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Board ratifies 2027 hybrid allocation and reviews $20.9B Q3 results and FY2027 admin budget
Summary
Trustees ratified the 2027 hybrid allocation (59.17% non-hazardous, 5.21% hazardous), heard Q3 results showing $20.9B fiduciary net position and net investment gains, and reviewed a draft FY2027 admin budget limited to $49.811M with a ~$1.439M shortfall being absorbed largely from personnel and legal lines.
The board ratified a finance-committee recommendation to allocate the KPA-approved hybrid percentage for CS between the non-hazardous and hazardous pension plans: 59.17% to the non-hazardous plan and 5.21% to the hazardous plan, totaling the 64.38% hybrid allocation for 2027.
Mike Lamb summarized quarter-three financials: fiduciary net position across the C system was $20.9 billion through Q3, up about 9.86% (roughly $1.8 billion) from the prior year, with public equities contributing the largest gains. Lamb also reviewed contribution flows (total contributions of $94.5 million to both CS pension plans in the quarter) and noted mixed net-cash-flow positions when net investment income is removed.
The board also reviewed the draft FY2027 KPA administrative budget, which staff constrained to $49.811 million following the KPA biennial allocation under House Bill 500. Lamb said he identified an approximately $1.439 million shortfall and proposed offsets in personnel, legal and software budgets to reconcile the difference; staff will present the KPA admin budget to the KPA board later in the month for final approval.
