49FF40169B4E3FA78725888D0052C880 Hearing Summary CLICS/CLICS2022A/commsumm.nsf PUBLICBILL SUMMARY For PRESENTATION ON HOUSE BILL 22-1029INTERIM COMMITTEE PENSION REVIEW SUBCOMMITTEEDate Jul 28, 2022 Location HCR 0112 Presentation on House Bill 22-1029 - Committee Discussion Only 09:04:53 AM Representative Bird presented regarding House Bill 22-1029, Compensatory Direct Distribution to Public Employees' Retirement Association (PERA). She discussed the background and negotiations behind HB 22-1029 and summarized the contents of the signed act. Representative Bird responded to questions. 09:20:09 AM Robin Smart, Joint Budget Committee, summarized recent legislation that impacts the PERA direct distribution and described the status of the PERA Payment Cash Fund. Representative Bird responded to committee questions. The committee discussed the $380.0 million direct distribution to PERA in HB 22-1029. 09:38:05 AM Ms. Smart continued her presentation and discussed lost investment gains from the reduced direct distribution, estimated interest earned in future years, and required reserves in the state budget. Ms. Smart responded to committee questions regarding the state budget. Committee discussion ensued.