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

May 16, 2024 01:00 PM

Description/Agenda

MINUTES OF THE UTAH STATE RETIREMENT BOARD ADMINISTRATIVE BOARD MEETING May 16, 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. Roger Donohoe, Board Member Mr. Richard Ellis, Board Member Board Members Attending Virtually: Mr. Larry Evans, Board Member Mr. Marlo Oaks, Board Member Ms. Laura Warnock, Board Member Excused: Ms. Christie Behunin, Board Vice President Staff Attending In-Person: Mr. Mark Cain, Deputy Executive Director Mr. Rob Dolphin, Chief Financial Officer Mr. Dee Larsen, General Counsel Mr. Marc Lawson, Internal Audit Director Mr. Kendall Rima, Chief Information Officer Mr. Darron Schryver, Chief Information Security Officer Ms. Stacie Petersen, Executive Assistant Staff Attending Virtually: Mr. Ryan Ashcraft, Retirement Planning Director Mr. Dave Bjarnason, Chief Compliance Officer - Investments Mr. Chet Loftis, PEHP Director Mr. Jason Morrow, Deputy Chief Investment Officer Ms. Stacey Nielsen, Retirement Director Call to Order President Karl Wilson called the meeting to order at 1:03 p.m. and welcomed Board members and staff. Approval of Minutes ACTION: Mr. Roger Donohoe moved, seconded by Ms. Laura Warnock, to approve the minutes of the April 18, 2024, Administrative Board Meeting. The motion passed unanimously, 4-0. Mr. Richard Ellis and Mr. Marlo Oaks were absent for this vote. ACTION: Mr. Larry Evans moved, seconded by Ms. Laura Warnock, to approve the minutes of the April 18, 2024, Investment Board Meeting. The motion passed unanimously, 4-0. Mr. Richard Ellis and Mr. Marlo Oaks were absent for this vote. New Employer - North Summit Recreation Special Service District Mr. Mark Cain reviewed the application for North Summit Recreation 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: Mr. Roger Donohoe moved, seconded by Ms. Laura Warnock, to approve North Summit Recreation Special Service District as a participating employer in the Public Employees' Retirement System. The motion passed unanimously, 4-0. Mr. Richard Ellis and Mr. Marlo Oaks were absent for this vote. URS/PEHP Employee Medical, Dental, and LTD Insurance Budget 2024-2025 Mr. Rob Dolphin reviewed the URS/PEHP Employee Medical, Dental, and LTD Insurance Budget for 2024-2025. The Medical premium will have an overall increase of 7.0%. Dental will have a 0.90% increase. LTD premium rate will remain unchanged at 0.68% of covered eligible salary. ACTION: Mr. Roger Donohoe moved, seconded by Mr. Larry Evans, to approve the proposed budget for the URS/PEHP Employee Medical, Dental, and LTD insurance premiums for the July 1, 2024, to June 30, 2025, fiscal year. The motion passed unanimously, 4-0. Mr. Richard Ellis and Mr. Marlo Oaks were absent for this vote. URS Annual Comprehensive Financial Report Review Mr. Rob Dolphin reviewed the 2023 Annual Comprehensive Financial Report (ACFR), including: - System Highlights and Member Demographics - Key Financial Highlights - Retirees and Average Benefit Payments - Returns and Performance - DC Contributions and Benefits At 1:57 p.m., Mr. Richard Ellis moved, seconded by Ms. Laura Warnock, to move into Closed Session to discuss confidential legal, cybersecurity, and audit matters. The motion passed unanimously, 5-0. Mr. Roger Donohoe was absent for this vote. At 3:01 p.m., Mr. Richard Ellis moved, seconded by Mr. Roger Donohoe, to move back into Open Session. The motion passed unanimously, 6-0. Final Motions Stipulated Order of Voluntary Dismissal 24-02H ACTION: Mr. Roger Donohoe moved, seconded by Mr. Larry Evans, to approve the Stipulated Order of Voluntary Dismissal 24-02H as submitted by the Adjudicative Hearing Officer. The motion passed unanimously, 6-0. Utah State Retirement Board Audit Charter ACTION: Mr. Roger Donohoe moved, seconded by Mr. Richard Ellis to approve the revisions of the Utah State Retirement Board Audit Charter as presented and amended. The motion passed unanimously, 6-0. Utah Retirement Systems Management Control Policy ACTION: Ms. Laura Warnock moved, seconded by Mr. Roger Donohoe, to approve the revisions of the Utah Retirement Systems Management Control Policy as presented and amended. The motion passed unanimously, 6-0. Adjournment Mr. Roger Donohoe moved, seconded by Mr. Richard Ellis to adjourn the meeting. The motion passed unanimously, 6-0. The meeting adjourned at 3:03 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

June 21, 2024 09:18 AM

Notice Last Edited On

June 21, 2024 09:18 AM

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