|
PUBLIC
STAFF SUMMARY OF MEETING
INTERIM COMMITTEE PENSION REVIEW COMMISSION
| Date |
08/09/2024 |
| Attendance |
| Hamrick |
X |
| Kolker |
X |
| Liston |
E |
| Snyder |
X |
| Sullivan |
* |
| Taggart |
X |
| Van Winkle |
* |
| Wilson |
X |
| Kipp |
X |
| Hansen |
X |
|
| Time |
01:04:49 PM to 03:56:49 PM |
| Place |
LSB B |
| This Meeting was called to order by |
Hansen |
| This Report was prepared by |
Erin Reynolds |
|
| Hearing Items |
Action Taken |
| hIndependent Review of PERA |
Committee Discussion Only |
| hPresentation from PERA |
Committee Discussion Only |
| hPresentation from Subcommittee |
Committee Discussion Only |
| hPresentation from FPPA |
Committee Discussion Only |
| hPublic Testimony |
Committee Discussion Only |
|
|
Independent Review of PERA - Committee Discussion Only
|
|
|
01:06:34 PM |
Dr. Elisabeth Bourqui and Dr. Didier Cossin, PNYX Group, presented the independent review of assumptions used to model the financial situation of the Colorado Public Employees' Retirement Association (PERA).
|
|
01:27:37 PM |
Dr. Bourqui and Dr.
Cossin responded to committee questions about the stochastic modeling used
in the report.
|
|
01:37:13 PM |
Dr. Bourqui responded
to committee questions regarding options for improving the funded ratio
of PERA.
|
Presentation from PERA - Committee Discussion Only
|
|
|
01:49:43 PM |
Mr. Andrew Roth, Executive Director, Ms. Amy McGarrity, Chief Investment Officer, and Mr. Michael Steppat, Governmental Affairs Manager, all representing PERA, presented to the committee on its 2023 annual report, recent legislation, and what to expect going forward.
|
|
01:59:38 PM |
Mr. Roth and Ms. McGarrity responded to committee questions about actuarial assumptions.
|
|
02:20:09 PM |
Mr. Steppat responded
to committee questions related to recent legislation concerning PERA.
|
|
02:21:54 PM |
Mr. Roth discussed
PERA's response to the PNYX report.
|
|
02:27:48 PM |
Mr. Roth and Ms. McGarrity responded to committee questions regarding the negative cash flow status of PERA.
|
|
02:35:33 PM |
Ms. McGarrity responded
to committee questions regarding the upcoming asset liability report and
PERA's official response to the PNYX report, expected in late September
2024.
|
|
02:45:43 PM |
Mr. Roth responded to committee questions about how state employment vacancy rates and collective bargaining agreements factor into PERA's assumptions.
|
Presentation from Subcommittee - Committee Discussion Only
|
|
|
02:50:47 PM |
Senator Kolker and Representative Hamrick discussed the recommendations made by the Pension Review Subcomittee.
|
|
02:54:36 PM |
Senator Kolker responded to committee questions regarding cost-of-living adjustments.
|
Presentation from FPPA - Committee Discussion Only
|
|
|
02:58:43 PM |
Mr. Adam Franklin, Mr. Scott Simon, and Mr. Chip Weule, all representing the Fire and Police Pension Association (FPPA), updated the commission about FPPA's changes over the past year.
|
|
03:45:20 PM |
Mr. Franklin, Mr.
Simon, and Mr. Weule responded to committee questions.
|
Public Testimony - Committee Discussion Only
|
|
|
03:56:23 PM |
Nobody signed up
for public testimony.
|
| 03:56:49 PM |
The committee adjourned. |
