PERSI tells JFAC it remains well‑funded at ~87% and requests software funding, board recommends modest COLA

The Joint Finance‑Appropriations Committee reviewed the Public Employee Retirement System of Idaho’s (PERSI) FY2026 budget request, heard a summary of recent markets and the system’s funded status, and discussed continued funding for a multi‑year pension software upgrade.

Legislative analyst Frances Lippitt opened the briefing with an overview of PERSI’s organization, noting the system was created in 1963, funded by the legislature in 1965, and provides a defined‑benefit pension to career public employees. Lippitt said PERSI is authorized for 81 full‑time staff across Boise, Pocatello and Coeur d’Alene and reported that PERSI averaged about 73.8 filled positions over the past five years with roughly an 89% fill rate.

Why it matters: PERSI manages retirement benefits for more than 185,000 members and administers pension payments totaling into the hundreds of millions of dollars; changes to PERSI funding, cost‑of‑living adjustments (COLAs) or contribution rates have long‑term fiscal implications for the state, employers and employees.

Key numbers and recent developments

- Investment returns and funded ratio: Director Mike Hampton told the committee the system…