PERS board tweaks funding policy language to reference most recent experience study

The PERS board amended its funding policy language to avoid hard-coded dates: the actuarial-assumptions paragraph will refer to "the most recent experience study as approved by the board" rather than listing specific study-end dates.

Why it matters: Board members and staff said the change makes the policy more evergreen and reduces the need for frequent policy amendments to update dates when experience studies are completed. The change affects how assumptions are anchored in the funding policy and was framed as a minor wording change rather than a substantive actuarial decision.

Process and vote: A board member moved to adopt the suggested wording to make the assumptions reference the board-approved experience study rather than fixed dates; another member seconded and the motion passed on an aye vote. Staff said that when the board next approves an experience study, the funding-policy language will automatically reference that board-approved study.

Ending: Staff will update the published funding policy text to the agreed wording and proceed under the existing approval processes when future experience studies are adopted.