System: 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 (2019), 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)

2/14/19 No

Exhibit 4

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 Legal and Legislative Summary 6-8

Updated on FEBRUARY 6, 2019

STATE UNIVERSITIES RETIREMENT SYSTEM

Finalas of DECEMBER 31, 2018

Exhibit 5

STATE UNIVERSITIES RETIREMENT SYSTEMSTATEMENT OF NET ASSETSas of DECEMBER 31, 2018

Actual Prior Year Increase/ (Decrease)$ %

AssetsCash and investments 17,812,882,559$ 19,218,953,739$ (1,406,071,180)$ -7.3%

Accounts receivable & other assets 194,055,179 332,286,804 (138,231,625) -41.6%

Accrued investment income 38,668,516 42,458,610 (3,790,094) -8.9%

Fixed Assets, net of accum deprec 8,375,475 6,131,333 2,244,142 36.6%

Total Assets 18,053,981,729 19,599,830,486 (1,545,848,757) -7.9%

Liabilities & Designated BalancesAccounts and benefits payable 12,543,092 12,927,818 (384,726) -3.0%

Employee contributions 6,569,812,568 6,441,312,548 128,500,020 2.0%

Benefits in force and future benefit payments 11,471,626,069 13,145,590,120 (1,673,964,051) -12.7%

Total Liabilities & Designated Balances 18,053,981,729 19,599,830,486 (1,545,848,757) -7.9%

Net Assets 18,041,438,637$ 19,586,902,668$ (1,545,464,031)$ -7.9%

STATE UNIVERSITIES RETIREMENT SYSTEMSUMMARY OF INVESTMENT INFORMATIONYear to dateJULY 1, 2018 - DECEMBER 31, 2018

Actual Prior Year Variance Inc/(Dec)Investment Assets: Cash 482,215,575$ 293,310,094$ 188,905,482$ 64.4% Stocks 9,232,896,899 10,739,343,880 (1,506,446,980) -14.0% Bonds 4,715,608,276 4,744,651,302 (29,043,026) -0.6% Real estate 917,651,946 1,080,229,918 (162,577,972) -15.1% Alternatives 2,464,509,863 2,361,418,545 103,091,318 4.4%

Total Cash and Investment Assets 17,812,882,559$ 19,218,953,739$ (1,509,162,497)$ -7.9%

Actual Prior Year Variance Inc/(Dec)Investment Income: Interest on bonds and notes 78,220,569$ 62,218,680$ 16,001,889$ 25.7% Dividends from stocks and real estate 92,739,073 91,738,076 1,000,997 1.1% Securities Lending 2,290,199 2,220,424 69,775 3.1% Investment Expense (32,527,071) (38,171,963) 5,644,892 -14.8%Net gain (loss) on security disposal (1,082,559,480) 1,227,728,152 (2,310,287,632) -188.2%

Total Investment Income, net of expense (941,836,710)$ 1,345,733,369$ (2,287,570,079)$ -170.0%

SURS

Fiscal Year 2018 to date -4.77%

Prior year returns basedon 6/30/2018 data.

1 Year 8.25%

3 Years 6.77%

5 Years 8.14%

10 Years 6.69%

Investment Returns:

23%

19%

8%6%10%

19%4%

3% 2%5% 1%

Asset AllocationUS Equities Non-US Equities Global Equities Private Equities

Real Estate Fixed Income TIPS Emerging Market Debt

Commodities Hedge Funds Opportunity Fund

Exhibit 5

STATE UNIVERSITIES RETIREMENT SYSTEMSTATEMENT OF OPERATIONSYear to date

JULY 1, 2018 - DECEMBER 31, 2018Actual Prior Year Increase/ (Decrease)

$ %

Employee Contributions 137,122,557$ 141,476,695$ (4,354,138)$ -3.1%

State Appropriations 793,894,789 845,180,330 (51,285,541) -6.1%Fed/Trust/Other contributions 22,450,276 18,643,724 3,806,552 20.4%

Operating Revenue 953,467,622 1,005,300,749 (51,833,127) -5.2%

Benefit Expenses- Traditional Retirement annuities 1,035,974,470 995,291,121 40,683,349 4.1% Survivor annuities 83,606,623 77,049,755 6,556,868 8.5% Death Benefits (986,321) 1,193,356 (2,179,677) -182.7%

Benefit Expenses- Portable Retirement annuities 112,717,809 99,312,664 13,405,145 13.5% Retirement LS distributions 9,521,164 22,052,471 (12,531,307) -56.8% Survivor annuities 1,861,594 1,632,238 229,356 14.1% Death Benefits 2,592,515 2,440,652 151,863 6.2%

Disability benefits 8,219,229 7,899,310 319,919 4.0%

Traditional plan refunds 15,883,728 15,752,687 131,041 0.8%Portable plan refunds 12,847,993 18,238,593 (5,390,600) -29.6%SMP balance transfers 1,023,655 868,368 155,287 17.9%

Total Benefit Expenses 1,283,262,459 1,241,731,215 41,531,244 3.3%

Administrative Expenses 8,005,317 7,219,813 785,504 10.9%

Operating Expenses 1,291,267,776 1,248,951,028 42,316,748 3.4%

Net Operating Gain / (Loss) (337,800,154) (243,650,279) (94,149,875) 38.6%

Net Investment Income / (Loss) (941,836,710) 1,345,733,369 (2,287,570,079) -170.0%

Increase/ (Decrease) in Net Assets (1,279,636,864) 1,102,083,090 (2,381,719,954) -216.1%

Net Assets, Beginning of Period 19,321,075,501 18,484,819,578 836,255,923 4.5%

Net Assets, End of Period 18,041,438,637$ 19,586,902,668$ (1,545,464,031)$ -7.9%

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 2019 Actuarial Determined Contribution 1.997 billion (337,800,154)$ (243,650,279)$ FY 2019 Statutory Required Contribution (SRC) 1.705 billionFY 2019 Certified State Contribution 1.655 billion (Inc) / Dec in Receivables (93,327,205) (13,916,368) Inc / (Dec) in Payables (21,290,989) (17,266,145) Defined Benefit Plan: Fiscal year to datePayments received - State Appropriations 606 million *Net Operating Gain / (Loss), cash basis (452,418,348)$ (274,832,792)$ as a % of SRC - State portion 38.1%

*Represents amount of investments liquidated to pay expendituresPayments received- Trust/fed/grants/other 22.5 million

Net Operating Gain/(Loss), accrued

Exhibit 5

STATE UNIVERSITIES RETIREMENT SYSTEMSUMMARY OF EXPENSES

JULY 1, 2018 - DECEMBER 31, 2018Y-T-D Prior Under (Over) Budget Under (Over) Prior Year

Administrative Expenses Budget Actual Year $ % $ %ITEM:Personal Services:Salaries & Wages 4,199,315$ 4,024,530$ 3,840,983$ 174,785$ 4.2% (183,547)$ -4.8%Employee's Group Health Insurance 1,321,515 1,188,968 1,065,298 132,547 10.0% (123,670) -11.6%Retirement Contributions 505,530 473,216 470,806 32,314 6.4% (2,410) -0.5%Medicare 60,572 54,148 51,891 6,424 10.6% (2,257) -4.3% Total Personal Services 6,086,932 5,740,862 5,428,978 346,070 5.7% (311,884) -5.7%

Contractual Services:Freight, Express & Drayage 2,750 2,259 2,157 491 17.9% (102) -4.7%Repairs & Maintenance, Equipment 10,350 4,226 4,018 6,124 59.2% (208) -5.2%Repairs & Maintenance EDP 16,000 17,368 32,636 (1,368) -8.6% 15,268 46.8%Statistical & Tabulation-Applications 54,714 218,945 49,243 (164,231) -300.2% (169,702) -344.6%Statistical & Tabulation-Operations 344,570 225,314 273,653 119,256 34.6% 48,339 17.7%Medical Consultant Fees 5,000 1,191 3,916 3,809 76.2% 2,725 69.6%Auditing & Management Services 6,040 5,487 5,040 553 9.2% (447) -8.9%Legal Counsel 163,000 118,972 88,790 44,028 27.0% (30,182) -34.0%Actuarial Consultant 192,505 150,091 111,145 42,414 22.0% (38,946) -35.0%Professional & Artistic Services, Recruit 404,201 332,185 182,664 72,016 17.8% (149,521) -81.9%Building and Ground Maintenance 83,565 110,376 63,583 (26,811) -32.1% (46,793) -73.6%Utilities 42,770 44,843 41,359 (2,073) -4.8% (3,484) -8.4%Postage 74,180 70,537 76,979 3,643 4.9% 6,442 8.4%Surety, Bond & Insurance 344,000 344,652 300,920 (652) -0.2% (43,732) -14.5%Subscriptions/Information Services 27,146 20,104 17,742 7,042 25.9% (2,362) -13.3%Board Travel 11,500 11,931 5,888 (431) -3.7% (6,043) -102.6%Board Meeting Expenses 5,000 5,671 3,289 (671) -13.4% (2,382) -72.4%Conference Fees & Expenses 18,346 8,735 6,655 9,611 52.4% (2,080) -31.3%Association Dues 37,330 20,190 31,695 17,140 45.9% 11,505 36.3%Employee Training, Tuition 18,790 15,131 8,926 3,659 19.5% (6,205) -69.5%Copying, Photographic & Printing 16,720 18,917 13,022 (2,197) -13.1% (5,895) -45.3%Travel 50,859 46,158 38,742 4,701 9.2% (7,416) -19.1%Printing Supplies 12,550 10,468 13,243 2,082 16.6% 2,775 21.0%Office & Library Supplies 28,698 24,286 25,627 4,412 15.4% 1,341 5.2%EDP Supplies & Equipment 70,300 53,972 67,588 16,328 23.2% 13,616 20.1%Office Rental 9,950 10,672 11,603 (722) -7.3% 931 8.0%Rental, Phone Services/Equipment 48,825 46,898 42,512 1,927 3.9% (4,386) -10.3% Total Contractual Services 2,099,659 1,939,579 1,522,635 160,080 7.6% (416,944) -27.4%Depreciation 271,857 324,876 268,200 (53,019) -19.5% (56,676) -21.1% TOTAL 8,458,448$ 8,005,317$ 7,219,813$ 453,131$ 5.4% (785,504)$ -10.9%

Capital Expenditures Budget:Office furniture & IS equipment 82,200$ (148,489)$ 65,945$ 230,689$ 280.6% 214,435$ 325.2%Building Improvements 36,118 2,552,864 5,080 (2,516,746) -6968.1% (2,547,784) -50153.2% TOTAL 118,318$ 2,404,375$ 71,025$ (2,286,057)$ -1932.1% (2,333,350)$ -3285.2%

Y-T-D PriorIncrease

(Decrease)Investment Expenses Actual Year $

Investment Management Fees: U.S. Equities 3,926,592$ 4,323,384$ (396,792)$ International Equities 3,119,746 7,766,386 (4,646,640) Global Equities 2,978,482 3,141,857 (163,375) Private Equities 5,871,215 5,188,292 682,923 Fixed Income 4,937,629 5,146,536 (208,907) Real Estate 4,533,205 5,040,584 (507,379) Hedge Funds 2,728,600 3,456,060 (727,460) Commodities 1,574,879 1,532,167 42,712 Opportunity Fund 857,931 790,625 67,306 Securities Lending Expense 207,412 199,838 7,574 Consultant Fees 417,500 277,500 140,000 Custody & Performance Reporting 537,500 537,500 - Database and Resources Expense 74,674 117,508 (42,834) Personnel Expense 711,167 554,585 156,582 Travel Expense 27,508 19,412 8,096 Investment Counsel Fees 23,031 79,729 (56,698) Total Investment Expenses 32,527,071$ 38,171,963$ (5,644,892)$

Minority3.60%

Women10.37%

Disabled1.17%

Non-MWDBE84.86%

FY 2018 Percentage of Purchases:

Exhibit 5

STATE UNIVERSITIES RETIREMENT SYSTEMOPERATIONAL STATISTICSas of DECEMBER 31, 2018

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

Member Services - ProcessingRetirement Applications: Received 265 314 402 297 252 269 248 198 191 289 221 197 Processed 220 199 223 193 277 210 258 263 244 286 246 193 Outstanding 611 708 685 703 625 667 723 728 736 723 712 712 # of Days - Ready for Calc to Approval 55 60 62 50 69 72 64 53 41 43 60 47

Refund Applications: Received 441 395 465 320 330 289 304 314 279 291 476 345 Processed 378 412 508 301 313 279 278 353 234 377 390 430 Outstanding 227 213 175 194 221 221 255 211 258 177 261 179 # of Days- Application to Approval 14 13 12 17 17 17 19 16 16 19 15 16

Disability & DRA Applications: Received 33 36 42 40 30 29 33 34 36 36 45 27 Processed 69 47 45 45 34 26 52 35 38 60 39 47 Outstanding 88 91 100 103 100 116 106 93 104 96 120 110

Death Benefit Applications: Received 173 145 187 174 163 143 141 144 139 148 148 154 Processed 119 140 134 131 147 131 123 149 148 124 75 82 Outstanding 891 873 897 912 911 920 923 863 850 864 898 946

Service Credit Purchases: Received 308 277 301 292 315 272 267 358 280 305 248 248 Processed 227 161 310 197 198 168 194 267 231 270 165 219 Outstanding 302 327 262 299 312 308 313 305 288 225 278 157

OutreachChampaign Office & All Phone Appts* 270 278 491 485 520 412 323 409 376 646 429 298Champaign Walk-in Visitors 797 848 1,003 832 845 682 751 764 629 859 659 499Naperville Office Appointments 56 43 24 28 43 62 93 70 36 38 40 52Written Estimates 92 79 69 46 74 131 91 108 83 55 82 85Group Presentations/Webinars 1 2 10 18 10 1 1 2 5 7 9 1Benefits Fairs 1 0 1 1 0 0 0 1 2 4 0 0Seminars 0 0 1 5 2 0 0 0 0 3 2 0

Incoming Webmails Processed 521 401 500 399 383 397 357 413 337 413 344 372

Telephone Calls 12,598 10,681 12,477 9,340 8,656 7,704 8,294 9,099 7,336 8,823 8,552 6,841 Ave Hold Time (minutes) 5:38 6:36 3:33 4:33 2:37 2:30 2:37 2:35 2:46 2:36 2:33 2:29 Ave Talk Time (minutes) 4:55 4:59 4:57 5:07 4:48 4:43 4:52 4:50 4:44 4:42 4:54 4:40 Abandoned Calls 2,511 2,020 1870 648 708 270 531 510 282 394 1188 341 Percent Calls Answered on 1st Ring 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00%

