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I_PensionRevewSubComm_2024A 09/23/2024 09:03:07 AM Committee Summary

PUBLIC
STAFF SUMMARY OF MEETING
INTERIM COMMITTEE  PENSION REVIEW SUBCOMMITTEE
Date 09/23/2024
Attendance
Diane Doney X
Marty Gutierrez X
Liston E
Jim Mantele X
Tina Mueh X
Trey Rogers X
Patrick Roybal E
Joshua Sharf X
Lang Sias *
Jack Tate X
Wilson *
Earl Wright X
Hamrick X
Kolker X
Time 09:03:07 AM to 12:17:26 PM
Place Old State Library
This Meeting was called to order by Kolker
This Report was prepared by Matthew Becker
Hearing Items Action Taken
PERA Responses Committee Discussion Only
Office of the State Auditor Committee Discussion Only
Draft Letter to Coloradans Committee Discussion Only

PERA Responses - Committee Discussion Only

09:05:27 AM  
Andrew Roth, Executive Director; Amy McGarrity, Chief Financial Officer; and Michael Steppat, Government Affairs Director, all representing PERA, provided responses to the subcommittee's recommendations (Attachment A).
09:14:26 AM  
Ms. McGarrity responded to committee questions about PERA's responses.
09:25:39 AM  
Richard Parker, Partner, Aon Investments, presented findings from the recent asset liability study (Attachment B).
09:34:03 AM  
Mr. Parker responded to committee questions.
09:41:56 AM  
Ms. McGarrity and Mr. Parker continued to respond to committee questions about asset classes and private equity.
10:04:38 AM  
Mr. Brad Ramirez, Vice President and Consulting Actuary, Segal Group, provided responses to the committee (Attachment C).
10:34:04 AM  
Mr. Ramirez responded to committee questions about the likelihood of achieving full funding by 2048.



Office of the State Auditor - Committee Discussion Only


10:53:56 AM  
Kerri Hunter, State Auditor, Michelle Colin, Deputy State Auditor, and Marisa Edwards, Deputy State Auditor, discussed recent audits of PERA.
11:02:39 AM  
Sean Walker, Principal,
CliftonLarsonAllen LLP, responded to committee questions regarding PERA's
unfunded actuarial accrued liability. Ms. Hunter also responded to committee
questions.



Draft Letter to Coloradans - Committee Discussion Only


11:59:14 AM  
Erin Reynolds, Legislative
Council Staff, discussed the draft Letter to Coloradans, based on changes
to last year's letter. The committee discussed potential changes to the
letter.


11:59:15 AM
Motion Change the sentence to say that PERA is on track to achieve full funding by 2048; and explain that there is a a 52 percent chance probability. Note that this is subject to change based on market changes and that the subcommittee will continue to evaluate this on an on-going basis.
Moved Kolker
Seconded
Diane Doney
Marty Gutierrez
Liston Excused
Jim Mantele
Tina Mueh
Trey Rogers
Patrick Roybal Excused
Joshua Sharf
Lang Sias
Jack Tate
Wilson
Earl Wright
Hamrick
Kolker
YES: 0   NO: 0   EXC: 2   ABS:  0   FINAL ACTION:  Pass Without Objection


12:04:31 PM
Motion Add a sentence that says PERA's actuaries estimate that to achieve 67 percent probability of full funding by 2048, a benchmark in statute, would require substantial additional funding.
Moved Lang Sias
Seconded
Diane Doney
Marty Gutierrez
Liston Excused
Jim Mantele
Tina Mueh
Trey Rogers
Patrick Roybal Excused
Joshua Sharf
Lang Sias
Jack Tate
Wilson
Earl Wright
Hamrick
Kolker
YES: 0   NO: 0   EXC: 2   ABS:  0   FINAL ACTION:  Pass Without Objection
12:04:32 PM  
The subcommittee
also discussed a second letter to the General Assembly concerning PERA's
recommendations for policy changes that would return PERA to fully funded
status by 2048. Ms. Reynolds responded to committee questions.
12:14:19 PM  
The committee approved both letters and allowed staff to make further technical changes.


12:17:26 PM   The committee adjourned.