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 Tags

Retirement

Notice Type(s)

Meeting

Event Start Date & Time

January 18, 2024 01:00 PM

Description/Agenda

MINUTES OF THE UTAH STATE RETIREMENT BOARD ADMINISTRATIVE BOARD MEETING January 18, 2024, 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. Karl Wilson, Board President Mr. Richard Ellis, Board Member Board Members Attending Virtually: Ms. Christie Behunin, Board Vice President Mr. Roger Donohoe, Board Member Mr. Larry Evans, Board Member Ms. Laura Warnock, Board Member Excused: Mr. Marlo Oaks, Board Member Staff Attending In-Person: Mr. Dan Andersen, Executive Director Mr. Mark Cain, Deputy Executive Director Mr. Rob Dolphin, Chief Financial Officer Mr. Dee Larsen, General Counsel Mr. Chet Loftis, PEHP Director Ms. Stacie Petersen, Executive Assistant Staff Attending Virtually: Mr. Dave Bjarnason, Chief Compliance Officer Call to Order President Karl Wilson called the meeting to order at 1:04 p.m. and welcomed Board members and staff. Approval of Minutes ACTION: Mr. Larry Evans moved, seconded by Mr. Roger Donohoe, to approve the minutes of the December 14, 2023, Administrative Board Meeting. The motion passed unanimously, 4-0. Ms. Christie Behunin and Ms. Laura Warnock were absent for this vote. ACTION: Mr. Roger Donohoe moved, seconded by Mr. Karl Wilson, to approve the minutes of the December 14, 2023, Investment Board Meeting. The motion passed unanimously, 4-0. Ms. Christie Behunin and Ms. Laura Warnock were absent for this vote. PEHP Annual Administrative Fee Adjustment Mr. Chet Loftis and Mr. Rob Dolphin reviewed the request to increase the PEHP administrative fee by 4.0% beginning July 1, 2024. ACTION: Mr. Richard Ellis moved, seconded by Ms. Laura Warnock, to approve a 4.0% PEHP Administrative Fee increase, with the exception of flexible spending accounts, beginning July 1, 2024. The motion passed unanimously, 5-0. Ms. Christie Behunin was absent for this vote. Salt Lake City PEHP Refund Request Mr. Chet Loftis reviewed the refund request from Salt Lake City for $30,166.78 from their risk pool to pay for taxes on wellness incentives earned by city employees. ACTION: Ms. Christie Behunin moved, seconded by Mr. Roger Donohoe, to approve the Salt Lake City refund request from their risk pool for $30,166.78 to pay for taxes on wellness incentives earned by city employees. The motion passed unanimously, 6-0. URS Employees Retiree Health Care Plan (OPEB) Actuarial Valuation Report Mr. Rob Dolphin reviewed the OPEB Actuarial Valuation Report as of January 1, 2023, 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. Roger Donohoe, to accept the GRS Actuarial Valuation Report and information contained therein. The motion passed unanimously, 6-0. Legislative Overview Mr. Dee Larsen gave an overview of the 2024 legislative session, which runs from January 16 through March 1, 2024, including SB 34, HB 60, HB 252, HB 251, and the authorization of employer 'pick-ups' for the new Tier 2 Public Employees' Hybrid Retirement System required member contributions. Mr. Chet Loftis discussed matters regarding insurance. Adjournment Mr. Mr. Richard Ellis moved, seconded by Ms. Christie Behunin, to adjourn the meeting. The motion passed unanimously, 6-0. The meeting adjourned at 1:52 p.m. ________________________________________ Karl W. Wilson, 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

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, 2024 09:02 AM

Notice Last Edited On

February 20, 2024 09:02 AM

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