Transcript Highlights:

• Whether it's, you know, that we think there's this fiduciary, which is... so explain what fiduciary responsibility
• In my former life as an attorney, I was a fiduciary to my clients in those roles.
• Maybe I shouldn't use that example, but... right, so you have a fiduciary responsibility.
• And sometimes, and honestly, if you have a fiduciary responsibility, Are almost too good to pass up.
• And sometimes, and honestly, if you have a fiduciary responsibility for your organization, you almost

Committee: House Health Care Affordability, Select

Transcript Highlights:

• If they decide to use a third-party broker, then that broker has to have a fiduciary duty to the office
• line 39-40, that third-party broker has to have a Line 39-40, that third-party broker has to have a fiduciary
• When we go through a broker, they do have a fiduciary responsibility to us, but what does it look like

Committee: Senate State Affairs

Transcript Highlights:

• To satisfy those fiduciary duties to shareholders, they hire a proxy advisory firm to do this research
• All of this while shockingly knowing that each of their clients owe fiduciary duties to maximize financial
• outstanding shares of U.S. public traded companies are owned by institutional investors who owe a fiduciary

Bills: HB2226 , HB2269 , HB2343 , HB2760 , HB3621 , HB4079 , HB4204 , HB4518 , HB4531 , HB4555 , HB4850 , HB4876 , HB4903 , HB4996 , HB5122

Committee: House Trade, Workforce & Economic Development

Keywords: construction trust funds, Property Code, Chapter 162, construction payments, mechanics lien, contractors, subcontractors, laborers, material suppliers, materialmen, real property improvement, assignment of payment rights, unpaid trust funds, trust fund beneficiaries, construction industry, payment protection, Texas construction law, property owners association, landscaping, grass maintenance

Transcript Highlights:

• Refer the Subcommittee on Family and fiduciary Relationships HB 2644 by Dutton Ruling to the amount of
• the suit for possession of access to a child by a grandparent for the Subcommittee on Family and Fiduciary
• Suits affecting the parent-child relationship for the subcommittee on Family and fiduciary Relationships

Transcript Highlights:

• with all economic development, Citadel has a positive impact on the community, obviously, from a fiduciary
• So also from a fiduciary standpoint, you know, but there's also the intangible.

Summary: Yes. This appears to be a hearing of the House Ways and Means Committee, based on the roll call, the committee chair’s remarks, and the committee’s consideration of bills and resolutions with tax and fiscal implications. The committee first announced that SB 436 by Senator Cloud was deferred. It then heard SB 442 by Senator Stein, which would provide a local sales and use tax exemption in Calcasieu Parish for repairs, upgrades, and overhauls on certain aircraft at qualifying facilities such as Chennault. The bill was presented as an economic development measure to keep aviation maintenance work and jobs in Southwest Louisiana. After testimony from Citadel Completions representatives describing the company’s operations, local partnerships, and job creation, the committee voted to report SB 442 favorably without objection. The committee next took up HR 118 by Representative Wright, which would create a legislative subcommittee to study a possible state income tax credit for certain water utility customers facing high rates tied to water system upgrades and brown-water issues in parts of the Florida parishes and elsewhere. Members questioned the fiscal impact, eligibility, duration, and whether the proposal would simply subsidize private utility rates or address a broader regulatory problem. Wright emphasized that the resolution was only for study and would gather testimony and numbers before any credit was considered. The resolution was reported favorably without objection. Finally, HB 1039 by Representative Deshotel was called but no presenter was present, so the committee held the bill in committee. The meeting then adjourned.

Transcript Highlights:

• with all economic development, Citadel has a positive impact on the community, obviously, from a fiduciary
• So also from a fiduciary standpoint, you know, but there's also the intangible.

Bills: HR118 , HB1039 , SB436 , SB442

Committee: House Ways & Means

Keywords: water utility, tax credit, excessive rates, residential service, subcommittee, local sales tax, local use tax, sales and use tax, tax audit, local collector, tax collector, prescriptive period, prescription waiver, interest suspension, delinquency penalties, estimated assessment, arbitrary assessment, certified mail notice, audit notice, taxpayer rights

Transcript Highlights:

• Hidden in all the gobbledygook legal jargon of this bill about fiduciaries is what I consider to be an
• That proxy must follow fiduciary rules to vote in your best interest.
• Laws require a fiduciary to vote in your best interest.
• them to vote for a wide range of goals in the fiduciary's best interest, but this bill limits the fiduciary

