PAST UIP Project

financial reserve policy review

subcommitte:

UIP: Jody George, UIP Chair; Shauna Cenotto, UIP Vice Chair; Juan Esparza, UIP Auditor; Destini Parker, UIP Treasurer; Rob Gillespie, UIP Trustee; Sylvia Hubbard, Benefits Program Administrator

Alliant: Schuyler Briscoe, Eric Buxton

CliftonLarsonAllen: Connie Olson

subcommittee purpose

To review current financial reserve policy considering proposed changes to WAC 200-110-040 and to assure that target reserve levels are met.

deliverables

Provide an update to the trustees on the financial reserve policy review and to recommend policy changes, if necessary, during the October 26, 2022 trustee meeting.

• September 6, 2022:

  • Draft policy v1

  • Reserve level calculation (updated 9/2/2022)

  • Reserve level requirements & calculator (updated 9/2/2022)

  • Reserve account balances ending July 2022

  • 2020-2022 Reserve levels

  • 2022-7 Experience reports

  • Meeting Notes

• september 27, 2022:

  • Alliant’s Reserve Recommendations

  • IBNR Calculation

  • Meeting Notes