The Board discussed the impact of budget cuts on staffing levels and addressed investment policies in relation to PERAC compliance, with a resolution to engage legal counsel for further guidance. The Board processed various membership applications, transfers, and survivor benefit updates. Procedural determinations were made regarding the necessity of roll call votes for motions, the updated schedule for sending affidavits, and a change in the frequency of distributing notices of deposits. Additionally, the Board established a schedule for annual staff performance reviews and approved flexible working hour arrangements.
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The board received a presentation on the 2Q 2026 portfolio performance from Cambridge Trust. Key actions included the acceptance of new members, retirement applications, survivor benefits, and various account withdrawals and transfers. The board addressed a credible service transfer liability issue, reviewed recent PERAC memos, and discussed the upcoming retirement board election. Additionally, the board approved a 3% COLA increase for retirement office staff and received updates on the transition to GIC coverage for retirees and investment policy reviews.