Human Resources

Staffing Approved FTE'S 135.00 135.00 137.00 137.00 137.00 137.00 137.00 137.00 143.00 143.00 143.00 143.00 Current FTE'S 126.00 126.00 125.00 122.00 129.00 129.00 129.00 128.00 130.00 132.00 133.00 132.00 Open FTE's 9.00 9.00 12.00 15.00 8.00 8.00 8.00 9.00 13.00 11.00 10.00 11.00

Current Staffing by Area Member Services 34.00 34.00 34.00 33.00 37.00 37.00 36.00 35.00 36.00 37.00 38.00 38.00 Outreach 31.00 31.00 30.00 30.00 31.00 31.00 31.00 31.00 21.00 32.00 32.00 32.00 Information Systems 29.00 29.00 29.00 28.00 30.00 30.00 31.00 31.00 31.00 31.00 31.00 30.00 Accounting 7.00 7.00 7.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 Administration 14.00 14.00 14.00 14.00 14.00 14.00 14.00 14.00 14.00 14.00 14.00 14.00 SMP 3.00 0.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 Investments 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00 9.00 9.00 9.00

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

Known Retirements/Resignations 1 0 1 4 0 0 0 0 0 0 1 1Ongoing Disability (off site) 3 3 3 2 2 2 2 2 2 2 2 2Personal Leave 0 0 0 0 0 0 0 0 0 0 0 0Turnover Voluntary 1 0 1 0 0 0 0 0 0 0 1 0 Retirement 0 0 0 4 0 0 0 0 0 0 0 1 Termination 1 0 0 0 0 0 0 1 0 0 0 0 Death 0 0 0 0 0 0 0 0 0 0 0 0New Hires 3 0 0 1 7 0 1 0 2 2 2 0Diversity-Race White 99 99 98 96 102 102 102 101 103 104 105 104 African American 14 14 14 13 14 14 14 14 14 14 14 14 Asian 7 7 7 7 7 7 7 7 7 8 8 8 Latino 6 6 6 6 6 6 6 6 6 6 6 6 Other 0 0 0 0 0 0 0 0 0 0 0 0

Diversity-Gender Male 38 38 38 39 41 41 41 40 40 42 42 42 Female 88 88 87 83 88 88 88 88 80 90 91 91

Diversity-Age 20 - 29 15 15 14 14 16 15 14 13 14 15 14 14 30 - 39 20 20 21 21 24 25 25 25 25 26 26 26 40 - 49 44 44 42 43 42 42 41 41 42 42 42 41 50 - 59 32 32 33 31 34 33 35 35 35 35 36 37 60 - 69 15 15 15 13 13 14 14 14 14 14 15 14 70+

Overtime Hours 107.50 107.50 154.75 99.75 68.25 46.50 60.25 188.00 94.25 162.00 164.50 100.75Training Hours 130.50 142.00 161.25 182.00 398.50 511.25 120.50 110.25 106.50 112.25 130.50 115.25

Exhibit 5

STATE UNIVERSITIES RETIREMENT SYSTEMOPERATIONAL STATISTICSas of DECEMBER 31, 2018

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

AccountingEmployer Payrolls Processed 151 147 169 155 162 164 161 160 157 169 154 168Administrative Expense Payments 216 190 172 212 217 201 182 208 172 218 200 174Purchase Order Requests 36 17 19 29 20 20 22 12 19 26 14 24

Outstanding Employer Web Events 252 239 139 121 94 188 190 189 160 289 233 233

Information Technology - Operations

Email Incoming Emails 81,690 68,394 73,138 73,888 77,689 65,478 71,309 68,380 64,424 89,179 81,088 84,898 Blocked Emails 32,201 18,903 22,354 23,447 27,438 19,441 24,669 20,556 20,660 39,098 35,241 43,276 Delivered Emails 49,489 49,491 50,784 50,441 50,251 46,037 46,640 47,824 43,764 50,081 45,847 41,622 System Capacity 55.2% 56.9% 58.3% 59.8% 60.2% 60.5% 60.3% 66.5% 62.0% 66.5% 69.5% 60.0%System Availability n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

System Response (avg in milliseconds) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Support Services

Imaging/Data Entry Member Documents Scanned 10,248 9,932 11,092 10,252 10,129 8,998 8,682 9,810 9,431 10,161 8,114 7,634 Member Documents Imported 20,646 197,121 18,123 15,544 23,570 16,966 17,598 21,262 22,497 21,759 16,033 196,919 Admin Documents Scanned 489 360 546 211 351 377 159 218 150 339 153 231 Faxes Received 891 813 930 836 775 836 746 923 831 905 758 627 Print to TIFF 2,981 2,731 2,932 2,800 2,606 2,467 2,442 3,045 2,578 2,867 2,377 2,954 Web Generated Documents 957 996 1,039 800 664 638 696 683 696 687 838 808 Total Incoming Documents 36,212 211,953 34,662 30,443 38,095 30,282 30,323 35,941 36,183 36,718 28,273 209,173 Mailroom Statistics Outbound Items Mailed 15,361 12,731 34,777 11,678 16,429 8,879 10,886 13,223 13,381 13,628 55,890 11,163

Information Technology - Applications

Internet Visits Member Website 56,422 34,651 37,121 32,918 31,667 30,175 33,394 33,518 30,836 34,347 35,985 56,422 Internet Benefit Estimates 14,571 12,882 14,764 13,392 14,698 12,150 13,364 14,050 11,636 12,875 17,407 14,571 Employer Website 1,424 1,095 1,144 902 990 1,110 1,508 2,112 1,837 1,591 1,119 776 SURS Home Page 102,907 88,397 95,825 83,984 75,459 75,889 83,739 83,517 74,448 87,595 89,494 80,964

Process Change Requests (PCR's) New Requests 30 29 41 26 25 19 29 37 30 31 25 30 In Process 339 334 343 332 330 332 320 324 321 326 320 339 In User Test 38 37 40 36 42 38 46 46 49 46 41 38 Promoted 46 22 23 29 17 20 13 26 25 24 29 11

Program Promotions Word Letter 13 4 0 22 29 4 4 15 3 2 13 11 Web 9 10 0 3 39 11 5 49 8 7 5 9 CSG 39 40 36 27 66 25 20 103 45 61 72 10 Query 0 16 5 0 0 0 1 7 10 13 0 0

STATE UNIVERSITIES RETIREMENT SYSTEMRISK MANAGEMENT SUMMARYas of DECEMBER 31, 2018

Risk Management: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecInternal audits Scheduled 14 14 14 14 14 14 14 14 14 14 14 14 In process 4 3 3 4 1 1 2 4 5 6 4 7 Completed 0 1 0 0 4 1 0 1 1 0 3 0

Planned Projects Scheduled 17 17 17 17 17 17 20 20 20 20 20 20 In process 1 1 2 2 1 0 2 1 1 1 2 1 Completed 1 1 1 2 2 2 1 2 2 1 1 2

Unplanned Projects Scheduled 0 0 0 0 0 0 0 0 0 0 0 0 In process 0 1 1 1 2 1 0 0 0 1 0 0 Completed 1 0 0 0 1 1 0 0 0 0 1 0

Exhibit 5

STATE UNIVERSITIES RETIREMENT SYSTEM LEGAL AND LEGISLATIVE SUMMARY As of December 31, 2018

Litigation Name Cause of Action Attorney Fortis SA Securities Litigation

Securities Fraud Deminor International

Hypo Real Estate Holding AG Securities Litigation

Securities Fraud Cohen Milstein

Weisfelner v. Fund 1, et al./Lyondell Chemical Bankruptcy

Multiple Claims in Bankruptcy

Entwistle & Cappucci (formerly Katten Muchin)

In re: Tribune Fraudulent Conveyance Litigation

Multiple Claims in Bankruptcy

Entwistle & Cappucci (formerly Katten Muchin)

Desai v. SURS, et al.

Declaratory Judgment from Executive Committee Decision

Illinois Attorney General’s Office – Amy McCarthy in court of claims action and by Martin Bruzawa in circuit court action

Lloyds/HBOS Group Law Action

Securities Fraud Illinois Attorney General’s Office (and Spector Roseman, UK)

Marilyn Holmes v. SURS

Subpoena – discovery issue

Illinois Attorney General’s Office – Adam Poe

Ulysses Jackson v. Laurie Jackson

Divorce / QILDRO matter

Illinois Attorney General’s Office – Diane Moshman

Credit Default Swap Antitrust Litigation

Class Action Monitored in-house by the SURS Legal Department

Paula Root v. SURS Declaratory Judgment

from Executive Committee Decision

Illinois Attorney General’s Office – Erin Walsh

Kurt Kwast v. Joanne Kwast

Divorce matter –order entered to freeze payment until division of assets is determined

Handled in-house by SURS at this point as no action is needed other than to restrict payments until order is received.

Barbara Sherman v. SURS

Declaratory Judgment from Executive Committee Decision – excess waiver refund issue

Illinois Attorney General’s Office – Jason Kanter

Estate of Grace Reuter-Reyes

Citation to Recover death benefits due to death of Pedro Reyes

Illinois Attorney General’s Office – Amy McCarthy

Exhibit 5

Administrative Hearings

Claims Panel Requests for Review

Petitions Scheduled Petitions Heard Attorney/Staff

Next meeting in November

2018. Green/Lee/Vock

Contracts Completed Number

C19-28 Bacon & Van Buskirk

C19-29 Tave & Associates C19-30 Mesirow Insurance

Services

C19-31 Mesirow Insurance

Services

C19-32 MSA C19-33 LRWL C19-34 Carahsoft C19-35 Fidelity First

Amendment

C19-36 Ice Miller C19-37 Lazer’s Edge Rules Heading Subject Matter Ex-Parte Communication Status Attorney/Staff Earnings, 6% Rule and Governors Salary

Published in Illinois Register

Nyi/Lee/Green

FOIA Number Date of Request Requestor/Firm Subject Matter Status 2019-61 12.1.18 Tao Li/University of Florida Investment completed

2019-62 12.6.18 William Dubbs/Public Plan IQ Investment completed 2019-63 12.12.18 Ana Irizarry Mandate Wire Investment completed 2019-64 12.14.18 Christina Murray/Aidn LLC Investment completed 2019-65 12.17.18 Angela Calonder S&P Global Investment completed 2019-66 12.20.18 Thomas Corfman/Cook County

Treasurer Member Completed

2019-67 12.12.18 Ana Irizarry Mandate Wire Investment Completed 2019-68 12.21.18 Justin Demerath O’Hanlon

Demerath & Castillo Investment Completed

Exhibit 5

0

20

40

60

80

100

120

FY2009

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

FOIA Requests

29%

46%

25%

Fiscal Year 2019 FOIA Requests by Subject Matter

MemberInformation

InvestmentInformation

SURSMiscellaneousInformation

Exhibit 5

SURS SELF MANAGED PLAN

FINANCIAL STATEMENTS AND

SUMMARY OF PERFORMANCE MEASUREMENTS

Reporting Packet Includes: PageStatement of Operations 1Employer and Employee Contributions 1Statement of Net Assets 1Schedule of Administrative Expenses 2Performance Measures 2

As of December 31, 2018

Exhibit 5

SURS SELF MANAGED PLANSTATEMENT OF OPERATIONSYear to date

July 1, 2018 - December 31, 2018

Current Year Prior Year$ %

Employee contributions from: Balance transfers 1,028,034 870,799$ 157,235$ 18.1% Contributions 40,997,418 38,836,359 2,161,059 5.6% Service credit purchases 302,324 201,802 100,522 49.8% Roll-ins 1,499,364 1,742,429 (243,065) -13.9%

Employer contributions from: State appropriations 33,682,211 31,655,309 2,026,902 6.4% Trust, federal and grant funds 4,642,263 4,405,126 237,137 5.4%

Operating Revenue 82,151,614 77,711,824 4,439,790 5.7%

EXPENDITURES:

Retirement benefits 32,787,723 21,632,472 11,155,251 51.6%Death benefits 2,333,785 790,874 1,542,911 195.1%Separation refunds 14,185,521 16,856,320 (2,670,799) -15.8%Disability benefits 831,317 971,503 (140,186) -14.4%

Administrative expenses 230,856 233,439 (2,583) -1.1%

Operating Expenses 50,369,202 40,484,608 9,884,594 24.4%

Net Operating Gain / (Loss) 31,782,412 37,227,216 (5,444,804) -14.6%

Net Investment Income / (Loss) (174,225,064) 189,281,138 (363,506,202) -192.0%

Increase / (Decrease) in Net Assets (142,442,652) 226,508,354 (368,951,006) -162.9%

Net Assets, Beginning of Period 2,500,452,464 2,170,251,099 330,201,365 15.2%

Net Assets, End of Period 2,358,009,812 2,396,759,453 (38,749,641) -1.6%

Employer and Employee Contributions - Self Managed Plan

Year to Date Full Year Estimate Full Year ActualFY 2019 FY 2019 FY 2018

Employer Rate 7.60% 7.60% 7.60%Employee Rate 8.00% 8.00% 8.00%Employer Contribution - State 33.7 million 57.3 million 61.1 millionEmployer Contribution - Fed/Trust 4.6 million 7.3 million 8.3 millionEmployee Contribution 43.8 million 76 million 84.2 million

SURS SELF MANAGED PLAN STATEMENT OF NET ASSETS As of December 31, 2018

Current Year Prior Year$ %

ASSETS

Accounts receivable 2,893,498$ 3,007,580$ (114,082)$ -3.8%

Investments: Cash and short term investments 208,955,340 181,084,815 27,870,525 15.4% Equities 1,117,835,780 1,205,060,912 (87,225,132) -7.2% Fixed income 164,331,517 160,787,588 3,543,929 2.2% Balanced funds 695,608,074 692,378,428 3,229,646 0.5% Real estate 40,677,159 38,417,771 2,259,388 5.9% Disability funds 108,430,510 99,105,157 9,325,353 9.4% Employer forfeiture funds 19,277,934 16,917,202 2,360,732 14.0%

