December 1, 2023 Board of Trustees Meeting Highlights

The FPIF Board of Trustees met on December 1, 2023. Highlights of the board meeting include the adoption of the FY 2023 Annual Comprehensive Financial Report, actions related to the private markets portfolio, and revisions to FPIF's trustee election rules. 

Fiscal Year 2023 Annual Comprehensive Financial Report 

The board accepted its Annual Comprehensive Financial Report, and is pleased to report that no exceptions were identified.

The report is now available under the Annual Reports & Disclosures page of the FPIF website (link).

Private Markets Portfolio

The board approved a Private Markets Strategic Plan that sets forth the underlying philosophies and principles which will be followed for the construction and ongoing maintenance of the private markets program, and approved changes to FPIF's procurement rules to help facilitate transparent and timely investment in private markets.

The Private Markets Stretegic Plan can be found on the Investment Reports page of the FPIF website (link).

The approved amendment to procurement rules can be found on the Pending Rules page of the FPIF website (link).

Trustee Election Rules

The board also approved changes to the FPIF trustee election rules to reflect the statutory changes made by Public Act 103-552 and to provide for electronic voting for Beneficiary and Participant Trustee Positions.   

Statutory changes made by Public Act 103-552 include the removal of the requirement that voters sign the return envelope when returning their mail ballot, changes to the appointment of trustees in the event of a vacancy, and the alignment of special elections to fill trustee vacancies with regular trustee elections.

The approved amendment to trustee election rules can be found on the Pending Rules page of the FPIF website (link).

Next Meeting of the Board of Trustees

The next meeting of the FPIF Board of Trustees is scheduled for February 2, 2024 at 9:00 am.