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July Special Meeting Board News

July 22, 2024 Gavel

Revised Performance-Based Incentive Policy Approved

At the July special meeting, the State Teachers Retirement Board approved an amended version of the performance-based incentive (PBI) policy proposed last month. It includes potential reductions to the incentive payments for senior investment staff depending on certain metrics.

Board membership update

The board appointed Michelle Flanigan of Brunswick City Schools to fill the contributing member seat left vacant by Dale Price’s retirement in June. Flanigan will now join the board a month early. Flanigan was elected to this seat earlier this year and was originally set to begin her term on Sept. 1. Her term runs through Aug. 31, 2028. Board members receive no compensation for service on the board other than reimbursement for actual, necessary expenses.