Total Assets 2,358,009,812 2,396,759,453 (38,749,641) -1.6%

LIABILITIES AND RESERVES

Member balances 2,230,300,261 2,280,734,624 (50,434,363) -2.2%

Reserve for disability benefits 108,431,617 99,107,627 9,323,990 9.4%

Reserve for employer forfeitures 19,277,934 16,917,202 2,360,732 14.0%

Total Liabilities and Reserves 2,358,009,812 2,396,759,453 (38,749,641) -1.6%

Change from Prior Year

Change from Prior Year

Exhibit 5

SURS SELF MANAGED PLANAdministrative ExpensesJuly 1, 2018 - December 31, 2018

YTD YTD PriorBudget Actual YTD $ % $ %

ITEM:Personnel services:Salaries and wages 138,752$ 144,181$ 124,936$ (5,429)$ -3.9% 19,245$ 15.4%Employee group health insurance 47,739 43,639 39,665 4,100 8.6% 3,974 10.0%Retirement contributions 16,952 17,965 15,567 (1,013) -6.0% 2,398 15.4%Medicare 2,005 2,091 1,812 (86) -4.3% 279 15.4% Total Personnel Services 205,448 207,876 181,980 (2,428) -1.2% 25,896 14.2%

Contractual services:Consulting 16,250 16,250 47,492 - 0.0% (31,242) -65.8%Legal - - - - 0.0% - 0.0%Postage 3,472 4,127 2,668 (655) -18.9% 1,459 54.7%Printing and copying 616 716 699 (100) -16.2% 17 2.4% Conferences and meetings - 372 - (372) 0.0% 372 0.0%Association dues 740 600 600 140 18.9% - 0.0%Member programs - - - - 0.0% - 0.0%Travel 2,500 915 - 1,585 63.4% 915 0.0% Total Contractual Services 23,578 22,980 51,459 598 2.5% (28,479) -55.3%

TOTAL 229,026 230,856 233,439 (1,830) -0.8% (2,583) -1.1%

SURS SELF MANAGED PLANOPERATIONAL STATISTICS As of December 31, 2018

Self-Managed Plan January February March April May June July August September October November December

Processing

Terminations processed 99 119 75 89 51 93 103 132 147 137 90 72

Re-hires processed 20 19 7 9 5 9 10 30 39 13 9 14

Information distributed: Distribution packets to members 139 159 123 136 74 134 134 169 187 206 110 92 Withdrawal forms to providers 100 103 68 69 72 78 76 101 90 98 77 68

Retirement eligible lump sum pmts 18 30 16 29 14 10 19 47 16 12 28 14Annuity payments n/a n/a 14 4 7 4 17 12 21 8 16 6Separation refund payments 129 146 58 67 50 62 45 122 67 144 140 64Fixed period payments n/a n/a 72 85 69 107 103 112 107 111 111 115Death claim payments 4 2 3 2 2 2 0 3 1 1 5 2

SMP elections / total plan elections 174 166 100 74 95 104 155 148 150 158 134 131

Total plan elections 772 876 1,096 548 542 477 819 762 673 655 599 615SMP % of total elections 22.50% 18.90% 9.10% 13.50% 17.53% 21.80% 18.92% 19.40% 22.28% 24.12% 22.37% 21.30%Total active participants 13,171 13,212 13,244 13,254 13,283 13,286 13,295 13,316 13,300 13,320 13,383 13,469Total terminated participants 7,707 7,741 7,728 7,729 7,728 7,754 7,831 7,902 7,982 8,046 8,014 7,981

Total SMP Participants 20,878 20,953 20,972 20,983 21,011 21,040 21,126 21,218 21,282 21,366 21,397 21,450Member ContactWalk-ins 14 12 12 12 20 22 18 24 2 26 12 6Telephone calls 412 323 393 407 342 336 441 425 324 435 292 278Unified Statement email notices 16,542 0 0 0 0 0 15,716 0 0 15,920 0 0Webmail inquiries 98 63 52 67 47 32 69 66 34 73 28 25Counseling appointments 42 46 44 38 40 38 34 48 45 47 27 38

Under (Over)vs Budget vs Prior Year

Increase (Decrease)

Exhibit 5

Date: March 1, 2019 To: Board of Trustees From: Tara R. Myers Re: SURS Variance Analysis – 2nd Quarter Fiscal Year 2019 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 2019 (July 1, 2018 – December 31, 2018). The total non-capital variance is under budget by 5.4%. Below is the explanation of a few of the significant variances.

Expense Line Item Variance Explanation

Salaries & Wages Under by $346,070 Statistical & Tabulation-Operations

Under by $119,256

Several projects that were budgeted in this category were either significantly under budget or not pursued as planned.

Legal Counsel Under by $27,078 Legal is over budget in Benefits ($36k) and under budget in Board Legal Counsel ($61k). The overage in Benefits is due to work done for the DC Supplemental plan and SMP plan restructure.

Actuarial Consultant Under by $42,414 The difference is for Special Projects that have not yet been done or not yet been invoiced.

Professional & artistic services

Over by $61,034 $98k over budget is related to the efficiency study done by Accenture. We are also under budget by $35k related to board governance expense that has not be incurred.

Capital Expenditure Over by $2,286,057 The difference is due mainly to the purchase of the building at 1801 Fox Drive. The amount was not in the original budget. It was approved to be purchased at a later board meeting.

Exhibit 5

STATE UNIVERSITIES RETIREMENT SYSTEMSUMMARY OF EXPENSES

July 1, 2017 - December 31, 2018

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

ITEM:Personal services:Salaries & Wages 4,199,315$ 4,024,530$ 3,840,983$ 174,785$ 4.2%Employee's group health insurance 1,321,515 1,188,968 1,065,298 132,547 10.0%Retirement contributions 505,530 473,216 470,806 32,314 6.4%Medicare 60,572 54,148 51,891 6,424 10.6% Total Personal Services 6,086,932 5,740,862 5,428,978 346,070 5.7%

Contractual services:Freight, express & drayage 2,750 2,259 2,157 491 17.9%Repairs & maintenance, equipment 10,350 4,226 4,018 6,124 59.2%Repairs & maintenance EDP 16,000 17,368 32,636 (1,368) -8.6%Statistical & tabulation-Applications 54,714 68,945 49,243 (14,231) -26.0%Statistical & tabulation-Operations 344,570 225,314 273,653 119,256 34.6%Medical consultant fees 5,000 1,191 3,916 3,809 76.2%Auditing & management services 6,040 5,487 5,040 553 9.2%Legal counsel 163,000 135,922 88,790 27,078 27.0%Actuarial Consultant 192,505 150,091 111,145 42,414 22.0%Professional & artistic services 404,201 465,235 182,664 (61,034) -15.1%Building and ground maintenance 83,565 110,376 63,583 (26,811) -32.1%Utilities 42,770 44,843 41,359 (2,073) -4.8%Postage 74,180 70,537 76,979 3,643 4.9%Surety, bond & insurance 344,000 344,652 300,920 (652) -0.2%Subscriptions/information services 27,146 20,104 17,742 7,042 25.9%Board Travel 11,500 11,931 5,888 (431) -3.7%Board Meeting Expenses 5,000 5,671 3,289 (671) -13.4%Conference fees & expenses 18,346 8,735 6,655 9,611 52.4%Association dues 37,330 20,190 31,695 17,140 45.9%Employee Training, Tuition 18,790 15,131 8,926 3,659 19.5%Copying, photographic & printing 16,720 18,917 13,022 (2,197) -13.1%Travel 50,859 46,158 38,742 4,701 9.2%Printing 12,550 10,468 13,243 2,082 16.6%Office & library supplies 28,698 24,286 25,627 4,412 15.4%EDP Supplies and Equipment 70,300 53,972 67,588 16,328 23.2%Office Rental 9,950 10,672 11,603 (722) -7.3%Rental, phone services/equipment 48,825 46,898 42,512 1,927 3.9% Total Contractual Services 2,099,659 1,939,579 1,522,635 160,080 7.6%Depreciation 271,857 324,876 268,200 (53,019) -19.5% TOTAL 8,458,448 8,005,317 7,219,813 453,131 5.4%

Capital Expenditure Budget:Office furniture & IS equipment 82,200 (148,489) 65,945 230,689 280.6%Building & Land Improvements 36,118 2,552,864 5,080 (2,516,746) -6968.1% TOTAL 118,318$ 2,404,375$ 71,025$ (2,286,057)$ -1932.1%

Under (Over) Budget

Exhibit 5

Check ReportSTATE UNIV RETIREMENT SYSTEM Page 102-06-2019

CheckCheck Date Amount Name Description

62760 10-01-2018 14,615.37 AFSCME CHAPTER 31 ANNUITANT DEDUCTION 62761 10-01-2018 7,720.62 BLACK HAWK COLLEGE ANNUITANT DEDUCTION 62762 10-01-2018 2,737,553.91 IL DEPT OF CENTRAL MGMT SVCS ANNUITANT DEDUCTION 62763 10-01-2018 1,563.50 COOK CO COLLEGE TEACHERS UNION ANNUITANT DEDUCTION 62764 10-01-2018 3,016.00 COOK CO COLLEGE TEACHERS UNION ANNUITANT DEDUCTION 62765 10-01-2018 420.63 ILLINOIS VALLEY COMM COLLEGE ANNUITANT DEDUCTION 62766 10-01-2018 1,224.73 INTERNAL REVENUE SERVICE XXX-XX-0383 OCT 2018 PMT 62767 10-01-2018 4,586.00 ISEA/RETIREES ANNUITANT DEDUCTION 62768 10-01-2018 814.68 JOHN A LOGAN COLLEGE ANNUITANT DEDUCTION 62769 10-01-2018 1,955.81 LAKE LAND COLLEGE ANNUITANT DEDUCTION 62770 10-01-2018 3.30 MCHENRY COMM COLLEGE INS ANNUITANT DEDUCTION 62771 10-01-2018 4,394.95 PARKLAND COLLEGE ANNUITANT DEDUCTION 62772 10-01-2018 24,284.40 STATE UNIV. ANNUITANTS ASSN. ANNUITANT DEDUCTION 62773 10-01-2018 563.34 TRITON COLLEGE ANNUITANT DEDUCTION 62774 10-01-2018 3,889.00 UNIVER OF IL CAMPUS RECREATION ANNUITANT DEDUCTION 62775 10-01-2018 2,992.99 UNITED STATE TREASURY XXX-XX-8400 OCT 2018 PMT 62776 10-02-2018 4,651.12 CITY OF URBANA MID 61017 PEP REFUND 62777 10-02-2018 450.86 JOHN H. ENGSTROM ENGSTROM-SEPT12-14 BD MTG 62778 10-02-2018 360.00 ILLINOIS STATE BAR ASSOCIATION GREEN-MEMBERSHIP FEES 62779 10-02-2018 3,083.25 ILLINOIS STATE BOARD OF INVEST Q3 2018 RESTRICTED ENTITIES 62780 10-02-2018 50.43 UNITED PARCEL SERVICE FREIGHT SEPT17-21 2018 62781 10-02-2018 380.66 MINNIE WHEELER STALE DATE CHECK 62782 10-02-2018 25.37 EDWARD VANDERHEIDEN STALE DATE CHECK 62783 10-04-2018 150,000.00 ACCENTURE, LLP STRATEGIC CONSULTING 62784 10-04-2018 1,327.36 AT&T SEPT16-OCT15 2018 INTERNE 62785 10-04-2018 28.20 BREEZE COURIER RFP-PROJECT MGMT SVCS 62786 10-04-2018 975.25 ILLINOIS AMERICAN WATER AUG16-SEPT18 2018 WATER 62787 10-04-2018 198.00 PARKLAND COLLEGE B. GROVE EXCEL TRAINING 62788 10-04-2018 120,750.00 PENSION CONSULTING ALLIANCE Q3 2018 INVST MGMT FEE 62789 10-04-2018 100.00 SAMS CLUB OCT2018-OCT2018 SAMS MEMBERSHI 62790 10-04-2018 460.84 URBANA/CHAMPAIGN SAN DIST AUG15-SEPT18 2018 SEWER 62791 10-09-2018 24.00 ABRAHAM LINCOLN LIB FOUNDATION CURTIS-Q3 2018 CONTRIBUTION 62792 10-09-2018 11,200.00 ALPHA MECHANICAL SERVICE, INC CHILLER REPAIRS 62793 10-09-2018 8,132.26 AMEREN ILLINOIS SEPT 2018 ELECTRIC 62794 10-09-2018 60.00 AMERICAN RED CROSS DUNN-Q3 2018 CONTRIBUTION 62795 10-09-2018 115.64 CU HARDWARE COMPANY GENERAL HARDWARE 62796 10-09-2018 208.85 TECHNOLOGY MANAGEMENT REV FUND S6930000 AUG 2018 CMS FUN 62797 10-09-2018 168.39 COMCAST CABLE & INTERNET OCT 2018 TV & INTERNET 62798 10-09-2018 3,000.00 COOK CO COLLEGE TEACHERS UNION ANNUITANT DEDUCTION 62799 10-09-2018 60.00 CRISIS NURSERY DUNN-Q3 2018 CONTRIBUTION 62800 10-09-2018 30.00 CYSTIC FIBROSIS FOUNDATION DUNN-Q3 2018 CONTRIBUTION 62801 10-09-2018 150.00 EASTERN ILLINOIS FOODBANK DUNN-Q3 2018 CONTRIBUTION

10-09-2018 EASTERN ILLINOIS FOODBANK WILLOUGHBY-Q3 2018 CONTRIBUTIO 62802 10-09-2018 443.70 HONEYWELL INC. OCT 2018 TEMP CONTROL 62803 10-09-2018 57.33 ILLINOIS AMERICAN WATER OCT 2018 FIRE SVC 62804 10-09-2018 240.43 MYRON CORP. 2019 CALENDARS 62805 10-09-2018 556.24 NEWEGG.COM SUPPLIES

10-09-2018 NEWEGG.COM SUPPLIES10-09-2018 NEWEGG.COM SUPPLIES10-09-2018 NEWEGG.COM SUPPLIES10-09-2018 NEWEGG.COM SUPPLIES10-09-2018 NEWEGG.COM SUPPLIES10-09-2018 NEWEGG.COM SUPPLIES10-09-2018 NEWEGG.COM SUPPLIES

