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Staff previews 2027 SERS fiduciary audit, new issue briefs; rules reviewed
Summary
Staff told the Retirement Study Council the SERS fiduciary audit is due in 2027 (a large, year‑long project), proposed new member‑profile issue briefs to provide more nuanced data, and reported RSC rules are consistent with the revised code.
Staff presented a brief on projects to expect during the year, highlighting two items: the fiduciary audit of the School Employees Retirement System (SERS), due in 2027, and a proposed new issue brief to profile member cohorts with more granular information.
Mr. Bernard said the SERS fiduciary audit is a large project that typically takes about a year from start to finish and that staff will bring an RFP to the council soon. He also said staff plan to prepare an issue brief profiling a smaller retiree or member cohort to provide more nuanced context (average retirement age, salary, years of service) than top-line aggregate numbers.
On rules, RSC staff reported they had reviewed the rules and found them to be consistent with the revised code and offered no further comments.
What happens next: Staff will move forward with the RFP process for the SERS fiduciary audit and prepare the proposed issue brief for council review.
