The PERA Board of Trustees gathered for its annual planning session and meeting September 21 through 23. Over the course of three days, Board members heard updates from staff and consultants, held discussions about PERA’s vision and plans for the future, and took action on a number of important items.
Strategic planning
A key part of the Board’s agenda for its planning session was kicking off the process of developing the Board’s next strategic plan.
Since 2019, PERA has been working toward meeting the objectives laid out in the Board’s 2019-2023 Strategic Plan, which guides leadership and staff in their work and provides a blueprint to making PERA a better association and benefit provider.
As the Board works to build on its current plan and develop its strategic objectives for the next five years, Trustees will embark on a year-long planning process to develop the 2024-2029 strategic plan, with the goal of releasing the completed plan in late 2023.
That plan will then help PERA staff develop their own work plans to ensure the Board and staff are working together toward the same goals.
CEM Benchmarking report
The Board heard from CEM Benchmarking, which produces a report each year that assesses and compares the cost-effectiveness of pension plans around the world. The 2021 report found PERA continues to provide a high level of service at low cost, compared to its peers.
PERA’s administrative cost per active member in 2021 was $50, compared to an average per-member cost of $63 for its peers, according to the report.
Upcoming projects
PERA staff also provided updates on several upcoming projects aimed at improving member interactions with PERA. They include an updated phone system that will reduce wait times when members call PERA’s Customer Service Center. Those upgrades are expected to take place in late 2022 and early 2023.
PERA staff are also working on development of a mobile app that will allow members to easily communicate and complete transactions with PERA, with the goal of making the app available in 2023.
The Board will hold its final meeting of 2022 on November 18.
BenchmarkA tool used to measure performance. For example, an investor can use a stock index as a benchmark to measure his/her own investment performance compared to the market as a whole.
Appreciate your hard work for our benefit.
Retired UNC and CSU instructor.
How much did/will it cost to develop, implement, and maintain the app?
What is it about the app that will make it easier to communicate and/or complete transactions rather logging directly into the PERA Website or using the phone system that is currently being updated?
Thanks in advance for indulging this old boy’s desire to understand your efforts to improve my ability to communicate with you. I thought we were doing fine with that aspect of our relationship.
Hi Paul, this app is just one of the ways we continue to modernize our operations and meet our members where they are. It will be an optional, additional way to interact with PERA, and we look forward to sharing more details soon.
I still prefer connecting with my 401(k) information the “old” way.
Just too many steps and passwords.
I would like to see an agenda item addressing the issue of an inadequately responsive COLA in these times of severe inflation instead of the trite non-issues shared in this report.
Pera will blame legislation, which of course they supported
We have fallen so far behind with the cost of living. Pretty soon we will be on the streets begging.
Would prefer more info on COLA status. What is I place for communication with PERS now works fine. Don’t spend our money on upgrades give it to us as increases in our retirement benefits.
Annual Benefit Increase !
“PERA on the NON ISSUES.”
I would like to know why the subsidy for years of employment for heath insurance has not risen to help with the pera care premiums. Also why can’t retires get their subsidy to use on insurance that is outside of PeraCare? Think of all the money is saving by not letting people use the subsidy when they can’t afford PeraCare. I don’t think Pera ever wanted to be in the insurance market so they don’t care that the price is so High.
Please do something about the cost of PERA care! Increase the subsidy. People cannot retire because they cannot afford insurance. It’s pathetic!
thank u keeping working for us
PERA care please! It goes up 40 to 60 dollars annually! If we can’t get a decent COLA, please help with this cost!
Wish we could talk about creating a formula that we could keep up with the cost of living and increased health care subsidies. This is further complicated by the (not PERA’s doing) Windfall Elimination. Oh well, something is better than nothing.