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

November 20, 2025 01:00 PM

Description/Agenda

MINUTES OF THE UTAH STATE RETIREMENT BOARD ADMINISTRATIVE BOARD MEETING November 20, 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. Christie Behunin, Board Vice President Ms. Aaryn Birchell, Board Member Mr. Larry Evans, Board Member Mr. Karl Wilson, Board Member Board Members Attending Virtually: Ms. Laura Warnock, Board Member Excused: Mr. Richard Ellis, Board Member Staff Attending In-Person: Mr. Dan Andersen, Executive Director Mr. Steve Berg, Director - Information Technology Mr. Daniel Boster, Savings Plans Director Mr. Kory Cox, Director of Legislative & Government Affairs Mr. Rob Dolphin, Chief Financial Officer Ms. Liza Eves, Senior Associate General Counsel 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 Mr. Darron Schryver, Chief Information Security Officer Mr. Joel Sheppard, Marketing Director Staff Attending Virtually: Mr. Dave Bjarnason, Chief Compliance Officer - Investments Mr. Kevin Catlett, Chief Investment Counsel Mr. Jason Morrow, Deputy Chief Investment Officer Guests Attending In-Person: Mr. Paul Skeen, Eide Bailly LLP Mr. Lewis Ward, GRS Consulting Mr. Danny White, GRS Consulting Guests Attending Virtually: Mr. Ryan Donahue, Eide Bailly LLP Call to Order President Marlo Oaks called the meeting to order at 1:05 p.m. and welcomed Board members, staff, and guests. Approval of Minutes ACTION: Ms. Christie Behunin moved, seconded by Ms. Aaryn Birchell, to ap-prove the minutes of the October 16, 2025, Administrative Board Meeting. The motion passed unanimously, 5-0. Ms. Laura Warnock was absent for this vote. ACTION: Mr. Larry Evans moved, seconded by Ms. Aaryn Birchell, to approve the minutes of the October 16, 2025, Investment Board Meeting. The motion passed unanimously, 5-0. Ms. Laura Warnock was absent for this vote. 2026 Board Meeting Schedule, Board Conference Schedule, Board BBQ Date Mr. Dan Andersen reviewed the 2026 Board Meeting and Board Conference Sched-ules. The annual Board BBQ is scheduled for June 18, 2026. PEHP Rate Renewal Mr. Chet Loftis reviewed Salt Lake County's PEHP rate renewal, effective January 1, 2026. ACTION: Ms. Aaryn Birchell moved, seconded by Mr. Karl Wilson, to ratify Salt Lake County's PEHP rate renewal of $46.83 PEPM effective January 1, 2026. The motion passed unanimously, 5-0. Ms. Laura Warnock was absent for this vote. PEHP LGRP Annual Review Refund Mr. Chet Loftis reported that PEHP annually reviews reserve levels for LGRP to deter-mine if a refund is warranted. PEHP is recommending a refund range of $4.1M to $4.8M with $2.25 million of that going to PEHP as an administrative fee for the 7/1/2024 to 12/31/2025 period. ACTION: Mr. Karl Wilson moved, seconded by Ms. Christie Behunin, to approve the LGRP annual review refund range of $4.1M to $4.8M with $2.25 million of that going to PEHP as an administrative fee for the 7/1/2024 to 12/31/2025 period. The motion passed unanimously, 6-0. PEHP Satisfaction Survey Results - Members Mr. Joel Sheppard presented the results of the 2025 PEHP Member Satisfaction Survey, including the following: - Survey Objectives - Member Satisfaction: 70% - Why Satisfied or Dissatisfied - Do Members Agree? - Website Usage - Customer Service: One Call - Courteous & Helpful Service - What Members Like - What Members Want Improved - Quote Highlight - Takeaway: Focus on Core Functions Defined Contribution Administrative Fee Review Mr. Rob Dolphin presented the details of the Defined Contribution Administrative Fee change resulting from the DC Tier 2 plan forfeitures from 5 basis points (.05%) down to 3 basis points (.03%). ACTION: Mr. Karl Wilson moved, seconded by Ms. Aaryn Birchell, to approve the Defined Contribution Plan recordkeeping rate from 5 basis points (.05%) down to 3 basis points (.03%). The motion passed unanimously, 6-0. Defined Contribution Plan Document Updates Mr. Daniel Boster presented the new Roth 401(k) and 457(b) provisions which will be available with the new AUREUS system launch on or after March 30, 2026. The offering of these new saving options requires Defined Savings Plans document amendments. ACTION: Mr. Larry Evans moved, seconded by Ms. Christie Behunin, to approve the Defined Savings Plans document amendments for the new Roth 401(k) and 457(b) which will be available on or after March 30, 2026. The motion passed unanimously, 6-0. Southern Utah University (SUU) Retirement Risk Pool Participation Mr. Dee Larsen discussed Southern Utah University's needed reassignment to the Higher Education risk pool for its employees who are members of the Public Employees' Retirement Systems. This is because SUU now limits the participation of their new employees' retirement benefits with URS like the other universities and colleges who were previously moved to the Higher Education risk pool in 2018 and 2020. ACTION: Mr. Karl Wilson moved, seconded by Ms. Aaryn Birchell, to approve Southern Utah University's reassignment to the Higher Education Division, Funds 17 and 18, for its employees who are members of the Public Employees' Retirement Systems, effective on and after November 20, 2025. The motion passed unanimously, 6-0. At 2:02 p.m., Ms. Aaryn Birchell moved, seconded by Ms. Christie Behunin, to move in-to closed session to discuss confidential preliminary contribution rates, legal, cybersecurity, and audit information. The motion passed unanimously, 6-0. At 3:43 p.m., Ms. Aaryn Birchell moved, seconded by Mr. Karl Wilson, to move into Executive Session to discuss confidential audit information with the Internal Audit Director. The motion passed unanimously, 4-0. Ms. Laura Warnock and Ms. Christie Behunin were absent for this vote. Internal Audit Director Executive Session The following were present: - Board Members - Mr. Marc Lawson, Internal Audit Director Mr. Karl Wilson moved, seconded by Mr. Larry Evans, to move back into open session. The motion passed unanimously, 5-0. Ms. Laura Warnock was absent for this vote. The meeting resumed at 4:01 p.m. Final Motions/Other Business Stipulated Order Dismissing Claims 25-19R ACTION: Mr. Larry Evans moved, seconded by Mr. Karl Wilson, to approve the Stipulated Order Dismissing Claims 25-19R as submitted by the Adjudicative Hearing Officer. The motion passed unanimously, 4-0. Ms. Laura Warnock and Ms. Aaryn Birchell were absent for this vote. Internal Audit Work Plan Approval Mr. Marc Lawson stated that to remain in compliance with the Global Internal Audit Standards, the Board must review and approve the Internal Audit Department Four-Year Audit Plan. ACTION: Mr. Karl Wilson moved, seconded by Ms. Christie Behunin, to approve the Internal Audit Four-Year Plan as discussed. The motion passed unanimously, 4-0. Ms. Laura Warnock and Ms. Aaryn Birchell were absent for this vote. Adjournment Ms. Christie Behunin moved, seconded by Mr. Karl Wilson, to adjourn the meeting. The motion passed unanimously, 4-0. Ms. Laura Warnock and Ms. Aaryn Birchell were absent for this vote. The meeting adjourned at 4:03 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 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

December 13, 2025 07:09 AM

Notice Last Edited On

December 13, 2025 07:09 AM

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