State Actuary Matt Smith told commissioners the office's last recommendation was to maintain the 0.58% premium rate during phase 1 and that the next formal recommendation to the Pension Funding Council will come in July 2027; the next full actuarial valuation is expected late in 2027.

DCBS said actuarial modeling underpins Oregon's funding request for 20282032 and presented a federal savings projection of about $392 million over five years; the agency noted funding amounts are estimates subject to CMS determination.

Retirement staff summarized the 2026 State of the Retirement System, reporting improved funded ratios and a new Section 115 pension trust funded at about 2% of payroll. AB 1601 (a retiree COLA bill) was signed; staff will work with the CEO and actuaries on cost scenarios and present analyses in early 2027.

Trustees discussed a proposed one-time $1,000 payment to retirees (estimated cost about $30,000) and whether to fund an actuarial impact statement; after debate the board agreed to table a recommendation until the December meeting to gather actuarial information.