GERS trustees hear $112 million funding shortfall, approve monthly treasury and investment reports

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…