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PERS moves SLRP to level‑dollar funding, approves $894,000 appropriation request
Summary
The board approved changing the Supplemental Legislative Retirement Plan amortization to a level‑dollar basis and accepted a valuation that sets the recommended employer appropriation at $894,000 for the plan.
The administrative committee voted to revise the Supplemental Legislative Retirement Plan’s (SLRP) funding policy and to accept the June 30, 2025 valuation, moving amortization from a level‑percent‑of‑payroll approach to a level‑dollar method.
CAVAC explained that because SLRP is closed to new members, payroll will decline and level‑percent amortization (which assumes payroll growth) is no longer appropriate. The valuation shows approximately $9.7 million in active payroll, $34.5 million in liabilities and $23.6 million in assets, leaving an unfunded liability near $6.9 million. On a dollar basis, the recommended actuarially determined contribution (ADC) summed with normal cost equates to $894,000; the speaker said that amount would be communicated as an appropriation request to the legislature.
Board members approved the funding‑policy changes and the valuation and voted to request an appropriation of $894,000 for the employer portion of SLRP for the upcoming fiscal cycle. Staff and actuaries noted that while the dollar ADC will be relatively stable, the normal cost component will decline as active membership dwindles following election cycles.
