m e m o r a n d u m to: subjectcurrent active web accounts (totals for all plans combined)...

Two Northside 75, Suite 300, Atlanta, GA 30318-7701 404.350.6300 800.805.4609 www.ers.ga.gov

Employees’ Retirement System ● Public School Employees Retirement System ● Legislative Retirement System Georgia Judicial Retirement System ● Georgia Defined Contribution Plan ● Georgia Military Pension Fund

State Employees’ Assurance Department ● Peach State Reserves

April 9, 2020

M E M O R A N D U M

TO: Members of the Boards of Trustees Employees' Retirement System of Georgia

FROM: James A. Potvin, Executive Director

SUBJECT: Annual Meetings - Boards of Trustees

Monthly Meeting - Investment Committee Thursday, April 16, 2020

The Annual Meetings of the Boards of Trustees of the below listed systems are scheduled to be held on Thursday, April 16, 2020 via teleconference. The meetings will be available to the general public by conference call, toll free (888) 270-9936 or (602) 333-0032, using conference/access code 189894 and security code 419176. The schedule is as follows:

Employees’ Retirement System - 10:00 A.M. Georgia Judicial Retirement System - 10:45 A.M.

Public School Employees Retirement System - 11:00 A.M. State Employees’ Assurance Department - 11:15 A.M.

The Investment Committee meeting will precede the Board meeting at 8:30 A.M. via conference call. The agenda and conference call details for the Investment Committee meeting will be mailed separately by the Division of Investment Services.

The above times are approximate. We will proceed as rapidly as possible, starting each meeting immediately upon completion of the preceding one.

Please see the attached agenda package. The teleconference instructions for board members, staff, and other invitees, will be sent separately.

c:

Bryan Webb Katie Stoff Tom Horkan Christine Murdock Chris Wells Mike Majure Jordan Boarders Sara Arroyo Jordan Borders Remington Cole Natalie Heath Mike Jackson Alicia Bohannon Rebecca Sullivan Caylee Noggle Elizabeth Holcomb Jinnie Christensen Bill Cary

Cathy Turcot Laurin Vonada Autumn Cole Laura Lanier Ed Koebel Dan Regenstein




AGENDA ANNUAL MEETING OF BOARD OF TRUSTEES

EMPLOYEES' RETIREMENT SYSTEM April 16, 2020

10:00 A.M. ________________________________________

1. Call to order by Chair.

2. Approve Minutes of bi-monthly meeting of February 20, 2020.[Agenda Package "A"]

3. Ratify action of Investment Committee at monthly meetings of February 20, 2020and March 19, 2020. [Agenda Package “B”]

4. Review the Secretary’s Report. [Agenda Package “C”]

5. Review and approve the report of the Actuary on ERS as of June 30, 2019.[Agenda Package “D”]

6. Consideration of ERS post-retirement adjustment for Fiscal Year 2021.

7. Review and approve the report of the Actuary on LRS as of June 30, 2019.[Agenda Package “E”]

8. Consideration of LRS post-retirement adjustment for Fiscal Year 2021.

9. Review and approve the report of the Actuary on GMPF as of June 30, 2019.[Agenda Package “F”]

10. Receive report on the impact of the Federal CARES Act on Peach State Reservesplans.

11. Other business.

12. Adjournment.

Employees' Retirement System of Georgia -C-0

Serving those who serve Georgia

E RSGA Employees’ Retirement System of Georgia

Secretary’s Report Employees’ Retirement System of Georgia

April 16, 2020

Investments

Market Value

6/30/2019 1/31/2019 2/29/2020 3/31/2020

Plan Market Value Market Value Market Value Market Value

ERS $ 13,567,301,948 $ 13,999,160,950 $ 13,239,195,918 $ 12,028,677,704

JRS 478,823,365 500,790,202 474,976,158 431,858,960

LRS 34,558,916 35,886,509 33,975,894 30,826,632

PSERS 942,100,976 986,605,027 939,407,861 854,550,560

GMPF 26,404,217 28,948,203 27,751,001 25,419,080

SEAD-Active 305,794,821 324,982,435 309,309,372 282,027,050

SEAD-OPEB 1,233,750,065 1,294,029,578 1,230,001,623 1,117,762,126

SBF 158,657,679 169,534,439 161,407,898 147,313,949

Total $ 16,747,391,987 $ 17,339,937,343 $ 16,416,025,725 $ 14,918,436,061

PSR 401(k) $ 1,148,093,388 $ 1,266,113,625 $ 1,205,354,532 $ 1,087,584,465

PSR 457 639,024,365 662,085,099 629,498,696 570,600,622

GDCP $ 124,940,072 $ 131,019,053 $ 133,342,012 $ 135,990,386

*No longer in Pooled Fund

Employees' Retirement System of Georgia -C1-

Plan Contributions

Actives 59,014 members contributing $37.0 million each year.

Employers $622 million is received in contributions for the ADEC.*

Service Purchase The Plan had 231 members purchase service in Fiscal Year 19, compared to 184 in Fiscal Year 18.

In Fiscal Year 20, 133 members have purchased service to date.

*All employers are up to date on contributions.

-10.00%

-8.00%

-6.00%

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

Jul Aug Sep Oct Nov Dec Jan Feb Mar

FY 2020 Rate of Return

Mth % FYTD %


Contributions through 2/29/2020

Plan Column1 EE Contributions

Column2 ER Contributions

Column3 Total

ERS $ 24,692,541 $ 415,145,383 $ 439,837,924

JRS 2,980,374 3,343,151 6,323,525

LRS 219,922 - 219,922

PSERS 980,930 21,664,000 22,644,930

GDCP 10,098,749 - 10,098,749

GMPF - 1,741,056 1,741,056

Total $ 38,972,516 $ 441,893,590 $ 480,866,106

Salary Increases in Excess of 5% During Final 12 Months (Salary Spiking)

In 2009, legislation was enacted requiring employers to pay the cost of the additional pension resulting from a salary increase greater than 5% during the 12 months prior to retirement for any member who joined the ERS plan prior to 7/1/2009.

Fiscal Year Count Amount

2015 70 $ 424,000

2016 72 $ 233,000

2017 164 $ 626,000

2018 161 $ 882,000

2019 63 $ 391,000

2020 (2/2020) 45 $ 356,000


Plan Distributions

ERS distributes monthly benefits to 74,180 retirees and beneficiaries. Below represents the monthly retiree payroll for all plans as of March 31, 2020. (Includes PLOPs, month of death checks, and retro payments.)

