September 12th – 478.pdf

The Tennessee Valley Authority Retirement System Board of Directors held a quarterly meeting on September 12, 2018. The meeting was attended by directors Brian M. Child, Tammy W. Wilson, Samuel J. DeLay, Christopher L. Hinton, James W. Hovious, Leonard J. Muzyn, and Allen E. Stokes. The Board recognized the service of Leonard Muzyn and Allen Stokes, whose terms will end on October 31, 2018. The Executive Secretary presented a proposed budget for fiscal year 2019 and announced that the December quarterly meeting will be held in Chattanooga. The Board approved the minutes of previous meetings, accepted various reports, and reviewed investment policy statements and asset allocation. The Investment Committee reported on investment performance, asset transfers, and due diligence meetings. The Board also discussed the 401(k) Plan, private credit and real assets portfolios, and risk-return information. Additionally, the Board approved a $300 million commitment to the HarbourVest Summit Hill Fund for private equity investments.