9A3FECA8A59B0099872588980057F7B5 Hearing Summary

PUBLIC
BILL SUMMARY For PRESENTATION FROM THE PUBLIC EMPLOYEES' RETIREMENT ASSOCIATION (PERA)

INTERIM COMMITTEE PENSION REVIEW COMMISSION
Date Aug 8, 2022
Location HCR 0112

Presentation from the Public Employees' Retirement Association (PERA) - Committee Discussion Only

Attachment Tag

File Name

Attachment B

Attachment B.pdf

10:00:54 AM

The committee took
a short break.

10:11:01 AM

The committee came
back to order.

10:11:23 AM

Mr. Ron Baker and
Ms. Amy McGarrity, representing the Public Employees' Retirement Association
(PERA), came to the table to discuss PERA. He began by discussing the various
PERA plans. Their presentation may be found in Attachment B and online
here: https://leg.colorado.gov/content/ipensionrevew2022ascheduleandmeetingmaterials

10:12:57 AM

Mr. Baker continued
by discussing PERA's governance.

10:16:57 AM

Mr. Baker continued
by highlighting PERA's 2021 year in review.

10:17:20 AM

Mr. Baker continued
by discussing PERA's funded period progress.

10:21:00 AM

Mr. Baker discussed
the automatic adjustment provisions and answered several committee questions
regarding the auto adjustment.

10:35:41 AM

Ms. Amy McGarrity,
PERA Chief Investment Officer, came to the table to discuss PERA's investment
program, rate of returns over 10 years, and PERA's asset allocation.

10:41:19 AM

In response to committee
questions, Ms. McGarrity noted that PERA Board has not taken an official
position on the conversation regarding ESG and the PERA Board's philosophy
that there are many factors that go into investment divisions or that are
financially material.

10:44:40 AM

In response to committee
questions, Mr. Baker noted that cost-of-living increases are based on statute
and same across all the divisions based on tiers based on start date. He
also discussed when other public pension plans allow cost-of-living adjustments.

Presentation from the Public Employees' Retirement Association (PERA) - Committee Discussion Only

Colorado General Assembly