9A3FECA8A59B0099872588980057F7B5 Hearing Summary CLICS/CLICS2022A/commsumm.nsf PUBLICBILL SUMMARY For PRESENTATION FROM THE PUBLIC EMPLOYEES' RETIREMENT ASSOCIATION (PERA)INTERIM COMMITTEE PENSION REVIEW COMMISSIONDate Aug 8, 2022 Location HCR 0112 Presentation from the Public Employees' Retirement Association (PERA) - Committee Discussion Only Attachment Tag File Name Attachment B http://www2.leg.state.co.us/CLICS/CLICS2022A/commsumm.nsf/0/79318F5A546B...$File/Attachment B.pdf?OpenElement Attachment B.pdf 10:00:54 AM The committee took a short break. 10:11:01 AM The committee came back to order. 10:11:23 AM Mr. Ron Baker and Ms. Amy McGarrity, representing the Public Employees' Retirement Association (PERA), came to the table to discuss PERA. He began by discussing the various PERA plans. Their presentation may be found in Attachment B and online here: https://leg.colorado.gov/content/ipensionrevew2022ascheduleandmeetingmaterials 10:12:57 AM Mr. Baker continued by discussing PERA's governance. 10:16:57 AM Mr. Baker continued by highlighting PERA's 2021 year in review. 10:17:20 AM Mr. Baker continued by discussing PERA's funded period progress. 10:21:00 AM Mr. Baker discussed the automatic adjustment provisions and answered several committee questions regarding the auto adjustment. 10:35:41 AM Ms. Amy McGarrity, PERA Chief Investment Officer, came to the table to discuss PERA's investment program, rate of returns over 10 years, and PERA's asset allocation. 10:41:19 AM In response to committee questions, Ms. McGarrity noted that PERA Board has not taken an official position on the conversation regarding ESG and the PERA Board's philosophy that there are many factors that go into investment divisions or that are financially material. 10:44:40 AM In response to committee questions, Mr. Baker noted that cost-of-living increases are based on statute and same across all the divisions based on tiers based on start date. He also discussed when other public pension plans allow cost-of-living adjustments.