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

September 10, 2025 09:45 AM

Description/Agenda

MINUTES OF THE UTAH STATE RETIREMENT BOARD WORKSHOP ADMINISTRATIVE BOARD MEETINGS September 10-11, 2025, 9:45 a.m. Stein Eriksen Lodge, Park City, Utah Board Members Attending in Person: Mr. Karl Wilson, Board President Ms. Christie Behunin, Board Vice President Ms. Aaryn Birchell, Board Member Mr. Richard Ellis, Board Member Mr. Larry Evans, Board Member Mr. Marlo Oaks, Board Member Ms. Laura Warnock, Board Member Staff Attending in Person: Mr. Dan Andersen, Executive Director Mr. Steve Berg, Director - Information Technology Mr. Dave Bjarnason, Chief Compliance Officer - Investments Mr. Kevin Catlett, Chief Investment Counsel Mr. Quinten Christensen, PEHP Chief Actuary/Director of Data Analytics Mr. Rob Dolphin, Chief Financial Officer Mr. Dave Hansen, Senior Associate General Counsel Ms. Jayne Knecht, Human Resource Director Mr. Dee Larsen, General Counsel Mr. Chet Loftis, PEHP Director Ms. Tiffany Lund, Project Management Director Ms. Ramsey Major, PEHP Administrative Systems Director Mr. Jason Morrow, Deputy Chief Investment Officer Ms. Stacie Petersen, Executive Assistant Mr. Kendall Rima, Managing Director - Retirement Mr. Darron Schryver, Chief Information Security Officer Mr. John Skjervem, Chief Investment Officer Mr. Lance Toms, PEHP Operations Management Director Guests Attending In-Person: Ms. Shelly Setzer, Realize Call to Order President Karl Wilson called the meeting to order at 10:18 a.m. and welcomed Board members, staff, and guests. Approval of Minutes ACTION: Mr. Richard Ellis moved, seconded by Ms. Aaryn Birchell, to approve the minutes of the August 21, 2025, Administrative Board Meeting. The motion passed unanimously, 7-0. ACTION: Mr. Larry Evans moved, seconded by Ms. Christie Behunin, to approve the minutes of the August 21, 2025, Investment Board Meeting. The motion passed unanimously, 7-0. URS/PEHP Annual Budget Report Mr. Rob Dolphin reviewed the following budget items: - Review Budget Process - Review FY2025 Final Expenses - Analysis of Budget by Operating Segments - FTEs and Staffing Budgets - Capital Projects of HealthEdge and AUREUS - Budget Approvals ACTION: Ms. Aaryn Birchell moved, seconded by Ms. Christie Behunin, to approve the following budgets as presented and shown on page 50 of the Board Workshop meeting materials: - Approval of the final FY25 administrative, investment and capital expenses of $273,456,217 and $9,575,311 respectively. - Approval of the FY26 budget of $294,813,872 and capital budget of $12,165,918. - Approval of the revised FY27 budget of $320,044,196 and capital budget of $2,980,294. - Approval of the preliminary FY28 budget of $344,888,315 and capital budget of $100,000. The motion passed unanimously, 7-0. AUREUS Update Ms. Tiffany Lund gave an overview and update on the AUREUS project, including the following items: - Recap of the project, teams, and five phases - Data conversion progress - Key accomplishments and challenges - Go live announcement - Remaining work PEHP Core System Update Mr. Lance Toms and Ms. Ramsey Major gave an update on the PEHP Core System project and implementation, including the following items: - All Systems Live and Operating - Highlights - What's Next Leadership Consulting Presentation Mr. Dan Andersen introduced guest presenter Ms. Shelly Setzer from Realize. She gave a leadership consulting presentation, including the following: - Organizational Health Framework o Requirements for Success o Pillars of High Performing Leadership Teams o 4 Disciplines of a Healthy Organization o Build a Cohesive Leadership Team - URS Executive Team o Organizational Health Plan o Organizational Health Achievements o Team Norms o Thematic Goal o Engaging with the URS Board Annual Fiduciary and Open & Public Meetings Training Mr. Dee Larsen provided Annual Fiduciary and Open & Public Meetings training. The following topics were reviewed and discussed: - Part I: Open & Public Meetings Training - Part II: Overview of Core Fiduciary Duties - Part III: Duty of Loyalty in Focus - Part IV: Duty of Care/Prudence in Focus - Part V: Fiduciary Hot Topics - Part VI: Action Items and Next Steps The Board Member Annual Fiduciary Compliance Certificate was distributed to each Board Member for completion and signature. The certificates will be kept on file at the URS Retirement Office. At 3:37 p.m., Ms. Christie Behunin moved, seconded by Mr. Richard Ellis, to move into Closed Session to discuss confidential cybersecurity matters. The motion passed unanimously, 6-0. Ms. Laura Warnock was absent for this vote. At 3:56 p.m., Ms. Aaryn Birchell moved, seconded by Mr. Larry Evans, to move into Executive Session to discuss confidential fiduciary matters, including the Executive Director's Review and Board Officer elections. The motion passed unanimously, 7-0. Executive Session The following were present: - Board Members - Mr. Dan Andersen (first portion of session) - Mr. Rob Dolphin (first portion of session) Ms. Aaryn Birchell moved, seconded by Ms. Christie Behunin, to move back into Open Session. The motion passed unanimously, 7-0. The meeting resumed at 5:00 p.m. Board Elections During the Executive Session, Mr. Marlo Oaks was elected to serve as the Board President and Ms. Christie Behunin was elected to continue as Board Vice President. Recess At 5:00 p.m., Mr. Marlo Oaks moved, seconded by Ms. Laura Warnock, to recess the meeting until September 11, 2025, at 10:15 a.m. The motion passed unanimously, 7-0. Call to Order - September 11, 2025 President Karl Wilson called the meeting to order at 10:16 a.m. and welcomed Board members and staff. PEHP Update Mr. Chet Loftis gave an update on PEHP, including the following items: - Smooth HRP Rollout & Key Takeaways - Next Challenge: Realigning Budget - Year-Over-Year Progress & Operational Stability - Membership - State - Maintain Competitiveness - Summary Adjournment Ms. Laura Warnock moved, seconded by Ms. Christie Behunin, to adjourn the meeting. The motion passed unanimously, 6-0. Mr. Richard Ellis was absent for this vote. The meeting adjourned at 11:38 a.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

7700 Stein Way
Park City, UT 84060
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Contact Name

Stacie Petersen

Contact Email

stacie.petersen@urs.org

Notice Posting Details

Notice Posted On

October 17, 2025 09:58 AM

Notice Last Edited On

October 17, 2025 09:58 AM

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