1FD9247CD45CC1438725888D005CEED1 Hearing Summary CLICS/CLICS2022A/commsumm.nsf PUBLICBILL SUMMARY For RECOMMENDATIONS FOR PENSION REVIEW COMMISSIONINTERIM COMMITTEE PENSION REVIEW SUBCOMMITTEEDate Jul 28, 2022 Location HCR 0112 Recommendations for Pension Review Commission - Committee Discussion Only 10:55:07 AM The committee discussed a recommendation to the Pension Review Commission to fund PERA with an additional $97.0 million, and adjusting the $225.0 million annual distribution. Committee discussion ensued regarding including investment returns in PERA funding. 11:01:30 AM Representative Bird made the following motion: move to recommend a bill to the Pension Review Commission that would true-up the financial condition of PERA to be consistent with the original intent of Senate Bill 18-200 and identifying the source of funding as the PERA Payment Cash Fund and state reserves. The motion passed on a vote of 11-0, with three excused. 11:08:34 AM Committee members discussed the recommendation. 11:12:18 AM Mr. Sharf discussed a recommendation to the Commission to require PERA to issue a request for proposal to adjust their acturarial modeler to add a variable. Committee members discussed the recommendation. 11:12:19 AM Mr. Sharf made the following motion: move to recommend a bill to the Pension Review Commission to require the PERA Board to release a Request for Proposals to conduct a sensitivity analysis on inflation, inflation-related scenarios, and how inflation will affect PERA between now and 2047. The motion failed on a vote of 1-10, with three excused.