General Information

Government Type

Independent or Quasi-Government

Entity

Utah State Retirement Office

Public Body

Utah State Retirement Board

Notice Information

Add Notice to Calendar

Notice Title

Administrative Board Meeting Minutes

Notice Tags

Retirement

Notice Type(s)

Meeting

Event Start Date & Time

June 20, 2024 01:30 PM

Description/Agenda

MINUTES OF THE UTAH STATE RETIREMENT BOARD ADMINISTRATIVE BOARD MEETING June 20, 2024, 1:30 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 Mr. Larry Evans, Board Member Ms. Laura Warnock, Board Member Board Members Attending Virtually: Ms. Christie Behunin, Board Vice President Mr. Marlo Oaks, Board Member Staff Attending In-Person: Mr. Dan Andersen, Executive Director Mr. Ryan Ashcraft, Retirement Planning Director Mr. Mark Cain, Deputy Executive Director Mr. Rob Dolphin, Chief Financial Officer Mr. Dee Larsen, General Counsel Mr. Marc Lawson, Internal Audit Director Mr. Chet Loftis, PEHP Director Ms. Stacey Nielsen, Retirement Director Ms. Stacie Petersen, Executive Assistant Mr. Dustin Seely, Retirement Director Staff Attending Virtually: Mr. Dave Bjarnason, Chief Compliance Officer - Investments Mr. James Hammer, Employer Services Director Guests Attending In-Person: Ms. Aaryn Birchell, New Board Member - Term Starts July 2, 2024 Mr. Chris Doll, CEM Benchmarking, Inc. Ms. Debra Gregory, Nasdaq Mr. Michael Michelsen, Eide Bailly LLP Mr. Paul Skeen, Eide Bailly LLP Call to Order President Karl Wilson called the meeting to order at 1:30 p.m. and welcomed Board members, staff, and guests. Approval of Minutes ACTION: Mr. Roger Donohoe moved, seconded by Ms. Laura Warnock, to approve the minutes of the May 16, 2024, Administrative Board Meeting. The motion passed unanimously, 7-0. ACTION: Mr. Larry Evans moved, seconded by Mr. Richard Ellis, to approve the minutes of the May 16, 2024, Investment Board Meeting. The motion passed unanimously, 7-0. PEHP Rate Renewals Mr. Chet Loftis reviewed the PEHP rate renewal, effective July 1, 2024, for West Jordan City for Medical/Rx of 8.0%. ACTION: Mr. Richard Ellis moved, seconded by Ms. Christie Behunin, to ratify the PEHP rate renewal effective July 1, 2024, for West Jordan City for Medical/Rx of 8.0%. The motion passed unanimously, 7-0. New Employer - Flaming Gorge Fire and EMS District Mr. Dan Andersen reviewed the application for Flaming Gorge Fire and EMS District to participate in the Firefighters' Retirement System. All eligibility requirements have been met, and approval of the application was recommended. ACTION: Mr. Roger Donohoe moved, seconded by Mr. Larry Evans, to approve Flaming Gorge Fire and EMS District as a participating employer in the Firefighters' Retirement System. The motion passed unanimously, 7-0. New Employer - Utah County Government Mr. Dan Andersen reviewed the application for Utah County Government to participate in the Firefighters' Retirement System. All eligibility requirements have been met, and approval of the application was recommended. ACTION: Mr. Larry Evans moved, seconded by Ms. Laura Warnock, to approve Utah County Government as a participating employer in the Firefighters' Retirement System. The motion passed unanimously, 7-0. PEHP Financial Report Mr. Rob Dolphin reviewed the 2023 PEHP Financial Report, including: - Overall Summary Financial Results - Investment Results - Operations by Line of Business o Medical, Dental, LTD, Life and Reinsurance o Days in Reserve URS Employer Satisfaction Survey Results Mr. Ryan Ashcraft reviewed the Lighthouse 2023 URS Employer Satisfaction Survey results, including the following items: - Organization Characteristics - Satisfaction when Contacting URS - Satisfaction when Being Contacted - Satisfaction with URS Literature and Publications - Understanding of URS Products - Satisfaction with Training Seminars - Online Employer Guide - Awareness of AUREUS - Perceived Value of URS Participation CEM Benchmarking DB Administration Report Mr. Chris Doll reviewed the URS Defined Benefit Pension Administration Benchmarking Results for the calendar year 2023. Before adjusting for economies of scale, the total URS pension administration cost was $76 per active member and annuitant compared to a peer average of $93. The total service score was 81 (out of 100) and was above the peer median. At 3:01 p.m., Mr. Richard Ellis moved, seconded by Ms. Laura Warnock, to move into Closed Session to discuss URS Audit Results and Required Communication. The motion passed unanimously, 7-0. Executive Session - Eide Bailly LLP At 3:27 p.m., Ms. Laura Warnock moved, seconded by Mr. Larry Evans to move into Executive Session to discuss fiduciary matters related to the Eide Bailly LLP audits. The motion passed unanimously, 7-0. The following were present: - Board Members - Mr. Paul Skeen, Eide Bailly LLP - Mr. Michael Michelsen, Eide Bailly LLP At 3:45 p.m., Mr. Roger Donohoe moved, seconded by Mr. Richard Ellis, to move back into Open Session. The motion passed unanimously, 7-0. Final Motions/Other Business Mr. Mark Cain thanked Ms. Stacey Nielsen for her amazing work as the Retirement Director and wished her well in retirement. He also welcomed Mr. Dustin Seely as the new Retirement Director. Adjournment Mr. Larry Evans moved, seconded by Ms. Laura Warnock to adjourn the meeting. The motion passed unanimously, 7-0. The meeting adjourned at 3:46 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
Show in Apple Maps Show in Google Maps

Contact Name

Stacie Petersen

Contact Email

stacie.petersen@urs.org

Notice Posting Details

Notice Posted On

August 16, 2024 09:16 AM

Notice Last Edited On

August 16, 2024 09:16 AM

Subscribe by Email

Subscription options will send you alerts regarding future notices posted by this Body.