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

April 16, 2026 01:00 PM

Description/Agenda

MINUTES OF THE UTAH STATE RETIREMENT BOARD ADMINISTRATIVE BOARD MEETING April 16, 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. Richard Ellis, Board Member Mr. Karl Wilson, Board Member Board Members Attending Virtually: Mr. Marlo Oaks, Board President Ms. Christie Behunin, Board Vice President Mr. Larry Evans, Board Member Ms. Laura Warnock, Board Member Excused: Ms. Aaryn Birchell, Board Member Staff Attending In-Person: Mr. Dan Andersen, Executive Director Mr. Kory Cox, Director of Legislative & Government Affairs 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. Michael Bird, Associate Actuary Mr. Jason Morrow, Deputy Chief Investment Officer Call to Order Vice President Christie Behunin called the meeting to order at 1:00 p.m. and welcomed Board members and staff. Approval of Minutes ACTION: Mr. Karl Wilson moved, seconded by Mr. Richard Ellis, to approve the minutes of the March 19, 2026, Administrative Board Meeting. The motion passed unanimously, 6-0. ACTION: Mr. Larry Evans moved, seconded by Mr. Richard Ellis, to approve the minutes of the March 19, 2026, Investment Board Meeting. The motion passed unanimously, 6-0. PEHP Rate Renewals Mr. Chet Loftis reviewed the PEHP rate renewals, effective July 1, 2026. He also presented a proposal to transfer two days of medical reserves to dental reserves for the State of Utah. ACTION: Mr. Richard Ellis moved, seconded by Mr. Karl Wilson, to approve the PEHP rate renewals effective July 1, 2026, with the understanding that the LGRP July final aggregate medical rate may be different due to agency migration or rate adjustments arising from the renewal process, as follows: - State of Utah Medical/Rx 11.8% increase - State of Utah Dental 4.6% increase - Salt Lake City Medical/Rx 12.5% increase - Salt Lake City Dental 2.0% increase - LGRP July Medical/Rx 7.7% increase - LGRP Dental 2.8% increase The motion passed unanimously, 6-0. ACTION: Mr. Marlo Oaks moved, seconded by Mr. Richard Ellis, to approve the transfer of two days of State medical reserves to State dental reserves as follows: - $2,486,133 total - $2,241,126 transferred between reserves - $245,007 paid out to agencies not in the State dental pool The motion passed unanimously, 6-0. Tier 1 Firefighter Retirement System Funding Mr. Kory Cox reviewed the insurance premium tax funding for Tier 1 Firefighter Division A. The State of Utah has reduced the amount of state appropriations and tax proceeds going toward the Tier 1 Firefighters' Retirement System to the first $5 Million of the insurance premium tax proceeds. URS has been granted authority to allocate the insurance premium tax proceeds as needed to the Tier 1 Firefighter Division A or Division B Funds. GRS has indicated that to maintain current levels of funding, Division A needs $5 Million ongoing to continue making progress to 110% funding levels. Mr. Dee Larsen added clarifying remarks. ACTION: Mr. Marlo Oaks moved, seconded by Mr. Larry Evans, to approve the insurance premium tax funding for Tier 1 Firefighter Division A as presented and on page 21 of the Board book materials. The motion passed unanimously, 6-0. Insurance Program Review Mr. Rob Dolphin presented an overview of the URS insurance program for FY2026, including market trends, key coverages, risk exposures, carrier financial strength, property and liability program structure, loss history, and the status of the self-insurance reserve. AUREUS Update Mr. Kendall Rima provided an update of the AUREUS project with emphasis on the recent go-live activities. Executive Session At 2:17 p.m., Mr. Richard Ellis moved, seconded by Mr. Karl Wilson, to move into Executive Session to discuss fiduciary matters. The motion passed unanimously, 6-0. The following were present: - Board Members - Mr. Dan Andersen - Mr. Rob Dolphin - Mr. Dee Larsen - Mr. Chet Loftis - Mr. Kendall Rima At 2:46 p.m., Ms. Laura Warnock moved, seconded by Mr. Karl Wilson, to move back into Open Session. The motion passed unanimously, 6-0. Adjournment Mr. Richard Ellis moved, seconded by Ms. Laura Warnock, to adjourn the meeting. The motion passed unanimously, 6-0. The meeting adjourned at 2:46 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
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Contact Name

Stacie Petersen

Contact Email

stacie.petersen@urs.org

Notice Posting Details

Notice Posted On

May 22, 2026 09:22 AM

Notice Last Edited On

May 22, 2026 09:22 AM

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