Robert D. Dolphin

The webinar, presented by Utah Retirement Systems, provides fundamental guidance on achieving financial wellness. It focuses on three main areas: establishing an effective spending plan to align expenditures with personal values, implementing debt reduction strategies such as the avalanche and snowball methods, and building robust emergency savings to absorb financial shocks. The ultimate objective is to empower individuals to manage their economic life, reduce financial stress, and attain financial freedom, ensuring their financial goals are congruent with their personal values and they maintain control over their finances.

This webinar outlines strategies for individuals to create a fulfilling and purposeful retirement beyond financial planning. It identifies seven life priorities—finances, health, family, work (paid or volunteer), giving, leisure, and personal growth—as crucial for a meaningful post-career life. Key focus areas include defining core values, engaging in a variety of activities to maintain purpose and satisfaction, fostering strong social connections, and prioritizing physical and mental well-being through exercise and nutrition. The overarching goal is to guide individuals in planning for a joyful, purposeful, and healthier retirement.

The meeting included a review of retirement-related bills from the 2019 legislative session, with specific attention given to bills concerning Utah Retirement Systems Amendments, Firefighter Retirement Amendments, and various PEHP-related bills. Key legislative items discussed included H.B. 30, H.B. 5, H.B. 456, S.B. 129, and several others, noting which bills did not pass. The board also held a Closed Session to discuss confidential pending legal matters before resuming the Open Session. A final action item involved the approval of the Order to Dismiss 18-19H as submitted by the Adjudicative Hearing Officer.

The meeting included a legislative update concerning the 2025 session, where selected URS-related bills were reviewed. A detailed mid-year budget review for FY2025 was presented, covering momentum, expenditures, FTE budgeting, and capital budgets for URS/PEHP and AUREUS. The board entered and exited a closed session to discuss confidential audit and cybersecurity information. Finally, an announcement was made regarding a staff personnel change, with a Managing Director title change confirmed for Mr. Kendall Rima, following Mr. Mark Cain's departure.

Key discussions and actions during the meeting included the approval of the Internal Audit Department Four-Year Audit Plan, which was reviewed in a prior committee meeting. The Board also approved the elimination of the separate external OPEB Audit, incorporating it into the URS and PEHP Audits, and approved the renewal of the external auditor contract for five years. Decisions were made regarding the participation withdrawal of EMI Health and the conditional approval of the Utah Public Employees' Association (UPEA) withdrawal from URS participation. Furthermore, Board Resolution #2022-02, concerning the Self-Funded, Self-Administered Life Insurance Program for Retirees and Their Spouses, was approved, superseding a previous resolution. PEHP recommended and the Board approved an LGRP annual review refund range of $3.3 million to $4.3 million. Finally, the results of the 2022 PEHP Employer Satisfaction Survey were presented, and the 2023 Board Meeting and Conference Schedules were reviewed, setting the date for the annual Board BBQ.