General Information

Government Type

Independent or Quasi-Government

Entity

Utah State Retirement Office

Public Body

Utah State Retirement Board

Notice Information

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Notice Title

Administrative Board Meeting Minutes

Notice Type(s)

Meeting

Event Start Date & Time

May 15, 2025 01:00 PM

Description/Agenda

MINUTES OF THE UTAH STATE RETIREMENT BOARD ADMINISTRATIVE BOARD MEETING May 15, 2025, 1:00 p.m. 540 Board Room, Retirement Office 540 East 200 South, Salt Lake City, Utah Hybrid Meeting Board Members Attending In-Person: Ms. Aaryn Birchell, Board Member Mr. Marlo Oaks, Board Member Board Members Attending Virtually: Mr. Karl Wilson, Board President Mr. Larry Evans, Board Member Ms. Laura Warnock, Board Member Excused: Ms. Christie Behunin, Board Vice President Mr. Richard Ellis, Board Member Staff Attending In-Person: Mr. Dan Andersen, Executive Director Mr. Rob Dolphin, Chief Financial Officer Mr. Dee Larsen, General Counsel Mr. Marc Lawson, Internal Audit Director Mr. Chet Loftis, PEHP Director Ms. Stacie Petersen, Executive Assistant Mr. Kendall Rima, Managing Director - Retirement Staff Attending Virtually: Mr. Dave Bjarnason, Chief Compliance Officer - Investments Mr. Jason Morrow, Deputy Chief Investment Officer Call to Order Mr. Marlo Oaks called the meeting to order at 1:02 p.m. and welcomed Board members and staff. Approval of Minutes ACTION: Ms. Aaryn Birchell moved, seconded by Ms. Laura Warnock, to approve the minutes of the April 17, 2025, Administrative Board Meeting. The motion passed unanimously, 4-0. Mr. Larry Evans was absent for this vote. ACTION: Ms. Aaryn Birchell moved, seconded by Ms. Laura Warnock, to approve the minutes of the April 17, 2025, Investment Board Meeting. The motion passed unanimously, 4-0. Mr. Larry Evans was absent for this vote. URS/PEHP Employee Medical/Rx, Dental, LTD and Group Term Life Insurance Budget 2025-2026 Mr. Rob Dolphin reviewed the URS/PEHP Employee Medical/Rx, Dental, LTD and Group Term Life Insurance Budget for 2025-2026. The Medical/Rx premium will have an overall increase of 5.10%. Dental will have a 6.90% increase. The Group Term Life insurance premium per employee will increase to $65.40 from $32.50 from coverage increasing to $50,000 from $25,000. LTD premium rate will remain unchanged. ACTION: Ms. Aaryn Birchell moved, seconded by Ms. Laura Warnock, to approve the proposed budget for the URS/PEHP Employee Medical/Rx, Dental, LTD and Group Term Life insurance premiums for the July 1, 2025, to June 30, 2026, fiscal year. The motion passed unanimously, 5-0. PEHP Financial Report Mr. Rob Dolphin reviewed the 2024 PEHP Financial Report, including: - Overall Summary of Financial Results - Investment Results - Operations by Line of Business o Medical, Dental, LTD, Life and Reinsurance o Days in Reserve At 1:39 p.m., Ms. Laura Warnock moved, seconded by Ms. Aaryn Birchell, to move into Executive Session to conduct the Executive Director's mid-year review. The motion passed unanimously, 5-0. Executive Session The following were present: - Board Members - Mr. Dan Andersen Ms. Aaryn Birchell moved, seconded by Ms. Laura Warnock, to move into Closed Session to discuss confidential legal and audit matters. The motion passed unanimously, 5-0. The meeting resumed at 2:13 p.m. At 2:56 p.m., Mr. Larry Evans moved, seconded by Ms. Laura Warnock, to move back into Open Session. The motion passed unanimously, 4-0. Mr. Karl Wilson was absent for this vote. Final Motions/Other Business Stipulated Order of Voluntary Dismissal 19-11R ACTION: Ms. Aaryn Birchell moved, seconded by Mr. Larry Evans, to approve the Stipulated Order of Voluntary Dismissal 19-11R as submitted by the Adjudicative Hearing Officer. The motion passed unanimously, 4-0. Mr. Karl Wilson was absent for the vote. Adjournment Ms. Aaryn Birchell moved, seconded by Ms. Laura Warnock, to adjourn the meeting. The motion passed unanimously, 4-0. Mr. Karl Wilson was absent for this vote. The meeting adjourned at 2:58 p.m. ________________________________________ Karl W. Wilson, President ________________________________________ Daniel D. Andersen, Executive Director

Notice of Special Accommodations (ADA)

In compliance with the Americans with Disabilities Act, persons needing auxiliary communicative aids and services for this meetings should call Stacie Petersen at 801-366-7302 or use Relay Utah (toll-free in-state 7-1-1 or Spanish-language 888-346-3162), giving her at least 48 hours notice or the best notice practicable.

Notice of Electronic or Telephone Participation

NA

Other Information

As a part of security procedures, attendees should be prepared to present a photo ID at the lobby registration desk during a check-in process. Seating will be limited to the room capacity and seats will be on a first come, first served basis.

Meeting Information

Meeting Location

540 East 200 South
Salt Lake City, UT 84102
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Contact Name

Stacie Petersen

Contact Email

stacie.petersen@urs.org

Notice Posting Details

Notice Posted On

June 12, 2025 05:58 PM

Notice Last Edited On

June 12, 2025 05:58 PM

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