|
PUBLIC
STAFF SUMMARY OF MEETING
INTERIM COMMITTEE PENSION REVIEW COMMISSION
| Date |
08/08/2022 |
| Attendance |
| Danielson |
E |
| Exum |
* |
| Hansen |
X |
| Hisey |
* |
| Priola |
X |
| Sandridge |
X |
| Sirota |
* |
| Will |
* |
| Bird |
* |
| Kolker |
X |
|
| Time |
09:01:24 AM to 11:41:27 AM |
| Place |
HCR 0112 |
| This Meeting was called to order by |
Kolker |
| This Report was prepared by |
Katie Ruedebusch |
|
| 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 |
| hReview Recommenations from the Pension Review Subcommittee |
Committee Discussion Only |
| hBill Draft Requests |
Committee Discussion Only |
|
|
Presentation from the Fire and Police Pension Association (FPPA) - Committee Discussion Only
|
|
|
09:01:59 AM |
Senator Kolker called
the meeting to order.
|
|
09:06:07 AM |
Mr. Chip Weule, FPPA
Chief Benefit Manager, discussed the the plans administered by the FPPA,
plan membership, and breakouts of various plans.
|
|
09:11:00 AM |
Mr. Adam Franklin,
FPPA General Counsel, came to the table to discuss the plans' COLA, contribution
rates, and funded ratios.
|
|
09:15:17 AM |
In response to committee
question, Mr. Franklin discussed how the FPPA Board handles COLA and the
limits in statute.
|
|
09:17:10 AM |
Mr. Franklin continued
by discussing FPPA's investment program.
|
|
09:33:36 AM |
Mr. Tim O'Donnell
and Mr. Lindahl came to the table to answer a committee question about
investments and long-term pools.
|
|
09:42:23 AM |
Mr. Weule continued
by highlighting FPPA's net performance annual returns since inception and
net fund performance relative to market indices.
|
|
09:43:23 AM |
Mr. Dale Martin,
representing FPPA, answered a committee question about private equity investments.
|
Presentation from the Public Employees' Retirement Association (PERA) - Committee Discussion Only
|
|
|
10:00:54 AM |
The committee took
a short break.
|
|
10:11:01 AM |
The committee came
back to order.
|
|
10:12:57 AM |
Mr. Baker continued
by discussing PERA's governance.
|
|
10:16:57 AM |
Mr. Baker continued
by highlighting PERA's 2021 year in review.
|
|
10:17:20 AM |
Mr. Baker continued
by discussing PERA's funded period progress.
|
|
10:21:00 AM |
Mr. Baker discussed
the automatic adjustment provisions and answered several committee questions
regarding the auto adjustment.
|
|
10:35:41 AM |
Ms. Amy McGarrity,
PERA Chief Investment Officer, came to the table to discuss PERA's investment
program, rate of returns over 10 years, and PERA's asset allocation.
|
|
10:41:19 AM |
In response to committee
questions, Ms. McGarrity noted that PERA Board has not taken an official
position on the conversation regarding ESG and the PERA Board's philosophy
that there are many factors that go into investment divisions or that are
financially material.
|
|
10:44:40 AM |
In response to committee
questions, Mr. Baker noted that cost-of-living increases are based on statute
and same across all the divisions based on tiers based on start date. He
also discussed when other public pension plans allow cost-of-living adjustments.
|
Review Recommenations from the Pension Review Subcommittee - Committee Discussion Only
|
|
|
11:08:27 AM |
Chair Kolker and
Vice-Chair discussed the recommendation from the Pension Review Subcommittee.
|
Bill Draft Requests - Committee Discussion Only
|
|
|
11:10:59 AM |
The committee discussed
various bill draft ideas.
|
11:35:07 AM
|
Motion |
Draft a bill passed on the recommendation from the Pension Review Subcommittee |
|
| Moved |
Priola |
|
| Seconded |
|
|
|
|
|
|
Danielson |
Excused |
|
|
Exum |
Yes |
|
|
Hansen |
No |
|
|
Hisey |
Excused |
|
|
Priola |
Yes |
|
|
Sandridge |
Yes |
|
|
Sirota |
Yes |
|
|
Will |
Yes |
|
|
Bird |
Yes |
|
|
Kolker |
Yes |
|
|
|
YES: 7 NO: 1 EXC: 2 ABS: 0 FINAL ACTION: PASS |
|
|
11:35:41 AM
|
Motion |
Draft a bill to increase non-taxable to PERA retirees |
|
| Moved |
Hansen |
|
| Seconded |
|
|
|
|
|
|
Danielson |
Excused |
|
|
Exum |
|
|
|
Hansen |
|
|
|
Hisey |
Excused |
|
|
Priola |
|
|
|
Sandridge |
|
|
|
Sirota |
|
|
|
Will |
|
|
|
Bird |
|
|
|
Kolker |
|
|
|
|
YES: 0 NO: 0 EXC: 2 ABS: 0 FINAL ACTION: Pass Without Objection |
|
|
11:37:01 AM
|
Motion |
Draft a bill on independent analysis on passive retirement funds |
|
| Moved |
Hansen |
|
| Seconded |
|
|
|
|
|
|
Danielson |
Excused |
|
|
Exum |
|
|
|
Hansen |
|
|
|
Hisey |
Excused |
|
|
Priola |
|
|
|
Sandridge |
|
|
|
Sirota |
|
|
|
Will |
|
|
|
Bird |
|
|
|
Kolker |
|
|
|
|
YES: 0 NO: 0 EXC: 2 ABS: 0 FINAL ACTION: Pass Without Objection |
|
|
| 11:41:27 AM |
The committee adjourned. |
