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PERSI reports recovery, 87% funded ratio and requests software upgrade funding
Summary
The Public Employee Retirement System of Idaho told the Joint Finance‑Appropriations Committee it ended the fiscal year with an approximate 9% return, a funded ratio of about 87% and requested continued funding for a multi‑year pension system software upgrade.
The Joint Finance‑Appropriations Committee heard a budget and operations briefing from the Public Employee Retirement System of Idaho (PERSI) on Wednesday that reviewed investment returns, funded status, personnel needs and a multi‑year pension software upgrade.
Why it matters: PERSI administers retirement benefits for roughly 185,000 public employees and retirees in Idaho; changes in funding, contribution policy or major IT investments can affect long‑term liabilities and the system’s administration.
Presentation highlights Frances Lippitt, a budget and policy analyst with the Legislative Services Office, told the committee PERSI operates with authorized staffing of 81 full‑time positions across offices in Boise, Pocatello and Coeur d'Alene and that the agency typically fills about 89% of those positions. Lippitt said total appropriated expenditures for PERSI in FY2024 were about $11.4 million from appropriated funds and that PERSI…
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