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PERSI briefed JFAC on fund health, pension system upgrade and a 1.3% recommended COLA
Summary
The Public Employee Retirement System of Idaho (PERSI) told the Joint Finance‑Appropriations Committee the fund returned about 9% in the last year, ends the fiscal year with roughly $22 billion in assets and is about 87% funded; the agency requested continued spending for a multi‑year pension software upgrade and smaller ongoing enhancements.
Frances Lippitt, a Legislative Services Office budget and policy analyst, presented an overview of the Public Employee Retirement System of Idaho’s (PERSI) FY 2026 budget and funding structure, including the agency’s two programs (retirement administration and portfolio investment), staffing and the multi‑year pension software upgrade.
Mike Hampton, director of PERSI, joined Lippitt and the board’s trustees to answer committee questions about funded status, the pension software project and the board’s cost‑of‑living adjustment (COLA) recommendation. “In the last year we had our second year of recovery…we had about a 9% return,” Hampton told the committee. He also told JFAC the fund “ended the fund year a little over $22,000,000,000” and that PERSI serves about 185,000 members.
Why it matters: PERSI manages retirement benefits for a broad set of Idaho public employees; its funded status, return assumptions and software infrastructure affect both benefit…
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