GERS reports December collections, a December net cash deficit and year-to-date withdrawals from investments

The board received the Government Employees Retirement System schedule of receipts and disbursements for the month ending Dec. 31, 2024. The treasurer reported employer and employee retirement contributions and loan repayments and detailed disbursements including annuity payments and administrative expenses.

Key figures read to the board: employer retirement contributions of $6,401,680 for the month (year to date $20,559,785); employee retirement contributions of $3,255,494 for the month (year to date $10,000,637); and total collections for the month reported at about $10,361,818 (year to date $136,000,337). The treasurer reported annuity payments of roughly $23,000,000 for the month and total disbursements for December of approximately $26,137,395.

The treasurer said the system recorded a net cash deficit for December (monthly figures showed collections equal to roughly 40% of disbursements for the month) and that year-to-date the system had withdrawn about $60,000,000 from the investment portfolio to meet benefit payments. For the Haven Site operations, December collections were $478,376 with a net cash surplus for the site of $122,083 for the month and year-to-date surplus of $326,465.

Trustees moved to accept the treasurer's report. The motion to accept the treasurer report was moved by Trustee Dorsey and seconded by Trustee Smith; the board recorded an affirmative vote and the motion passed.