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I_PensionRevewSubComm_2024A 08/02/2024 09:04:00 AM Committee Summary

PUBLIC
STAFF SUMMARY OF MEETING
INTERIM 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
Opening Remarks Committee Discussion Only
Recommendations Recommendations Made
Other 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.