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2FAEFC4745532A7187258A290079E6FA Hearing Summary


Date Sep 13, 2023      
Location HCR 0112

Presentation from PERA - Committee Discussion Only

02:47:24 PM  
Executive Director
Amy McGarrity, representing the Public Employees' Retirement Association
(PERA), provided an update to the committee on PERA.  Mr. Micheal
Steppat, representing PERA, discussed PERA's governance.  PERA's presentation
may be found in Attachment B.
02:49:05 PM  
Ms. McGarrity continued
by discussing PERA's summary of valuation highlights and the automatic
adjustment provision.
02:55:39 PM  
Director McGarrity continued by discussing PERA's 2022 investment performance, asset allocation, and market performance.
02:59:15 PM  
Mr. Steppat continued by discussing 2023 legislation related to PERA.
03:01:35 PM  
Director McGarrity
continued by discussing PERA's action moving forward and noted that they
will kick on the proxy policy in 2025.
03:03:55 PM  
Ms. McGarrity continued by discussing PERA's analysis of active vs. passive investment.
03:13:54 PM  
Ms. McGarrity continued
by discussing PERA's historical performance in relation to the public market
as well as PERA's peer group ranking and performance.  She also highlighted
PERA's current strategic asset allocation implemenation and the value-add
of PERA's active public market approach.
03:21:56 PM  
She continued by discussing historical expenses and PERA's investment fees vs. peer plans.
03:28:28 PM  
Committee discussing continued with PERA about the 70/30 passive portfolio, PERA's investments in extractive industries, PERA's investment management policy, and other topics.
03:51:58 PM  
Committee discussion continued with PERA.
04:00:20 PM  
Committee discussions continued on third-party staffing for substitute teachers and PERA contributions, several teacher shortage statutory changes, and the automatic adjustment.

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details