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GIC CFO flags $153M identified funding exposure after FY25 shortfalls
Summary
CFO Jennifer Hewitt reported a combined identified funding exposure of about $153 million tied to a State Retiree Benefits Trust Fund gap and an enrollee‑account deficit that carried into FY26; staff are coordinating with Administration & Finance and will present refined projections to the Commission.
Jennifer Hewitt, the GIC's chief financial officer, told commissioners that staff have identified two additional FY25/FY26 funding exposures that increased the Commission's known budget risk. The State Retiree Benefits Trust Fund (SRBTF) faces an approximate $100 million shortfall; recently dedicated excess capital gains revenues have filled part…
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