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49FF40169B4E3FA78725888D0052C880 Hearing Summary




PUBLIC
BILL SUMMARY For PRESENTATION ON HOUSE BILL 22-1029

INTERIM COMMITTEE  PENSION REVIEW SUBCOMMITTEE
Date Jul 28, 2022      
Location HCR 0112



Presentation on House Bill 22-1029 - Committee Discussion Only


09:04:53 AM  
Representative Bird
presented regarding House Bill 22-1029, Compensatory Direct Distribution
to Public Employees' Retirement Association (PERA).  She discussed
the background and negotiations behind HB 22-1029 and summarized the contents
of the signed act. Representative Bird responded to questions.
09:20:09 AM  
Robin Smart, Joint
Budget Committee, summarized recent legislation that impacts the PERA direct
distribution and described the status of the PERA Payment Cash Fund. Representative
Bird responded to committee questions. The committee discussed the $380.0
million direct distribution to PERA in HB 22-1029.  

09:38:05 AM  
Ms. Smart continued
her presentation and discussed lost investment gains from the reduced direct
distribution, estimated interest earned in future years, and required reserves
in the state budget. Ms. Smart responded to committee questions regarding
the state budget. Committee discussion ensued.






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