The retirement administrator reported that ISERs ended the quarter with positive returns and that most public‑market sectors produced gains, then the board gave staff direction to sign a letter urging the Securities and Exchange Commission to reconsider a recent change that allows companies to sell securities even when corporate charters require individual arbitration of securities claims.

In a market update, the retirement administrator said U.S. equities posted gains in September, citing a 3.68% increase for the S&P 500, and that ISERs’ portfolio returned 3.93 for the quarter. He said international equities also performed well and that alternative assets’ results are still rolling in for the fiscal year end; one public manager, William Blair, returned roughly 7.9% for the month, the presentation said. The administrator reported net distributions from private market funds and no capital calls in the month under review.

Trustees asked about a private‑equity partnership fund that showed a roughly negative 10% figure; staff explained that the number reflected the winding down of a fund and distributions during dissolution rather than an unexpected loss and that the system had been accounting for the reduction.

Trustees also discussed reporting risk tied to a recent Department of Justice review of foundations created by Fidelity and Schwab. The administrator said ISERs likely has no direct exposure but would check underlying holdings that might be held through other managers.

Later in the meeting the board considered whether to sign a joint letter opposing a Securities and Exchange Commission policy statement that the retirement administrator and staff described as reversing decades of practice by permitting companies to issue securities while relying on charters that require individual arbitration and bar collective actions. An advisor present said the class‑action mechanism is more efficient for large securities claims and that forcing individual arbitrations would make recovery more difficult for many plans.

The board gave direction to proceed with the recommendation to sign on to the letter and to coordinate with outside securities counsel; staff will confirm whether ISERs has exposure to the firms cited and will report back. No formal binding policy change was recorded; trustees provided direction to move forward with the letter.