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Trustees approve Pension Stabilization Reserve Trust audited financial report for fiscal year 2023–24
Summary
The Pension Stabilization Reserve Trust Board of Trustees reviewed and adopted the audited financial statements for the fiscal year ended June 30, 2024, hearing that the comptroller issued a clean audit opinion and that the trust and related pension accounts together hold roughly $605 million after year-end additions.
The Pension Stabilization Reserve Trust Board of Trustees voted to adopt the trust's audited financial report for the fiscal year ended June 30, 2024, after a presentation from a Department of Treasury representative.
Brian Derek, Department of Treasury, told trustees the stabilization reserve was created as a cost-control mechanism for hybrid defined‑benefit plans and became effective July 1, 2018. He said state law requires a 4% contribution of covered payroll to those defined‑benefit plans and that the actuary annually determines the actuarially determined contribution (ADC). When the ADC is less than 4%, the excess is deposited into…
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