During a recent government meeting, officials discussed the financial status of the Office of State Employee Retirement Systems (OSERS). The meeting highlighted an unmodified opinion on OSERS' financial statements, indicating that they were materially correct. As of December 31, 2023, OSERS reported assets restricted for pension benefits totaling $1.6 billion. Contributions for the year reached $130 million, while benefits and refunds paid amounted to $156 million.

The total pension liability was noted at $2.68 billion, with a fiduciary net position of $1.54 billion, resulting in a net pension liability of just over $1 billion. The funding percentage for the plan stood at 58%.

Cody Guillot and Cassandra Dobbs, who presented the audit findings, emphasized the importance of accurate member data for the audit results. They raised concerns about poor management oversight, including delays in responses and unresolved issues from previous audits. Key personnel departures had led to errors in benefit calculations and a lack of action on prior overpayments.

The auditors pointed out that management had not adequately ensured proper allocation of insurance costs to the plan. They stressed the need for the new administration to address these ongoing issues to ensure accurate benefit payments in the future. The findings will be crucial as OSERS transitions to new management under the NCUR administration.