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

June 12, 2025 01:30 PM

Description/Agenda

MINUTES OF THE UTAH STATE RETIREMENT BOARD ADMINISTRATIVE BOARD MEETING June 12, 2025, 1:30 p.m. 540 Board Room, Retirement Office 540 East 200 South, Salt Lake City, Utah Hybrid Meeting Board Members Attending In-Person: Ms. Christie Behunin, Board Vice President Mr. Richard Ellis, Board Member Mr. Marlo Oaks, Board Member Ms. Laura Warnock, Board Member Excused: Mr. Karl Wilson, Board President Ms. Aaryn Birchell, Board Member Mr. Larry Evans, Board Member Staff Attending In-Person: Mr. Dan Andersen, Executive Director Mr. Ryan Ashcraft, Retirement Planning Director Mr. Steve Berg, Director - Information Technology Mr. Daniel Boster, Savings Plans Director Mr. Rob Dolphin, Chief Financial Officer Mr. Dee Larsen, General Counsel Mr. Chet Loftis, PEHP Director Ms. Stacie Petersen, Executive Assistant Mr. Kendall Rima, Managing Director - Retirement Mr. Darron Schryver, Chief Information Security Officer Staff Attending Virtually: Mr. Dave Bjarnason, Chief Compliance Officer - Investments Guests Attending In-Person: Ms. Lindsey Allen, Eide Bailly LLP Mr. Paul Skeen, Eide Bailly LLP Guests Attending Virtually: Mr. Ryan Donahue, Eide Bailly LLP Call to Order Vice President Christie Behunin called the meeting to order at 1:32 p.m. and welcomed Board members, staff, and guests. Approval of Minutes ACTION: Mr. Marlo Oaks moved, seconded by Ms. Laura Warnock, to approve the minutes of the May 15, 2025, Administrative Board Meeting. The motion passed unanimously, 4-0. ACTION: Ms. Laura Warnock moved, seconded by Mr. Marlo Oaks, to approve the minutes of the May 15, 2025, Investment Board Meeting. The motion passed unanimously, 4-0. URS Annual Comprehensive Financial Report Review Mr. Rob Dolphin reviewed the 2024 URS Annual Comprehensive Financial Report (ACFR), including: - System Highlights and Member Demographics - Key Financial Highlights - Retirees and Average Benefit Payments - Returns and Performance - DC Contributions and Benefits URS Member Satisfaction Survey Results Mr. Ryan Ashcraft reviewed the Lighthouse 2024 URS Member Satisfaction Survey results, including the following items: - Demographic Profile - Tier 2 Retirement Plan Selection - Website Usage and Satisfaction - Communication - Presentations - Phone Service - Office Visits - Willingness to Share Opinions At 2:40 p.m., Mr. Richard Ellis moved, seconded by Ms. Laura Warnock, to move into Closed Session to discuss confidential legal and cybersecurity matters and Eide Bailly URS Audit Results and Required Communications. The motion passed unanimously, 4-0. Executive Session - Eide Bailly LLP At 3:19 p.m., Mr. Marlo Oaks moved, seconded by Mr. Richard Ellis, to move into Executive Session to discuss fiduciary matters related to the Eide Bailly LLP audits. The motion passed unanimously, 4-0. The following were present: - Board Members - Mr. Paul Skeen, Eide Bailly LLP - Ms. Lindsey Allen, Eide Bailly LLP - Mr. Ryan Donahue, Eide Bailly LLP At 3:31 p.m., Mr. Richard Ellis moved, seconded by Mr. Marlo Oaks, to move back into Open Session. The motion passed unanimously, 4-0. Final Motions/Other Business Stipulated Order of Voluntary Dismissal with Prejudice 21-14R ACTION: Mr. Marlo Oaks moved, seconded by Mr. Richard Ellis, to approve the Stipulated Order of Voluntary Dismissal with Prejudice 21-14R as submitted by the Adjudicative Hearing Officer. The motion passed unanimously, 4-0. Adjournment Mr. Marlo Oaks moved, seconded by Ms. Laura Warnock, to adjourn the meeting. The motion passed unanimously, 4-0. The meeting adjourned at 3:34 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

August 22, 2025 08:55 AM

Notice Last Edited On

August 22, 2025 08:55 AM

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