445DDAFEDBF8D54087258A160058354C Hearing Summary CLICS/CLICS2023A/commsumm.nsf PUBLICBILL SUMMARY For FOLLOW-UP DISCUSSION WITH PERAINTERIM COMMITTEE PENSION REVIEW SUBCOMMITTEEDate Aug 25, 2023 Location SCR 357 Follow-Up Discussion with PERA - Committee Discussion Only 10:03:31 AM Executive Director Amy McGarrity and Mr. Michael Steppat, representing PERA, came to the table to answer any remaining questions from the subcommittee's meeting in July. 10:08:41 AM In response to the committee questions, Director McGarrity discussed contribution and benefit payments, automatic adjust provisions, PERA's earnings, and PERA's bond and real estate portfolio. 10:21:47 AM Committee discussion continued with the PERA representatives on real estate refinancing, interest rates, and the automatic adjustment provision. 10:34:04 AM Committee discussion continued on means-testing COLA adjustment, pension spiking and highest average salary, PERA benefits by income, and PERA's rate of return.