Risk & Audit Committee - November 18, 2025

Oversees system soundness, enterprise risk management, internal and external audits, privacy and information security, ethics, compliance and other independent reassurance activities.

(Agenda items are provided in a PDF format, which require Adobe Reader 8 or higher to view.)

Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board or Committee at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. In accordance with California Government Code section 11123.2 (added by Stats. 2023, ch. 216, § 1), Board members may participate remotely via teleconference.

Meeting Agenda for November 18, 2025

Open Session

9:30 a.m.

Or upon adjournment of the Pension & Health Benefits Committee – Whichever is later 

1. Item
   1. Call to Order and Roll Call (PDF)
   2. Executive Report (PDF) Kevin L. Fein
   3. Action Consent ItemsKevin L. Fein
      1. Approval of the September 17, 2025, Risk & Audit Committee Meeting Minutes (PDF)
      2. Approval of the November 18, 2025, Risk & Audit Committee Timed Agenda (PDF)
   4. Information Consent Items
      1. Annual Calendar Review (PDF)
      2. Draft Agenda for the February 2026 Risk & Audit Committee Meeting (PDF)
      3. Quarterly Status Report - Office of Audit Services (PDF)
         1. Attachment 1 (PDF)
      4. Status Report – Enterprise Compliance Activity (PDF)
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
   5. Action Agenda Items
      1. Independent Auditor’s Report – Fiscal Year 2024-2025 (PDF)Beliz Chappuie, BDO, Michele Nix
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
      2. Review of Independent Auditor’s Management Letter (PDF)Beliz Chappuie, BDO, Michele Nix
         1. Attachment 1 (PDF)
   6. Information Agenda Items
      1. Summary of Committee Direction Kevin L. Fein
      2. Public Comment

Closed Session

Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1)) and (g)(1))

1. Item
   1. Call to Order and Roll Call
   2. Action Consent Items Kevin L. Fein
      1. Approval of the September 17, 2025, Risk & Audit Committee Closed Session Meeting Minutes
   3. Information Agenda Items
      1. Personnel, Employment and Performance, Chief Compliance Officer Kevin L. Fein
      2. Personnel, Employment and Performance, Chief AuditorBeliz Chappuie

Open Session

Upon Adjournment of Closed Session

1. Item
   7. Adjournment of Meeting