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GERS administrator reports portfolio, projects and a VIPD rent arrear; counsel says deposit clause was considered but not included
Summary
At the Sept. 25 meeting the GERS administrator reported intake and payroll figures, property projects and a rent arrear from VIPD; board counsel said a contractual deposit clause was considered for the VIPD lease but was not included because its enforceability could require legislative action.
At its Sept. 25 meeting the Government Employees Retirement System administrator reported on retirement application intake, payroll additions, loan portfolio balances and ongoing facilities work across GERS properties.
The administrator said the system received 191 retirement applications for 2025; 63 had been processed and 128 remained pending. The semi-monthly retiree payroll was described as approximately $11.4 million. The loan portfolio was reported as 2,623 loans totaling $22,844,443; the administrator said “all loans are performing well.”
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