Retirees Retirees Total Retirees

Plan FY2019 FYTD2020 Feb 2020 Mar 2020 Mar 31, 2020

ERS $1,405,662,193 $1,067,948,475 165 157 53,094

LRS 1,790,892 1,295,825 1 0 269

PSERS 64,072,673 44,685,688 81 65 19,200

JRS 27,081,467 21,355,393 2 4 410

GMPF 1,221,915 962,155 7 4 1,198

SCJRF 626,130 261,214 0 0 6

DARF 36,837 25,725 0 0 3

Total $1,500,492,108 $1,136,534,475 256 230 74,180

History of Refunds

Fiscal Year Count Amount Online

Refunds Online Refund

Percentage

2015 4,528 $ 7,053,000 1,976 44%

2016 4,541 $ 6,706,000 1,966 43%

2017 7,417 $ 8,647,000 4,943 67%

2018 5,743 $ 6,513,000 3,540 62%

2019 5,097 $ 6,471,000 3,231 63%

2020 (2/29) 2,833 $ 3,865,000 2,158 76%

History of Deceased Members/Retirees

Fiscal Year Count

2015 1,442

2016 1,445

2017 1,565

2018 1,518

2019 1,485

2020 (3/31) 1,044


History of New Retirements


2015 2,371 $ 4,351,000

2016 2,270 $ 3,965,000

2017 2,268 $ 3,937,000

2018 2,310 $ 4,122,000

2019 2,458 $ 4,523,000

2020 (3/31) 1,675 $ 3,219,000

There are 53,094 Retired Members and Beneficiaries receiving a total of $117.3 million each month and 60,574* terminated

members entitled to but not yet receiving benefits.

* excludes archived accounts with very low probability of payment Estimates

Fiscal Year

Count

2016

4,962

2017

4,921

2018

4,739

2019

4,497

2020 (2/29) 2,734

Web Estimates - distinct members by month

Fiscal Year Count

2016 15,365

2017 16,659

2018 16,737

2019 15,502

2020 (2/29) 11,010


Current active web accounts (totals for all plans combined)

Beneficiaries Members Retirees Total

All Plans 2015 931 53,054 25,527 79,512

All Plans 2016 1,074 61,271 28,429 90,774

All Plans 2017 1,181 67,674 31,091 99,946

All Plans 2018 1,304 73,152 33,740 108,196

All Plans 2019 1,410 77,061 36,367 114,838

All Plans 2020 1,538 80,854 38,939 121,331

History of GTLI (SEAD) Payments


2015 1,429 $ 37,000,000

2016 1,453 $ 37,300,000

2017 1,474 $ 40,080,000

2018 1,491 $ 39,300,000

2019 1,456 $ 40,870,000

2020 (3/31) 1,200 $ 34,650,000

History of PLOPS

Fiscal Year Count Amount % Rolled Over

2015 685 $ 26,000,000 25%

2016 565 $ 19,100,000 25%

2017 572 $ 19,300,000 23%

2018 619 $ 21,100,000 24%

2019 616 $ 20,418,000 20%

2020 (3/31) 421 $ 15,183,000 17%


Miscellaneous

Call Center Statistics

* 91% standard state goal ** 60 second goal

Communications

Communication Statistics (3/30/2019 – 3/31/2020)

Emails sent to Employers: 21,599

Emails sent to Members: 506,891

Emails sent to Retirees: 231,514

Retirement Minute Newsletters: o Employee: 76,503 o Employer 7,539 o Retiree: 77,114

1099s mailed: 91,560

Members attended WRAP sessions: 565

Members attended Webinars: 1429

Members attended Speaking Engagements: 3,180

ERS Members received benefit statements: 57,412

Legislative Affairs

Legislative Affairs Statistics (7/1/2019 – 3/31/2020)

133 Legislative Affairs Inquiries

519 Legislative Documentation Updates

236 Legal Inquiry Research Requests

Fiscal Year Yearly Total Calls % Calls Answered* Average Answer Speed** Average Talk Time Average Handle Time

2015 103,985 95.15% 0:01:11 0:03:19

2016 96,164 95.90% 0:01:09 0:03:42

2017 102,693 94.82% 0:01:33 0:03:47

2018 92,187 95.86% 0:01:09 0:03:42

2019 97,720 94.96% 0:01:30 0:03:50

2020 (2/29) 64,468 94.84% 0:01:28 0:04:32


Retirement Eligible as of 2/29/2020

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

28.0%

32.0%

36.0%

Apr 18 Jun 18 Aug 18 Oct 18 Dec 18 Feb 19 Apr 19 Jun 19 Aug 19 Oct 19 Dec 19 Feb 20

Inactive Vested

ERS PSERS All

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

Apr 19 Jun 19 Aug 19 Oct 19 Dec 19 Feb 20

Actives

ERS PSERS All


2020 Legislation (as of Legislative Day 29)

Passed House Floor (Awaiting the Senate Retirement Committee Action)

HB 663 (ERS/JRS) – Beginning 7/1/2020, this bill specifies that individuals employed full-time as a judge in new Georgia Business Court are eligible for JRS membership, while other Georgia Business Court employees are eligible for ERS membership.

HB 664 (ERS/JRS) – This legislation requires new members of Legislative Counsel to elect membership in the Judicial Retirement System (JRS) and allows current members to opt into JRS or remain in Employees’ Retirement System (ERS) beginning 7/1/2020. HB 821 (ERS/JRS/LRS) – This bill would allow all members of the Employees’ Retirement System (ERS), the Judicial Retirement System (JRS), and the Legislative Retirement System (LRS) to be eligible to receive any post-retirement benefit adjustments granted on or after 7/1/2020 by their respective Boards, while still maintaining that no members with membership dates on and after 7/1/2009 receive any post-retirement adjustments that were granted before 7/1/2020.

HB 830 (All) – Beginning 7/1/2020, this bill increases the allowable percentage of assets an eligible large retirement system may invest in alternative investments from 5% to 10%.

Passed Senate floor and House Retirement Committee (Awaiting House Floor Action)

SB 26 (ERS/GDCP) – Effective 7/1/2020, ERS members with at least five years of service who were members of the Georgia Defined Contribution Plan (GDCP) immediately prior to becoming members of ERS may obtain credit for all such prior GDCP service. Members must pay full actuarial cost for the service and will have the ability to pay for such service with a payment plan option.

