Jul 22, 2026BoardMeeting
BoardLeoff 2 Board Board Meeting
The Board engaged in a comprehensive review of the peer audit results regarding the 2025 actuarial valuation, validating the accuracy of the underlying calculations and assumptions. Discussions centered on the adoption of contribution rates, where the Board evaluated various options including transitioning to the minimum rate, the aggregate rate, or implementing a phased increase strategy targeting a 2032 goal. The dialogue emphasized the challenges of balancing plan funding stability and intergenerational equity with the potential fiscal impacts on the state budget, while considering the plan's funded status and the implications of funding policies.