# Arkansas Public Employees Retirement System The Arkansas Public Employees Retirement System (APERS) is the public pension system serving Arkansas state and county employees. APERS is governed by a Board of Trustees with an Investment Finance Subcommittee (IFSC) responsible for investment decisions. [[carlos-borromeo]] is the APERS Chief Investment Officer; [[amy-fecher]] is the APERS Executive Director. [[callan|Callan]] is APERS's general investment consultant. ASPRS (Arkansas State Police Retirement System) and AJRS (Arkansas Judicial Retirement System) are commingled with APERS for investment purposes per Act 1242. On 5/15/2025 the APERS IFSC authorized $25-50 million in Israel Bonds, with [[jason-brady]] (Chief Deputy Auditor) presenting the motion to the IFSC as a designated member representing the Auditor of State. The Board ratified the authorization on consent agenda on 6/11/2025. The $15 million 10/15/2025 wire executed the first deployment. The authorization is documented at [[apers-israel-bonds-authorization]]; the board governance structure is at [[apers-board-governance-structure]]. The APERS instance of the cross-system pattern at [[independent-credit-analysis-gap]] is documented at two levels: - **At the IFSC packet level**: the 5/15/2025 IFSC packet contained no Israel Bonds consultant attachment (compared against the 32-page Callan Infrastructure Secondaries Search Finalists report on the parallel infrastructure-secondaries authorization in the same packet, per [[callan-analysis-asymmetry]]). - **At the CIO level**: Borromeo's 2/13/2026 admission to APERS General Counsel [[laura-gilson]] is on the record: *"I did not prepare anything for the Board on this topic, and I am certain that the investment consultants did not either. ... Any other records that are stated in the request, implementation plan, etc., none of that exists."* (per [[apers-foia-r2-2-27-26]] Sub-batch 7). Brady's motion-making role on the IFSC carried the same Auditor's-office DCI-channel coordination role documented at [[auditor-as-dci-channel]]. The 11/5/2024 Berman-Borromeo meeting at the APERS Little Rock office (a documented cross-agency outreach event preceding the May 2025 authorization) is captured in [[apers-foia-r1-7-7-25]]. The APERS post-execution analytical record is documented at [[apers-foia-r2-2-27-26]] across four post-vote Callan quarterly reports and four Stephens (APERS private-credit consultant) quarterly reports, none of which substantively engage Israel Bonds. ## Cross-References [[carlos-borromeo]] [[amy-fecher]] [[jason-brady]] [[laura-gilson]] [[ashley-golleher]] entities central to the APERS Israel Bonds decision [[callan|Callan]] APERS general investment consultant [[apers-israel-bonds-authorization]] [[apers-board-governance-structure]] [[callan-analysis-asymmetry]] [[independent-credit-analysis-gap]] [[auditor-as-dci-channel]] concept pages [[apers-foia-r1-7-7-25]] [[apers-foia-r2-2-27-26]] source pages