Mr. Ron Baker, Executive Director of PERA, presented to the subcommittee on the topic of PERA's board governance, and distributed a handout (Attachment B). He stated that there are two main bodies that oversee PERA: the General Assembly sets the benefits, contribution rates, and other pieces of the plan requirements, while the PERA board acts as the fiduciaries who oversee the investment plan. The board hires actuaries and economists to advise them on investment assumptions, and adopts assumptions using that expertise. He discussed board reimbursements, training, workload, and its committees and their responsibilities. He stated that PERA has a very thorough and robust governance system that lays out the parameters of everyone who is involved and has won accolades for their board governance manual.