62806 10-09-2018 401.95 OFFICE DEPOT OFFICE SUPPLIES 62807 10-09-2018 60.00 PROMISE HEALTHCARE OLIGER-Q3 2018 CONTRIBUTION 62808 10-09-2018 60.00 SALT & LIGHT DUNN-Q3 2018 CONTRIBUTION 62809 10-09-2018 31.88 SECOND EXECUTIVE PARK SEPT 2018 TRIM/WEED/FERT 62810 10-09-2018 417.00 SOFTWARE HARDWARE INTEGRATION INK CARTRIDGES (3) 62811 10-09-2018 63.75 STAPLES ADVANTAGE OFFICE SUPPLIES 62812 10-09-2018 24.00 STEPHENS FAMILY YMCA CURTIS-Q3 2018 CONTRIBUTION 62813 10-09-2018 69.77 UNITED PARCEL SERVICE FREIGHT SEPT24-28 2018 62814 10-09-2018 128.53 MARGRET BOHAC STALE DATE CHECK

Exhibit 5



62815 10-11-2018 177.09 AFLAC STAFF PYRL DEDUCTION 62816 10-11-2018 2,047.82 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION 62817 10-11-2018 8,073.34 DEF COMP PLAN FUND DEFCOM STAFF PYRL DEDUCTION

10-11-2018 DEF COMP PLAN FUND ROTH STAFF PYRL DEDUCTION 62818 10-11-2018 13,546.75 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION 62819 10-11-2018 2,001.50 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION 62820 10-11-2018 175.24 ILLINOIS STATE DISBURSEMENTS 96-D-490 JOHNSON PYRL DEDUCTIO 62821 10-11-2018 625.00 MEYER CAPEL SEPT 2018 LEGAL SVC-EMP/LABOR 62822 10-11-2018 21,833.50 NEWEGG.COM #6562-3 SMART TVS

10-11-2018 NEWEGG.COM CREDIT MEMO10-11-2018 NEWEGG.COM #6564-6592 COMPUTERS10-11-2018 NEWEGG.COM SUPPLIES10-11-2018 NEWEGG.COM PHONES10-11-2018 NEWEGG.COM # 6593 COMPUTER

62823 10-11-2018 161.00 SOFTWARE HARDWARE INTEGRATION SUPPLIES10-11-2018 SOFTWARE HARDWARE INTEGRATION CREDIT FOR INV 8940246

62824 10-11-2018 2,021.44 UNIVERSITY OF ILLINOIS @00873227 SEPT 2018 CARPOOL 62825 10-11-2018 49,875.23 ANTHONY JACKSON STALE DATE CHECK 62826 10-16-2018 5.00 AMERICAN MESSAGING OCT 2018 PAGER SVC 62827 10-16-2018 208.75 AREA DISPOSAL SERVICE, INC. SEPT 2018 TRASH SVC 62828 10-16-2018 288.11 CITY COLLEGES OF CHICAGO REFUND 6% BILL OVERPMT 62829 10-16-2018 970.00 TECHNOLOGY MANAGEMENT REV FUND T2222476 AUG 2018 ICN CON 62830 10-16-2018 108,607.90 IL DEPT OF CENTRAL MGMT SVCS ER PREMIUM PPE100818 62831 10-16-2018 443.70 HONEYWELL INC. NOV 2018 TEMP CONTROL 62832 10-16-2018 28,300.00 ICE MILLER LLP SEPT 2018 LEGAL SVC-IRS PLR FI 62833 10-16-2018 95.00 MARKETS GROUP ROCK-MIDWEST INST RE FORUM 62834 10-16-2018 233.14 WINDSTREAM SEPT4-OCT3 2018 PHONE SVC 62835 10-16-2018 130.00 SCHOONOVER SEWER SERVICE BUILDING MAINT 62836 10-16-2018 2,469.61 SOFTWARE HARDWARE INTEGRATION SUPPLIES

10-16-2018 SOFTWARE HARDWARE INTEGRATION ADOBE CREATIVE CLOUD 62837 10-16-2018 19,177.78 FRANCISZEK KAZMIERCZAK STALE DATE CHECK 62838 10-18-2018 2,118.27 DLT SOLUTIONS, LLC LICENSE FOR ONLINE TRAINI 62839 10-18-2018 136.11 SPRITZ JEWELERS 9X12 RESOLUTION 62840 10-18-2018 567.71 CISCO WEBEX, LLC SEPT 2018 VIDEO CONF 62841 10-18-2018 6,621.91 CYNTHIA BIGGERS STALE DATE CHECK 62842 10-19-2018 308,140.00 MESIROW INSURANCE SERVICES INC FY19 FIDUCIARY INSURANCE

10-19-2018 MESIROW INSURANCE SERVICES INC FY19 FIDUCIARY INSURANCE 62843 10-23-2018 3,623.27 GENESYS TELECOMMUNICATIONS LAB SEPT13-OCT12 2018 PURE CL 62844 10-23-2018 459.95 NEWEGG.COM SUPPLIES

10-23-2018 NEWEGG.COM SUPPLIES 62845 10-23-2018 2,209.13 SOFTWARE HARDWARE INTEGRATION QUEST SOFTWARE 62846 10-23-2018 1,520.22 MARY SUTTON STALE DATE CHECK 62847 10-23-2018 360.58 MICHAEL S MORGAN STALEDATE CHECK

10-23-2018 MICHAEL S MORGAN STALE DATE CHECK 62849 10-25-2018 177.08 AFLAC STAFF PYRL DEDUCTION 62850 10-25-2018 5,990.00 ALPHA MECHANICAL SERVICE, INC CHILLER RENTAL 62851 10-25-2018 1,351.01 AT&T OCT16-NOV15 2018 INTERNET 62852 10-25-2018 45.00 CHEMICAL MAINTENANCE, INC. JANITORIAL SUPPLIES 62853 10-25-2018 2,047.82 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION 62854 10-25-2018 8,073.34 DEF COMP PLAN FUND DEFCOM STAFF PYRL DEDUCTION

10-25-2018 DEF COMP PLAN FUND ROTH STAFF PYRL DEDUCTION 62855 10-25-2018 111,582.19 IL DEPT OF CENTRAL MGMT SVCS ER PREMIUM PPE102218 62856 10-25-2018 13,546.75 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION 62857 10-25-2018 2,174.82 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION 62858 10-25-2018 .27 ESTATE OF DORA W FULTH MID126975 REFUND OVP 62859 10-25-2018 802.39 ILLINOIS AMERICAN WATER SEP19-OCT16 2018 WATER 62860 10-25-2018 175.24 ILLINOIS STATE DISBURSEMENTS 96-D-490 JOHNSON PYRL DEDUCTIO 62861 10-25-2018 494.83 OFFICE DEPOT OFFICE SUPPLIES

10-25-2018 OFFICE DEPOT OFFICE SUPPLIES10-25-2018 OFFICE DEPOT OFFICE SUPPLIES10-25-2018 OFFICE DEPOT OFFICE SUPPLIES

62862 10-25-2018 181.49 PRAIRIE GARDENS STAFF SVC AWARDS FRAMES 62863 10-25-2018 467.74 TERRYBERRY LIEB RET GIFT

Exhibit 5



62863 10-25-2018 467.74 TERRYBERRY WALKER RET GIFT 62864 10-25-2018 187.89 UNITED PARCEL SERVICE FREIGHT OCT1-5 2018

10-25-2018 UNITED PARCEL SERVICE FREIGHT OCT8-12 2018 62865 10-25-2018 2,073.00 WALZ LABEL AND MAILING SYSTEMS #6595 MST2 CONVEYOR STACKER 62866 10-25-2018 168.77 EUGENE SCRUGGS STALE DATE CHECK 62867 10-30-2018 59.40 BREEZE COURIER RFP-TRAIN/CONF ROOM AUDIO

10-30-2018 BREEZE COURIER RFP-PII DATA CLASSIFICATION PR 62868 10-30-2018 970.00 TECHNOLOGY MANAGEMENT REV FUND T2222476 SEPT 2018 ICN CO 62869 10-30-2018 2,555.79 NEWEGG.COM SUPPLIES

10-30-2018 NEWEGG.COM #6596-6600 MONITORS10-30-2018 NEWEGG.COM #6601-05 MONITORS10-30-2018 NEWEGG.COM #6606-10 MONITORS10-30-2018 NEWEGG.COM #6611-15 MONITORS

62870 10-30-2018 924.00 THE NORTHERN TRUST COMPANY OCT 2018 BD MTG LUNCHES 62871 10-30-2018 257.47 OFFICE DEPOT OFFICE SUPPLIES 62872 10-30-2018 172.95 UNITED PARCEL SERVICE FREIGHT OCT15-19 2018 62873 10-30-2018 30,000.00 U.S. POSTAL SERVICE (NEOPOST) OCT 2018 POSTAGE 62874 10-30-2018 300.00 UNITED STATES POSTAL SERVICE NAPERVILLE POSTAGE 62875 10-30-2018 1,164.36 PETER PERO STALE DATE CHECK 62876 10-30-2018 293.24 ELIZABETH BOCKMAN STALE DATE CHECK 62877 10-30-2018 755.94 NANCY HAYES STALE DATE CHECK 62878 10-30-2018 541.92 MARION STROHMAN STALEDATE CHECK

10-30-2018 MARION STROHMAN STALE DATE CHECK10-30-2018 MARION STROHMAN STALE DATE CHECK

62879 11-01-2018 14,545.72 AFSCME CHAPTER 31 ANNUITANT DEDUCTION 62880 11-01-2018 7,720.62 BLACK HAWK COLLEGE ANNUITANT DEDUCTION 62881 11-01-2018 2,731,339.19 IL DEPT OF CENTRAL MGMT SVCS ANNUITANT DEDUCTION 62882 11-01-2018 1,768.50 COOK CO COLLEGE TEACHERS UNION ANNUITANT DEDUCTION 62883 11-01-2018 3,012.00 COOK CO COLLEGE TEACHERS UNION ANNUITANT DEDUCTION 62884 11-01-2018 420.63 ILLINOIS VALLEY COMM COLLEGE ANNUITANT DEDUCTION 62885 11-01-2018 1,224.73 INTERNAL REVENUE SERVICE XXX-XX-0383 NOV 2018 PMT 62886 11-01-2018 4,576.50 ISEA/RETIREES ANNUITANT DEDUCTION 62887 11-01-2018 180.00 INSTITUTIONAL SOCIETY OF RISK DUNCAN-MEMBERSHIP RENEWAL 62888 11-01-2018 814.68 JOHN A LOGAN COLLEGE ANNUITANT DEDUCTION 62889 11-01-2018 1,955.81 LAKE LAND COLLEGE ANNUITANT DEDUCTION 62890 11-01-2018 3.30 MCHENRY COMM COLLEGE INS ANNUITANT DEDUCTION 62891 11-01-2018 2,000.00 NCPERS 2019 MEMBERSHIP DUES 62892 11-01-2018 885.98 NEWEGG.COM #6616 SAMSUNG TV 62893 11-01-2018 4,394.95 PARKLAND COLLEGE ANNUITANT DEDUCTION 62894 11-01-2018 24,169.26 STATE UNIV. ANNUITANTS ASSN. ANNUITANT DEDUCTION 62895 11-01-2018 563.34 TRITON COLLEGE ANNUITANT DEDUCTION 62896 11-01-2018 3,769.00 UNIVER OF IL CAMPUS RECREATION ANNUITANT DEDUCTION 62897 11-01-2018 2,992.99 UNITED STATE TREASURY XXX-XX-8400 NOV 2018 PMT 62898 11-06-2018 346.24 JOHN H. ENGSTROM ENGSTROM-OCT17-18 BD MTG 62899 11-06-2018 3,000.00 MIDWEST ENGINEERING & TESTING PHASE 1 ENVIRO ASSESSMENT 62900 11-06-2018 86.10 NEWEGG.COM CREDIT MEMO

11-06-2018 NEWEGG.COM SUPPLIES 62901 11-06-2018 4,798.00 PREMIER PRINT GROUP MEMBER POCKETFOLDERS 62902 11-06-2018 35.67 UPCLOSE PRINTING BUSINESS CARDS 62903 11-06-2018 2,056.54 DIANE MCCURDY STALE DATE CHECK 62904 11-06-2018 3,754.63 PATRICK BROCK STALE DATE CHECK 62905 11-08-2018 7,800.00 ADJACENT TECHNOLOGIES, INC SUPPORT HOURS FOR FILENET 62906 11-08-2018 177.08 AFLAC STAFF PYRL DEDUCTION 62907 11-08-2018 7,015.33 AMEREN ILLINOIS OCT 2018 ELECTRIC 62908 11-08-2018 57.08 CU HARDWARE COMPANY GENERAL HARDWARE 62909 11-08-2018 2,047.82 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION 62910 11-08-2018 8,873.34 DEF COMP PLAN FUND DEFCOM STAFF PYRL DEDUCTION

11-08-2018 DEF COMP PLAN FUND ROTH STAFF PYRL DEDUCTION 62911 11-08-2018 200.15 TECHNOLOGY MANAGEMENT REV FUND S6930000 SEPT 2018 CMS FU 62912 11-08-2018 111,867.05 IL DEPT OF CENTRAL MGMT SVCS ER PREMIUM PPE110518 62913 11-08-2018 13,800.25 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION 62914 11-08-2018 2,057.00 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION 62915 11-08-2018 168.37 COMCAST CABLE & INTERNET NOV 2018 TV & INTERNET

Exhibit 5



62916 11-08-2018 57.33 ILLINOIS AMERICAN WATER NOV 2018 FIRE SVC 62917 11-08-2018 175.24 ILLINOIS STATE DISBURSEMENTS 96-D-490 JOHNSON PYRL DEDUCTIO 62918 11-08-2018 457.33 NEWEGG.COM SUPPLIES

