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 16, 2025 01:00 PM

Description/Agenda

MINUTES OF THE UTAH STATE RETIREMENT BOARD ADMINISTRATIVE BOARD MEETING January 16, 2025, 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. Larry Evans, 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 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. Jason Morrow, Deputy Chief Investment Officer Call to Order President Karl Wilson called the meeting to order at 1:01 p.m. and welcomed Board members and staff. Approval of Minutes ACTION: Mr. Richard Ellis moved, seconded by Ms. Laura Warnock, to approve the minutes of the December 12, 2024, Administrative Board Meeting. The motion passed unanimously, 5-0. Ms. Christie Behunin and Ms. Aaryn Birchell were absent for this vote. ACTION: Mr. Larry Evans moved, seconded by Mr. Marlo Oaks, to approve the minutes of the December 12, 2024, Investment Board Meeting as amended. The motion passed unanimously, 5-0. Ms. Christie Behunin and Ms. Aaryn Birchell were absent for this vote. New Employer - Town of Alta Mr. Dan Andersen reviewed the application for Town of Alta to participate in the Public Safety Retirement System. All eligibility requirements have been met, and approval of the application was recommended. ACTION: Mr. Marlo Oaks moved, seconded by Ms. Laura Warnock, to approve the Town of Alta as a participating employer in the Public Safety Retirement System. The motion passed unanimously, 6-0. 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 $30,294.09 from their risk pool to pay for taxes on wellness incentives earned by city employees. Mr. Rob Dolphin provided information regarding Salt Lake City's days in reserve. ACTION: Mr. Richard Ellis moved, seconded by Mr. Larry Evans, to approve the Salt Lake City refund request from their risk pool for $30,294.09 to pay for taxes on wellness incentives earned by city employees. The motion passed unanimously, 6-0. Ms. Christie Behunin was 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, 2025. ACTION: Mr. Marlo Oaks moved, seconded by Ms. Laura Warnock, to approve a 4.0% PEHP Administrative Fee increase for all lines of business beginning July 1, 2025. The motion passed unanimously, 6-0. Ms. Christie Behunin was absent for this vote. Diligent Secure Messenger Mr. Mark Cain along with Diligent employee Perla Martinez Paz provided training to the Board Members on the new communications platform Diligent Messenger that will greatly enhance security from cyber risks and other types of exposures. All Board communication starting March 2025 will be conducted through Diligent and the Messenger platform. Legislative Overview Mr. Dee Larsen gave an overview of the 2025 legislative session, which runs from January 21 through March 7, 2025, including the following: - SB0019 Utah Retirement Systems Amendments for Military Personnel - SB0020 Utah Retirement Systems Amendments - HCR002 Concurrent Resolution Directing PEHP Regarding Pharmaceutical Rebates - SB0021 Long-Term Disability Amendments - HB0025 Retirement Amendments - SB0022 Long-Term Disability Benefit Modifications - SB0025 Postretirement Reemployment for Emergency Services Workers Final Motions/Other Business None. Adjournment Ms. Laura Warnock moved, seconded by Mr. Larry Evans, to adjourn the meeting. The motion passed unanimously, 7-0. The meeting adjourned at 1:53 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 21, 2025 08:48 AM

Notice Last Edited On

February 21, 2025 08:48 AM

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