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PERSI reports 87% funded ratio, seeks continued software upgrade funding and staff support
Summary
PERSI officials told legislators the retirement system ended the fiscal year about 87% funded, reported a roughly 9% one-year return during recent recovery, and requested continued funding for a multi-year pension software upgrade plus targeted staff and IT hardware support.
The Public Employee Retirement System of Idaho (PERSI) reported to the Joint Finance-Appropriations Committee that its funded ratio was about 87% at the end of the last fiscal year, described ongoing technology and staffing needs, and requested both one-time and ongoing appropriations to complete a pension system upgrade and support operations.
Frances Lippitt, a budget and policy analyst with the Legislative Services Office, reviewed PERSI’s operating and continuous funds, noting the agency administers defined benefit pensions and a defined-contribution plan and is governed by a five-member retirement board appointed by the governor. Lippitt told the committee PERSI averages about 73.8 authorized full-time positions and had expended $11.4 million from appropriated funds in FY2024, with personnel costs accounting for 56.6% of those expenditures and operating costs accounting…
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