Risk & Audit Committee - November 17, 2026

The Risk & Audit Committee 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 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 Government Code section 11123.2 (amended by Stats. 2025, ch. 222, § 1), Board members may participate remotely via teleconference.

Meeting Agenda for November 17, 2026

Open Session

9:00 a.m.
Or upon adjournment of the Finance & Administration Committee Meeting – Whichever is later

1. Item
   1. Call to Order and Roll Call (PDF)
   2. Executive Report (PDF) – Prashant Yerramalli
   3. Action Consent Items – Prashant Yerramalli
      1. Approval of the November 17, 2026, Risk & Audit Committee Timed Agenda (PDF)
      2. Approval of the September 16, 2026, Risk & Audit Committee Meeting Minutes (PDF)
   4. Information Consent Items – Prashant Yerramalli
      1. Annual Calendar Review (PDF)
      2. Draft Agenda for the February 2027 Risk & Audit Committee Meeting (PDF)
      3. Quarterly Status Report – Office of Audit Services (PDF)
         1. Attachment 1 – Employer Compliance Reviews – Open Findings Over 1 Year (PDF)
      4. Status Report – Enterprise Compliance Activity Report (PDF)
         1. Attachment 1 – Monthly Status Report – Enterprise Compliance Activity August 2026 (PDF)
         2. Attachment 2 – Monthly Status Report – Enterprise Compliance Activity September 2026 (PDF)
   5. Action Agenda Items
      1. Independent Auditor’s Report – Fiscal Years 2025-26 (PDF) – Beliz Chappuie, Plante Moran, Michele Nix
         1. Attachment 1 – Independent Auditor’s Report-Report on the Audit of Financial Statements (PDF)
         2. Attachment 2 – Plante Moran Report to RAC FY ended June 30, 2026-Reort on Internal Controls (PDF)
         3. Attachment 3 – Independent Auditor’s Report – Compliance and Other Matters (PDF)
      2. Review of Independent Auditor’s Management Letter (PDF) – Beliz Chappuie, Plante Moran, Michele Nix
         1. Attachment 1 (PDF) – Comments to Management as a Result of the June 30, 2026 Audit
      3. Public Employees Retirement System Conflict-of-Interest Code Amendment (PDF) – Prashant Yerramalli
         1. Attachment 1 – California Code of Regulations – Clean Copy (PDF)
         2. Attachment 2 – Conflict-of-Interest Code – Red-lined (PDF)
   6. Information Agenda Items
      1. Summary of Committee Direction – Prashant Yerramalli
      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 – Prashant Yerramalli
      1. Approval of the September 17, 2026 Risk & Audit Committee Closed Session Meeting Minutes
   3. Information Agenda Item
      1. Personnel, Employment and Performance, Chief Auditor – Beliz Chappuie

Open Session

Upon adjournment of the Closed Session

1. Items
   7. Adjournment of Meeting