# Amy Fecher Executive Director of the Arkansas Public Employees Retirement System (APERS). Office at 124 W. Capitol Ave, Suite 400, Little Rock AR 72201. Phone: 501-682-7854. Mobile: 501-416-0101. Email: [email protected]. Fecher is the principal who received Brady's 10/23/2024 3:40 PM seed message to APERS and replied 19 minutes later (3:59 PM same day) accepting the meeting and forwarding the seed to Borromeo with "FYI." This is the moment APERS-side institutional involvement on Israel Bonds began. Her reply to Brady offered "November 4-7, or 28-29" as available days because she was on leave November 8-24. The November 5, 2024 (Election Day) APERS meeting between Berman/Young and Borromeo/Golleher resulted from this scheduling exchange. Fecher met personally with Berman and Brad Young on Monday April 14, 2025 at 9:00 AM in Spadoni's State Capitol Room 230 office, the first stop of the documented [[auditor-multi-official-capitol-tour]]. Berman's 4/17/2025 1:48 PM thank-you to Fecher noted: "Brad and I would be more than happy to come back to Little Rock for a presentation to your board or staff, or we can arrange a Zoom call if that works better for you and your team. We would welcome the opportunity to present to your board and to answer any of their questions. The State Treasurer made another significant investment ($20M) in our bonds after our meeting with his team this week, and we certainly hope that we can bring APERS on board as well." Fecher distributed the IFSC packet for the 5/15/2025 Investment Finance Subcommittee meeting at 9:12 AM on 5/14/2025 to the six IFSC members (Wallace, Brady, Bassett, Carnahan, Hudson, Walther), with cc to staff including Sharon Mahoney (DFA), Anita Chance (ADLL), and Wendy Spadoni (Auditor). She corrected the distribution at 9:14 AM the same day adding APERS internal staff (Borromeo, Golleher, Woods, Gilson, Giles, Shipp, Bates, Norton, Hollowoa). The cover note to subcommittee members: "Please see the attached packet for tomorrow's Investment Finance Subcommittee. We will have guests from Stephens, HarbourVest, and Neuberger Berman in attendance for some further education on Private Credit." The packet contained no Israel Bonds attachment despite the agenda's "Israel Bonds – Jason Brady" line item. Fecher orchestrated APERS's same-day response to John Rollans's 5/19/2025 12:54 PM FOI request. Rollans, "a retired member of the APERS," asked the same dual Westrock/Israel Bonds question he had sent ATRS the day before. Fecher drafted the response at 1:24 PM ("The APERS Board of Trustees Investment Finance Subcommittee authorized a $25-50 million investment in Israel Bonds at last week's meeting. We have not completed any bond purchases as of today but intend to do so."), forwarded to Borromeo and Gilson asking "Are my answers accurate?", received Borromeo's confirmation at 1:49 PM ("You have answered correctly"), and sent her reply to Rollans at 1:51 PM. Allison Woods was looped in at 1:31 PM ("Including Allison"). Fecher's APERS Director of Communications Brooke A. Hollowoa forwarded the published Wickline article to her on 5/16/2025 2:11 PM with cover note "How is this?" — the article ran 19 hours after the IFSC meeting closed. The 12/10/2024 Mryyan FOIA submission was handled jointly by Fecher, Gilson, and Borromeo with Borromeo providing the substantive "zero investments" response. ## Evidence > "Jason, I am happy to meet. November is particularly difficult for me. I am on leave from November 8-24. My only days available are November 4-7, or 28-29. I apologize for not being more flexible! I am happy to look at December dates if these dates do not work for others." > Amy Fecher to Jason Brady, IB_FOIA_MAY_25_Reviewed.pdf p.634, 10/23/2024 3:59 PM > "FYI" > Amy Fecher forwarding the Brady seed to Carlos Borromeo, IB_FOIA_MAY_25_Reviewed.pdf p.632, 10/23/2024 3:59 PM > "Subcommittee Members, Please see the attached packet for tomorrow's Investment Finance Subcommittee. We will have guests from Stephens, HarbourVest, and Neuberger Berman in attendance for some further education on Private Credit. I look forward to seeing you tomorrow at 1:00 pm." > Amy Fecher to IFSC members, IB_FOIA_MAY_25_Reviewed.pdf p.35, 5/14/2025 9:12 AM > "Mr. Rollans, Thank you for reaching out. Below are the answers to your questions. ... The APERS Board of Trustees Investment Finance Subcommittee authorized a $25-50 million investment in Israel Bonds at last week's meeting. We have not completed any bond purchases as of today but intend to do so. Best, Amy" > Amy Fecher to John Rollans, IB_FOIA_MAY_25_Reviewed.pdf p.9, 5/19/2025 1:51 PM ## Cross-References [[carlos-borromeo]] [[ashley-golleher]] [[laura-gilson]] [[brooke-hollowoa]] APERS staff [[jason-brady]] sender of the 10/23/2024 seed and APERS IFSC presenter on Israel Bonds [[lawrence-berman]] [[brad-young]] DCI representatives Fecher met with on 4/14/2025 [[apers-israel-bonds-authorization]] the IFSC action Fecher orchestrated logistically [[apers-foia-r1-7-7-25]] source page [[auditor-multi-official-capitol-tour]] [[auditor-as-dci-channel]] cross-system concept pages ## Auditor R3 3-3-26 production: Lenow inquiry forward and post-vote APERS Trustee distributions The Auditor R3 production at [[auditor-foia-r3-3-3-26]] documents two substantive Fecher-side findings. **The 7/2/2025 Lenow APERS-direction inquiry forward to Brady.** Captured cross-custodian in Brady's Inbox as `FW Request for comment`. Chain: Lenow → Laura Gilson (7/2/2025 8:45 AM), Gilson → Fecher (8:49 AM "See below"), Fecher → Brady cc Spadoni (9:50 AM "FYI"). Fecher's 65-minute turnaround in forwarding the Lenow APERS-direction inquiry to the Auditor's office documents the operational coordination between APERS leadership and the Auditor's office on the post-vote reporter-inquiry handling. Lenow's inquiry explicitly framed Brady's Huckabee-and-foreign-policy rationale as the central question; Fecher's "FYI" to Brady is the Auditor's-office heads-up. The Lenow Arkansas Times article (captured as PDF attachment in the R3 production) quotes Fecher's substantive APERS response: > *"Amy Fecher, the Executive Director of APERS, likewise defended the investment decision. 'We are confident that the Israel Bonds investment follows all applicable state statutes and will result in a good outcome for the members and retirees of the Arkansas Public Employees' Retirement System,' the spokesperson said."* > Lenow, Arkansas Times, July 11, 2025 **The post-vote APERS Trustee distribution pattern.** Fecher's June 11, 2025 and September 10, 2025 APERS Board Packet distributions are captured in the R3 production (Brady Inbox + Milligan Boards + Spadoni APERS subfolder). The 9/10 Q3 packet distribution names new Trustees Susannah Marshall and Leslie Fisken in the TO line for the first time. The 12/3/2025 `Information on Real Estate` distribution following the Q4 Board meeting includes Fecher's explicit FOIA-awareness instruction: > *"I ask that you do not 'reply all' to this email as it would be a FOIA violation. While it is acceptable for me to provide the board with information, we cannot discuss board business through email."* The instruction establishes APERS-side FOIA-awareness in Fecher's distribution practice. Note: the 12/3 email content concerns APERS office relocation, not Israel Bonds. Cross-confirms the APERS R2 documented 12/3/2025 Q4 Board agenda did not include Israel Bonds.