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

January 15, 2026 01:00 PM

Description/Agenda

MINUTES OF THE UTAH STATE RETIREMENT BOARD ADMINISTRATIVE BOARD MEETING January 15, 2026, 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 Mr. Larry Evans, Board Member Ms. Laura Warnock, Board Member Mr. Karl Wilson, Board Member Board Members Attending Virtually: 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 Mr. Chet Loftis, PEHP Director Ms. Stacie Petersen, Executive Assistant Mr. Kendall Rima, Managing Director - Retirement Staff Attending Virtually: Mr. Dave Bjarnason, Chief Compliance Officer - Investments Call to Order President Marlo Oaks called the meeting to order at 1:02 p.m. and welcomed Board members and staff. Approval of Minutes ACTION: Mr. Richard Ellis moved, seconded by Ms. Aaryn Birchell, to approve the minutes of the December 11, 2025, Administrative Board Meeting. The motion passed unanimously, 7-0. ACTION: Mr. Larry Evans moved, seconded by Ms. Laura Warnock, to approve the minutes of the December 11, 2025, Investment Board Meeting. The motion passed unanimously, 7-0. New Employer - Fruitland Special Service District Mr. Dan Andersen reviewed the application for Fruitland Special Service District to participate in the Public Employees' Retirement System. All eligibility requirements have been met, and approval of the application was recommended. ACTION: Ms. Aaryn Birchell moved, seconded by Mr. Karl Wilson, to approve Fruit-land Special Service District as a participating employer in the Public Employees' Retirement System. The motion passed unanimously, 7-0. Budget Review Mr. Rob Dolphin reviewed the mid-year budget for FY 2026, including the following items: - Executive Summary - Projected Expenditures 25-26 Year - Mid-Year Spending Trends - Budget Mid-Year Comparison - Mid-Year Division Cost Overview - Mid-Year Staffing & Compensation Overview - Projected Salary & Benefit Savings - Expense Forecast & Key Savings Drivers - Historical Admin Expenditures Combined URS/PEHP - FTEs Combined URS/PEHP - Investing in our Team - HealthEdge Budget and Expenses - AUREUS Budget and Projected Expenses - URS/PEHP Capital Budgets - Building Operations January PEHP Rate Renewals Mr. Chet Loftis reviewed the PEHP Rate Renewal for administration and reinsurance fees for the Canyons School District, effective January 1, 2026. ACTION: Ms. Aaryn Birchell moved, seconded by Ms. Christie Behunin, to ratify the PEHP rate renewal effective January 1, 2026, for the Canyons School District of $102.82 PEPM. The motion passed unanimously, 7-0. PEHP Annual Administrative Fee Adjustment Mr. Chet Loftis presented and Mr. Rob Dolphin provided additional information regarding the request to increase the PEHP administrative fee by 3.5% beginning July 1, 2026. ACTION: Ms. Aaryn Birchell moved, seconded by Mr. Karl Wilson, to approve a 3.5% PEHP Administrative Fee increase for all lines of business beginning July 1, 2026. The motion passed unanimously, 7-0. URS Employees Retiree Health Care Plan (OPEB) Actuarial Valuation Report Mr. Rob Dolphin reviewed the OPEB Actuarial Valuation Report as of January 1, 2025, including the following items: - Summary of Benefits - Summary of Liability and Funded Ratio - Increase in the Funded Ratio - Actuarial Assumptions - Sensitivity Analysis - Funded Ratios - Summary of Projected Benefit Payments - Summary of Active Members - Summary of Retired Members ACTION: Mr. Richard Ellis moved, seconded by Mr. Karl Wilson, to approve the GRS Actuarial Valuation Report and information contained therein. The motion passed unanimously, 7-0. Legislative Overview Mr. Dee Larsen gave an overview of the upcoming 2026 legislative session, which runs from January 20 through March 6, including SB0025 'Retirement Modifications' which is the annual administrative and technical amendments to Title 49. There are currently 444 numbered bills and resolutions. Nationally some are pushing to phase out DB pension plans, and some legislators are proposing now to change the Tier 2 retirement default to the 401(k) only savings plan instead of the hybrid pension system. We are asking that this issue should be studied in the 2026 Inter-im due to its significant policy and financial implications. One new issue is that the state is beginning to experience the effects of the recent federal tax legislation, including the removal of some overtime and tips from taxable income, which has created a $300 million budget shortfall at the state level. In response, officials are being asked to propose budget cuts to address these fiscal challenges. Final Motions/Other Business Mr. Larry Evans announced he is running for Utah County Commissioner. Adjournment Mr. Larry Evans moved, seconded by Ms. Aaryn Birchell, to adjourn the meeting. The motion passed unanimously, 7-0. The meeting adjourned at 2:29 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

February 20, 2026 08:46 AM

Notice Last Edited On

February 20, 2026 08:46 AM

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