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State Retirement System Board Of Trustees Meeting Updates
This morning, the Teachers and State Employees Retirement System (TSERS) Board of Trustees met to discuss the 2018 short session legislative activity, internal data and reports, and approve new members to the Board.
Sam Watts, Policy Director for the State Treasurer, updated Board members on recent legislation impacting the retirement system and health plan. House Bill 651 (Session Law 2018-30) titled State Pension/Retirement Health Benefit Fund Solvency, created the Unfunded Liability Solvency Reserve fund as a reserve in the General Fund held by the General Assembly. The Unfunded Liability Solvency Reserve would be an Employee Benefit Trust Fund, which is an "account for resources that are required to be held in trust for the members and beneficiaries of defined benefit pension plans, defined contribution plans, other postemployment benefit plans, or other employee benefit plans." Watts explained the new law to the Board by stating that once this “rainy day fund is overflowing,” the General Assembly will divert the money to the State Treasurer’s office to appropriately allot to its members based on the statute.
The Board also discussed internal reports, including a presentation on the Defined Benefit Administration Benchmarking Analysis Report, prepared by CEM Benchmarking and presented by Michael Reid, Vice President of CEM Benchmarking; a report on the amounts and sources of funds collected by year and amounts expended, the projects for which funds were expended and current statuses of the Legislative Enactment Implementation Arrangement (LEIA) by Patrick Kinlaw, FSA, Director of Policy in the Planning and Compliance department; and an update on the Investment Advisory Committee (IAC) meetings by Lentz Brewer, and IAC member.
Lastly, State Treasurer Dale Folwell discussed the state’s current financial position in funding and implementing the Retirement System and State Health Plan. “We have one of the five best funded plans in the country,” he said.
Click here to view materials from today’s meeting. The next meeting will be held October 25, 2018.
Jacqueline Wyatt | NCASA