SB 47 – Beginning 7/1/2020, the legislation allows an Employees’ Retirement System (ERS) member with at least two years of service to purchase up to three years of creditable service for military service performed on or after 1/1/1990. Members must pay full actuarial cost for such service and will have the ability to pay for such with a payment plan.

SB 176 – This legislation, effective 7/1/2020, requires that employers employing retired ERS members pay both the employer and employee contributions associated with such employment, where the retiree will not receive creditable service for such reemployment as a retiree.

SB 262 – Effective for all retirement allowances due on or after 1/1/2021, this bill allows ERS retirees who have selected Options 2, 3, or 4 and whose designated individual(s) set to receive a lifetime retirement allowance predeceases them to either reelect their original Option with a new individual(s) or begin receiving the maximum plan benefit. A few conditions must be met in order to be eligible:

• If multiple beneficiaries are named for benefit, all must predecease the member in order to reelect Option or receive max plan benefit;

• Reelection of Option with new individual(s) must take place within one year of death of original beneficiary(ies); and • (Only Option 4) If reelecting Option, must select the same variant of Option 4 originally chosen.

This bill also removes the ability for retirees to select Option 5 on or after 1/1/2021, as it is redundant and no longer necessary with the changes to the other Options.

Passed Senate Floor (Awaiting House Retirement Committee Action)

SB 271 – Allows law clerks and staff attorneys previously employed by a judicial circuit to purchase up to four (4) years of creditable service within six months of first or again becoming an ERS member beginning 7/1/2020.

Passed Senate and House Floor (Currently awaiting House Agree (go to Governor’s desk) or Disagree (Conference Committee)

to House Substitute as Amended by the Senate)

SB 117 (All) – This legislation amends several retirement plans’, specifically ERS and LRS, creditable service purchases for people who first or again become members on or after 7/1/2020 so that such creditable service may only be granted upon payment of full actuarial cost. For individuals who are members prior to 7/1/2020, they will still be able to purchase such creditable service, if applicable, at the current rate until 7/1/2025, at which point after they will also be required to pay the full actuarial cost associated with such service.


Effective 7/1/2020, this bill also amends the Public Retirement Systems Standards Laws so that no law, rule, or regulation may pass which does not require the full actuarial cost associated with obtaining such creditable service. It also provides retirement systems, excluding the GA Municipal Employees Benefit System, the option to adopt a payment plan method for purchasing creditable service.

2020 Resolutions

Adopted by House HR 1126 (All) – Recognizes the Employees’ Retirement System of Georgia on its’ 70th Anniversary.

Adopted by Senate SR 760 (All) – Recognizes the Employees’ Retirement System of Georgia on its’ 70th Anniversary.

Projects

Communications In celebration of ERSGA’s 70th anniversary this year, the Communications Department organized both internal and external recognitions. Highlights of this effort included the recognition with official resolutions by the both houses of the Georgia General Assembly, in partnership with our Legislative Affairs Department. We also created a website homepage banner, sent email blasts to Members, Retirees, Beneficiaries, and Employers, and hosted an agency-wide 1950s theme party. Communications also continues to focus on reaching our target audiences with intentional messaging combined with continuous education. This effort included updating all plan handbooks and making them interactive on the ERSGA website. In addition, as the website is the main public facing communication vehicle, continuous enhancements are an ongoing effort. A proactive crisis communication brief was created to handle the external website in the event of an outage. In an effort to visually highlight ERSGA’s impact throughout the state, interactive legislative maps were once again produced for the website. The FY19 Comprehensive Annual Financial Report (CAFR) implemented a new process with Workiva. The design incorporated a new theme concept to highlight unique landmarks located all over the State. In addition, the FY18 CAFR was recognized for the 9th consecutive year for transparency and accuracy by the Government Finance Officers Association with a Certificate of Achievement for Excellence in Financial Reporting. This past year, ERSGA and GSRA (Georgia State Retirees Association) entered into a Memorandum of Understanding (MOU) agreement to allow retirees, beneficiaries, and retiring members under ERSGA to elect to share their contact information with GSRA. The MOU was a multifaceted communications effort, including mass emails and the development of a newsletter article for GSRA Membership solicitations. We also collaborated with Alight to produce numerous Peach State Reserves communications. These included the Alight campaign review, an annual statement insert for GSEPS low or non-savers, and Beneficiary Designation Solicitation efforts. As ERSGA continues to evolve, consistency with both written and visual communications is an important foundation. The ERS presentation was re-designed to separate GSEPS and New Plan to target audiences with shorter and more directed presentations. For the second year, education also focused internally with the ERSGA Cross Training Project, which was developed to provide a hands-on Communications learning experience to colleagues. Participants attended an off-site field trip to learn and observe an ERSGA educational Communications presentation, and created and presented their own presentation on an original topic during the Webinar-a-thon. The second annual ERSGA Webinar-a-thon was successfully held during National Retirement Security Week. Targeted communications were sent to active members, with an emphasis on the GSEPS population. Also, ERSGA’s second large scale Presentation Tour took place in February 2020 in the middle region of the state (Warner Robbins, Macon, Milledgeville, and Augusta). In addition, educational presentations were provided on-site for over 28 employer agencies and departments, and live presentations were provided at large conferences throughout the State.


Document Center Covid-19 Response The Doc Center has, perhaps, experienced the most change in their role over the past several weeks. The Doc Center must be onsite to receive and process incoming mail, as well as process all outgoing mail each day. In response to Covid-19, we have two of four Document Center processors onsite each day handling the physical mail. The other two are working from home to process the work that is being created in the office. This is the first time Document Center processors have worked from home, and they have all stepped up to the challenge! In addition to regular responsibilities, the onsite Document Center processors have been assisting other divisions with printing and mailing letters, routing documents, and prepping large documents for electronic processing. There have been several changes to existing procedures, including revising the process for the mailing of paper checks straight from check printing to our pre-sort mail vendor, without needing to be sent to our office first. In addition, the Document Center is ready for more changes should additional restrictions be imposed that would involve the closing of our office.

