I_PensionRevewSubComm_2022A 10/13/2022 09:06:52 AM Committee Summary PUBLICSTAFF SUMMARY OF MEETINGINTERIM 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 hReview of Subcommittee Research Requests Committee Discussion Only hPERA Response to Subcommittee Questions Committee Discussion Only hAnnual 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.