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PERSI reports $22 billion in assets, seeks software funding and board travel; board recommended 1.3% COLA
Summary
The Public Employee Retirement System of Idaho (PERSI) told JFAC it ended the year at about $22 billion in assets, is roughly 87% funded and requested additional funds for a multi-year pension software upgrade and limited travel and hardware purchases.
The Public Employee Retirement System of Idaho (PERSI) told the Joint Finance-Appropriations Committee that the pension fund ended the most recent fiscal year with roughly $22 billion in assets, a funded ratio of about 87%, and is requesting $3 million for year four of a pension software upgrade along with other IT and limited travel appropriations.
Frances Lippitt, a budget and policy analyst with the Legislative Services Office, reviewed agency figures and explained that PERSI was created in 1963 and funded by the legislature in 1965. She said PERSI administers a defined benefit plan plus defined-contribution options and a program that converts unused sick leave to pay health insurance in retirement. PERSI operates with authorized staff across Boise, Pocatello and Coeur d'Alene and divides activities into retirement administration and portfolio investment programs.
Director Mike Hampton told…
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