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I_PensionRevewSubComm_2023A 07/17/2023 10:02:18 AM Committee Summary

PUBLIC
STAFF SUMMARY OF MEETING
INTERIM COMMITTEE  PENSION REVIEW SUBCOMMITTEE
Date 07/17/2023
Attendance
Dan Daly X
Diane Doney X
Liston X
Jim Mantele X
Tina Mueh X
Trey Rogers X
Patrick Roybal X
Joshua Sharf X
Lang Sias X
Jack Tate X
Wilson X
Earl Wright X
Kolker X
Hamrick X
Time 10:02:18 AM to 11:44:10 AM
Place HCR 0112
This Meeting was called to order by Hamrick
This Report was prepared by Katie Ruedebusch
Hearing Items Action Taken
Welcome and Opening Remarks Committee Discussion Only
Overview of the Subcommittee Committee Discussion Only
Presentation from PERA Committee Discussion Only
Other Business Committee Discussion Only

Welcome and Opening Remarks - Committee Discussion Only
10:02:34 AM  
Chair Hamrick called the meeting to order and introduced the committee.



Overview of the Subcommittee - Committee Discussion Only
10:06:56 AM  
Katie Ruedebusch,
Legislative Council Staff, provided an overview of the subcommittee and
the associated duties of subcommittee members.



Presentation from PERA - Committee Discussion Only
10:08:10 AM  
Interim Executive
Director and CIO Amy McGarrity and Mr. Michael Steppat, representing the
Public Employees' Retirement Association (PERA), gave an update to the
committee.  They provided background information and an update on
PERA.  Their presentation may be found in Attachment A.
10:17:06 AM  
Director McGarrity continued by providing a summary of valuation, PERA's 2022 annual report, the automatic adjustment provision, and PERA's 2022 investment performance.
10:21:02 AM  
Mr. Steppat continued by discussing legislation passed by the General Assembly during the 2023 legislative session that concerned PERA and future PERA meetings and hearings.
10:23:59 AM  
Director McGarrity
continued by discussing a snapshot of PERA upcoming events through 2027.
10:24:40 AM  
Director McGarrity responded to several committee questions regarding the automatic adjustment provision, the search for a new PERA executive director, PERA's funding status, and other topics.
10:44:31 AM  
Director McGarrity and Mr. Steppat continued to answer committee questions regrading the missed payment during the COVID pandemic, passive investment studies, PERA fees, and recent legislation regarding PERA.
11:09:36 AM  
Director McGarrity continued by answering questions regarding COLAs for current PERA retirees.
11:15:14 AM  
Mr. Steppat and Director
McGarrity contined by answering questions related to inflation.
11:30:59 AM  
Discussion continued with PERA.



Other Business - Committee Discussion Only
11:41:53 AM  
The committee discussed
future meeting dates.  In addition, the committee received written
testimony from Mr. Jim Lipscomb (Attachment B).


11:44:10 AM   The committee adjourned.






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