I_PensionRevew_2019A 09/09/2019 10:01:42 AM Committee Summary PUBLICSTAFF SUMMARY OF MEETINGINTERIM COMMITTEE PENSION REVIEW COMMISSION Date 09/09/2019 Attendance Bird X Danielson X Exum X Rodriguez * Sandridge X Scott X Tate X Van Winkle * Ginal X Melton X X = Present, E = Excused, A = Absent, * = Present after roll call Time 10:01:42 AM to 11:33:03 AM Place HCR 0112 This Meeting was called to order by Representative Melton This Report was prepared by Vanessa Reilly Hearing Items Action Taken hPresentation from the Fire and Police Pension Association (FPPA) Committee Discussion Only hPresentation from the Public Employees' Retirement Association (PERA) Committee Discussion Only hPension Review Subcommittee Recommendations Committee Discussion Only hPublic Testimony Committee Discussion Only hBill Draft Requests Approved Presentation from the Fire and Police Pension Association (FPPA) - Committee Discussion Only Attachment Tag File Name Attachment A http://www2.leg.state.co.us/CLICS/CLICS2019A/commsumm.nsf/0/8AB5AE2FFA4C...$File/19PensionReviewComm0909AttachA.pdf?OpenElement 19PensionReviewComm0909AttachA.pdf 10:01:53 AM Representative Melton made opening remarks. 10:02:05 AM Dan Slack, J. Scott Simon, and Kevin Lindahl, representing the Fire and Police Pension Association (FPPA), gave a presentation to the committee and distributed a handout (Attachment A). Mr. Slack gave updates on the FPPA board membership. 10:06:59 AM Mr. Slack explained changes in the FPPA's membership and investment portfolio. 10:12:54 AM Mr. Slack explained which FPPA members receive cost of living adjustments. 10:15:00 AM Mr. Simon discussed the FPPA plan characteristics, asset allocation, plan risk, and annual returns since plan creation. 10:26:34 AM Mr. Simon responded to committee members' questions regarding returns net of expenses, fees paid by the plan, and change to asset allocation strategy as a result of lowering the assumed rate of return. 10:27:59 AM Mr. Lindahl discussed FPPA's request for draft legislation. 10:40:27 AM Mr. Lindahl responded to a committee member's question regarding FPPA's legislative requests. 10:40:54 AM Mr. Simon responded to a committee member's question regarding risk. Presentation from the Public Employees' Retirement Association (PERA) - Committee Discussion Only Attachment Tag File Name Attachment B http://www2.leg.state.co.us/CLICS/CLICS2019A/commsumm.nsf/0/FE2BE7B83174...$File/19PensionReviewComm0909AttachB.pdf?OpenElement 19PensionReviewComm0909AttachB.pdf 11:00:29 AM Ron Baker, Amy McGarrity, and Tim O'Brien, representing the Public Employees' Retirement Association (PERA), presented to the committee and distributed a handout (Attachment B). 11:01:33 AM Ms. McGarrity responded to committee members' questions. Pension Review Subcommittee Recommendations - Committee Discussion Only 11:13:10 AM Representative Bird, representing the Pension Review Subcommittee, discussed the subcommittee's activities this interim. Public Testimony - Committee Discussion Only 11:14:18 AM Kevin Bommer, representing the Colorado Municipal League, discussed the FPPA's legislative requests. 11:16:01 AM Pam Feely, representing the FPPA board, discussed her experience on the board and FPPA's legislative requests. Bill Draft Requests - Approved 11:27:08 AM Nicole Myers, representing the Office of Legislative Legal Services, and Vanessa Reilly, representing Legislative Council Staff, explained the bill request process. 11:32:27 AM Motion Move to have a bill drafted that includes FPPA's legislative requests. Moved Danielson Seconded Ginal Bird Yes Danielson Yes Exum Yes Rodriguez Yes Sandridge No Scott No Tate Yes Van Winkle No Ginal Yes Melton Yes YES: 7 NO: 3 EXC: 0 ABS: 0 FINAL ACTION: PASS 11:33:03 AM The committee adjourned.