Financial Management Completed System Updates for Overpayment Recovery The final phase of system enhancements to overpayment recovery was completed. The goal of the project was to automate components of the process previously handled manually, to streamline the original design, and to post all collections so the transactions on the financials will flow to the audit files properly. GASB 67, GASB 68 and GASB 75 Completed GASB 67, GASB 68 and GASB 75 were completed and the reports, along with the supporting documentation was released. Reports and accompanying documentation were posted to the Employer portal on ers.ga.gov, as well as emailed to Employers. Financial Management, along with other Divisions, partnered with the auditors and Accounting to provide requested documentation and information to support the audits. The team justified any differences between what the Employers reported during the audit and what had been posted in the Retirement system. The audits are subject to a tight timeline and have a lot of moving parts. All audits were completed successfully and timely. Compliance File Submission In order to ensure all eligible State employees are enrolled in the proper retirement plan, ERS now receives a Compliance file from SAO with all statewide employees who are not members of a plan. The data on this file is verified with the Employer, and as a result, some employees who were reported as not meeting the criteria for membership previously have been found to be eligible, and were enrolled. In addition, we are capturing all employees who are not eligible and documenting the reason for ineligibility. The first phases for capturing all employees who are not eligible for membership in a State Retirement Plan was implemented on the internal system (PARIS), and justification for that designation is documented. The end result of this project will be a process that is interactive with Employers and ensures eligible State employees are participating in the correct Retirement System, and those employees who are not eligible are justified through stored documentation. Automation and Enhanced Processing In an effort to increase and enhance our automation and implement “smarter” processing, we have taken a hard look at each one of our processes and are making them more efficient. Two examples are the automation of the printing and reporting of corrected 1099 Forms and the enhanced internal reporting to identify Employer reporting issues sooner in the monthly posting process without assistance from IT. Both of these efforts have saved resources, time and ensured accuracy. Government Form Reporting Government Form reporting was completed for 91,560 Forms 1099 and 57 Forms W2. This process included form production, mailing to the Member, web posting, communication, governmental file delivery, and reporting. In addition, the reporting of corrected Form 1099 was automated. Training and Presentation Throughout the year, FMD hosted several events both internally to other Divisions and to Employers. For example, FMD presented and participated in the HR Seminar for Technical School Employers. It consisted of a general presentation along with break-out sessions. There was a training day held with the Gwinnett Technical School staff in which we worked one on one with the team to train them as well as solve specific issues. Internally, FMD drafted and delivered a presentation and demonstrations of various ongoing transactions as part of the Cross Training program.


Financial Management, Accounting, and Information Technology Unallocated Employee and Employer Cash Receipts Unallocated cash receipts occur when ERS receives money, and it is not allocated on the system to an invoice. This situation can happen for many different reasons, can be a credit or a debit to the Employer and usually takes some research to resolve. One of our goals is to manage unallocated cash receipts prior to the most recent three months to $0. Over the past years, the total net number of receipts had reached $1.9 million for Employee and $2.2 million for Employer. In the last year, unallocated Employee cash receipts were reduced by approximately $1,100,000, and Employer cash receipts were reduced by approximately $1.9 million. This effort is and will be ongoing.

Financial Management and Information Technology ERSGA Employer Website The ERSGA Employer Website went live November 12th with Phase 1 of a redesign project that when completed will feature a streamlined, modern look; more interaction; and improved functionality. Phase 1 included exciting new colors and look, a functionality change for the following panels: Forfeited Leave - changed the process to add a payment, Ad Hoc Termination – streamlined to a two-step process, and Rehired Retiree – implemented a “Manage” button for adjustments instead of clicking the SSN. We conducted training sessions with Employers, and we were fortunate enough to have our Atlanta Employers join us for a testing day.

Information Technology The ERS IT team has had another busy year focused on many projects and initiatives to enhance our Disaster Recovery and

Business Continuity solutions, upgrade our document scanning system, complete substantial web development projects,

Pension Admin feature enhancements and break fix, and a continued emphasis on Cyber Security.

ERS has continued to enhance its disaster recovery and business continuity solutions. Our phone and Contact Center systems

are now highly available and fully operational at ERS’ co-location (disaster recovery facility). We also have the capability of using

an ERS phone offsite at our remote work locations. We implemented Azure (cloud) DNS services and a redundant

telecommunication link for data replication and network connectivity to our co-location. A new data backup and replication

solution was implement which consisted of new storage servers and LTO 8 (the latest) tape libraries. ERS has doubled its data

backups to disk and more than tripled its tape storage to 20+ terabytes per tape.

ERS is in the process of implementing a new document scanning solution which includes new servers, scanners and IBM’s latest

document capture software. The new solution will include document scanning at our co-location.

In addition to The State of Georgia’s cyber security training, ERS’ subscriptions to SANS and KnowBe4 was used inform and

train all ERS employees with cyber security newsletters, email alerts and training. ERS perform multiple third party penetration

testing and phishing tests to all ERS employees. Our most recent results were that 7% of users clicked phishing links. While our

goal is always 0% we intentionally increase the sophistication and difficulty of the phishing attacks in order to keep users aware

of attacks. We plan to research and select a new penetration testing partner, simply to keep things fresh and have new

perspective on our testing. In addition to twice annually conducting our 3rd party testing, ERS is evaluating all current business

processes security measures such as call center authentication, forgotten passwords on-line and similar business processes to

compare with industry best practices to ensure ERS is handling and securing member and business data and processes

appropriately.

IT continues to provide security measures to prevent malware and virus intrusions on all agency computers. All agency

computers are updated with the latest virus scan and malware definitions ensuring that the data on the agency computers and

network is protected from any intrusions. Daily scans has been setup on each computer to detect any potential intrusions. IT

successful configured 99% of the agency to work from home.


The ERS IT Development team has completed performance enhancements for Printing Correspondence as well as developed a new process for FMD to receive and process compliance files from all agencies. We have implemented several new enhancements for Death Processing and 1099 reporting. In addition we have made enhancements to the new Retirement Online application and improved automation for processing the Retirement Application, leading to reduced staff data entry.

Legislative Affairs Trustee Training

Upon the passage of the Trustee Training legislation (HB 196, 2019, Act 244), Legislative Affairs developed and created a

document outlining specific training requirements prescribed for trustee members. A spreadsheet with a list of all of ERSGA’s

Board members was created and categorized into groups based off of member’s necessary training requirements. The

spreadsheet also documents trustee training hours met and remaining hours needed to fulfill training requirements. A Trustee

Training Options Spreadsheet was also developed and lists different types of educational courses and training seminars that are

available to trustees in order to satisfy the training requirements implemented by HB 196. Such documentation was placed in a

newly developed section of the Board Portal for easy access.

Most recently, Legislative Affairs met with Funston Advisory Services to discuss their Board Smart Training program as a potential

resource for Board members to receive required training under HB 196. ERSGA joined Funston Advisory Services Board Smart

Program as part of the Beta testing phase for the program.

