I_PensionRevewSubComm_2023A 07/17/2023 10:02:18 AM Committee Summary PUBLICSTAFF SUMMARY OF MEETINGINTERIM 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 hWelcome and Opening Remarks Committee Discussion Only hOverview of the Subcommittee Committee Discussion Only hPresentation from PERA Committee Discussion Only hOther 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 Attachment Tag File Name Attachment A http://www2.leg.state.co.us/CLICS/CLICS2023A/commsumm.nsf/0/721DEA9ED696...$File/Attachment A.pdf?OpenElement Attachment A.pdf 10:08:10 AM Interim Executive Director and CIO Amy McGarrity and Mr. Michael Steppat, representing the Public Employees' Retirement Association (PERA), gave an update to the committee. They provided background information and an update on PERA. Their presentation may be found in Attachment A. 10:17:06 AM Director McGarrity continued by providing a summary of valuation, PERA's 2022 annual report, the automatic adjustment provision, and PERA's 2022 investment performance. 10:21:02 AM Mr. Steppat continued by discussing legislation passed by the General Assembly during the 2023 legislative session that concerned PERA and future PERA meetings and hearings. 10:23:59 AM Director McGarrity continued by discussing a snapshot of PERA upcoming events through 2027. 10:24:40 AM Director McGarrity responded to several committee questions regarding the automatic adjustment provision, the search for a new PERA executive director, PERA's funding status, and other topics. 10:44:31 AM Director McGarrity and Mr. Steppat continued to answer committee questions regrading the missed payment during the COVID pandemic, passive investment studies, PERA fees, and recent legislation regarding PERA. 11:09:36 AM Director McGarrity continued by answering questions regarding COLAs for current PERA retirees. 11:15:14 AM Mr. Steppat and Director McGarrity contined by answering questions related to inflation. 11:30:59 AM Discussion continued with PERA. Other Business - Committee Discussion Only Attachment Tag File Name Attachment B http://www2.leg.state.co.us/CLICS/CLICS2023A/commsumm.nsf/0/14568B57902E...$File/Attachment B.pdf?OpenElement Attachment B.pdf 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.