11-08-2018 NEWEGG.COM SUPPLIES 62919 11-08-2018 332.88 OFFICE DEPOT OFFICE SUPPLIES

11-08-2018 OFFICE DEPOT OFFICE SUPPLIES11-08-2018 OFFICE DEPOT OFFICE SUPPLIES

62920 11-08-2018 530.19 STAPLES ADVANTAGE OFFICE SUPPLIES 62921 11-08-2018 85.98 UNITED PARCEL SERVICE FREIGHT OCT22-26 2018 62922 11-08-2018 399.74 URBANA/CHAMPAIGN SAN DIST SEPT18-OCT16 2018 SEWER 62923 11-08-2018 467.55 LEE NELSON STALE DATE CHECK 62924 11-08-2018 420.60 BEVERLY TATUM STALE DATE CHECK 62925 11-13-2018 833.00 BACON & VAN BUSKIRK WINDOW FIX 62926 11-13-2018 1,759.39 JOHN H. ENGSTROM ENGSTROM-OCT23-25 CII CON 62927 11-13-2018 443.70 HONEYWELL INC. DEC 2018 TEMP CONTROL 62928 11-13-2018 155,256.70 STATE EMPLOYEES RETM. SYSTEM PA-95-0530 ID#1060438 62929 11-13-2018 35,658.38 STATE EMPLOYEES RETM. SYSTEM PA-95-0530 ID#1119585 62930 11-13-2018 5,475.50 SQUIRE PATTON BOGGS OCT 2018 LEGAL SVC-CROW HOLDIN 62931 11-13-2018 3,640.00 TUMMELSON BRYAN & KNOX, LLP JUL-OCT 2018 LEGAL SVC-1801 FO 62932 11-13-2018 383.22 PAULINE KOCHANSKI STALE DATE CHECK 62933 11-16-2018 6,420.00 BLOOMBERG FINANCE L.P. OCT18 2018-JAN17 2019 TERMINAL 62934 11-16-2018 71.97 GENESYS TELECOMMUNICATIONS LAB PURE CLOUD SVC 62935 11-16-2018 629.34 MEETINGZONE, INC. OCT 2018 VIDEO CONF 62936 11-16-2018 178.49 OFFICE DEPOT OFFICE SUPPLIES 62937 11-16-2018 2,103.40 UNIVERSITY OF ILLINOIS @00873227 OCT 2018 CARPOOL 62938 11-16-2018 110.99 UPCLOSE PRINTING BUSINESS CARDS 62939 11-16-2018 307.25 UNITED PARCEL SERVICE FREIGHT OCT29-NOV2 2018

11-16-2018 UNITED PARCEL SERVICE FREIGHT NOV5-9 2018 62940 11-16-2018 297.79 WALZ LABEL AND MAILING SYSTEMS INK CARTRIDGE/SEAL TIGHT 62941 11-16-2018 1,026.47 VICTOR DIRDA STALE DATE CHECK 62942 11-16-2018 227.26 THOMAS BLACK STALE DATE CHECK 62943 11-20-2018 209.63 AREA DISPOSAL SERVICE, INC. OCT 2018 TRASH SVC 62944 11-20-2018 124.80 AREA WIDE REPORTING SERVICE JUL27 2018 - BENEFIT MATTERS 62945 11-20-2018 140.40 BREEZE COURIER RFP-NEW CHILLER UNIT

11-20-2018 BREEZE COURIER RFP-BUYOUT IT RESOURCES11-20-2018 BREEZE COURIER RFP-TRAINING/CONF AUDIO11-20-2018 BREEZE COURIER RFP-PII DATA CLASSIFICATION11-20-2018 BREEZE COURIER RFP-BUILDING SAFETY REFRESH

62946 11-20-2018 5,457.00 THE FINANCIAL TIMES LIMITED PREMIUM DIGITAL LICENCE 62947 11-20-2018 3,527.25 GENESYS TELECOMMUNICATIONS LAB OCT13-NOV12 2018 PURE CLO 62948 11-20-2018 1,170.00 MEYER CAPEL OCT 2018 LEGAL SVC-EMP/LABOR L 62949 11-20-2018 578.29 NEWEGG.COM SUPPLIES

11-20-2018 NEWEGG.COM SUPPLIES11-20-2018 NEWEGG.COM SUPPLIES

62950 11-20-2018 413.14 WINDSTREAM OCT4-NOV3 2018 PHONE SVC 62951 11-20-2018 696.19 WATTS COPY SYSTEMS Investment Copier 62952 11-20-2018 100.00 WHITSITT & ASSOCIATES, INC INSPECTION ON 1801 FOX DRIVE 62953 11-20-2018 189.95 WORLDSHARP TECHNOLOGIES, INC 2018 1099/1042-S SOFTWARE 62954 11-20-2018 59,070.79 KEITH KING STALE DATE CHECK 62955 11-20-2018 800.00 LOUISE BEEM TRUST STALE DATE CHECK 62956 11-21-2018 177.08 AFLAC STAFF PYRL DEDUCTION 62957 11-21-2018 2,047.82 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION 62958 11-21-2018 8,873.34 DEF COMP PLAN FUND DEFCOM STAFF PYRL DEDUCTION

11-21-2018 DEF COMP PLAN FUND ROTH STAFF PYRL DEDUCTION 62959 11-21-2018 13,546.75 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION 62960 11-21-2018 2,070.94 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION 62961 11-21-2018 9,555.17 HUBER & ASSOCIATES, INC. SWMA 2019 MAINT 62962 11-21-2018 175.24 ILLINOIS STATE DISBURSEMENTS 96-D-490 JOHNSON PYRL DEDUCTIO 62963 11-21-2018 64.00 SOFTWARE HARDWARE INTEGRATION SUPPLIES 62964 11-27-2018 109.55 SUMMARY PAYMENT 16-MR-47 TRAVEL 62965 11-27-2018 225.00 ACFE SPRINGFIELD-CFE ANNUAL DUES 62966 11-27-2018 840.00 BERWYN GROUP FY19 OBITUARY CHECK SVC 62967 11-27-2018 2,625.00 LINKEDIN CORPORATION NOV 2018-FEB 2019 CORP RECRUIT

Exhibit 5



62968 11-27-2018 299.00 SKILLPATH SEMINARS STAR 12 WEBINARS 62969 11-29-2018 5.00 AMERICAN MESSAGING NOV 2018 PAGER SVC 62970 11-29-2018 970.00 TECHNOLOGY MANAGEMENT REV FUND T2222476 OCT 2018 ICN CON 62971 11-29-2018 109,210.59 IL DEPT OF CENTRAL MGMT SVCS ER PREMIUM PPE111918 62972 11-29-2018 464.40 DATA IMAGING SUPPLIES TONER 62973 11-29-2018 567.00 I.D.E.S. BENEFIT REF 62974 11-29-2018 422.70 ILLINOIS AMERICAN WATER OCT17-NOV15 2018 WATER 62975 11-29-2018 685.00 IPMA-HR DUNN-CONF REG FEE 62976 11-29-2018 437.43 NEWEGG.COM TONER 62977 11-29-2018 773.94 SECOND EXECUTIVE PARK SPRAYING FOR YELLOW NUTSEDGE

11-29-2018 SECOND EXECUTIVE PARK NOV 2018 MOWING11-29-2018 SECOND EXECUTIVE PARK OCT 2018 TRIM/WEED/FERT11-29-2018 SECOND EXECUTIVE PARK OCT 2018 GEESE CONTROL11-29-2018 SECOND EXECUTIVE PARK OCT 2018 MOWING

62978 11-29-2018 9,990.00 SEICO, INC EXTERIOR CAMERAS 62979 11-29-2018 707.40 TERRYBERRY K. MEIS STAFF GIFT

11-29-2018 TERRYBERRY L. CURTIS STAFF GIFT11-29-2018 TERRYBERRY M. BREWER STAFF GIFT11-29-2018 TERRYBERRY B. CAMPBELL STAFF GIFT

62980 11-29-2018 1,270.92 WATTS COPY SYSTEMS Admin Copier 62981 11-29-2018 3,000.00 WORKSRIGHT SOFTWARE, INC. PER ZIP SOFTWARE 62982 12-03-2018 14,535.02 AFSCME CHAPTER 31 ANNUITANT DEDUCTION 62983 12-03-2018 1,351.01 AT&T NOV16-DEC15 2018 INTERNET 62984 12-03-2018 7,720.62 BLACK HAWK COLLEGE ANNUITANT DEDUCTION 62985 12-03-2018 2,725,697.40 IL DEPT OF CENTRAL MGMT SVCS ANNUITANT DEDUCTION 62986 12-03-2018 1,764.50 COOK CO COLLEGE TEACHERS UNION ANNUITANT DEDUCTION 62987 12-03-2018 3,000.00 COOK CO COLLEGE TEACHERS UNION ANNUITANT DEDUCTION 62988 12-03-2018 420.63 ILLINOIS VALLEY COMM COLLEGE ANNUITANT DEDUCTION 62989 12-03-2018 4,000.00 INSTITUTIONAL LIMITED PARTNERS 2019 ANNUAL MEMBERSHIP 62990 12-03-2018 1,224.73 INTERNAL REVENUE SERVICE XXX-XX-0383 DEC 2018 PMT 62991 12-03-2018 4,565.50 ISEA/RETIREES ANNUITANT DEDUCTION 62992 12-03-2018 814.68 JOHN A LOGAN COLLEGE ANNUITANT DEDUCTION 62993 12-03-2018 1,955.81 LAKE LAND COLLEGE ANNUITANT DEDUCTION 62994 12-03-2018 3.30 MCHENRY COMM COLLEGE INS ANNUITANT DEDUCTION 62995 12-03-2018 276.00 NEOPOST USA INC ONLINE POSTAGE 62996 12-03-2018 269.67 OFFICE DEPOT OFFICE SUPPLIES


62997 12-03-2018 3,863.99 PARKLAND COLLEGE ANNUITANT DEDUCTION 62998 12-03-2018 588.53 SECOND EXECUTIVE PARK WINTERIZE IRRIGATION SYSTEM

12-03-2018 SECOND EXECUTIVE PARK NOV 2018 SNOW REMOVAL12-03-2018 SECOND EXECUTIVE PARK NOV 2018 SNOW REMOVAL

62999 12-03-2018 96.00 SOFTWARE HARDWARE INTEGRATION SUPPLIES 63000 12-03-2018 24,217.21 STATE UNIV. ANNUITANTS ASSN. ANNUITANT DEDUCTION 63001 12-03-2018 563.34 TRITON COLLEGE ANNUITANT DEDUCTION 63002 12-03-2018 3,769.00 UNIVER OF IL CAMPUS RECREATION ANNUITANT DEDUCTION 63003 12-03-2018 182.06 UNITED PARCEL SERVICE FREIGHT NOV12-16 2018

12-03-2018 UNITED PARCEL SERVICE FREIGHT NOV19-23 2018 63004 12-03-2018 2,992.99 UNITED STATE TREASURY XXX-XX-8400 DEC 2018 PMT 63005 12-06-2018 177.08 AFLAC STAFF PYRL DEDUCTION 63006 12-06-2018 48.00 BREEZE COURIER RFP-IT APP DEV/ANALYSIS SVCS

12-06-2018 BREEZE COURIER RFP-BUYOUT TABLE ACTUARIAL AUD 63007 12-06-2018 2,047.82 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION 63008 12-06-2018 8,873.34 DEF COMP PLAN FUND DEFCOM STAFF PYRL DEDUCTION

12-06-2018 DEF COMP PLAN FUND ROTH STAFF PYRL DEDUCTION 63009 12-06-2018 13,939.25 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION 63010 12-06-2018 2,082.53 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION 63011 12-06-2018 177.50 ILLINOIS LANGUAGE SERVICES NOV14 INTERPRETATION SVC 63012 12-06-2018 175.24 ILLINOIS STATE DISBURSEMENTS 96-D-490 JOHNSON PYRL DEDUCTIO 63013 12-11-2018 160.23 CU HARDWARE COMPANY GENERAL HARDWARE 63014 12-11-2018 111,782.03 IL DEPT OF CENTRAL MGMT SVCS ER PREMIUM PPE120318 63015 12-11-2018 24,480.00 LRWL INC. Professional Services 63016 12-11-2018 1,201.68 MEETINGZONE, INC. Nov & Dec Video Conf

Exhibit 5



63017 12-11-2018 610.70 THE NEWS GAZETTE JOB POSTINGS-BLDG OPER/MSR 63018 12-11-2018 442.23 OFFICE DEPOT OFFICE SUPPLIES


63019 12-11-2018 400.54 SECOND EXECUTIVE PARK NOV 2018 TRIM/WEED/FERT12-11-2018 SECOND EXECUTIVE PARK NOV 2018 ICE MELT

63020 12-11-2018 134.31 UNITED PARCEL SERVICE FREIGHT NOV26-30 2018 63021 12-11-2018 41.18 PAULETTE DITTRICH STALE DATE CHECK 63022 12-13-2018 6,849.84 AMEREN ILLINOIS NOV 2018 ELECTRIC 63023 12-13-2018 218.31 TECHNOLOGY MANAGEMENT REV FUND S6930000 OCT 2018 CMS FUN 63024 12-13-2018 168.37 COMCAST CABLE & INTERNET DEC 2018 TV & INTERNET 63025 12-13-2018 443.70 HONEYWELL INC. JAN 2018 TEMP CONTROL 63026 12-13-2018 57.33 ILLINOIS AMERICAN WATER DEC 2018 FIRE SVC 63027 12-13-2018 206.86 NEWEGG.COM SUPPLIES

12-13-2018 NEWEGG.COM TONER 63028 12-13-2018 539.00 RCM & ASSOCIATES WIRELESS HEADSETS 63029 12-13-2018 13,848.00 SERVICE EXPRESS, INC HARDWARE MAINT 63030 12-13-2018 1,717.36 UNIVERSITY OF ILLINOIS @00873227 NOV 2018 CARPOOL 63031 12-13-2018 33.67 UPCLOSE PRINTING BUSINESS CARDS 63032 12-13-2018 265.02 URBANA/CHAMPAIGN SAN DIST OCT16-NOV15 2018 SEWER 63033 12-19-2018 680.93 ACL SERVICES LTD AUDIT SOFTWARE MAINT 63034 12-19-2018 5.00 AMERICAN MESSAGING DEC 2018 PAGER SVC 63035 12-19-2018 385.00 ARDC VOCK-6314200 2019 ARDC 63036 12-19-2018 210.77 AREA DISPOSAL SERVICE, INC. NOV 2018 TRASH 63037 12-19-2018 3,323.28 GENESYS TELECOMMUNICATIONS LAB NOV13-DEC12 2018 PURE CLO 63038 12-19-2018 600.00 NAGDCA 2019 ANNUAL MEMBERSHIP DUES 63039 12-19-2018 84.38 OFFICE DEPOT OFFICE SUPPLIES 63040 12-19-2018 265.91 WINDSTREAM NOV4-DEC3 2018 PHONE SVC 63041 12-19-2018 114,115.00 PARAMETRIC CLIFTON Q3 2018 INVST MGMT FEE 63042 12-19-2018 276.43 SECOND EXECUTIVE PARK DEC 2018 MOWING

