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System reports annuity payouts, loan portfolio totals and limited retiree loan program in development
Summary
Administrative reports showed $124.3 million in annuity payments for the reporting period, 2,350 loans outstanding with $21.3 million outstanding balance, and staff said a limited retiree loan program is being implemented with system vendor support.
At the Board of Trustees meeting the Retirement System's CEO reported on member services, annuity payments and the loan portfolio.
Garret, CEO, said that for the period Oct. 1, 2024, through March 15, 2025, annuity payments totaled $124,300,000, with service retirement annuities representing about $121,300,000 of that total. He said 29 retirees were added to payroll for the period Oct. 1, 2024, through March 15, 2025, and that seven retirees were added for the March 15 pay date; five retirees were expected to be placed on payroll for the March 28 pay date.
On loan activity, Garret reported 2,283 active personal loans and 67 legacy mortgage loans for a total of 2,350 loans outstanding, with approximately $21,300,000 in dollars outstanding (about $17.5 million in active personal loans and the remainder in mortgage balances). He said death benefits and other application backlogs remain in process: 57 applications remain representing primarily fiscal‑year 2024 and 2025 work, and 65 death benefit cases were pending at the time of the report.
Garret said the board previously authorized a limited retiree loan program and that staff is working with vendor VITAC to complete necessary system programming to implement that program; further details will be shared when practicable.
No new benefits policy changes were proposed at the meeting.
