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.
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.
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.