Attorney General Legal Opinions

Legislative Affairs also completed the Attorney General Legal Opinions Spreadsheet by updating existing documentation. During

this refresh, all broken hyperlinks were fixed and redundant columns were condensed, filter buttons were added for helpful

searching on specific columns, and the spreadsheet was visually updated with colors and consistent text and grammar

formatting. All ERSGA staff now has access to this documentation on Plan Requirements.

Interactive Maps

The Interactive Maps section of the ERSGA website was updated with information for legislators to be able to view populations

of active and retired ERS members, PSERS members by County, Senate District, House District, or Congressional District. These

maps also provide annual benefit statistics for ERS and PSERS members.

Legislation

ERSGA’s Legislative Affairs team provided staff, members, retirees, and other interested parties with information regarding its

efforts impacting our retirement plans at the state capitol with legislative happenings by posting weekly updates on the ERSGA

website and tracking over 60 bills.

We also secured House and Senate Sponsorship for resolutions recognizing ERSGA’s 70th Anniversary and organized and

completed a trip to the Capitol for ERSGA’s 70th Anniversary recognition for 17 ERSGA employees.

Member Services Retirement Online The number of members applying for retirement online continues to increase. Year-to-date for FY20 (July 2019 through March 2020), 51% of our new ERS Service retirements have applied for retirement using our online application. Covid-19 Response Member Services ramped up quickly to have almost 100% functionality from home. We have one person from our Management Team in the office each day to ensure the large amount of paper correspondence generated by our benefit processing gets in the mail to our members. All Customer Care agents are answering phone calls while working remotely from their homes. All Pension Analysts are processing benefits while working remotely from their homes. We have continued our training schedule by using online meeting functionality, and we're all staying in touch by phone, e-mail, and instant messaging. Automation Working with the QA Group and Information Technology, we have automated the reduction in pension amount after the first five years for ERS members who select the Accelerated Option for their pension.


Secure Act The Secure Act became law on December 20, 2019. This included changes to the date by which terminated members must take a Required Minimum Distribution. For the pension plans, these changes were incorporated into our automatic notifications by the end of January, 2020. ERS / TRS Transfers We have worked with TRS to ensure consistency in transferred benefits for GSEPS members. This will ensure that GSEPS members who took refunds (either from ERS or from TRS), are treated the same as GSEPS members who transfer their benefits without taking a refund. In addition, ERS is implementing increased communication with GSEPS members before they transfer their TRS service to ERS. Visitor Policy In February 2020, ERSGA started requiring visitors to set up an appointment before coming to our office. By preparing for visitors in advance, we are able to provide better, more efficient service to our members, and be more respectful of their time.

Quality Assurance Legacy IBM Mainframe – Retiring The final remaining part of the IBM Mainframe legacy system was retired at the end of June 2019. This legacy system was implemented in the early 1970’s and was last updated in June 1999. When the data on the legacy system was converted to PeopleSoft and subsequently to PARIS (the current system), there was some information not brought over that is necessary for research and verification of historical transactions and accounts. Therefore, the system remained accessible. However, even though it was accessible, the legacy system was not supported and generated a monthly storage expense on the server. In addition, the necessary data could be extracted and stored in a more user friendly and widely available way. Quality Assurance worked with IT to extract the data from the legacy system, verify the correct data elements were extracted and stored it on current systems. One-Time Post Retirement Benefit The one-time post-retirement benefit adjustments for ERS, JRS and LRS and the COLA for PSERS approved during the Annual Board meetings on April 18, 2019 were implemented successfully. The COLA was reflected in eligible PSERS July 2019 and January 2020 pension payments, and ERS, JRS and LRS retirees who were eligible for the one – time adjustment received their payments the first week of August. Enhance Retirement Online Retirement Online is continuously enhanced to upgrade the user experience and make processing more efficient. One such enhancement is the automatic entry of the Peach State Reserve (PSR) address, account number and contact information when it is chosen as the Rollover election. Since the address and other information has to be exact, this enhancement will save time for both the Pension and PSR analysts. Auto-reduction of the Accelerated Benefit Option The automatic reduction of the Accelerated Benefit Option (Option 4E) after the five year accelerated period was implemented. This benefit option provides for a monthly benefit equal to 135% of the Maximum Plan Benefit, payable for the first five continuous years of retirement. After five years, that benefit is actuarially reduced, and is paid for the retiree’s lifetime. The processing to reduce the escalated benefit was a manual effort prior to it being automated, and the automation process involved PARIS and Web system updates, correspondence, and reporting. Security Flag An additional security level flag was implemented for Member accounts and the existing flags were redefined to restrict activity on calculations when necessary, while allowing other activity such as the ability to change indicative data. For example, even if calculation activity is restricted, the member can change a beneficiary. Data and File Delivery We coordinate and interact with other entities within and external to the State for delivery of data and information that is vital for ongoing processing and project completion. Three of the higher profile among those is the timely and accurate delivery of all annual files and data to the Actuary, the semi-annual interface file for Financial Engines, and the annual file to Alight that is the basis for the annual ERS Integrated Benefit Statement.


Quality Assurance, Information Technology, and Communications

GSRA Information Sharing Implementation of all systems and processes in PARIS and Retirement Online necessary to partner with GSRA to allow the Member retiring, Retirees and Beneficiaries to share their information with GSRA. This implementation included design and development to processes, PARIS, ERSGA Website, correspondence, interfaces, and tracking.

Quality Assurance, Financial Management, Information Technology, Member Services, and Communications ERS Integrated Statements

The annual ERS Integrated Statements for active Members were delivered in February. The statement project is a multi-group

effort, in which we work together to make any required changes in statement design; post and verify the underlying data;

prepare and test all calculations; partner with Alight to integrate the defined benefit and defined contribution information to

prepare a combined statement that is meaningful to Members, and communicate delivery to Members. This year

approximately 58,000 Members received statements.


ERS Changes in Membership 1990-2019

Active to Retiree Ratio has changed from 4.41 to 1.13


ERS Historical Sources of Funds to Pay Benefits




Secretary’s Report Georgia Legislative Retirement System

April 16, 2020

Plan Statistics

Market Value as of 3/31/2020 – $30,826,632

Contributions

There are 225 Active Members contributing $329,883 to the Plan. The Annual Required Contribution for FY20 is $0. In FY19, 1 member purchased service. There have been no service purchases in FY20.

