I_PensionRevewSubComm_2024A 08/02/2024 09:04:00 AM Committee Summary PUBLICSTAFF SUMMARY OF MEETINGINTERIM COMMITTEE PENSION REVIEW SUBCOMMITTEE Date 08/02/2024 Attendance Diane Doney X Marty Gutierrez X Liston E Jim Mantele E Tina Mueh X Trey Rogers E Patrick Roybal E Joshua Sharf X Lang Sias * Jack Tate X Wilson X Earl Wright X Hamrick X Kolker X Time 09:04:00 AM to 12:06:30 PM Place Old State Library This Meeting was called to order by Kolker This Report was prepared by Matthew Becker Hearing Items Action Taken hOpening Remarks Committee Discussion Only hRecommendations Recommendations Made hOther Business Committee Discussion Only Opening Remarks - Committee Discussion Only 09:06:38 AM Senator Kolker made opening coments to the subcommittee. Erin Reynolds, Legislative Council Staff, discussed the statutory charge of the subcommittee. Recommendations - Recommendations Made 09:18:28 AM The subcommittee discussed potential recommendations to the PERA Board and to the Pension Review Commission. Mr. Andrew Roth, Chief Executive Officer/Executive Director, PERA, Mr. Michael Steppat, Public & Government Affairs Manager, PERA, and Brad Ramirez, Vice President and Consulting Actuary, Segal, responded to questions from the subcommittee. Dr. Elisabeth Bourqui, CEO and Co-Founder, PNYX Group SA, also responded to committee questions. Ms. Reynolds then summarized the potential recommendations from the subcommittee. 11:57:35 AM Motion Recommendation 1 - $225 million direct adjusted for inflation Moved Hamrick Seconded Diane Doney Yes Marty Gutierrez Yes Liston Excused Jim Mantele Excused Tina Mueh Yes Trey Rogers Excused Patrick Roybal Excused Joshua Sharf No Lang Sias No Jack Tate Yes Wilson No Earl Wright Excused Hamrick Yes Kolker Yes YES: 6 NO: 3 EXC: 5 ABS: 0 FINAL ACTION: PASS 12:01:02 PM Motion Recommendation 2 - Defined contribution for schools Moved Joshua Sharf Seconded Diane Doney No Marty Gutierrez No Liston Excused Jim Mantele Excused Tina Mueh No Trey Rogers Excused Patrick Roybal Excused Joshua Sharf Yes Lang Sias Yes Jack Tate No Wilson Yes Earl Wright Yes Hamrick No Kolker No YES: 4 NO: 6 EXC: 4 ABS: 0 FINAL ACTION: FAIL 12:01:44 PM Motion Recommendation 3 - Benchmark details Moved Kolker Seconded Diane Doney Yes Marty Gutierrez Yes Liston Excused Jim Mantele Excused Tina Mueh Yes Trey Rogers Excused Patrick Roybal Excused Joshua Sharf Yes Lang Sias Yes Jack Tate Yes Wilson Yes Earl Wright Yes Hamrick Yes Kolker Yes YES: 10 NO: 0 EXC: 4 ABS: 0 FINAL ACTION: PASS 12:02:23 PM Motion Recommendation 4 - PERA Board recordings Moved Hamrick Seconded Diane Doney Yes Marty Gutierrez Yes Liston Excused Jim Mantele Excused Tina Mueh Yes Trey Rogers Excused Patrick Roybal Excused Joshua Sharf Yes Lang Sias Yes Jack Tate Yes Wilson Yes Earl Wright Yes Hamrick Yes Kolker Yes YES: 10 NO: 0 EXC: 4 ABS: 0 FINAL ACTION: PASS 12:03:32 PM Motion Recommendation 5 - Study impact of salary increases Moved Joshua Sharf Seconded Diane Doney No Marty Gutierrez No Liston Excused Jim Mantele Excused Tina Mueh No Trey Rogers Excused Patrick Roybal Excused Joshua Sharf Yes Lang Sias Yes Jack Tate Yes Wilson Yes Earl Wright Yes Hamrick No Kolker No YES: 5 NO: 5 EXC: 4 ABS: 0 FINAL ACTION: FAIL 12:04:47 PM Motion Recommendation 6 - Study impact of unvested employees leaving employment Moved Joshua Sharf Seconded Diane Doney Yes Marty Gutierrez No Liston Excused Jim Mantele Excused Tina Mueh Yes Trey Rogers Excused Patrick Roybal Excused Joshua Sharf Yes Lang Sias Yes Jack Tate Yes Wilson Yes Earl Wright Yes Hamrick No Kolker No YES: 7 NO: 3 EXC: 4 ABS: 0 FINAL ACTION: PASS Other Business - Committee Discussion Only 12:05:41 PM Senator Kolker made closing remarks and discussed the subcommittee's next meeting in late September or October. 12:06:30 PM The committee adjourned.