2FAEFC4745532A7187258A290079E6FA Hearing Summary CLICS/CLICS2023A/commsumm.nsf PUBLICBILL SUMMARY For PRESENTATION FROM PERAINTERIM COMMITTEE PENSION REVIEW COMMISSIONDate Sep 13, 2023 Location HCR 0112 Presentation from PERA - Committee Discussion Only Attachment Tag File Name Attachment B http://www2.leg.state.co.us/CLICS/CLICS2023A/commsumm.nsf/0/F48C8CF38603...$File/Attachment B.pdf?OpenElement Attachment B.pdf 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.