February 25, 2022
These highlights are a summary of actions taken and topics discussed by the COAERS Board.
COAERS Strategic Plan
The COAERS Board adopted its 2022- 2026 Strategic Plan. Last year, the Board undertook the initiative to revisit the strategic plan as part of its assessment of governance effectiveness. During the year-long process, the Board adopted a new mission and vision statement, along with new strategic plan goals, strategic objectives, and performance metrics. You can view the COAERS Strategic Plan by visiting our website at www.coaers.org/about.
Updates to the Board Bylaw
In December, the Board approved changes to the Board Bylaws, which included modifications to the body’s committee structure. As a result, the Board added two new standing committees: the Governance and Human Resources Committee and the Legislative Committee. Additionally, the Disability Committee was subsumed by the Benefits and Services Committee.
Enterprise Risk Management Policy
During its December Meeting, the Board approved the Enterprise Risk Management Policy and associated Risk Management Report. The purpose of the policy is to create an appropriate risk management structure for COAERS and promote the identification, monitoring and management of risk to the System, thereby improving the ability of the organization’s ability to fulfill its mission. The Risk Management Report shows the current risk trends for each category of risk relevant to COAERS.
City, COAERS Make Progress on Long-Term Plan Sustainability
Discussion City of Austin representatives and COAERS are in discussions about developing legislation for the 88th Texas Legislative Session. The working group is on track to bring a proposed legislative framework to the COAERS Board for consideration and approval this summer.
As part of its discussions, City representatives and COAERS have established the potential roles of the plan sponsor and plan administrator as it relates to potential changes to existing benefit and contribution policies, plan governance, and plan administration. The working group is also looking at funding solutions with 25 or 30- year funding targets with a preference for implementing an actuarially determined contribution model.
COAERS and the City will continue to engage in productive, meaningful, and collaborative efforts to develop solutions to improve the retirement system’s long-term financial health and sustainability. We will continue to keep COAERS members well informed of our progress.