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PEP staff report reserves below actuarial targets; board approves Q4 budget report
Summary
Staff told the board PEBB reserves were below recommended levels as of June 30, 2025, and that planned legislative budget adjustments would help; Michelle Whelan said the program is about $37 million over budget authority for the year. The board approved the quarter‑4 budget report after Q&A.
At the July 31 meeting of the Public Employees Benefits Program board, staff reported that PEBB reserves as of June 30, 2025, were below actuarial recommended levels and that medical, dental and prescription claims accounted for higher than budgeted expenditures.
Michelle Whelan told the board that the program is…
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