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

December 11, 2025 01:00 PM

Description/Agenda

MINUTES OF THE UTAH STATE RETIREMENT BOARD ADMINISTRATIVE BOARD MEETING Thursday, December 11, 2025, 1:00 p.m. 540 Board Room, Retirement Office 540 East 200 South, Salt Lake City Hybrid Meeting Board Members Attending in Person: Ms. Aaryn Birchell, Board Member Mr. Richard Ellis, Board Member Mr. Larry Evans, Board Member Ms. Laura Warnock, Board Member Board Members Attending Virtually: Mr. Marlo Oaks, Board President Mr. Karl Wilson, Board Member Excused: Ms. Christie Behunin, Board Vice President Staff Attending in Person: Mr. Dan Andersen, Executive Director Mr. Rob Dolphin, Chief Financial Officer Mr. Dee Larsen, General Counsel Ms. Stacie Petersen, Executive Assistant Mr. Kendall Rima, Managing Director - Retirement Staff Attending Virtually: Mr. Dave Bjarnason, Chief Compliance Officer - Investments Mr. Quentin Christensen, Chief Actuary & Director of Data Analytics Mr. Kory Cox, Director of Legislative & Government Affairs Call to Order Mr. Richard Ellis called the meeting to order at 1:04 p.m. and welcomed Board members and guests. Approval of Minutes ACTION: Ms. Aaryn Birchell moved, seconded by Mr. Larry Evans, to approve the minutes of the November 20, 2025, Administrative Board Meeting. The motion passed unanimously, 6-0. ACTION: Mr. Larry Evans moved, seconded by Ms. Laura Warnock, to approve the minutes of the November 20, 2025, Investment Board Meeting. The motion passed unanimously, 6-0. January PEHP Rate Renewals Mr. Quentin Christensen reviewed the PEHP Rate Renewal for the administrative fee with the reinsurance fee pending for the Canyons School District, effective January 1, 2026. ACTION: Ms. Aaryn Birchell moved, seconded by Mr. Marlo Oaks, to ratify the PEHP rate renewal effective January 1, 2026, for the Canyons School District of $50.56 PEPM. The motion passed unanimously, 6-0. Legislative Overview Mr. Dee Larsen gave an overview of the upcoming 2026 Legislative General Session and key retirement issues, including the following: - URS Retirement Modifications Bill - The impacts of the increases in the preliminary and revised preliminary Tier 2 contribution rates. - Preliminary discussion about members' participation, elections, and defaults relating to the Tier 2 defined benefit and defined contribution plan. Additional Discussion Mr. Dan Andersen mentioned that he had been contacted by some other public pension plans about the University of Utah's athletics partnership with a private equity firm and URS' involvement with that. He has told others and confirmed with the Board members that URS has not been involved with the university's arrangement. Adjournment Ms. Laura Warnock moved, seconded by Mr. Larry Evans, 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 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

January 16, 2026 08:52 AM

Notice Last Edited On

January 16, 2026 08:52 AM

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