Jul 28, 2026BoardMeeting
BoardOptional Retirement Plan (ORP) Task Force Minutes
The task force reviewed ten study items related to the Optional Retirement Plan (ORP), including pension service credit, hybrid retirement models, vesting requirements, and the treatment of accrued leave. Discussions focused on identifying inequities compared to defined benefit plans, the potential fiscal impacts of various remedies, and data limitations regarding ORP service. Members prioritized presenting a range of options with clear cost estimates rather than single recommendations. Additional topics included state tax exemption concerns for transfers, employer contribution rates and unfunded accrued liability impacts, the absence of Social Security coverage, and the identification of long-term participants.