2024 PPCC Award for Administration

2024 PPCC Award for Administration

PERA has received the 2024 Recognition Award for Administration from the Public Pension Coordinating Council (PPCC) for meeting professional standards in plan administration as set forth in the Public Pension Standards.

The PPCC is a coalition of three national associations that represent public retirement systems across the United States:

>>National Association of State Retirement Administrators (NASRA)

>>National Conference on Public Employee Retirement Systems (NCPERS)

>>National Council on Teacher Retirement (NCTR)

To receive the Recognition Award for Administration, the retirement system must certify that it meets the requirements in the five areas of assessment:

>>Comprehensive Benefit Program. The system must provide a comprehensive benefit program including service retirement benefits, in-service death benefits, disability benefits, vesting, and provisions for granting a cost-of-living adjustment.

>>Actuarial. An Actuarial Valuation must be completed at least every two years using generally-recognized and accepted actuarial principles and practices.

>>Audit. The system must obtain an unqualified opinion from an independent audit conducted following government auditing standards generally accepted in the United States.

>>Investments. The system must follow written investment policies and written fiduciary standards and the system must obtain an annual investment performance evaluation from an outside investment review entity.

>>Communications. Members must be provided a handbook or summary plan description, regular updates to the documents, and an annual benefit statement. Meetings of the governing board of the system are conducted at least quarterly with adequate public notice.