Staff to prepare issue brief on GET reserves after funded-status rises to roughly 193%

Luke Minor briefed the committee on the GET program's funded status and proposed staff prepare an issue brief exploring the program's long‑term financial position and potential uses of reserves. Minor said the latest actuary roll‑forward measurement showed funded status as of June 30 "has improved a 193% compared to a 178% in the prior year," and that program reserves are now just over $1,000,000,000 compared with $852,000,000 previously.

Minor told the committee staff will prepare an issue brief to explain fiduciary responsibilities, review statutory authority related to use of program funds, and present models other states have used if the committee wants to explore scholarship programs or other reserve uses. Committee members asked for delivery in advance of December budget discussions so the analysis can inform the governor's proposed budget process.