When a pension board commits retirement money, its members should be able to see the financial reasoning.
A decision record should explain repayment risk, expected return, liquidity, reasonable alternatives and the investment’s place in the wider portfolio.
How the proposal moved
Auditor-office records contain an eight-stop April 14–15, 2025 itinerary. It shows scheduled outreach, not proof that all eight meetings occurred. A participating-office email confirms the Hudson–Babbitt encounter. Seller messages report encounters with Fecher and Treasury staff. Itinerary, p. 2 · DFA confirmation · Seller account, p. 589.
The signed APERS minutes identify Jason Brady as the Auditor’s proxy and the presenter and mover of the authorization. Minutes, pp. 1 and 4. Explore the network and its boundaries.
What the records now show
| Record | Amount | What it establishes |
|---|---|---|
| APERS, September 7, 2026 | $25 million par | Two positions in a dated custody report; allocation among APERS-administered systems unresolved. |
| ATRS, February 17 and July 31, 2026 | $9.9 million par | Completed purchase, then a later observation of the same security. |
| ATRS, January 2, 2026 | $50 million funding | Completed manager transfer that includes the eventual $9.9 million security. |
The APERS and ATRS figures come from different record dates. ATRS’s $9.9 million bond is already included in its $50 million funded account, alongside U.S. Treasuries and cash. Adding the bond to that funding would count the same money twice.
Sources: APERS custody, p. 1; ATRS trade, row 2; ATRS July, row 9; funding, p. 3.
What we are asking for
The Integrity Act would require a clear financial explanation before a pension system commits to a covered investment in non-tradable sovereign debt. The system would publish it within 30 calendar days of that commitment. The same standards would apply regardless of the issuer. Trustees would set the rules and oversee managers working within approved limits. How manager purchases and pooled funds would be handled.