The Government Employees Retirement System Board of Trustees, meeting Oct. 23, 2025, received monthly administrative, treasury and investment reports and approved routine motions while directing one agenda item to executive session. Chief Executive Officer Chelsea Dawson told trustees the plan’s funding shortfall is “now approximately a $112,000,000,” a figure she said reflects missed payments dating back to 2023 and continuing into fiscal 2026.

The shortfall matters because it affects the system’s cash flow and long-term funding plan even as the investment portfolio has posted positive returns. Trustees voted to accept the treasury report and the investment officer’s report during the meeting and approved moving discussion of bill number 360122 from the regular agenda into an executive session for matters described as trade secrets, commercial information and legal/personal issues.

Dawson delivered the administrator’s operational update, saying staff processed 88 retirement applications in 2025 and had four pending for 2026. She reported 52 benefit cases completed, amounting to $7,684,000, with about 160 cases pending. For death benefits the board processed two payments totaling $142,000 and has 65 related cases pending. The board’s retiree rolls numbered 8,777 as of Oct. 15, 2025; payroll for that pay period was reported at $11,386,930.67.

On loans and property operations, Dawson reported 2,580 active personal loans and a total loan count of 2,616 (including 36 outstanding legacy mortgage loans). She gave a portfolio balance for loans of $20,895,005.87. Facilities work she described included restroom renovations at the Saint Thomas office to achieve Americans with Disabilities Act compliance (an RFP drew no responses to date), a welcome center described as about 75% complete, roof and catwalk repairs at a shop building, and a new generator reported as roughly 98% installed. September rental collections were reported as $34,643.47 and were described as bringing fiscal year totals to about $1,372,000; the CEO noted some arrearages primarily involving public-sector tenants.

Treasurer and CFO remarks: Treasurer (Mr. Maya) and CFO (Miss Jeremiah) presented the monthly cash and disbursement summaries. The transcript records month and year-to-date contribution and disbursement figures presented to the board (employer and employee contributions, annuity payments, administrative expenses and total disbursements). Board members asked that the outstanding funding shortfall be made more visible in reporting.

On the funding note and missed payments, Dawson told trustees that the plan’s public statements identified the shortfall and that her understanding — confirmed by staff counsel — is that missed payments under the funding note would be added to the end of the repayment schedule rather than forgiven. Dawson also said the system’s external auditor/CPA advised against accruing the pledged but unpaid funding-note receipts on the plan’s financial statements because the amounts are uncertain. Dawson said the board’s public communications reflect the shortfall; she said the current estimated shortfall is about $112,000,000, including roughly $90,000,000 in missed payments from 2023–2025.

Trustees pressed for documentation of the funding-note language. Legal counsel Timothy Myers told the board that the language exists in the bond/transaction documents and that “we are due the amount of money, whether it takes 30 years or 32 33 years,” and he agreed to provide the specific language requested by trustees.

The investment officer reported strong portfolio performance through Sept. 30, 2025. Month-to-date returns were reported as about 2% for the total plan and fiscal year-to-date returns as roughly 12.2%. Domestic equity and international equity returns for the month and fiscal year were presented (domestic equity month +3.4%, fiscal year +17.7%; international month +3.3%, fiscal year +16.7%). The board was told the plan’s ending cash balance was approximately $495 million and that management fees remain low (reported as a fraction of assets: about 3 basis points). The investment officer noted negative net cash flow for the fiscal year but said unrealized appreciation offset much of that outflow.

Votes at a glance
- Motion to accept the treasury report: moved and seconded; outcome recorded as approved (transcript indicates one abstention and at least one absence; detailed named vote tally not fully specified in the record).
- Motion to accept the investment officer’s report: moved and seconded; outcome recorded as approved (detailed named vote tally not fully specified in the record).
- Motion to revise the agenda to move discussion of bill number 360122 from regular session to executive session: moved, seconded and approved; the meeting proceeded to a closed session described as covering trade secrets, financial/commercial information and personal or legal matters.

Board members asked staff to provide the written bond/funding-note language supporting the CEO’s description of how missed payments are handled. The meeting record shows trustees then moved into the closed portion of the meeting to address the specified agenda item.

The board’s next public actions or dates were not specified in the parts of the transcript covering these topics.