Distributions

Refunds Fiscal Year Count Amount

2015 4 $ 26,000

2016 3 $ 38,000

2017 7 $ 75,000

2018 4 $ 22,000

2019 7 $ 70,000

2020 (2/29) 3 $ 21,000


New Retirements


2015 11 $ 6,500

2016 7 $ 2,700

2017 11 $ 5,300

2018 11 $ 4,500

2019 12 $ 6,000

2020 (3/31) 7 $ 3,000

There are 269 Retired Members and Beneficiaries receiving a total of $141,000 each month, and 180 terminated members entitled to but not yet receiving benefits.


Estimate Requests

Fiscal Year Count

2016 14

2017 17

2018 18

2019 20

2020 (2/29) 9

ACTIVE

Early Normal Other Total % Eligible

LRS 10 59 151 220 31.4%

INACTIVE - Vested


LRS 12 10 54 8676 28.9%


Miscellaneous

Legislative Affairs

Legislative Affairs Statistics FY20 (7/1/2019 – 3/31/2020)





Passed House Floor (Awaiting Senate Retirement Committee Action)

HB 821 (ERS/JRS/LRS) – This bill would allow all members of the Employees’ Retirement System (ERS), the Judicial Retirement System (JRS), and the Legislative Retirement System (LRS) to be eligible to receive any post-retirement benefit adjustments granted on or after 7/1/2020 by their respective Boards, while still maintaining that no members with membership dates on and after 7/1/2009 receive any post-retirement adjustments that were granted before 7/1/2020.


Passed Senate and House Floor (Currently awaiting House Agree (go to Governor’s desk) or Disagree (Conference

Committee) to House Substitute as Amended by the Senate)

SB 117 (All) – This legislation amends several retirement plans’, specifically ERS and LRS, creditable service purchases for people who first or again become members on or after 7/1/2020 so that such creditable service may only be granted upon payment of full actuarial cost. For individuals who are members prior to 7/1/2020, they will still be able to purchase such creditable service, if applicable, at the current rate until 7/1/2025, at which point after they will also be required to pay the full actuarial cost associated with such service. Effective 7/1/2020, this bill also amends the Public Retirement Systems Standards Laws so that no law, rule, or regulation may pass which does not require the full actuarial cost associated with obtaining such creditable service. It also provides retirement systems, excluding the GA Municipal Employees Benefit System, the option to adopt a payment plan method for purchasing creditable service.

2020 Resolutions




Projects

Legislative Affairs

Trustee Training

Upon the passage of the Trustee Training legislation (HB 196, 2019, Act 244), Legislative Affairs developed and created a

document outlining specific training requirements prescribed for trustee members. A spreadsheet with a list of all of ERSGA’s

Board members was created and categorized into groups based off of member’s necessary training requirements. The

spreadsheet also documents trustee training hours met and remaining hours needed to fulfill training requirements. A Trustee

Training Options Spreadsheet was also developed and lists different types of educational courses and training seminars that are

available to trustees in order to satisfy the training requirements implemented by HB 196. Such documentation was placed in a

newly developed section of the Board Portal for easy access.









Rehired Retirees (Mapping Project)

The Summary page for the Rehired Retiree Section of the Mapping Project for GJRS, LRS, and PSERS Plans has been completed

and is posted on Plan Requirements. Significant progress has been made on the Rehired Retiree Scenarios spreadsheets for GJRS,

LRS, and PSERS Plans as well.

2020 LRS Member Statements

In collaboration with the Quality Assurance Division, LRS Member Statements were prepared and delivered to legislators in Mid-

February.

Interactive Maps

The Interactive Maps section of the ERSGA website was updated with information for legislators to be able to view populations

of active and retired ERS members, PSERS members by County, Senate District, House District, or Congressional District. These

maps also provide annual benefit statistics for ERS and PSERS members.

Legislation






Quality Assurance

One-Time Post Retirement Benefit

The one-time post-retirement benefit adjustment for LRS was approved during the Annual Board meetings on April 18, 2019 and

was implemented successfully. LRS retirees who were eligible for the one – time adjustment received their payments the first

week of August.


LRS Changes in Membership 1991-2019

* Until 1997, valuations were conducted on a bi-annual basis


Ratio of Actives to Annuitants has changed from 1.74 to 0.82




Secretary’s Report Georgia Defined Contribution Plan

April 16, 2020

Plan Statistics

February 29, 2020

June 30, 2019 June 30, 2018 June 30, 2017

Total Members ≈ 132,000*

129,000* 125,000* 119,000*

(Dollars in Thousands)

Total Amount of Contributions & Interest $ 119,520* $ 116,043* $ 111,992* 107,562*

Net Position Restricted for Benefits $ 133,342 $ 124,940 $ 114,571 110,371

Difference $ 13,822 $ 8,897 $ 2,579 2,809

Annual Member Contributions $ 10,099 $ 14,559 $ 14,505 14,900

* excludes archived accounts with very low probability of payment

GDCP Market Value

February 29, 2020 March 31, 2020

$ 133,342,012 $ 135,990,386

History of Refunds

Fiscal Year Count Amount Online


Percentage

2015 17,149 $ 22,338,000 12,312 72%

2016 11,275 $ 11,833,000 7,776 69%

2017 7,690 $ 12,066,000 4,563 59%

2018 6,383 $ 9,152,000 3,947 62%

2019 6,185 $ 9,428,000 4,343 70%

2020 (2/29) 3,796 $ 5,835,000 3,017 79%

Miscellaneous

Members are required to contribute 7.5% of their annual salary. There are no employer contributions. Earnings will be credited to each member’s account as adopted by the ERS Board of Trustees. Upon termination of employment, the amount of the member’s account is refundable upon request by the member.




Secretary’s Report Georgia Military Pension Fund

April 16, 2020

Plan Statistics


There are 13,918 active members and 3,426 terminated vested.

As of March 31, 2020, the Plan had 1,198 retired members receiving a total of $107,000 each month.

The Actuarially Determined Employer Contribution for FY20 is $2,611,590, which was submitted and approved.

The Actuarially Determined Employer Contribution for FY21 is $2,683,883, which was submitted and is pending approval.



