National Association of State Retirement Administrators

Nonprofit profile at a glance

EIN
630734788
IRS 990 coverage
2011–2025
Forms available
Form 990 2025
Location
Lexington, KY, USA
Phone
2026248462
Rating
58
Verdict
MIXED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$2,151,907
Expenses
$2,269,838
Assets
$2,087,394
Liabilities
$879,727

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

23 people listed

Executive titles in this filing

  • BRIAN GUTHRIE (PRESIDENT)
  • DAN ANDERSON (IMMEDIATE PAST PRESIDENT)
  • KAREN CARRAHER (PRESIDENT-ELECT)
  • ERIN LEONARD (FIRST VICE PRESIDENT)
  • KERRIE V BOSCH (SECOND VICE PRESIDENT)
  • THOMAS LEE (REGION I VICE PRESIDENT)

Highest reported compensation

  • JEANNINE M RAYMOND (DIRECTOR OF FEDERAL RELATI): $277,308 total reported compensation
  • DANA BILYEU (EXECUTIVE DIRECTOR): $255,611 total reported compensation
  • KEITH BRAINARD (DIRECTOR OF RESEARCH): $205,361 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of the national association of retirement administrators is to engage in research and education activities that promote best practices among its member systems. Nasra also acts as a resource for public policy makers at the national level relating to legislation that might impact the public pension industry.

What it reported doing in 2025

The association holds an annual national convention of administrators, staff, and board members of state employees retirement systems to provide training and updates on recent developments.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 27
  • Transparency & Controls: 70
  • Accountability: 100
  • Sustainability: 19
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 30.2%; rating input score 30
  • Program expense ratio: 29.6%; rating input score 30
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -5.5%; rating input score 15; 15th percentile among comparable filings
  • Total-asset coverage ratio: 0.92; rating input score 31; 31st percentile among comparable filings
  • Liabilities to assets ratio: 0.42; rating input score 19; 19th percentile among comparable filings
  • Officer compensation ratio: 40%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: 5.4% per year; rating input score 100; 38th percentile among comparable filings
  • Revenue growth: 3% per year; rating input score 100; 22nd percentile among comparable filings
  • Asset growth: 8.6% per year; rating input score 100; 52nd percentile among comparable filings

Details

  • Where the money goes: 30.2% of revenue deployed · 29.6% of spending went to programs
  • Governance: 11 of 11 board members independent · 9 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $671K in reported program spending
  • Leadership: top reported pay $277K · 23 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 22 of 22 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 13 filing years from 2011 to 2025
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Mission deployment rate scored 30/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 30/100.
  • High — Sustainability: Operating margin scored 15/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 31/100.
  • High — Sustainability: Officer compensation ratio scored 3/100.
  • High — Sustainability: Liabilities to assets ratio scored 19/100.