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PERSI reports 87% funded ratio, seeks continued IT and administrative support
Summary
The Public Employee Retirement System of Idaho (PERSI) briefed the Joint Finance-Appropriations Committee on pension fund operations, a multi-year pension-software upgrade and staffing additions; the system reported an approximate 87% funded ratio and a 10.7-year amortization period.
PERSI (the Public Employee Retirement System of Idaho) told the Joint Finance-Appropriations Committee it ended the most recent fiscal year with an approximate funded ratio of 87% and is requesting continued support for a multi-year pension software upgrade and limited ongoing administrative enhancements.
Frances Lippitt, a Legislative Services analyst, summarized the agency’s structure and budget. PERSI administers a defined-benefit pension system for public employees and a defined-contribution (401(k)) option, operates from several dedicated funds and is overseen by a five-member retirement board appointed by the governor.
Why it matters: PERSI manages pensions for roughly 185,000 members and pays retirement benefits that are continuously appropriated; the system’s investment returns and funding status affect future…
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