12-19-2018 SECOND EXECUTIVE PARK NOV 2018 GEESE CONTROL 63043 12-19-2018 441.96 TERRYBERRY STAFF GIFTS 63044 12-19-2018 124.48 UNITED PARCEL SERVICE FREIGHT DEC3-7 2018 63045 12-19-2018 266.66 MARJORIE TAYLOR STALE DATE CHECK 63046 12-20-2018 177.08 AFLAC STAFF PYRL DEDUCTION 63047 12-20-2018 260.00 AREA WIDE REPORTING SERVICE NOV30 CLAIMS PANEL - BENEFIT M 63048 12-20-2018 2,047.82 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION 63049 12-20-2018 8,873.34 DEF COMP PLAN FUND DEFCOM STAFF PYRL DEDUCTION

12-20-2018 DEF COMP PLAN FUND ROTH STAFF PYRL DEDUCTION 63050 12-20-2018 112,307.33 IL DEPT OF CENTRAL MGMT SVCS ER PREMIUM PPE121718 63051 12-20-2018 13,816.00 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION 63052 12-20-2018 2,115.03 IL DEPT OF CENTRAL MGMT SVCS STAFF PYRL DEDUCTION 63053 12-20-2018 1,095.00 GOV FIN OFFICERS ASSN FY18 CERTIFICATE FEE 63054 12-20-2018 175.24 ILLINOIS STATE DISBURSEMENTS 96-D-490 JOHNSON PYRL DEDUCTIO 63055 12-20-2018 330.00 PREA 2019 MEMBERSHIP DUES 63056 12-20-2018 114.00 SOFTWARE HARDWARE INTEGRATION SUPPLIES

12-20-2018 SOFTWARE HARDWARE INTEGRATION SUPPLIES 63057 12-20-2018 3,986.88 KATHLEEN WESTBROOK STALE DATE CHECK 63058 12-26-2018 770.00 ARDC GREEN-#6226260 2019 ARDC

12-26-2018 ARDC LEE-#6283346 2019 ARDC 63059 12-26-2018 1,000.00 DOW JONES & CO 2019 BARRONS SUBSCRIPTION 63060 12-26-2018 2,408.58 THE NORTHERN TRUST COMPANY DEC6 BD MTG MEALS

12-26-2018 THE NORTHERN TRUST COMPANY DEC7 BD MTG MEALS 63061 12-26-2018 3,353.21 JOSEPH FERENCAK STALE DATE CHECK 63062 12-28-2018 260.00 AREA WIDE REPORTING SERVICE DEC14 CLAIMS PANEL 63063 12-28-2018 2,104.07 NEWEGG.COM Data/Fax Modem

12-28-2018 NEWEGG.COM #6619 Digi Device Server12-28-2018 NEWEGG.COM Auxiliary Cables

63064 12-28-2018 2,868.00 PENSIONS & INVESTMENTS 2018-2019 SUBSCRIPTION 63065 12-28-2018 143.29 SECOND EXECUTIVE PARK DEC 2018 SNOW EQUIP RENTAL 63066 12-28-2018 1,235.60 STAPLES ADVANTAGE OFFICE SUPPLIES/CHAIRS/WHITE B

10,601,934.67

Exhibit 5

STATE UNIV RETIREMENT SYSTEM Page 102-06-2019

Payment date from: 10-01-2018 Payment date to: 12-31-2018

NTAP ElectronicACCOUNTS PAYABLE

Payment Payment Amount Payee DescriptionReference Date Vendor Paid

0003209 10-01-2018 CITYCOLLEG 320,453.76 CITY COLLEGES OF CHICAGO ANNUITANT DEDUC0003210 10-01-2018 ROMANO 1,150.00 TOMASINE ROMANO XXX-XX-4355 OCT0003211 10-01-2018 UNIVERPROF 423.50 UNIVERSITY PROFESSIONALS IL. ANNUITANT DEDUC0003212 10-01-2018 UPI-COPE 680.50 UPI-COPE ANNUITANT DEDUC0003213 10-02-2018 CAMMACK 16,250.00 CAMMACK LARHETTE ADVISORS Q3 2018 INVST A0003214 10-02-2018 FEATHERSTU 1,449.00 FEATHERSTUN, GAUMER, POSTLEWAI AUG 2018 LEGAL 0003215 10-02-2018 MAYERBRNPL 2,101.50 MAYER BROWN LLP AUG 2018 LEGAL 0003216 10-02-2018 MICHAELS 297.00 MICHAELS CATERING SEPT27 RET SEM 0003217 10-02-2018 ORMONDBRAN 35.05 BRANDON ORMOND ORMOND-SEPT5-210003218 10-02-2018 ROCKSTEVEN 405.71 STEVEN ROCK ROCK-SEPT12-14 0003219 10-02-2018 ROGARDS 494.25 ROGARDS OFFICE SUPPLIES0003220 10-02-2018 SMITHSTACY 88.39 STACY SMITH SMITH-BENEFIT F0003221 10-02-2018 VAN METERC 424.69 COLLIN VAN METER VAN METER-SEPT10003222 10-02-2018 ZAHNGOVSOL 5,000.00 ZAHN GOVERNMENTAL SOLUTIONS AUG 2018 CONSUL0003223 10-04-2018 APPFA 1,275.00 APPFA NOV4-7 APPFA CO0003224 10-04-2018 COOKASHLEY 348.40 ASHLEY COOK COOK-FAR CPA EX0003225 10-04-2018 CROSSTOM 1,968.64 TOM CROSS CROSS-SEPT2-6 V0003226 10-04-2018 GABRIELCOM 64,425.17 GABRIEL,ROEDER,SMITH & CO. SEPT 2018 RET/A0003227 10-04-2018 ITECH 2,501.50 ITECH SOLUTIONS GROUP, LLC OCT 2018 DR SVC0003228 10-04-2018 NEPC 15,000.00 NEPC, LLC Q3 2018 INVST M0003229 10-04-2018 NORTHERNIL 1,078.65 NORTHERN ILLINOIS UNIVERSITY OCT 2018 RENT0003230 10-04-2018 NOVENMARTI 966.69 MARTIN NOVEN NOVEN-SEPT23-260003231 10-04-2018 POLLITTKIM 883.61 KIM POLLITT POLLITT-SEPT24-0003232 10-04-2018 PROPIO 101.12 PROPIO LANGUAGE SERVICES SEPT 2018 INTER0003233 10-04-2018 RICOH 1,437.02 RICOH USA INC COMP ROOM PRINT0003234 10-04-2018 SAIGERJEFF 587.59 JEFFEREY SAIGER SAIGER-AIRFARE 0003235 10-04-2018 VERIZONPA 1,414.91 VERIZON WIRELESS AUG16-SEPT15 200003236 10-09-2018 COPS 260.76 CONFIDENTIAL ON-SITE PAPER SHR SEPT 2018 SHRED0003237 10-09-2018 HUNGELLEN 620.60 ELLEN HUNG HUNG-AIRFARE NO0003238 10-09-2018 lazer 1,390.00 Lazer's Edge Office Automation TONER0003239 10-09-2018 PLANTS 135.20 PLANTS ETC OCT 2018 PLANT 0003240 10-09-2018 RAMOSALEX 652.60 ALEX RAMOS RAMOS-AIRFARE N0003241 10-09-2018 ROGARDS 880.94 ROGARDS COPY PAPER0003242 10-09-2018 SIRIUS 3,147.00 SIRIUS Computer Solutions FY19 ENTERPRISE0003243 10-11-2018 BAUERCYNTH 357.26 CYNTHIA A. BAUER BAUER-SEPT24-250003244 10-11-2018 BLISSARDD 14.50 DAWN BLISSARD BLISSARD-SEPT250003245 10-11-2018 CAREERBUIL 686.00 CAREERBUILDER, LLC. SEPT 2018 BACKG0003246 10-11-2018 CARROLLLOR 131.70 LORI CARROLL CARROLL-SEPT24-0003247 10-11-2018 DROZDZ JAM 220.06 JAMES DROZDZ DROZDZ-OCT2-3 C0003248 10-11-2018 NAPPA 600.00 NAPPA GREEN-2019 MEMB0003249 10-11-2018 NASRA 100.00 NASRA 2018 PPCC AWARD0003250 10-11-2018 QUICKSILVE 3,155.75 QUICKSILVER MAILING SERVICES SEPT 2018 PRESO0003251 10-11-2018 RAMOSALEX 1,167.40 ALEX RAMOS RAMOS-SEPT25-270003252 10-16-2018 ACEHARDWAR 49.99 ACE HARDWARE 665 BUILDING MAINT0003253 10-16-2018 FEATHERSTU 1,449.00 FEATHERSTUN, GAUMER, POSTLEWAI SEPT 2018 LEGAL0003254 10-16-2018 HERRIOTTS 249.00 HERRIOTT'S COFFEE COMPANY COFFEE SUPPLIES0003255 10-16-2018 ILLPRESS 123.50 ILLINOIS PRESS ASSOCIATION 0197 SEPT 2018 0003256 10-16-2018 MICHAELS 162.00 MICHAELS CATERING OCT10 2018 RET 0003257 10-16-2018 MS PEST CT 45.00 M & S PEST CONTROL OCT 2018 PEST C0003258 10-16-2018 NAPPA 300.00 NAPPA VOCK-2019 MEMBE0003259 10-16-2018 ROGARDS 431.88 ROGARDS COPY PAPER0003260 10-16-2018 SPOC LLC 4,333.42 CONSOLIDATED COMMUNICATIONS OCT 2018 PHONE 0003261 10-16-2018 THOMSONW 1,054.32 THOMSON WEST SEPT 2018 LEGAL0003262 10-18-2018 SCHUMACHER 256.66 LISA SCHUMACHER SCHUMACHER-SEPT0003263 10-18-2018 SIRIUS 645.00 SIRIUS Computer Solutions NETWORK SUPPORT0003264 10-18-2018 STUTZMAN N 540.60 NICK STUTZMAN STUTZMAN-AIRFAR0003265 10-23-2018 ACKERMAN A 341.80 ANNETTE ACKERMAN ACKERMAN-OCT17-0003266 10-23-2018 BRIDGESLEE 13.50 LEE BRIDGES BRIDGES-SEP21 C

Exhibit 5





0003267 10-23-2018 DROZDZ JAM 279.90 JAMES DROZDZ DROZDZ-OCT16-180003268 10-23-2018 DUNNB 231.41 BRENDA DUNN DUNN-OCT2 ISU C0003269 10-23-2018 GORDONKELL 368.80 KELLY CARSON CARSON-OCT17-180003270 10-23-2018 JOHNSONM 279.90 MARLYS M. JOHNSON JOHNSON-OCT16-10003271 10-23-2018 NOVENMARTI 712.61 MARTIN NOVEN NOVEN-OCT16-18 0003272 10-23-2018 ORMONDBRAN 39.44 BRANDON ORMOND ORMOND-SEP24-OC0003273 10-23-2018 WESLEYDOUG 831.39 DOUG WESLEY WESLEY-OCT7-10 0003274 10-25-2018 ACEHARDWAR 26.06 ACE HARDWARE 665 BUILDING MAINT0003275 10-25-2018 BLISSARDD 18.64 DAWN BLISSARD BLISSARD-OCT9-20003276 10-25-2018 BURKEBURNS 15,722.45 BURKE BURNS & PINELLI, LTD SEPT 2018 LEGAL0003278 10-25-2018 CULLENDENN 309.19 DENNIS A CULLEN CULLEN-SEPT/OCT0003279 10-25-2018 DUNNB 957.77 BRENDA DUNN DUNN-OCT9-12 PU0003280 10-25-2018 EVANSJIM 125.47 JIM EVANS EVANS-OCT3-4 RE0003281 10-25-2018 GLASSLEWIS 28,350.00 GLASS LEWIS & CO, LLC PROXY RESEARCH 0003282 10-25-2018 HOUCHKRIST 616.61 KRISTEN HOUCH HOUCH-OCT16-18 0003283 10-25-2018 ICEMILLER 16,243.50 ICE MILLER LLP SEPT 2018 LEGAL0003284 10-25-2018 lazer 4,241.92 Lazer's Edge Office Automation PRINT OVERAGES0003285 10-25-2018 LEEALBERT 199.42 ALBERT LEE LEE-OCT18 BD MT0003286 10-25-2018 POLLITTKIM 439.00 KIM POLLITT POLLITT-OCT17-10003287 10-25-2018 QUICKSILVE 1,902.60 QUICKSILVER MAILING SERVICES OCT1-15 2018 FL0003288 10-25-2018 RAMOSALEX 319.80 ALEX RAMOS RAMOS-OCT17-18 0003289 10-25-2018 ROGARDS 431.88 ROGARDS COPY PAPER0003290 10-25-2018 SIRIUS 1,990.20 SIRIUS Computer Solutions OFFICE 365 LICE0003291 10-25-2018 UPKEEPMAIN 6,500.00 UPKEEP MAINTENANCE SERVICE OCT 2018 JANITO0003292 10-25-2018 VAN METERC 701.10 COLLIN VAN METER VAN METER-OCT170003293 10-25-2018 ZAHNGOVSOL 5,000.00 ZAHN GOVERNMENTAL SOLUTIONS SEPT 2018 CONSU0003294 10-30-2018 ACEHARDWAR 139.99 ACE HARDWARE 665 BUILDING MAINT0003295 10-30-2018 ADAMSSTREE 63,750.00 ADAMS STREET PARTNERS, LP Q3 2018 INVST M0003296 10-30-2018 Ativo 199,331.73 ATIVO CAPITAL MANAGEMENT Q3 2018 INVST M0003297 10-30-2018 BRANSONMAR 279.90 MARILYN BRANSON BRANSON-OCT16-10003298 10-30-2018 CROSSTOM 68.96 TOM CROSS CROSS-OCT18 BD 0003299 10-30-2018 DENALI 62,499.19 DENALI ADVISORS, LLC Q3 2018 INVST M0003300 10-30-2018 KERNLORI 150.45 LORI KERN KERN-OCT24-25 C0003301 10-30-2018 lazer 238.00 Lazer's Edge Office Automation TONER0003302 10-30-2018 LMCAPGRP 70,468.70 LM CAPITAL GROUP Q3 2018 INVST M0003303 10-30-2018 MICHAELS 504.00 MICHAELS CATERING OCT23 2018 RET 0003304 10-30-2018 MONDRIAN 335,692.69 MONDRIAN INVESTMENT PARTNERS Q3 2018 INVST M0003305 10-30-2018 SMITHGRAHA 43,423.00 SMITH GRAHAM & CO. Q3 2018 INVST M0003306 10-30-2018 STUTZMAN N 595.00 NICK STUTZMAN STUTZMAN-APR9-10003307 10-30-2018 VERIZONPA 1,127.90 VERIZON WIRELESS SEPT16-OCT15 200003308 11-01-2018 CITYCOLLEG 317,425.80 CITY COLLEGES OF CHICAGO ANNUITANT DEDUC0003309 11-01-2018 ICCTA 600.00 ICCTA NOV 2018 SUBLEA0003310 11-01-2018 RICOH 2,665.63 RICOH USA INC COMP ROOM B/W P0003311 11-01-2018 ROMANO 1,150.00 TOMASINE ROMANO XXX-XX-4355 NOV0003312 11-01-2018 UNIVERPROF 423.50 UNIVERSITY PROFESSIONALS IL. ANNUITANT DEDUC0003313 11-01-2018 UPI-COPE 680.50 UPI-COPE ANNUITANT DEDUC0003314 11-06-2018 ALVAREZIRM 16.00 IRMA A. ALVAREZ ALVAREZ-NOTARY 0003315 11-06-2018 CHILDRESST 375.00 TRACY L. CHILDRESS CHILDRESS-LYNDA0003316 11-06-2018 HAYWARDS 118.60 STEVE HAYWARD HAYWARD-OCT23-20003317 11-06-2018 HUNGELLEN 721.51 ELLEN HUNG HUNG-OCT21-25 G0003318 11-06-2018 ORMONDBRAN 39.44 BRANDON ORMOND ORMOND-OCT15-NO0003319 11-06-2018 ROCKSTEVEN 87.32 STEVEN ROCK ROCK-OCT16-22 M0003320 11-06-2018 TAYLORD 111.60 W. DOUGLAS TAYLOR TAYLOR-OCT23-240003321 11-06-2018 TECHOLARN 118.60 METHAWEE SPRINGFIELD SPRINGFIELD-OCT0003322 11-08-2018 ALTORFER 7,220.29 ALTORFER INC. REPLACE RADIATO0003323 11-08-2018 BLACKMESH 1,800.00 CONTEGIX OCT 2018 HOSTED0003324 11-08-2018 COPS 292.56 CONFIDENTIAL ON-SITE PAPER SHR OCT 2018 SHRED 0003325 11-08-2018 GONESCINDY 293.40 CINDY GONES GONES-GO TO MY

