No Word on Alternative Revenue Solutions as GERS Pushes Forward With 3 Percent Employer Contribution Hike

A meeting between representatives of the Government Employees Retirement System and officials of the executive branch of government yielded nothing to deter GERS from implementing a 3% increase in required employer contributions come January 1, 2025. “We presented our financial position with respect to the cash flows,” said GERS Chief Executive Officer Angel Dawson. “We just reiterated that the System is still about 10% funded, and that despite the cash flows that were scheduled to be received from the Special Purpose Vehicle there's still the potential for the system to be insolvent somewhere around 2037, 2038.” The meeting did not result in any firm decisions from Governor Albert Bryan Jr. or his team, Mr. Dawson said, responding to a question from GERS Trustee Andre Dorsey, who stated he had requested to participate in the meeting but was not included. According to Mr. Dawson, Government House indicated that “they were looking into some potential pockets of funding that they were...