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GERS reports market gains, stressed funded ratio; board raises employer contribution to 26.5%
Summary
Government Employees Retirement System Administrator Angel E. Dawson Jr. reported strong recent investment returns and progress on the Haven Site Mall hotel project, but warned the system's funded ratio remains low (14.1% actuarial) and the board resolved to raise the employer contribution rate to 26.5% effective Oct. 1, 2025.
The Government Employees Retirement System (GERS) presented its annual overview to the Senate Committee on Budget, Appropriations and Finance on Aug. 13, reporting strong market performance and progress on a newly opened hotel at Haven Site while underlining that the system remains well short of actuarial funding targets.
Administrator Angel E. Dawson Jr. said the system's market value of assets rose to $551.9 million as of Sept. 30, 2024, driven in part by a 24.3% investment return in that fiscal year. But the system's actuarial accrued liability was $3.91 billion, leaving an unfunded actuarial accrued liability of roughly $3.36 billion and an actuarial funded ratio of 14.1% on an ongoing basis.
"Any reports of the GERS's death were exaggerated," Dawson said, noting improvement from prior years but describing the system's condition as "serious" rather than "good" because some vital indicators remain unstable and…
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