GERS Funding Shortfall Climbs to $116 Million as Latest Payment Falls $4.4 Million Short

The Government Employees Retirement System’s accumulated funding-note shortfall has reached approximately $116 million after the payment authorized for fiscal year 2027 fell about $4.4 million below the amount due. Administrator Angel Dawson Jr. presented the update during Thursday’s board meeting, which was shortened by power and internet outages. Correspondence from Public Finance Authority Executive Director Kevin McCurdy advised that a partial debt-service payment of $69,285,335 had been authorized against the $73,661,125 due to GERS. The difference is $4,375,790, adding to approximately $112 million in shortages from prior years. The September 28 correspondence directed BNY Mellon Trust Company to process the partial payment due October 1. According to the letter read into the record, the unpaid portion remains a debt-service balance owed to the retirement system. Mr. Dawson agreed to circulate the correspondence after trustees requested copies. The funding note stems from a de...