2026 Pensions, Benefits & Investments Fiduciaries' Forum
Attendance for this annual event is by invitation only.
Nossaman's 2026 Pensions, Benefits & Investments Fiduciaries' Forum is designed to provide institutional plan trustees, executive staff, investment officers and in-house counsel with invaluable knowledge and connections in the ever-evolving landscape of pension systems.
We will bring together a distinguished panel of Nossaman attorneys and have invited a few special guests to share their invaluable insights on a variety of critical topics.
Registration Fee: $599
*Event fees are implemented to cover public sector gifting restrictions and maintain fairness and transparency within the public sector.
October 15, 2026
5:30 – 7:00 p.m. | Reception
7:00 – 9:30 p.m. | Dinner & Keynote Presentation | Moving the Needle: Why Now Is the Moment for Bolder LP Leadership
During this keynote presentation, Michael Trotsky, Executive Director and CIO of the Massachusetts Pension Reserves Investment Management (PRIM) Board, will provide his perspective on why the current moment demands bolder LP leadership on fund terms. Drawing on PRIM's multi-year effort to boost performance, lower fees, improve legal terms and move beyond standard GP-dictated terms, Michael will make the case for a fundamental shift in how public pension plans approach private fund negotiations — setting the stage for the in-depth panels that follow.
October 16, 2026
8:00 – 8:30 a.m. | Registration & Breakfast
8:30 – 10:00 a.m. | Moving the Needle: An LP's Playbook for Negotiating Better Fund Terms
Too often, LPs accept fund terms as a given rather than a starting point for negotiation. This session will offer candid, frontline perspectives from two senior investment professionals on how the LP community can more effectively challenge GP-dictated terms and secure stronger legal and business protections in private fund investments. Drawing on extensive experience at the negotiating table, the panelists will share practical strategies for "moving the needle" across the issues that matter most — economic terms, alignment of interests, standard of care, transparency and reporting and key legal protections. The conversation will also examine the growing role of collective LP advocacy in reshaping industry norms and explore how investors can pursue better terms without sacrificing access to top-tier managers in a competitive fundraising environment.
Michael McGirr, Director of Private Equity – Senior Investment Officer, Massachusetts Public Reserves Investment Management Board
Kristin Varela, Chief Investment Officer, New Mexico State Investment Council
Moderator: Yuliya Oryol, Partner & Co-Chair of Pensions, Benefits & Investments Group, Nossaman LLP
10:00 – 10:15 a.m. | Break
10:15 – 11:15 a.m. | Hidden Conflicts: What Institutional Investors Need to Watch for in Fund-of-One Structures, Co-Investments, and GP Led Secondaries/Continuation Vehicles
This session will examine the opportunities and risks associated with customized investment structures, including fund-of-one vehicles, co-investment arrangements and continuation fund transactions. Panelists will discuss how these structures can offer investors greater control, reduced fees and targeted access, while also creating complex conflict-of-interest concerns and related party transactions that may be embedded in governing documents. The discussion will highlight key provisions institutional investor fiduciaries should identify, negotiate and monitor to help protect investor interests.
Adela Coman, Counsel, Pensions, Benefits & Investments Group, Nossaman LLP
Jane Li, Senior Investment Counsel & Senior Director, Legal, The University of Texas/Texas A&M Investment Management Company (UTIMCO)
Courtney Krause, Partner, Pensions, Benefits & Investments Group, Nossaman LLP
11:15 a.m. – 1:00 p.m. | Democratization or Disruption? What Retail Access to Private Markets Means for Institutional Investors
As policymakers, money managers and trading platforms push to open alternative investments to retail participants, the implications for public pension systems and other institutional investors are significant and far from settled. This lunchtime discussion will explore the conflicts, opportunities and challenges that come with broader private market access, including investor protections, regulatory considerations, liquidity and valuation concerns, fee dynamics and the evolving role of fiduciaries overseeing public retirement assets in an increasingly accessible investment landscape. Speakers will also examine how an expanding retail investor base may affect deal flow, fund economics and portfolio construction for institutional allocators. This session will offer a nuanced, multi-perspective look at one of the most consequential trends reshaping the alternative investment industry.
William Clayton, Professor of Law and Associate Dean for Faculty and Curriculum, BYU’s J. Reuben Clark Law School
Joshua Geller, Assistant City Attorney, Public Pensions General Counsel Division, Los Angeles City Attorney's Office
Prashant Yerramalli, General Counsel, California Public Employees' Retirement System (CalPERS)
Moderator: Yuliya Oryol, Partner & Co-Chair, Pensions, Benefits & Investments Group, Nossaman LLP
1:00 – 2:30 p.m. | Leading Public Retirement Systems Through Evolving Administrative and Governance Challenges
This discussion will explore the opportunities and challenges facing public retirement systems as they navigate complex administrative, operational and governance responsibilities. Drawing on perspectives from three states, panelists will discuss leadership priorities, board and stakeholder engagement, organizational effectiveness, workforce and resource considerations and strategies for maintaining strong fiduciary governance in an evolving public retirement system environment.
Michael Hampton, Executive Director, Public Employees’ Retirement System of Idaho (PERSI)
Luis Lugo, Chief Executive Officer, Los Angeles County Employees Retirement Association (LACERA)
Linda Webb, Executive Director, Fort Worth Employees’ Retirement Fund
Moderator: Ashley Dunning, Partner & Co-Chair, Pensions, Benefits & Investments Group, Nossaman LLP
2:30 – 2:45 p.m. | Break
2:45 – 4:15 p.m. | Fiduciary Governance in Focus: Understanding the Impact of LACERA v. County of Los Angeles
This session will provide an in-depth analysis of the California Supreme Court's recent decision in LACERA v. County of Los Angeles and its implications for public retirement systems in California, and potentially nationally. Panelists will discuss the litigation that led to the decision, examine the scope of fiduciary governance authority afforded under the Supreme Court’s analysis and describe various approaches to decisions relating to the classification and compensation of retirement system staff. Attendees will gain practical insights into how the Court's ruling may shape governance, oversight and administrative operations for public pension systems and are invited to share ideas in that context.
Allison Callaghan, Partner & Co-Chair of Employment Group, Nossaman LLP
Steven Rice, Chief Counsel, Los Angeles County Employees Retirement Association (LACERA)
Alex Westerfield, Partner, Pensions, Benefits & Investments Group, Nossaman LLP
Moderator: Ashley Dunning, Partner & Co-Chair, Pensions, Benefits & Investments Group, Nossaman LLP
4:15 – 4:30 p.m. | Closing Remarks
Please note: this agenda is subject to change.
Questions? Please contact Jenni Benson at jbenson@nossaman.com.
