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I_PensionRevewSubComm_2022A 10/13/2022 09:06:52 AM Committee Summary

PUBLIC
STAFF SUMMARY OF MEETING
INTERIM COMMITTEE  PENSION REVIEW SUBCOMMITTEE
Date 10/13/2022
Attendance
Gary Arnold X
Michael Johnson X
Jim Mantele X
Carole Partin X
Trey Rogers E
Patrick Roybal X
Joshua Sharf X
Lang Sias X
Jack Tate X
Van Winkle X
Will X
Earl Wright X
Bird X
Kolker X
Time 09:06:52 AM to 12:11:35 PM
Place HCR 0112
This Meeting was called to order by Kolker
This Report was prepared by Anne Wallace
Hearing Items Action Taken
Review of Subcommittee Research Requests Committee Discussion Only
PERA Response to Subcommittee Questions Committee Discussion Only
Annual Reports to General Assembly and Colorado Citizens Committee Discussion Only

09:06:55 AM
Senator Kolker called
the meeting to order and made announcements about the agenda.



Review of Subcommittee Research Requests - Committee Discussion Only


09:08:19 AM  
Erin Reynolds and
Anne Wallace, Legislative Council Staff, discussed research conducted for
the subcommittee, including on cost-of-living adjustment for Public Employees'
Retirement Association (PERA) retirees and public banking. Nicole Myers,
Office of Legislative Legal Services, updated the committee on the status
of a legal opinion regarding public banking. Subcommittee members commented
on the research and discussed Pension Review Commission Bill A.



PERA Response to Subcommittee Questions - Committee Discussion Only


09:18:10 AM  
Ron Baker, Executive
Director, PERA, and Amy McGarrity, PERA, presented PERA's response to subcommittee
questions on a variety of topics. They discussed inflation's impact on
PERA funds, membership, and retirees, and PERA's ability to model inflation.
Mr. Baker discussed PERA's cost-of-living-adjustments for retirees. Mr.
Baker responded to committee questions.
10:04:14 AM  
Mr. Baker continued
with his presentation and discussed PERA's assumptions. Ms. McGarrity responded
to committee questions. Committee discussion ensued with Mr. Baker and
Ms. McGarrity.
10:18:06 AM  
The committee recessed.
10:27:27 AM  
The committee came
back to order.
10:27:33 AM  
Ms. McGarrity presented regarding PERA's rate of return assumptions. Committee discussion ensued. Ms. McGarrity discussed PERA's bond portfolio and its durations, and responded to questions. Mr. Baker and Ms. McGarrity continued to respond to subcommittee questions.
10:57:11 AM  
Mr. Baker presented
on the status of 2021 subcommittee recommendations to the PERA Board and
cost of health care for PERA retirees. Mr. Baker responded to committee
questions.



Annual Reports to General Assembly and Colorado Citizens - Committee Discussion Only


11:09:19 AM  
Erin Reynolds, Legislative
Council Staff, discussed the subcommittee charge to report certain information
to the public and to the General Assembly. Committee members commented
on what information should be included the report and different ways to
report the information.  


12:11:35 PM   The committee adjourned.






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