|
PUBLIC
STAFF SUMMARY OF MEETING
INTERIM COMMITTEE PENSION REVIEW SUBCOMMITTEE
| Date |
09/10/2021 |
| Attendance |
| Gary Arnold |
X |
| Michael Johnson |
X |
| Jim Mantele |
X |
| Carole Partin |
X |
| Priola |
X |
| Trey Rogers |
X |
| Patrick Roybal |
X |
| Joshua Sharf |
X |
| Lang Sias |
X |
| Jack Tate |
X |
| Van Winkle |
X |
| Earl Wright |
X |
| Danielson |
E |
| Bird |
X |
|
| Time |
01:14:01 PM to 05:05:57 PM |
| Place |
HCR 0112 |
| This Meeting was called to order by |
Bird |
| This Report was prepared by |
Anne Wallace |
|
| Hearing Items |
Action Taken |
| hPresentation from PERA on the GRS Independent Audit |
Committee Discussion Only |
| hSubcommittee Recommendations for Commission |
Committee Discussion Only |
|
|
Presentation from PERA on the GRS Independent Audit - Committee Discussion Only
|
|
|
01:14:21 PM |
Marcus Pennell, Board
Chair, Colorado Public Employees Retirement Association (PERA), Ron Baker,
Executive Director, PERA, and Amy McGarrity, Chief Investment Officer,
PERA, presented to the committee regarding the GRS recommendations and
PERA updates. The presentation may be accessed here: http://leg.colorado.gov/sites/default/files/images/pera_presentation_pension_review_subcommittee_9.10.21_0.pdf.
The presenters described how PERA sets assumptions and responded
to a GRS recommendation to accelerate an experience study. The presenters
responded to committee questions.
|
|
01:38:31 PM |
The presenters continued and responded to a GRS recommendation to shorten amortization periods. They discussed GRS recommendations related to communication with stakeholders and changes to PERA public reports.
|
|
02:28:36 PM |
The presenters described PERA's asset allocation and responded to committee questions.
|
|
02:50:24 PM |
The committee came back to order. The presenters responded to questions that were prepared by the Subcommittee regarding employee burden of unfunded liability, issuing pension bonds, and policy recommendations for PERA to achieve full funding. Committee discussion with the presenters ensued.
|
Subcommittee Recommendations for Commission - Committee Discussion Only
|
|
|
03:55:52 PM |
The subcommittee
discussed recommendations for the Pension Review Commission. Mr.
Roybal discussed a recommendation regarding increasing the state annual
contribution to the PERA pension fund. Representative Bird discussed
a one time state payment to the PERA pension fund. Committee discussion
ensued. PERA representatives commented.
|
|
04:23:35 PM |
Erin Reynolds, Legislative
Council Staff, responded to committee questions.
|
04:26:19 PM
|
Motion |
Move to forward a recommendation to the Pension Review Commission to introduce a bill to make a one-time additional contribution to the PERA pension fund. |
|
| Moved |
Lang Sias |
|
| Seconded |
Gary Arnold |
|
|
|
|
|
Gary Arnold |
|
|
|
Michael Johnson |
|
|
|
Jim Mantele |
|
|
|
Carole Partin |
|
|
|
Priola |
|
|
|
Trey Rogers |
|
|
|
Patrick Roybal |
|
|
|
Joshua Sharf |
|
|
|
Lang Sias |
|
|
|
Jack Tate |
|
|
|
Van Winkle |
|
|
|
Earl Wright |
|
|
|
Danielson |
Excused |
|
|
Bird |
|
|
|
|
YES: 0 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: Pass Without Objection |
|
|
|
04:26:21 PM |
Mr. Sias discussed
a recommendation regarding signal light reporting. PERA representatives
and committee members discussed the recommendation.
|
04:34:01 PM
|
Motion |
Move to forward a recommendation to the PERA Board to revise the signal light process to reflect a 67 percent likelihood of reaching full funding by 2048. |
|
| Moved |
Lang Sias |
|
| Seconded |
Van Winkle |
|
|
|
|
|
Gary Arnold |
|
|
|
Michael Johnson |
|
|
|
Jim Mantele |
|
|
|
Carole Partin |
|
|
|
Priola |
|
|
|
Trey Rogers |
|
|
|
Patrick Roybal |
|
|
|
Joshua Sharf |
|
|
|
Lang Sias |
|
|
|
Jack Tate |
|
|
|
Van Winkle |
|
|
|
Earl Wright |
|
|
|
Danielson |
Excused |
|
|
Bird |
|
|
|
|
YES: 0 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: Pass Without Objection |
|
|
|
04:41:14 PM |
Committee discussion
ensued regarding a recommendation proposed by Mr. Roybal.
