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PERSI reports $22 billion in assets, 87% funded; requests software funding and hardware upgrades
Summary
The Public Employee Retirement System of Idaho (PERSI) presented its FY2026 budget requests to JFAC, including year four of a pension software upgrade and IT hardware replacement. Director Mike Hampton told the committee the system ended the fiscal year with roughly $22 billion in assets and an actuarial funded ratio of about 87%.
PERSI Director Mike Hampton and Legislative Services analyst Frances Lippitt briefed the Joint Finance-Appropriations Committee on the public employee retirement system's FY2026 budget requests and the system's recent financial performance.
PERSI requested ongoing and one-time appropriations related to its pension-software upgrade, member services and IT hardware. The governor recommended most of the agency's requests, excluding an inflationary ongoing increase and office furniture, the analyst said.
The budget overview given by Frances Lippitt, budget and policy analyst with the Legislative Services Office, described PERSI as providing a defined-benefit plan and administering a defined-contribution 401(k)-style plan and an unused sick-leave fund. Lippitt said PERSI has authorization for 81 full-time staff across Boise, Pocatello and Coeur d'Alene and typically operates with about an 89% fill rate. PERSI averaged $11.4 million in appropriated expenditures in…
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