Secretary’s Report Peach State Reserves

April 16, 2020

Plan Statistics as of March 31, 2020


Assets Participants w/ Balance Contributing Participants

401(k) $ 1,087,584,465 72,097 49,263

457 $ 570,600,622 12,433 5,227

7,255 enrolled in Participant Managed Accounts as of 3/31/2020; 6,635 enrolled as of 12/31/2018. GSEPS 401(k) Statistics

2/28/2015 2/29/2016 2/28/2017 2/28/2018 3/31/2019 3/31/2020

Total GSEPS Population 30,292 34,254 38,768 43,974 47,375 50,207

Actives Eligible 25,026 27,533 31,110 34,567 35,917 36,708

Actives Contributing 22,736 24,794 27,834 30,568 32,219 33,765

Actives w/ Balance 24,072 26,911 30,163 33,425 35,182 36,242

Terms 4,608 5,804 7,125 8,757 10,730 12,705

Employer Matching Contributions - FY2015, $15,108,727; FY2016, $20,492,303; FY2017, $26,104,634; FY2018, $31,135,796; FY2019, $34,153,779 and through 2/29/20120 for FY2020, $24,145,093.

Forfeitures for Calendar 2015, $3,273,791; Calendar 2016, $3,987,071; Calendar 2017, $5,227,018; Calendar 2018, $6,620,905; and

Calendar 2019, $7,428,913.


Accomplishments and Upcoming Projects Accomplishments

Completed Annual Statement Mailings

o 45,793 ERS Integrated DB/DC

o 11,619 ERS DB Only

o 38,907 Non-ERS, DC Only

Completed RFI and RFP process for PSR administration services

Completed a fund manager changes from SSgA to BlackRock for the Large Cap Growth Stock Index Fund, the Mid Cap Core Stock Index Fund, and the Large Cap Value Stock Index Fund

Added an RMD email reminder the month prior to the distribution

Removed University System of Georgia from PSR eligibility

Implemented Fraud Protection Team

Completed the 2019 Target Maturity Bond Fund (TMBF) change

Created additional Hardship withdrawal communications throughout the Hardship process

Completed beneficiary reconciliation project

Added Virtual Assistant, Direct Deposit option for RMDs and Mobile phone number messaging to the GaBreeze site

Upcoming projects

CARES Act

Working with Legal and Alight to finalize and implement the optional provision available under the CARES Act for 401(k) and 457

plans as a result of the Covid-19 pandemic; those provisions include:

o the waiver of 2019 RMDs set for December 2020 payment

o the ability to take penalty-free, in-service withdrawals

SECURE Act

Working with legal to get the plan documents amended for the SECURE Act changes (changes include new RMD age of 72,

changes to beneficiary payout timeline, waiver of early withdrawal penalty for adoption and birth; new tax penalty calculation for

missed RMD of the lesser of $400 or 100%)

Fayette County Schools

PSR was scheduled to convert the Fayette BOE population out of PSR on 3/31; due to market volatility, the conversion has been

changed to mid-July

Supplemental Guaranteed Lifetime Income (SGLI)

Implement by January 2021

Target Maturity Bond Fund

Will be closing a fund and adding a new one in June





GEORGIA JUDICIAL RETIREMENT SYSTEM April 16, 2020

10:45 A.M. _______________________________________ 1. Call to order by Chair. 2. Review Secretary’s Report. [Agenda Package “A”] 3. Review and approve the report of the Actuary on System as of June 30, 2019.

[Agenda Package “B”]

4. Consideration of post-retirement adjustments for Fiscal Year 2021.

5. Other business.

6. Adjournment.




Secretary’s Report Georgia Judicial Retirement System

April 16, 2020

Plan Statistics


The Plan receives $4.75 million each year in Employer Contributions.

Contributions

There are 531 active members contributing $4.9 million to the Plan. In FY19, 3 members transferred service from ERS. In FY20, 3 members have transferred service as of March 31, 2020.

Distributions

Refunds Fiscal Year Count Amount

2015 5 $ 645,000

2016 4 $ 261,000

2017 4 $ 156,000

2018 3 $ 140,000

2019 3 $ 302,000

2020 (2/29) 0 $ 0


New Retirements Fiscal Year Count Amount

2015 17 $ 106,600

2016 9 $ 64,100

2017 55 $ 383,100

2018 17 $ 125,900

2019 39 $ 268,300

2020 (3/31) 15 $ 107,500

There are 410 Retired Members and Beneficiaries receiving a total of $2.42 million each month, and 64 terminated members entitled to but not yet receiving benefits.

Estimate Requests Fiscal Year Approximate Count

2016 33

2017 75

2018 55

2019 54

2020 (2/29) 37



ACTIVE


JRS 42 112 373 527 29.2%

INACTIVE - Vested


JRS 0 0 27 27 0.0%

Miscellaneous

Legislative Affairs







HB 663 (ERS/JRS) – Beginning 7/1/2020, this bill specifies that individuals employed full-time as a judge in new Georgia Business Court are eligible for JRS membership, while other Georgia Business Court employees are eligible for ERS membership.

HB 664 (ERS/JRS) – This legislation requires new members of Legislative Counsel to elect membership in the Judicial Retirement System (JRS) and allows current members to opt into JRS or remain in Employees’ Retirement System (ERS) beginning 7/1/2020. HB 821 (ERS/JRS/LRS) – This bill would allow all members of the Employees’ Retirement System (ERS), the Judicial Retirement System (JRS), and the Legislative Retirement System (LRS) to be eligible to receive any post-retirement benefit adjustments granted on or after 7/1/2020 by their respective Boards, while still maintaining that no members with membership dates on and after 7/1/2009 receive any post-retirement adjustments that were granted before 7/1/2020.




SB 117 (All) – This legislation amends several retirement plans’, specifically ERS and LRS, creditable service purchases for people who first or again become members on or after 7/1/2020 so that such creditable service may only be granted upon payment of full actuarial cost. For individuals who are members prior to 7/1/2020, they will still be able to purchase such creditable service, if applicable, at the current rate until 7/1/2025, at which point after they will also be required to pay the full actuarial cost associated with such service.


Effective 7/1/2020, this bill also amends the Public Retirement Systems Standards Laws so that no law, rule, or regulation may pass which does not require the full actuarial cost associated with obtaining such creditable service. It also provides retirement systems, excluding the GA Municipal Employees Benefit System, the option to adopt a payment plan method for purchasing creditable service.

2020 Resolutions



Projects

Legislative Affairs

Trustee Training

Upon the passage of the Trustee Training legislation (HB 196, 2019, Act 244), Legislative Affairs developed and created a document

outlining specific training requirements prescribed for trustee members. A spreadsheet with a list of all of ERSGA’s Board members

was created and categorized into groups based off of member’s necessary training requirements. The spreadsheet also documents

trustee training hours met and remaining hours needed to fulfill training requirements. A Trustee Training Options Spreadsheet

was also developed and lists different types of educational courses and training seminars that are available to trustees in order to

satisfy the training requirements implemented by HB 196. Such documentation was placed in a newly developed section of the

Board Portal for easy access.










