# Katie Comstock Aon Hewitt Investment Consulting professional; co-lead with PJ Kelly on the ATRS account at the time of the Israel Bonds investment authorization. Comstock is documented in the 7/3/25 supplemental ATRS FOIA production as a substantive Aon Hewitt principal alongside Kelly across both the April 7 and June 2, 2025 ATRS Board meetings. ## Role at the April 7 and June 2 meetings The 4/7 packet's Investment Committee Executive Summary identifies Comstock and Kelly as the Aon Hewitt presenters for the Preliminary Performance Report covering the month ending February 28, 2025: > "P.J. Kelly and Katie Comstock of Aon Hewitt Investment Consulting will provide the Board with a preliminary portfolio update for the month ending February 28, 2025." > 04-07-25_BOT_Packet.pdf extracted-text lines 467-469 The 6/2 packet's Investment Committee Executive Summary identifies the same pair as the Aon Hewitt presenters for the Preliminary Performance Report covering Q1 2025 and the Private Debt Informational Presentation: > "P.J. Kelly and Katie Comstock of Aon Hewitt Investment Consulting will provide the Board with a preliminary portfolio update for the quarter ending March 31, 2025." > 06-02-25_BOT_Packet.pdf p.4 of Executive Summary > "P.J. Kelly and Katie Comstock of Aon Hewitt Investment Consulting will provide the Board with an informational presentation on the private debt asset class." > 06-02-25_BOT_Packet.pdf p.4 of Executive Summary The 4/7 minutes embedded in the 6/2 packet confirm that Kelly and Comstock "provided the Committee with a Preliminary Performance Report for Month ending February 28, 2025." ## Role in the Israel Bonds attachment Comstock is named alongside Kelly on the Israel Bonds attachment header in the 6/2 packet: > "Date: June 2, 2025 / To: Arkansas Teacher Retirement System (ATRS) / From: PJ Kelly, Katie Comstock" > 06-02-25_BOT_Packet.pdf p.149 The full text of pages 149-150 (the Israel Bonds attachment) consists in its entirety of the memo header and an "APPENDIX: Disclaimers" heading on otherwise-blank pages. The substantive content as captured by two PDF text extraction methods is the memo header only. See [[atrs-resolution-2025-22]] and [[independent-credit-analysis-gap]] for the analytical implications. ## Position at Aon Hewitt Comstock is identified throughout the 4/7 and 6/2 packets simply as "Katie Comstock of Aon Hewitt Investment Consulting." Her specific title within Aon Hewitt and her professional credentials are not documented in this batch. Whether she is junior to or peer with PJ Kelly is not specified, but the consistent "P.J. Kelly and Katie Comstock" ordering across both packets suggests Kelly is the senior partner. Kelly is identified elsewhere in the wiki (the R1 batch) as the Aon partner responsible for the Reams selection on the Israel Bonds mandate. ## Evidence See quoted material in the body above. ## Cross-References [[pj-kelly]] Aon Hewitt co-lead and senior partner [[mark-white]] ATRS Executive Director who engaged Aon Hewitt for the Israel Bonds investment [[reams-asset-management]] manager selected for the Israel Bonds mandate under the Kelly-Comstock advisory framework [[atrs-resolution-2025-22]] action authorized in part on the cited "advice of its general investment consultant, Aon Hewitt Investment Consulting, Inc" [[independent-credit-analysis-gap]] [[written-recommendation-requirement]] companion concept pages [[atrs-bot-packets-7-3-25]] source page ## 6/2 IC audio (R 2-28-26): not documented as speaking on the Israel Bonds item The 6/2/2025 IC audio transcript at [[atrs-ic-audio-6-2-25]] does not capture Comstock speaking on Resolution 2025-22. The Resolution 2025-22 substantive deliberation at the IC was carried by Brady's prepared speech, White's defense, Knight's procedural dissent, the "to Mr. Knight's point" rebuttal exchange, and Marshall's motion. Kelly and Comstock are named on the Israel Bonds Attachment 17 header (the empty memo on pages 149-150 of the packet) but neither Aon principal is documented as speaking on the Israel Bonds item during the IC deliberation per the Whisper-captured speaker patterns. Kelly subsequently speaks during the Private Debt informational presentation approximately 45 minutes after the Resolution 2025-22 vote, producing the verbatim "investment grade private placement" framing of Israel Bonds documented at [[pj-kelly]]. Comstock's specific contribution to the 6/2 IC consultant work product is not separately captured. The structural significance is that the wiki's only verbal contribution by an Aon principal at the 6/2 IC on Israel Bonds is Kelly's later asset-class classification, not a substantive presentation on the Israel Bonds item itself by either Aon co-lead. ## 12/1/2025 IC private credit presentation (no Israel Bonds reference) The 12/1/2025 IC audio transcript at [[atrs-board-audio-12-1-25]] documents Comstock present and substantively engaged with Kelly and Eric Denany (Aon resident private credit expert) on the 5% private credit target allocation presentation. The Aon team led approximately 30+ minutes of substantive consultant analytical content covering the sourcing of the 5% allocation (1% from real estate, 2% from public equity, 2% from fixed income), the benchmark recommendation (Morningstar LSTA Leveraged Loan Index + 200 basis points), the structural guardrails within the allocation (30-50% corporate direct lending, 30-50% asset-based lending, 10-30% opportunistic debt), and the fund-of-one vs fund-by-fund analysis. Whisper does not consistently separate Kelly's and Comstock's speech turns; the Aon team is captured as substantively presenting collectively. The structural significance for this entity page: the same Aon principal (Comstock) whose name is on the empty Israel Bonds memo at [[atrs-bot-packets-7-3-25]] is substantively active at the 12/1 IC on the adjacent private credit asset class six months later, with full consultant analytical work product. The 12/1 IC and BOT contain zero references to Israel Bonds across approximately 2,966 combined segments. The cross-Board-day pattern at the Aon team level documents the structural asymmetry sharpening [[independent-credit-analysis-gap]]: substantive analytical work product on private credit, none on Israel Bonds. The pattern is documented at the consultant team level (Kelly + Comstock + Denany), at the asset-class level (private credit produced substantive memos at 12/1; Israel Bonds had the empty memo at 6/2), and at the Board-day level (12/1 IC silence on the deployed $50M position). [[atrs-ic-audio-6-2-25]] [[atrs-board-audio-12-1-25]] source pages