Gary L. Harbin

The Legislative Committee convened to discuss potential legislation for the 2026 General Assembly regular session. The committee approved proceeding with the described legislation and recommended reporting this to the board.

The Insurance Committee convened to discuss and recommend actions related to health plans for 2026. The committee reviewed and presented information concerning the Medicare Eligible Health Plan (MEHP) rate and the Kentucky Employees' Health Plan (KEHP) supplement. A motion was made and approved to recommend a rate of $200 per month for the MEHP and a health insurance benefit supplement for KEHP up to $1,044.96 per month for retirees meeting the necessary service requirements. The recommendations include a KEHP administrative fee of $8 per person per month.

The Governance and Audit Committee convened to discuss several key items. These included the presentation of the 2025 economic assumption review, the annual valuation of the Retirement Annuity Trust, and the annual valuation of the Retiree Health and Life Insurance Trusts. Additionally, the committee reviewed the audit of the financial statements for the fiscal years ended June 30, 2025, and 2024, and discussed the Third Amendment to the TRS 403(b) Program.

The board reviewed reports for consent, including committee minutes and benefit payment reports. The investment committee's performance for the quarter ended June 30 was discussed. There was also discussion regarding the request for proposals for audit management software and related services. The insurance committee made a recommendation regarding retiree health care for 2026, and the legislative committee reported on legislation for the 2026 regular session of the General Assembly. The executive secretary provided observations and comments on the Trustee Education Program, GASB reports, and executive secretary's meetings.

The special meeting of the Board of Trustees included an overview of TRS, a closer look at TRS operations, and a report on the management of TRS's portfolio. Additionally, the board heard reports on the economic outlook, the Know Your Rx Coalition, and an overview of Kentucky ethics and legal duties.