The Summary page for the Rehired Retiree Section of the Mapping Project for GJRS, LRS, and PSERS Plans has been completed and

is posted on Plan Requirements. Significant progress has been made on the Rehired Retiree Scenarios spreadsheets for GJRS, LRS,

and PSERS Plans as well.

Legislation




We also secured House and Senate Sponsorship for resolutions recognizing ERSGA’s 70th Anniversary and organized and completed

a trip to the Capitol for ERSGA’s 70th Anniversary recognition for 17 ERSGA employees.


Quality Assurance

One-Time Post Retirement Benefit

The one-time post-retirement benefit adjustment for JRS was approved during the Annual Board meetings on April 18, 2019 and

was implemented successfully. JRS retirees who were eligible for the one – time adjustment received their payments the first

week of August.


JRS Changes in Membership 1998-2019

Ratio of Actives to Annuitants has declined from 3.68 to 1.30





PUBLIC SCHOOL EMPLOYEES RETIREMENT SYSTEM April 16, 2020

11:00 A.M. _______________________________________ 1. Call to order by Chair. 2. Review Secretary’s Report. [Agenda Package “A”] 3. Review and approve the report of the Actuary on System as of June 30, 2019.

[Agenda Package “B”]

4. Consideration of post-retirement adjustments for Fiscal Year 2021.

5. Other business.

6. Adjournment.




Secretary’s Report Public School Employees Retirement System

April 16, 2020

Plan Statistics


Contributions

There are 35,432 active members contributing $2.0 million each year.

For FY20, the Actuarially Determined Employer Contribution (ADEC) is $30,896,000, which has been approved.

For FY21, the Actuarially Determined Employer Contribution (ADEC) is $30,264,000, which is pending approval. Service Purchase – The Plan had 27 members purchase service in FY19, compared to 18 in FY18. In FY20, 14 members have purchased service to date.

Distributions

Refunds Fiscal Year Count Amount Online


Percentage

2015 2,027 $ 455,000 700 35%

2016 2,043 $ 463,000 747 37%

2017 6,012 $ 1,033,000 3,857 64%

2018 3,470 $ 645,000 1,911 55%

2019 2,526 $ 543,000 1,516 60%

2020 (2/29) 1,389 $ 335,000 903 65%


New Retirements Fiscal Year Count Amount

2015 1,210 $283,900

2016 1,324 $313,700

2017 1,192 $269,000

2018 1,205 $287,500

2019 1,239 $304,800

2020 (3/31) 810 $205,000

There are 19,200 Retired Members and Beneficiaries receiving a total of $5.54 million each month, and 49,213 terminated members entitled to but not yet receiving benefits.

History of Deceased Members/Retirees Fiscal Year Count

2015 895

2016 901

2017 905

2018 964

2019 863

2020 (3/31) 587

Estimate Requests Fiscal Year Count

2016 2,043

2017 2,074

2018 2,105

2019 2,132

2020 (2/29) 1,292

Web Estimates - distinct members by month Fiscal Year Count

2016 823

2017 890

2018 1,015

2019 945

2020 (2/29) 593



ACTIVE


PRS 2,742 2,533 30,005 35,280 15.0%

INACTIVE - Vested


PRS 1,126 537 3,752 5,415 30.7%






SB 117 (All) – This legislation amends several retirement plans’, specifically ERS and LRS, creditable service purchases for people who first or again become members on or after 7/1/2020 so that such creditable service may only be granted upon payment of full actuarial cost. For individuals who are members prior to 7/1/2020, they will still be able to purchase such creditable service, if applicable, at the current rate until 7/1/2025, at which point after they will also be required to pay the full actuarial cost associated with such service. Effective 7/1/2020, this bill also amends the Public Retirement Systems Standards Laws so that no law, rule, or regulation may pass which does not require the full actuarial cost associated with obtaining such creditable service. It also provides retirement systems, excluding the GA Municipal Employees Benefit System, the option to adopt a payment plan method for purchasing creditable service.

2020 Resolutions



Miscellaneous

Legislative Affairs






Projects

Legislative Affairs

Trustee Training

Upon the passage of the Trustee Training legislation (HB 196, 2019, Act 244), Legislative Affairs developed and created a document

outlining specific training requirements prescribed for trustee members. A spreadsheet with a list of all of ERSGA’s Board members

was created and categorized into groups based off of member’s necessary training requirements. The spreadsheet also documents

trustee training hours met and remaining hours needed to fulfill training requirements. A Trustee Training Options Spreadsheet

was also developed and lists different types of educational courses and training seminars that are available to trustees in order to

satisfy the training requirements implemented by HB 196. Such documentation was placed in a newly developed section of the

Board Portal for easy access.










The Summary page for the Rehired Retiree Section of the Mapping Project for GJRS, LRS, and PSERS Plans has been completed and

is posted on Plan Requirements. Significant progress has been made on the Rehired Retiree Scenarios spreadsheets for GJRS, LRS,

and PSERS Plans as well.

Interactive Maps

The Interactive Maps section of the ERSGA website was updated with information for legislators to be able to view populations of

active and retired ERS members, PSERS members by County, Senate District, House District, or Congressional District. These maps

also provide annual benefit statistics for ERS and PSERS members.

Legislation






Quality Assurance

Post Retirement Benefit Adjustment

Public School Employees Retirement System (PSERS) were granted a cost of living increase for retirees and beneficiaries who met

the criteria. The benefit was paid as of July 2019 and January 2020.

Benefit Rate Increase

The increase in the benefit rate from $15.25 to $15.50 per month, per years of service for eligible Members of the Public School

Employees Retirement System (PSERS) members, retirees, and beneficiaries was implemented successfully.


PSERS Changes in Membership 1990-2019

Active to Retiree Ratio has changed from 3.25 to 1.83




AGENDA ANNUAL MEETING OF BOARD OF DIRECTORS

STATE EMPLOYEES’ ASSURANCE DEPARTMENT April 16, 2020

11:15 A.M. _________________________________________ 1. Call to order by Chair. 2. Review and approve the report of the Actuary on SEAD-Active as of June 30,

2019. [Agenda Package “A”]

3. Review and approve the report of the Actuary on SEAD-OPEB as of June 30, 2019. [Agenda Package “B”]

4. Other business.

5. Adjournment.

m e m o r a n d u m to: subjectcurrent active web accounts (totals for all plans combined)...

Documents