|
04:42:12 PM
|
Motion |
Move to forward a recommendation to the Pension Review Commission to introduce a bill to increase the annual state contribution. |
|
| Moved |
Patrick Roybal |
|
| Seconded |
Carole Partin |
|
|
|
|
|
Gary Arnold |
No |
|
|
Michael Johnson |
No |
|
|
Jim Mantele |
No |
|
|
Carole Partin |
Yes |
|
|
Priola |
Excused |
|
|
Trey Rogers |
No |
|
|
Patrick Roybal |
Yes |
|
|
Joshua Sharf |
No |
|
|
Lang Sias |
No |
|
|
Jack Tate |
No |
|
|
Van Winkle |
No |
|
|
Earl Wright |
Excused |
|
|
Danielson |
Excused |
|
|
Bird |
No |
|
|
|
YES: 2 NO: 9 EXC: 3 ABS: 0 FINAL ACTION: FAIL |
|
|
|
04:50:31 PM |
Mr. Sias discussed
a GRS recommendation and made a motion. Committee discussion ensued.
|
04:51:29 PM
|
Motion |
Move to forward a recommendation to the Pension Review Commission to introduce a bill regarding a GRS recommendation to adjust the timing of PERA's next experience study. |
|
| Moved |
Lang Sias |
|
| Seconded |
Jim Mantele |
|
|
|
|
|
Gary Arnold |
No |
|
|
Michael Johnson |
No |
|
|
Jim Mantele |
Yes |
|
|
Carole Partin |
No |
|
|
Priola |
Excused |
|
|
Trey Rogers |
No |
|
|
Patrick Roybal |
No |
|
|
Joshua Sharf |
Yes |
|
|
Lang Sias |
Yes |
|
|
Jack Tate |
Yes |
|
|
Van Winkle |
Yes |
|
|
Earl Wright |
Excused |
|
|
Danielson |
Excused |
|
|
Bird |
No |
|
|
|
YES: 5 NO: 6 EXC: 3 ABS: 0 FINAL ACTION: FAIL |
|
|
|
04:51:37 PM |
The committee discussed
additional GRS recommendations. Mr. Sharf made a motion.
|
05:00:07 PM
|
Motion |
Move to forward a recommendation to the PERA Board to shorten amortization periods for future layers to 2048. |
|
| Moved |
Joshua Sharf |
|
| Seconded |
Lang Sias |
|
|
|
|
|
Gary Arnold |
Yes |
|
|
Michael Johnson |
Yes |
|
|
Jim Mantele |
Yes |
|
|
Carole Partin |
No |
|
|
Priola |
Excused |
|
|
Trey Rogers |
No |
|
|
Patrick Roybal |
No |
|
|
Joshua Sharf |
Yes |
|
|
Lang Sias |
Yes |
|
|
Jack Tate |
Yes |
|
|
Van Winkle |
Yes |
|
|
Earl Wright |
Excused |
|
|
Danielson |
Excused |
|
|
Bird |
No |
|
|
|
YES: 7 NO: 4 EXC: 3 ABS: 0 FINAL ACTION: PASS |
|
|
|
05:00:35 PM |
Mr. Sharf made a
motion. Committee members commented.
|
05:04:19 PM
|
Motion |
Move to forward a recommendation to the PERA Board to include a historical reconciliation of gains and losses in their signal light report. |
|
| Moved |
Joshua Sharf |
|
| Seconded |
Van Winkle |
|
|
|
|
|
Gary Arnold |
No |
|
|
Michael Johnson |
Yes |
|
|
Jim Mantele |
Yes |
|
|
Carole Partin |
No |
|
|
Priola |
Excused |
|
|
Trey Rogers |
Yes |
|
|
Patrick Roybal |
Yes |
|
|
Joshua Sharf |
Yes |
|
|
Lang Sias |
Yes |
|
|
Jack Tate |
Yes |
|
|
Van Winkle |
Yes |
|
|
Earl Wright |
Excused |
|
|
Danielson |
Excused |
|
|
Bird |
Yes |
|
|
|
YES: 9 NO: 2 EXC: 3 ABS: 0 FINAL ACTION: PASS |
|
|
| 05:05:11 PM |
Representative Bird gave concluding remarks.
|
| 05:05:57 PM |
The committee adjourned. |
