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D2687174F748491387258A290068AAAA Hearing Summary


Date Sep 13, 2023      
Location HCR 0112

Presentation from the FPPA - Committee Discussion Only

01:03:18 PM  
Executive Director Kevin Lindahl, representing the Fire and Police Pension Association (FPPA), provided an overview of the FPPA. The presentation may be found in Attachment A.
01:10:07 PM  
Mr. Lindahl continued
by discussing FPPA membership, plan organization, funded status, and contribution
rates.  Committee discussion ensued regarding full funding and cost
of living adjustments (COLA).
01:15:25 PM  
Mr. Scott Simon,
representing FPPA, continued by discussing FPPA's investment assets and
allocations as well as noting the last 20 years of annual returns.  He
also discussed FPPA's performance vs. benchmarks.  
01:21:09 PM  
In response to committee questions, Mr. Simon discussed the definitions of various terms.
01:29:41 PM  
Mr. Adam Franklin, representing FPPA, discussed 2023 COLA legislation and FPPA's updated COLA policy.
01:35:36 PM  
He continued by discussing some examples of the new policy in 2023 and 2024.
01:41:34 PM  
Mr. Franklin continued by discussing additional saving opportunity for members.
01:42:19 PM  
Mr. Franklin continued by discussing possible 2024 legislation.
01:50:33 PM  
In response to a
committee question, Mr. Lindahl discussed the history of the death and
disability plan pre-1997.
01:56:47 PM  
Mr. Scott Simon returned to discuss the Pension Review Commission's request for passive vs. active approach.
01:57:36 PM  
Mr. Simon discussed managing risks and comparison to other funds.
02:09:10 PM  
Mr. Simon continued by discussing transition costs and fees.
02:34:11 PM  
Committee discussion with FPPA continued.

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