What Aon Advised ATRS
Aon designed the implementation route and recommended Reams; ATRS trustees carried the financial decision.
ATRS authorized up to $50M for an Israel Bonds strategy on June 2, 2025. Aon’s two-page memo in the Board packet deserves to be read as a whole.
Page 149: how to carry out the strategy
Page 149 contains substantive professional advice. Aon discusses using a separate account, compares BlackRock and Reams, recommends Reams, and notes that the bonds have limited marketability.
That advice helped ATRS decide how to implement the strategy and which manager to hire.
Page 150: trustees own the investment decision
The next page defines Aon’s role by assigning the merits of the investment and the choice of any particular bond to ATRS trustees.
That left the central decision with the Board: whether the strategy served ATRS members and how its credit risk, return, liquidity, and portfolio fit compared with other options.
Why the distinction matters
The ATRS files also contain credit-related material, including an S&P downgrade report. Members deserve a concise explanation of what trustees relied on and how they connected that material to the June 2 authorization.
The Integrity Act would add that merits analysis to future covered purchases, alongside the manager-selection advice, while trustees retain the final judgment.
Read Aon’s pages 149–150 → Read Resolution 2025-22 →