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Government Employees Retirement System reports $7.9M May cash deficit, $40.6M FYTD shortfall
Summary
At its June 25 special meeting the Retirement System board heard a treasurer's report showing a $7,869,848 cash deficit for May and a fiscal‑year‑to‑date deficit of $40,588,371; trustees voted to accept the report.
The Government Employees Retirement System Board of Trustees on June 25 accepted a treasurer's report showing the system ran a $7,869,848 cash deficit for May and a fiscal‑year‑to‑date shortfall of $40,588,371.
Treasurer (name not specified in the record) told trustees that May collections totaled $18,021,557 and disbursements were $25,891,405. Major monthly receipts included employer retirement contributions of $11,266,255 and employee contributions of $5,953,518; annuity payments for the month were $23,383,430. The treasurer also reported a fiscal‑year withdrawal from the investment portfolio of $130 million and that administrative expenses for the Retirement System were at 51% of budget.
The board voted, by roll call, to accept the treasurer's report. Trustee Andre Dorsey moved the motion and Trustee Tyman Clark seconded; the five trustees present voted yes.
The treasurer concluded the item by inviting questions: "This ends the treasury reports. I'm open to any questions you have," the treasurer said.
Trustees did not adopt additional directives on funding or benefit changes during the session; administrative and committee reports were rescheduled to follow the executive session, per a prior agenda motion.
