Board reviews administrative factors and adopts interim agenda including records-retention study tied to PSOB evidence concerns

Jacob White, executive director staff to the board, and state actuary Mitch DeCampoff walked members through changes that flow from last year's adopted economic and demographic assumptions.

Mitch said updated assumptions (chiefly longevity increases) alter both joint-and-survivor reduction factors and annuity-purchase factors. Jacob illustrated with examples: a member choosing a 100% joint-and-survivor option with a beneficiary three years younger could see about $150 more per month under new factors, while a $100,000 annuity purchase at age 57 would yield about $15 less per month with the new factors. Staff said the changes are effective Jan. 1, 2027, and that member retirement estimates will be updated accordingly.

Separately, Jacob presented a proposed interim planning agenda that included actuarial and administrative presentations, legislatively mandated studies (including a Department of Natural Resources wildland firefighter enrollment study and a select committee review of oversight for a restated plan), staff-recommended educational briefings on annuity/service-credit purchases, and policy items such as standby pay, COLA bank study, survivor benefit vesting, career choice employer contributions, and retention schedules tied to PSOB records. A two-part motion from board member Jason to adopt the specified actuarial/administrative presentations and add policy items (including a records-retention topic related to PSOB) was seconded and carried by voice vote.

Staff said they will update retirement estimate tools, publish notice of admin-factor changes and coordinate outreach and stakeholder presentations through May and subsequent meetings.