Exhibit 5





0003326 11-08-2018 HOUCHKRIST 78.43 KRISTEN HOUCH HOUCH-OCT31 IL 0003327 11-08-2018 ITECH 2,501.50 ITECH SOLUTIONS GROUP, LLC NOV 2018 DR SVC0003328 11-08-2018 MAYERBRNPL 16,950.38 MAYER BROWN LLP SEPT 2018 LEGAL0003329 11-08-2018 NORTHERNIL 1,078.65 NORTHERN ILLINOIS UNIVERSITY NOV 2018 RENT0003330 11-08-2018 PLANTS 135.20 PLANTS ETC OCT 2018 PLANT 0003331 11-08-2018 ROGARDS 471.87 ROGARDS OFFICE SUPPLIES0003332 11-08-2018 SIRIUS 645.00 SIRIUS Computer Solutions NETWORK SUPPORT0003333 11-08-2018 SPRG ELEC 22.14 SPRINGFIELD ELECTRIC SUPPLY ELECTRICAL SUPP0003334 11-13-2018 BAUERCYNTH 150.45 CYNTHIA A. BAUER BAUER-OCT23-24 0003335 11-13-2018 BLISSARDD 20.71 DAWN BLISSARD BLISSARD-OCT23-0003336 11-13-2018 BRIDGESLEE 41.00 LEE BRIDGES BRIDGES-NOV10-10003337 11-13-2018 CDSOFFSYS 5,648.48 C D S OFFICE TECHNOLOGIES OVERAGE CHARGE 0003338 11-13-2018 DROZDZ JAM 367.43 JAMES DROZDZ DROZDZ-OCT24-250003339 11-13-2018 GH&A 109,975.03 GARCIA HAMILTON & ASSOC Q3 2018 INVST M0003340 11-13-2018 HERRIOTTS 379.25 HERRIOTT'S COFFEE COMPANY COFFEE SUPPLIES0003341 11-13-2018 LEXISNEXRD 105.50 LEXISNEXIS RISK SOLUTIONS SEPT 2018 MIN C0003342 11-13-2018 MAYERSUZAN 1,668.66 SUZANNE MAYER MAYER-OCT20-24 0003343 11-13-2018 METWESTASS 217,316.10 METROPOLITAN WEST ASSET MAN. Q3 2018 INVST M0003344 11-13-2018 MICHAELS 324.00 MICHAELS CATERING NOV8 RET SEM BO0003345 11-13-2018 NOVENMARTI 54.50 MARTIN NOVEN NOVEN-OCT31 IL 0003346 11-13-2018 PACIFICINV 751,029.66 PACIFIC INVESTMENT CO. Q3 2018 UNCONS 0003347 11-13-2018 PIEDMONTIN 271,365.21 PIEDMONT INVESTMENT ADVISORS Q3 2018 INVST M0003348 11-13-2018 PROPIO 83.20 PROPIO LANGUAGE SERVICES OCT 2018 INTERP0003349 11-13-2018 PUGHCAPITA 61,877.62 PUGH CAPITAL MANAGEMENT Q3 2018 INVST M0003350 11-13-2018 QUICKSILVE 2,006.03 QUICKSILVER MAILING SERVICES OCT 2018 PRESOR0003351 11-13-2018 RHUMBLINE 39,231.00 RHUMBLINE ADVISERS Q3 2018 INVST M0003352 11-13-2018 SMITHSTACY 1,020.46 STACY SMITH SMITH-OCT20-24 0003353 11-13-2018 WINFREYAND 192.34 ANDREA JORDAN JORDAN-OCT24-250003354 11-13-2018 WOOLARDB 11,955.00 WOOLARD MARKETING CONSULTANTS FY2018 ANNUAL R0003355 11-13-2018 ZAHNGOVSOL 5,000.00 ZAHN GOVERNMENTAL SOLUTIONS OCT 2018 CONSUL0003356 11-16-2018 ACEHARDWAR 18.51 ACE HARDWARE 665 BUILDING MAINT0003357 11-16-2018 CHANNINGCA 134,508.01 CHANNING CAPITAL MANAGEMENT Q3 2018 INVST M0003358 11-16-2018 GLOBEFLEX 246,540.95 GLOBEFLEX CAPITAL, L.P. Q3 2018 INVST M0003359 11-16-2018 ICEMILLER 1,797.30 ICE MILLER LLP SEPT 2018 LEGAL0003360 11-16-2018 lazer 1,173.50 Lazer's Edge Office Automation TONER0003361 11-16-2018 NASRA 4,050.00 NASRA 2019 ANNUAL DUE0003362 11-16-2018 ROGARDS 251.95 ROGARDS OFFICE SUPPLIES0003363 11-16-2018 SCHUMACHER 20.00 LISA SCHUMACHER SCHUMACHER-OCT10003364 11-16-2018 STRATEGICG 283,706.79 STRATEGIC GLOBAL ADVISORS Q3 2018 INVST M0003365 11-16-2018 TENSIONENV 1,372.50 TENSION ENVELOPE CORPORATION #10 ENVELOPES0003366 11-16-2018 UBSGLOBAL 13,360.00 UBS GLOBAL ASSET MANAGEMENT Q3 2018 INVST M0003367 11-20-2018 BLISSARDD 16.57 DAWN BLISSARD BLISSARD-NOV6-10003368 11-20-2018 CASTLEARK 192,526.90 CASTLEARK MANAGEMENT LLC Q3 2018 INVST M0003369 11-20-2018 CDSOFFSYS 7,585.00 C D S OFFICE TECHNOLOGIES #6617-18 SCANNE0003370 11-20-2018 GLADIUS 548,493.92 GLADIUS CAPITAL MANAGEMENT LP Q3 2018 INVST M0003371 11-20-2018 HAYWARDS 1,122.66 STEVE HAYWARD HAYWARD-NOV3-7 0003372 11-20-2018 ICEMILLER 13,739.15 ICE MILLER LLP OCT 2018 LEGAL 0003373 11-20-2018 ILLPRESS 141.50 ILLINOIS PRESS ASSOCIATION 0197 OCT 2018 R0003374 11-20-2018 MESIROWFIN 269,918.06 MESIROW FINANCIAL INVESTMENT Q3 2018 INVST M0003375 11-20-2018 MS PEST CT 45.00 M & S PEST CONTROL NOV 2018 PEST C0003376 11-20-2018 NIU CATER 2,527.79 NORTHERN ILLINOIS UNIVERSITY OCT4 ROOM RENTA0003377 11-20-2018 NORTRUST 33,080.80 THE NORTHERN TRUST COMPANY Q3 2018 INVST M0003378 11-20-2018 POLLITTKIM 303.81 KIM POLLITT POLLITT-NOV12-10003379 11-20-2018 SAIGERJEFF 72.10 JEFFEREY SAIGER SAIGER-NOV7 DUE0003380 11-20-2018 TAYLORD 1,131.40 W. DOUGLAS TAYLOR TAYLOR-NOV3-7 A0003381 11-20-2018 TECHOLARN 1,211.31 METHAWEE SPRINGFIELD SPRINGFIELD-NOV0003382 11-20-2018 THOMSONW 1,054.32 THOMSON WEST OCT 2018 LEGAL 0003383 11-20-2018 WESLEYDOUG 360.31 DOUG WESLEY WESLEY-NOV12-13

Exhibit 5





0003384 11-21-2018 DROZDZ JAM 250.96 JAMES DROZDZ DROZDZ-NOV7-8 C0003385 11-21-2018 EVANSJIM 119.75 JIM EVANS EVANS-NOV7-8 CO0003386 11-21-2018 JOHNSONM 210.76 MARLYS M. JOHNSON JOHNSON-NOV14 C0003387 11-21-2018 NOVENMARTI 94.83 MARTIN NOVEN NOVEN-NOV14 DUE0003388 11-21-2018 WILLOUGHBY 639.34 SHANE WILLOUGHBY WILLOUGHBY-NOV10003389 11-27-2018 ACEHARDWAR 125.41 ACE HARDWARE 665 BUILDING MAINT0003390 11-27-2018 ALPHA MS 5,990.00 ALPHA MECHANICAL SERVICE, INC CHILLER RENTAL0003391 11-27-2018 EVANSJIM 101.08 JIM EVANS EVANS-NOV15-16 0003392 11-27-2018 GABRIELCOM 28,475.92 GABRIEL,ROEDER,SMITH & CO. OCT 2018 RET/PE0003393 11-27-2018 PANTHEONVE 245,689.00 PANTHEON VENTURES US LLP Q4 2017 INVST M0003394 11-27-2018 RAMOSALEX 698.60 ALEX RAMOS RAMOS-NOV14-16 0003395 11-27-2018 TEPPERELEC 63.12 TEPPER ELECTRIC SUPPLY CO. ELECTRICAL SUPP0003396 11-29-2018 ACEHARDWAR 22.49 ACE HARDWARE 665 BUILDING MAINT0003397 11-29-2018 BURKEBURNS 10,886.86 BURKE BURNS & PINELLI, LTD OCT 2018 LEGAL 0003398 11-29-2018 ICCTA 600.00 ICCTA DEC 2018 SUBLEA0003399 11-29-2018 MCLAGAN 6,250.00 MCLAGAN PARTNERS, INC. PENSION FUNDS C0003400 11-29-2018 NEUBERGER 164,082.99 NEUBERGER BERMAN Q3 2018 INVST M0003401 11-29-2018 PROGINVEST 588,573.85 PROGRESS INVESTMENT MGMT CO. Q3 2018 INVST M0003402 11-29-2018 RICOH 73.50 RICOH USA INC COMP ROOM B/W P0003403 11-29-2018 ROGARDS 431.88 ROGARDS COPY PAPER0003404 11-29-2018 WELLINGTON 638,291.88 WELLINGTON MANAGEMENTCOMPANY Q3 2018 INVST M0003405 12-03-2018 BRIDGESLEE 30.00 LEE BRIDGES BRIDGES-NOV14-10003406 12-03-2018 CITYCOLLEG 318,474.72 CITY COLLEGES OF CHICAGO ANNUITANT DEDUC0003407 12-03-2018 MICHAELS 135.00 MICHAELS CATERING NOV30 CLAIMS PA0003408 12-03-2018 NOVENMARTI 220.15 MARTIN NOVEN NOVEN-JUN21 SUA0003409 12-03-2018 RICOH 1,119.05 RICOH USA INC COMP ROOM COLOR0003410 12-03-2018 ROMANO 1,150.00 TOMASINE ROMANO XXX-XX-4355 DEC0003411 12-03-2018 UNIVERPROF 423.50 UNIVERSITY PROFESSIONALS IL. ANNUITANT DEDUC0003412 12-03-2018 UPI-COPE 680.50 UPI-COPE ANNUITANT DEDUC0003413 12-03-2018 UPKEEPMAIN 6,500.00 UPKEEP MAINTENANCE SERVICE NOV 2018 JANITO0003414 12-03-2018 VERIZONPA 1,127.90 VERIZON WIRELESS OCT16-NOV15 2010003415 12-03-2018 WINFREYAND 239.12 ANDREA JORDAN JORDAN-NOV7-9 C0003416 12-06-2018 BLISSARDD 14.50 DAWN BLISSARD BLISSARD-NOV19-0003417 12-06-2018 COPS 222.60 CONFIDENTIAL ON-SITE PAPER SHR NOV 2018 SHRED 0003418 12-06-2018 EARNESTPAR 215,736.25 EARNEST PARTNERS, LLC Q3 2018 INVST M0003419 12-06-2018 FIDELITYIN 292,392.56 FIDELITY INSTITN'L ASSET MGMT Q3 2018 INVST M0003420 12-06-2018 FLOWER FUN 2,840.00 FLOWER FUND B DUNN & S GORDON 2018 HOLIDAY PA0003421 12-06-2018 GONESCINDY 199.95 CINDY GONES GONES-EXPERT EX0003422 12-06-2018 GORDONKELL 39.99 KELLY CARSON CARSON-SUITCASE0003423 12-06-2018 LEXISNEXRD 50.00 LEXISNEXIS RISK SOLUTIONS NOV 2018 MIN CO0003424 12-06-2018 NOVENMARTI 385.00 MARTIN NOVEN NOVEN-2019 ARDC0003425 12-06-2018 PROPIO 54.40 PROPIO LANGUAGE SERVICES NOV 2018 INTERP0003426 12-06-2018 QUICKSILVE 1,279.46 QUICKSILVER MAILING SERVICES NOV1-15 2018 FL0003427 12-06-2018 ROGARDS 617.86 ROGARDS OFFICE SUPPLIES0003428 12-06-2018 STATESTREE 20,218.35 STATE STREET GLOBAL ADVISORS Q3 2018 INVST M0003429 12-06-2018 TROWEPRICE 272,284.19 T. ROWE PRICE Q3 2018 INVST M0003430 12-11-2018 HERRIOTTS 254.50 HERRIOTT'S COFFEE COMPANY COFFEE SUPPLIES0003431 12-11-2018 ILLPRESS 122.75 ILLINOIS PRESS ASSOCIATION 0197 NOV 2018 R0003432 12-11-2018 MAYERSUZAN 38.50 SUZANNE MAYER MAYER-CRC REFUN0003433 12-11-2018 NORTHERNIL 1,078.65 NORTHERN ILLINOIS UNIVERSITY DEC 2018 RENT0003434 12-11-2018 ORMONDBRAN 39.44 BRANDON ORMOND ORMOND-NOV7-30 0003435 12-11-2018 QUICKSILVE 3,247.52 QUICKSILVER MAILING SERVICES NOV 2018 PRESOR0003436 12-13-2018 ACKERMAN A 336.30 ANNETTE ACKERMAN ACKERMAN-DEC5-70003437 12-13-2018 BLACKMESH 900.00 CONTEGIX DEC 2018 HOSTED0003438 12-13-2018 CAGLEJON 29.25 JON CAGLE CAGLE-EXTRON RG0003439 12-13-2018 CAMPBELLB 150.00 BYRON CAMPBELL CAMPBELL-AUTONO0003440 12-13-2018 CAREERBUIL 1,325.25 CAREERBUILDER, LLC. OCT 2018 BACKGR0003441 12-13-2018 GABRIELCOM 20,607.09 GABRIEL,ROEDER,SMITH & CO. NOV 2018 RETAIN

