ASGERF 2026: Trustee Meeting and Fund Performance Update
The ASGERF Board of Trustees' annual meeting was held on February 11-12, 2026 at the Pechanga Resort & Casino Hotel in Temecula, California. The Board of Trustees' Chairman Tuaolo Manaia Fruean, Vice Chairman Loa Tuimavave Laupola, Trustees Tony Togia'i, Toloa'i Ho Ching, and Dr. Jean Mareko were all in attendance. Every two years, the Board of Trustees' invites the Legislature of American Samoa Sitting Committees, who have oversight on the American Samoa Government Employees' Retirement Fund, to participate. At this meeting, the Senate was represented by Senator Misaalefua Hudson and Senator Sii Noaese. The House of Representatives was represented by Vice Speaker Fetui Fetu, Committee Chairwoman Trude Ledoux-Sunia, Vice Chairman Sauasetoa Tolo Ho Ching, Representatives Manumaua Wayne Wilson, Luiataua Gene Pan, Shaun Va'a, Tapai Benjamin Vaivao, Tiaoali'i Fauagiga Sai, Ape Mike Asifoa, Manavaalofa Tutuila Manase, and Va'asa Simanu.
On the first day of the meeting, the attendees heard reports from the Fund Manager - Bank of Hawaii Trust Services Group representative Edwin G. Quan, the Auditors - BakerTilly representatives Kory Hogan and Kelly Jones, the Investment Advisor - Sageview Consulting Group representative David Lum, and the Actuary - Sageview Consulting Group representatives William Reid and Daniel Homan.
As of September 30th, 2025, the funded status of the Fund as reported by the Actuary was at 61.7%, an increase from 56.6% under the GASB 67 reporting standards in 2024. The increase in the funded status was primarily due to the new contribution rate legislation which increased the combined employer and employee contributions from 11% to 20%. The asset performance was also greater than what was expected, this factor also contributed to the increase in the funded status of the Fund.
Although there was an increase in the funded status of the Fund, the Actuary also reported that these contribution rates (14% Government; 6% Employee) will fall approximately $4.8 million short of the actuarially determined rate for the 2025/2026 fiscal year. The employer actuarially contribution rate should be at 17.55% to minimize this shortfall.
The Actuary assumptions have taken into consideration the $21 million worth of contributions that have not been remitted to the Fund; hence, the Board of Trustees was strongly advised that restraint should be exercised with respect to benefit enhancements, including ad-hoc COLA's and/or the addition of any new benefit liability.
The Actuary received and responded to many questions from the Trustees and the Fono members. The concensus from both parties acknowledges this debt is non-negotiable and the employers, particularly ASG and ASCC, need to prioritize this matter and make full payment to the Fund at the earliest possible. Executive Director Vaitautou also shared in the meeting that ASGERF is awaiting a proposal from the Governor's Office on possible solutions to resolve this issue.
Although there was an increase in the funded status of the Fund, the Actuary also reported that these contribution rates (14% Government; 6% Employee) will fall approximately $4.8 million short of the actuarially determined rate for the 2025/2026 fiscal year. The employer actuarially contribution rate should be at 17.55% to minimize this shortfall.