General Information

Government Type

Independent or Quasi-Government

Entity

Utah State Retirement Office

Public Body

Utah State Retirement Board

Notice Information

Add Notice to Calendar

Notice Title

Administrative Board Meeting Minutes

Notice Type(s)

Meeting

Event Start Date & Time

October 16, 2025 01:00 PM

Description/Agenda

MINUTES OF THE UTAH STATE RETIREMENT BOARD ADMINISTRATIVE BOARD MEETING October 16, 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: Mr. Marlo Oaks, Board President Ms. Aaryn Birchell, Board Member Mr. Richard Ellis, Board Member Ms. Laura Warnock, Board Member Board Members Attending Virtually: Ms. Christie Behunin, Board Vice President Mr. Larry Evans, Board Member Excused: Mr. Karl Wilson, Board Member Staff Attending In-Person: Mr. Dan Andersen, Executive 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. John Rooker, Senior Associate General Counsel Staff Attending Virtually: Mr. Dave Bjarnason, Chief Compliance Officer - Investments Mr. Quinten Christensen, Chief Actuary & Director of Data Analytics Call to Order President Marlo Oaks called the meeting to order at 1:00 p.m. and welcomed Board members and staff. Approval of Minutes ACTION: Ms. Aaryn Birchell moved, seconded by Mr. Richard Ellis, to approve the minutes of the September 10-11, 2025, Investment Board Workshop and Administrative Board Workshop. The motion passed unanimously, 5-0. Ms. Laura Warnock was absent for this vote. January PEHP Rate Renewals & Admin Discussion Mr. Quinten Christensen and Mr. Chet Loftis reviewed the PEHP rate renewals, effective January 1, 2026. ACTION: Mr. Richard Ellis moved, seconded by Ms. Laura Warnock, to approve PEHP rate renewals effective January 1, 2026, with the understanding that the final aggregate medical rate for LGRP January may be different due to agency migration or rate adjustments arising from the renewal process as follows: - LGRP January 2026 Medical/Rx 7.5% increase - LGRP January 2026 Dental 3.1% increase - Medicare Supplement 21.0% increase - Medicare Part D Enhanced Rates 1.1% increase - Medicare Dental o Senior 500 & 1000 5.0% increase o Senior 1500 3.0% increase The motion passed unanimously, 6-0. PEHP Budget Update Mr. Chet Loftis gave an update on the PEHP 2025-2026 and 2026-2027 budgets, including significant changes in both revenue and expense projections that materially affect the financial outlook of PEHP's administrative operations. These changes include the recognition of one-time HRA interest income, new administrative revenue from LGRP, and targeted cost-saving measures. Mr. Dan Andersen and Mr. Rob Dolphin provided clarifying comments. Additional Questions Mr. Dan Andersen explained this new agenda item, which allows time for the Board members to ask any clarifying questions on topics not on the agenda or to delve further into agenda items, of which there were none. Adjournment Ms. Aaryn Birchell moved, seconded by Ms. Laura Warnock, to adjourn the meeting. The motion passed unanimously, 6-0. The meeting adjourned at 1:43 p.m. ________________________________________ Marlo M. Oaks, 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 E 200 S
Salt Lake City, UT 84102
Show in Apple Maps Show in Google Maps

Contact Name

Stacie Petersen

Contact Email

stacie.petersen@urs.org

Notice Posting Details

Notice Posted On

November 21, 2025 08:58 AM

Notice Last Edited On

November 21, 2025 08:58 AM

Subscribe by Email

Subscription options will send you alerts regarding future notices posted by this Body.