Ms. Woolfrey continued
by discussing the audit report's technical and communication recommendations.
The technical recommendations include: request from PERA for the
currently scheduled 2024 Experience Study be accelerated into 2022, for
use in the December 31, 2022 valuation, and request PERA shorten amortization
periods used for future layers to align with the goal of reaching full
funding by 2048.
The communications recommendations include: request the signal light report
include a historical reconciliation of gains/losses by source; request
the valuation and signal light report include a clearer statement towards
the front of the report on the main goal(s) of the funding policy and the
progress towards achieving those goal(s); and request more consistent messaging/definitions
of the âfunding periodâ, especially being distinct from the amortization
Mr. Newton and Ms. Wolfrey answered several committee questions about their