By David Archuleta, Executive Director
Dear Educational Retirement Act Plan Participants,
On behalf of the Educational Retirement Board (ERB), I hope everyone is staying healthy and well on their way to achieving their goals in 2024. By the time you receive this message, all legislation being considered or affecting ERB during the 2024 Legislative Session will have been introduced. Through the end of January, notable pieces of legislation to be aware of include House Memorial 1 and Senate Memorial 4, which requests the Legislative Finance Committee to conduct a study of the differences between the pension plan structures administered by the Public Employees Retirement Association and ERB, as well as recommendations for equalizing the two retirement systems. Also, House Bill 222 would increase to $30,000 the earnings limit under the Return to Work program that allows members to earn up to $15 thousand per year. Our Spring message will include a summary of enacted legislation affecting our members.
Fortunately for ERB, major efforts to boost the funded status of the program and ensure the continued sustainability of benefits for future generations have already been taken and are reflected in ERB’s Annual Comprehensive Financial Report for the period ending June 30, 2023: 2023 Annual Comprehensive Financial Report. This report summarizes several key indicators of the program’s overall financial health including assets, liabilities, investment returns, program participation, actuarial assumptions and most notably the period of time in which the program is expected to become fully funded (26 years). It also reflects the comprehensive reforms and shared sacrifice among stakeholders for more than a decade.
Overall, ERB is strong and working hard to guarantee your future retirement benefits. Stay informed about legislative changes and feel confident about your future!
David Archuleta