Exhibit 5





0003442 12-13-2018 GIERTZFRED 532.20 J. FRED GIERTZ GIERTZ-DEC5-7 B0003443 12-13-2018 GORDONKELL 336.30 KELLY CARSON CARSON-DEC5-7 B0003444 12-13-2018 HOUCHKRIST 336.30 KRISTEN HOUCH HOUCH-DEC6-7 BD0003445 12-13-2018 ITECH 2,501.50 ITECH SOLUTIONS GROUP, LLC DEC 2018 DR SVC0003446 12-13-2018 lazer 395.00 Lazer's Edge Office Automation TONER0003447 12-13-2018 NOVENMARTI 715.70 MARTIN NOVEN NOVEN-DEC5-7 DU0003448 12-13-2018 PLANTS 135.20 PLANTS ETC NOV 2018 PLANT 0003449 12-13-2018 TECHOLARN 166.30 METHAWEE SPRINGFIELD SPRINGFIELD-DEC0003450 12-13-2018 TROWEPRICE 572,358.21 T. ROWE PRICE Q3 2018 INVST M0003451 12-13-2018 VALLEKELLY 373.34 KELLY VALLE VALLE-NOV13-14 0003452 12-19-2018 ALPHA MS 5,990.00 ALPHA MECHANICAL SERVICE, INC CHILLER RENTAL0003453 12-19-2018 DUNCANJO 341.80 JOSEPH DUNCAN DUNCAN-DEC5-7 B0003454 12-19-2018 FEMORANINC 210.00 FE MORAN INC. JAN-MAR 2019 AL0003455 12-19-2018 GREENBIANC 384.57 BIANCA T GREEN GREEN-DEC5-8 BD0003456 12-19-2018 HAYWARDS 169.65 STEVE HAYWARD HAYWARD-DEC6-7 0003457 12-19-2018 HOUCHKRIST 247.03 KRISTEN HOUCH HOUCH-DEC13 DUE0003458 12-19-2018 HUNGELLEN 369.28 ELLEN HUNG HUNG-DEC5-7 BD 0003459 12-19-2018 KARNES MAT 1,014.00 MATTHEW KARNES KARNES-FALL 2010003460 12-19-2018 LEEALBERT 256.80 ALBERT LEE LEE-DEC6-7 BD M0003461 12-19-2018 MATARIN 180,138.00 MATARIN CAPITAL MANAGEMENT Q3 2018 INVST M0003462 12-19-2018 MAYERSUZAN 206.59 SUZANNE MAYER MAYER-DEC6-7 BD0003463 12-19-2018 MS PEST CT 45.00 M & S PEST CONTROL DEC 2018 PEST C0003464 12-19-2018 PENSIONCON 120,750.00 PENSION CONSULTING ALLIANCE Q4 2018 INVST M0003465 12-19-2018 POLLITTKIM 667.14 KIM POLLITT POLLITT-DEC5-7 0003466 12-19-2018 ROGARDS 431.88 ROGARDS COPY PAPER0003467 12-19-2018 SAIGERJEFF 816.77 JEFFEREY SAIGER SAIGER-NOV26-290003468 12-19-2018 TEPPERELEC 191.98 TEPPER ELECTRIC SUPPLY CO. ELECTRICAL SUPP0003469 12-19-2018 UPKEEPMAIN 6,500.00 UPKEEP MAINTENANCE SERVICE DEC 2018 JANITO0003470 12-19-2018 VAN METERC 772.65 COLLIN VAN METER VAN METER-DEC5-0003471 12-19-2018 WESLEYDOUG 385.30 DOUG WESLEY WESLEY-DEC5-7 &0003472 12-19-2018 WILLOUGHBY 372.75 SHANE WILLOUGHBY WILLOUGHBY-DEC50003473 12-20-2018 BLISSARDD 18.64 DAWN BLISSARD BLISSARD-DEC4-10003474 12-20-2018 CDSOFFSYS 4,109.00 C D S OFFICE TECHNOLOGIES 2018 1099R/W2/10003475 12-20-2018 CROSSTOM 301.84 TOM CROSS CROSS-NOV/DEC D0003476 12-20-2018 CULLENDENN 99.08 DENNIS A CULLEN CULLEN-NOV/DEC 0003477 12-20-2018 MYERSTARA 166.15 TARA MYERS MYERS-DEC6-7 BD0003478 12-20-2018 NOVENMARTI 470.87 MARTIN NOVEN NOVEN-DEC12-13 0003479 12-20-2018 PATELAKSHA 1,570.00 AKSHAY PATEL PATEL-CFA EXAM 0003480 12-26-2018 CAGLEJON 2,538.00 JON CAGLE CAGLE-FALL 20180003481 12-26-2018 FELLERS JO 1,172.88 JOEL FELLERS FELLERS-OCT14-10003482 12-26-2018 GORDONSHA 153.66 SHANNON GORDON GORDON-D.STEELE0003483 12-26-2018 HOUCHKRIST 190.00 KRISTEN HOUCH HOUCH-THIRD HOU0003484 12-26-2018 ICCTA 600.00 ICCTA JAN 2019 SUBLEA0003485 12-26-2018 ROGARDS 219.96 ROGARDS OFFICE SUPPLIES0003486 12-26-2018 VALLEKELLY 1,825.96 KELLY VALLE VALLE-DEC4-6 RI0003487 12-28-2018 ACEHARDWAR 88.82 ACE HARDWARE 665 BUILDING MAINT0003488 12-28-2018 ALTEC 3,967.20 ALTEC PRODUCTS INC. OCT2018-SEPT2010003489 12-28-2018 BLISSARDD 14.50 DAWN BLISSARD BLISSARD-DEC18-0003490 12-28-2018 DAS 3,500.00 DOCUMENT ACCESS SYSTEMS DAEJA VIEWONE0003491 12-28-2018 TEPPERELEC 35.60 TEPPER ELECTRIC SUPPLY CO. ELECTRICAL SUPP0003492 12-28-2018 THOMSONW 1,054.32 THOMSON WEST NOV 2018 LEGAL 0003493 12-28-2018 ZAHNGOVSOL 5,000.00 ZAHN GOVERNMENTAL SOLUTIONS NOV 2018 CONSUL

Payment Account Total 8,707,274.56*Payment Type Total 8,707,274.56*

Report Total 8,707,274.56*

Exhibit 5

Exhibit 5

To: SURS Board of Trustees From: Suzanne Mayer, Chief Benefits Officer Date: February 21, 2019 Re: Member Service Division Report

Defined Benefit Claims

Fiscal year 2019 to date, SURS staff has processed over 5,840 total claims including lump-sum refunds, retirements, disabilities, death and survivor benefits. Of the 1,758 retirement claims, 44% were highest under Money Purchase, 49% General Formula and 7% other (minimum annuity, police/fire formula). The average age at retirement is 63 and the average length of service is 20.6 years. The average monthly annuity is approximately $2,600.

Approximately 13% 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 $37 million. Approximately 13% of finalized retirement claims generated an employer 6% bill. We do not anticipate that any claims will generate a 3% bill before the final quarter of fiscal year 2019. Education As of Jan. 31 of this fiscal year, SURS representatives met with over 3,110 members for individual counseling, provided an additional 576 written estimates, conducted 47 on-campus outreach visits, held 6 retirement seminars, conducted 32 group presentations & webinars, handled 59,862 incoming callers and assisted over 4,730 walk-in visitors. 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 rating fiscal year-to-date follows.

Member Satisfaction Rating Target FY19 YTD

Counseling 90% 99%

Call Center 90% 90%

Reception 90% 98%

Exhibit 6

Money Purchase Factor Change At the March 2018 board meeting, the board voted to change the assumed rate of return to 6.75% effective 6/30/18 for assumption purposes and effective 7/2/19 for any corresponding actuarial factor changes including the change in Money Purchase factors that impact member benefits. Members affected by the Money Purchase change could see a 5-6% decrease in benefits that will take 6-9 months to recover dependent on whether they are currently active in the system. Demand for counseling services has increased in anticipation of this change. Accelerated Pension Buyouts under Public Act 100-587 Public Act 100-587 created two accelerated pension buyout options available to SURS members. SURS is currently building system requirements, preparing materials, and training staff to educate members and process calculations. SURS plans to release an updated online estimator by no later than May 1st. The estimator will allow members to compare their lifetime monthly annuity including automatic annual increases to what they would receive under either of the two buyout options, if eligible. They will also be shown what they will give up over their lifetime if selecting a buyout option. Members will be able to generate estimates themselves through our self-service portal or meet with a SURS counselor to have estimates generated for them. At the time the estimator is made available, a communications campaign will be initiated that will inform & educate eligible members regarding the buyout options available to them. SURS expects to see a significant spike in demand for counseling from the implementation date of the estimator through June 30, 2021. Historical Demand for Services The charts on the following page provide a breakdown of retirement claims & counseling/estimates by fiscal year over the last six years. The spikes shown in 2014 were due to potential pension reform created under PA 98-599 prior to it being overturned. Spikes in fiscal year 2016 were due to a change in the Money Purchase actuarial factors effective January 4, 2016. With a change in Money Purchase actuarial factors set to occur effective July 2, 2019 and two accelerated pension buyout options with a planned June 2019 implementation, upcoming demand for counseling services and claims processing is expected to be significant.

Exhibit 6

0

200

400

600

800

1000

1200

1400

1600

Retirement Claims

FY2014

FY2015

FY2016

FY2017

FY2018

FY2019

0

200

400

600

800

1000

1200

1400

1600Retirement Counseling & Written Estimates

FY2014

FY2015

FY2016

FY2017

FY2018

FY2019

Exhibit 6

To: SURS Board of Trustees From: Keith Johnson, SMP Manager Date: February 15, 2019 Re: Self-Managed Plan (SMP) Update, Quarter Ending December 31, 2018 _____________________________________________________________________________________ Overview As of December 31, 2018, the average SMP participant’s account balance was $103,195 based on 21,585 participants, 13,563 active and 8,022 terminated, with participants’ investments totaling $2,227,460,189. 61% of participants’ assets were invested with Fidelity and 39% with TIAA-CREF. The average participant is invested in 3.4 funds.

Fiscal Year 2019 Distributions Fiscal year-to-date, 38 SMP members have retired and annuitized their account balance through Principal. The average age at annuitization is 62.5. The average monthly annuity is $1,161.82. 56 members annuitized their account balances through TIAA. The average age at annuitization was 64.5. The average monthly benefit was $907.50. FY to date, 100 SMP retirement eligible participants chose to forego an annuity in favor of a lump-sum distribution. 344 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, 2018

Avg Account BalanceParticipants

Exhibit 7

Education Fiscal year-to-date, SURS has provided individual counseling to 239 SMP members, two Navigating the SMP webinar has been offered with attendance of 84. Plan Election Since January 1, 2011, 10,580 (18.65%) of the 56,739 Tier 2 new hires chose the SMP, 10.12% chose Traditional, 22.65% Portable and 48.58% defaulted to Traditional. 16.8% of all active SURS participants are in the Self-Managed Plan, 22.6% Portable, 15.1% Traditional, 40.6% Traditional by default and 4.9% No Election.

0%

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20%

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50%

60%

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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

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018Year / Calendar Qtr

10 yr. SURS Plan Elections by Quarter

Default PortableSMP TraditionalTraditional + Default

Exhibit 7

Membership Composition 43.3% of the SMP active participants are Academic and 56.7% are Staff.

72% of active SMP participants are full-time, 28% are part-time.

4,186 7,5006,876

14,176 32,738

7,777 10,4846,540

18,154 42,955

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, 2018

Academic Staff

10,696 14,329 9,067 21,005 55,097

2,781 3,846 3,08911,680

21,396

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, 2018

Full Time Part Time

Exhibit 7

Self Managed Plan Distributions Distributions paid in quarter ending December 31, 2018 Non-Retirement eligible: Total Non-Retirement eligible 250 $ 5,073,938

Fixed period 81 $ 52,309 Lump sum 70 $ 1,031,068 Rollovers 98 $ 3,985,281 QILDRO 1 $ 5,280

Retirement eligible: Total Retirement eligible 126 $ 15,878,855

Annuities 31 $ 9,951,854 Fixed period 38 $ 94,944 Lump sum 18 $ 941,982 Rollovers 39 $ 4,890,075 QILDRO 0 $

Death benefits: Total Death benefits 10 $ 1,096,155 Annuity 0 $

Lump sum 10 $ 1,096,155 Rollovers 0 $

Total: 386 $ 22,048,948

Exhibit 7