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

August 15, 2024 01:00 PM

Description/Agenda

MINUTES OF THE UTAH STATE RETIREMENT BOARD ADMINISTRATIVE BOARD MEETING August 15, 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 Mr. Marlo Oaks, Board Member Ms. Laura Warnock, Board Member Board Members Attending Virtually: Ms. Christie Behunin, Board Vice President Ms. Aaryn Birchell, Board Member Mr. Larry Evans, Board Member Staff Attending In-Person: Mr. Dan Andersen, Executive Director Mr. Mark Cain, Deputy Executive Director Mr. Kory Cox, Director of Legislative and Government Affairs Mr. Rob Dolphin, Chief Financial Officer Ms. Jayne Knecht, Human Resource Director Mr. Dee Larsen, General Counsel Mr. Marc Lawson, Internal Audit Director Ms. Stacie Petersen, Executive Assistant Staff Attending Virtually: Mr. Chet Loftis, PEHP Director Mr. Dave Bjarnason, Chief Compliance Officer - Investments Guests Attending In-Person: Ms. Janie Shaw, GRS Consulting Mr. Lewis Ward, GRS Consulting Mr. Danny White, GRS Consulting Call to Order President Karl Wilson called the meeting to order at 1:01 p.m. and welcomed Board members, staff, and guests. He welcomed Ms. Aaryn Birchell in her official capacity as a new Board member. Ms. Birchell introduced herself and expressed how happy she is to be serving on the Board. Approval of Minutes ACTION: Mr. Richard Ellis moved, seconded by Ms. Laura Warnock, to approve the minutes of the June 20, 2024, Administrative Board Meeting. The motion passed unanimously, 5-0. Mr. Larry Evans and Mr. Marlo Oaks were absent for this vote. ACTION: Mr. Richard Ellis moved, seconded by Ms. Christie Behunin, to approve the minutes of the June 20, 2024, Investment Board Meeting. The motion passed unanimously, 5-0. Mr. Larry Evans and Mr. Marlo Oaks were absent for this vote. New Employer - River Heights City Corporation Mr. Dan Andersen reviewed the application for River Heights City Corporation to participate in the Public Employees' Retirement System. All eligibility requirements have been met, and approval of the application was recommended. ACTION: Ms. Laura Warnock moved, seconded by Mr. Marlo Oaks, to approve River Heights City Corporation as a participating employer in the Public Employees' Retirement System. The motion passed unanimously, 6-0. Mr. Larry Evans was absent for this vote. Employee Compensation Package Ms. Jayne Knecht explained the recommendation for a 4.0% COLA increase and 1.0% Merit increase for a total of 5.0% increase for the 2024-2025 Employee Compensation Package. ACTION: Ms. Laura Warnock moved, seconded by Mr. Richard Ellis, to approve the 2024-2025 Employee Compensation Package of 4.0% COLA and 1.0% Merit. The motion passed unanimously, 7-0. FTE Requests Mr. Dan Andersen discussed the rationale and business need for six new FTE requests - two for the Internal Audit Division, three for the Investment Division, and one for the Finance Division. Mr. Marc Lawson provided additional information regarding the needs in the Internal Audit Department. ACTION: Mr. Marlo Oaks moved, seconded by Ms. Christie Behunin, to approve the following six new FTEs and the associated budget increase: - 1 - Finance, Administrative Assistant - 1 - Investments, Asset Management Analyst I - 1 - Investments, Investment Analyst (Real Estate) - 1 - Investments, Investment Analyst (Energy, Mining/Minerals, Infrastructure) - 2 - Internal Audit, Internal Auditor II The motion passed unanimously, 7-0. PEHP Rate Renewals Mr. Chet Loftis reviewed the PEHP rate renewal changes effective September 1, 2024, for Utah School Board Association, Jordan School District, and Park City School District. ACTION: Mr. Larry Evans moved, seconded by Ms. Christie Behunin, to ratify the PEHP rate renewals, effective September 1, 2024, as follows: - Utah School Board Association - Approximate composite rate of $222.73 PEPM - Jordan School District - Approximate composite rate of $59.06 PMPM - Park City School District - Approximate composite rate of $48.54 PEPM The motion passed unanimously, 7-0. Proposals for Long-Term Disability Coverage Mr. Chet Loftis reviewed the proposal for changes in the PEHP Long-Term Disability Benefit program, including: - Background o PEHP Offers a Long-Term Disability Benefit o Statutorily Defined Benefits o Competitive Pressures - Proposal o Enhanced Benefits o Rate Reduction o Refund ACTION: Ms. Laura Warnock moved, seconded by Ms. Aaryn Birchell, to approve the requested changes to the PEHP Long-Term Disability program as presented. The motion passed unanimously, 7-0. ACTION: Ms. Aaryn Birchell moved, seconded by Ms. Laura Warnock, to approve Board Resolution #2024-01 Long-Term Disability Program Benefit Clarification and Enhancements. The motion passed unanimously, 7-0. GRS Actuarial Valuation Mr. Danny White, Ms. Janie Shaw, and Mr. Lewis Ward reviewed the Actuarial Valuation Report, as of January 1, 2024, including the following: - Changes Since Prior Valuation - Membership Experience - Asset Experience - Funded Status - Contribution Rates - Update to Professionalism Standard ACTION: Mr. Richard Ellis moved, seconded by Ms. Laura Warnock, to accept the GRS Annual Actuarial Valuation Report including the actuarial assumptions as contained in the Utah Retirement Systems Actuarial Valuation Report as of January 1, 2024. The motion passed unanimously, 7-0. Approval of FY 2025-2026 Preliminary Contribution Rates Mr. Dan Andersen provided additional information regarding the actual changes to the preliminary contribution rates for FY 2025-2026. ACTION: Mr. Richard Ellis moved, seconded by Mr. Larry Evans, to adopt the preliminary contribution rates for the 2025-2026 fiscal year as contained in Utah Retirement Systems Actuarial Valuation Report as of January 1, 2024, subject to legislation in the 2025 General Session. The motion passed unanimously, 7-0. At 2:56 p.m., Mr. Richard Ellis moved, seconded by Ms. Laura Warnock, to move into Closed Session to discuss confidential legal and audit matters. The motion passed unanimously, 7-0. At 3:43 p.m., Mr. Marlo Oaks moved, seconded by Mr. Richard Ellis, to move back into Open Session. The motion passed unanimously, 7-0. Final Motions/Other Business Stipulated Order of Voluntary Dismissal 22-07D ACTION: Ms. Laura Warnock moved, seconded by Mr. Richard Ellis, to approve the Stipulated Order of Voluntary Dismissal 22-07D as submitted by the Adjudicative Hearing Officer. The motion passed unanimously, 7-0. URS Internal Audit Department Charter ACTION: Mr. Marlo Oaks moved, seconded by Ms. Christie Behunin, to approve the revisions of the URS Internal Audit Department Charter as presented. The motion passed unanimously, 7-0. Adjournment Mr. Richard Ellis moved, seconded by Ms. Laura Warnock, to adjourn the meeting. The motion passed unanimously, 7-0. The meeting adjourned at 3:44 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

September 25, 2024 09:34 AM

Notice Last Edited On

September 25, 2024 09:34 AM

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