71ABD64441B6AAFD8725874C0069ADA0 Hearing Summary CLICS/CLICS2021A/commsumm.nsf PUBLICBILL SUMMARY For PRESENTATION FROM PERA ON THE GRS INDEPENDENT AUDITINTERIM COMMITTEE PENSION REVIEW SUBCOMMITTEEDate Sep 10, 2021 Location HCR 0112 Presentation from PERA on the GRS Independent Audit - Committee Discussion Only 01:14:21 PM Marcus Pennell, Board Chair, Colorado Public Employees Retirement Association (PERA), Ron Baker, Executive Director, PERA, and Amy McGarrity, Chief Investment Officer, PERA, presented to the committee regarding the GRS recommendations and PERA updates. The presentation may be accessed here: http://leg.colorado.gov/sites/default/files/images/pera_presentation_pension_review_subcommittee_9.10.21_0.pdf. The presenters described how PERA sets assumptions and responded to a GRS recommendation to accelerate an experience study. The presenters responded to committee questions. 01:38:31 PM The presenters continued and responded to a GRS recommendation to shorten amortization periods. They discussed GRS recommendations related to communication with stakeholders and changes to PERA public reports. 01:49:35 PM Brad Ramirez, Vice President and Actuary, Segal, and Matt Strum, Senior Vice President and Actuary, Segal, presented to the committee regarding actuarial evaluations of PERA. A copy of the presentation may be found here: http://leg.colorado.gov/sites/default/files/images/segal_colorado_pera_-_pension_review_subcommittee_presentation_0.pdf. The presenters provided an update on PERA membership, assets, and valuation results. The presenters discussed 40 year projections of PERA assumptions and signal light reporting. The presenters responded to committee questions. 02:28:36 PM The presenters described PERA's asset allocation and responded to committee questions. 02:38:16 PM The committee recessed. 02:50:24 PM The committee came back to order. The presenters responded to questions that were prepared by the Subcommittee regarding employee burden of unfunded liability, issuing pension bonds, and policy recommendations for PERA to achieve full funding. Committee discussion with the presenters ensued.
