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

April 17, 2025 02:00 PM

Description/Agenda

MINUTES OF THE UTAH STATE RETIREMENT BOARD ADMINISTRATIVE BOARD MEETING April 17, 2025, 2:00 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 Excused: Ms. Christie Behunin, Board Vice President Ms. Aaryn Birchell, Board Member Staff Attending In-Person: Mr. Dan Andersen, Executive Director Mr. Dee Larsen, General Counsel Ms. Stacie Petersen, Executive Assistant Mr. Kendall Rima, Managing Director - Retirement Staff Attending Virtually: Mr. Dave Bjarnason, Chief Compliance Officer - Investments Mr. Chet Loftis, PEHP Director Call to Order President Karl Wilson called the meeting to order at 3:04 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 March 20, 2025, Administrative Board Meeting. The motion passed unanimously, 5-0. ACTION: Mr. Larry Evans moved, seconded by Ms. Laura Warnock, to approve the minutes of the March 20, 2025, Investment Board Meeting. The motion passed unanimously, 5-0. PEHP Rate Renewals Mr. Chet Loftis reviewed the PEHP rate renewals, effective July 1, 2025. ACTION: Mr. Marlo Oaks moved, seconded by Ms. Laura Warnock, to approve the PEHP rate renewals effective July 1, 2025, with the understanding that the LGRP July final aggregate medical rate may be different due to agency migration or rate adjustments arising from the renewal process, as follows: - State of Utah Medical/Rx 5.1% increase - State of Utah Dental 6.9% increase - Salt Lake City Medical/Rx 7.2% increase - Salt Lake City Dental 3.7% increase - LGRP July Medical/Rx 5.8% increase - LGRP Dental 2.9% increase The motion passed unanimously, 5-0. New Employer - Utah Fairpark Area Investment and Restoration District (UFAIR) Mr. Dan Andersen reviewed the application for Utah Fairpark Area Investment and Restoration District to participate in the Public Employees' Retirement System. All eligibility requirements have been met, and approval of the application was recommended. ACTION: Mr. Larry Evans moved, seconded by Mr. Richard Ellis, to approve Utah Fairpark Area Investment and Restoration District as a participating employer in the Public Employees' Retirement System. The motion passed unanimously, 5-0. Resolution #2025-01 Tier 2 Regular Full-Time Employee Member Contributions During the First Year of Employment Mr. Dee Larsen reviewed Resolution #2025-01 Tier 2 Regular Full-Time Employee Member Contributions During the First Year of Employment. This Resolution provides clear rules for the treatment of the required member contributions at the end of each member's one year election period, depending on each member's irrevocable participation election. ACTION: Mr. Richard Ellis moved, seconded by Mr. Marlo Oaks, to approve Board Resolution #2025-01 Tier 2 Regular Full-Time Employee Member Contributions During the First Year of Employment. The motion passed unanimously, 5-0. Adjournment Mr. Marlo Oaks moved, seconded by Ms. Laura Warnock, to adjourn the meeting. The motion passed unanimously, 5-0. The meeting adjourned at 3:11 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

May 15, 2025 05:02 PM

Notice Last Edited On

May 15, 2025 05:02 PM

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