Summary: The Senate convened with prayer, the Pledge of Allegiance, a recorded quorum, and approval of the prior journal. Members then introduced several guest groups in the gallery, including the City of Maricopa Youth Council, students from Alpha School in Scottsdale, a student shadowing Sen. Gonzalez, Gilbert EduPrize students, InterWest Energy Alliance representatives, and Kingman city leaders. The chamber adopted a proposed amendment to Senate Rule 7A and then adopted the rules of the 57th Legislature, and the Senate also approved a motion to request House consent to adjourn after Wednesday, March 11, until Monday, March 16. A large number of bills were introduced on first reading, and standing committee reports were ordered entered without being read aloud. The Senate then took up numerous third-reading measures. Bills passed included SB 1654 (elections funding), SB 1711 (school safety/age-appropriate information), SB 1743 (campaign contribution address privacy), SB 1747 (assistive technology content), SB 1212 (health insurance reimbursement rules), SB 1284 (moving violations), SB 1336 (State Land Department-related changes), SB 1365 (property tax exemptions/veterans park discounts), SB 1655 (juror summoning/poll worker recruitment), SB 1662 (probation), SB 1803 (veterans’ services), SB 1818 (vehicle statutes), SB 1494 and SB 1497 (school insurance-related changes), SB 1503 (pension benefit plans), SB 1584 (Department of Corrections staffing), SB 1632 (Department of Economic Security), SB 1723 (bail), SB 1206 (insurance claims on reconsideration), and SB 1827 (aviation appropriations on reconsideration). SB 1134 on political signs initially failed, but the Senate later reconsidered and passed it. SB 1544 (probation) and SB 1585 (sex offender monitoring funding) failed. Several votes were close, and members offered explanations for both support and opposition on issues such as election administration, campaign privacy, health care incentives, veterans’ claims assistance, and criminal justice policy. The chamber then resolved into the Committee of the Whole for a long series of bills, adopting committee and floor amendments and recommending do pass on SB 1009, SB 1050, SB 1054, SB 1071, SB 1086, SB 1317, SB 1461, and SB 1672. Testimony in committee focused on topics including high school training standards, veterans’ state park passes, local measures, Arizona Rangers oversight, AHCCCS reimbursement and workforce issues, reentry programming, allied health workforce development, and anti-psychotic drug access. Later, the Committee of the Whole also considered SB 1173, SB 1234, SB 1295, and SB 1611. SB 1173 drew debate over whether additional fingerprint/background checks were needed for AHCCCS providers; SB 1234 and SB 1295 addressed juvenile court representation and inmate medical release; and SB 1611, on the American Indian Health Program, prompted extensive discussion about fraud in the program, tribal consultation, and whether the program should be moved out of AHCCCS. The committee adopted amendments and advanced these bills with do pass recommendations, while members on SB 1611 emphasized both the need for reform and concerns about consultation with Arizona tribes.

Transcript Highlights:

• Petition sponsors and their petition circulators owe a statutory fiduciary duty to the voters with which
• I think that overall this is being put in place because of the fiduciary duty that the petition sponsor
• with that individual person, but what we're saying here is these petition circulators, they have a fiduciary
• We have a fiduciary responsibility to follow the law, and their job is to make sure that it gets to the

Summary: The Senate Committee on Ethics and Elections heard SPB 7016, a bill revising Florida’s citizen initiative petition process to address fraud, voter information, and ballot integrity. The bill and its amendments would add sponsor bonds and deposit requirements, require more identifying information from signers and circulators, bar certain felons and non-citizens from circulating petitions, require circulator training, shorten the time to submit signed petitions, require notices to voters whose signatures are verified, and change how financial impact statements are handled. Several amendments were adopted, including a $1 million bond framework, 10-point font and page limits for petition forms, a ban on incentive-based pay tied to petition counts or speed, removal of a requirement that fraud be proven by criminal conviction before administrative fines, county deposit and payment procedures for supervisors of elections, invalidation of petitions gathered by ineligible circulators, training requirements within 30 days, and a prohibition on public funds being used to advocate for or against constitutional amendments. Committee discussion focused heavily on implementation and fairness. Supporters, including the sponsor and the Florida Chamber of Commerce, argued the bill was needed to deter fraud, protect voter information, and ensure sponsors—not taxpayers—bear the costs of the initiative process. Supervisors of elections testified that county taxpayers should not subsidize petition verification, but also warned that some provisions would be difficult to implement quickly because of software and operational constraints. Senators raised questions about the bond cost, the 10-day submission deadline, notice to voters whose petitions are invalidated, the effect on returning citizens, and whether the bill could disenfranchise voters who sign petitions in good faith. Public testimony was overwhelmingly opposed. Common Cause, the League of Women Voters, NAACP Florida, Florida Rising, Equality Florida, All Voting Is Local, and other advocates said the bill would suppress grassroots participation, criminalize volunteers, create costly barriers, and favor wealthy or corporate interests. They objected especially to the bond, the new signer identification requirements, the shorter submission window, and the lack of notice when a petition is invalidated. A few supporters, including the Florida Chamber, backed the measure as a safeguard against fraud and outside influence. After debate, the committee did not reach a final vote on the bill in the portion provided, but the bill remained before the committee as amended.

Transcript Highlights:

• It reflects a fundamental fiduciary duty that this board owes to the University of Wisconsin, to the
• Again, we have a fiduciary duty to the universities of Wisconsin and the people that it serves.
• We do have a fiduciary duty on behalf of the state of Wisconsin and certainly taxpayers to be engaged
• And then it was my duty and my fiduciary duty to let the full board know the results of that conversation
• And again, I think it would be helpful for folks that are in our roles of fiduciary responsibility on

Committee: Senate Senate Committee on Universities and Technical Colleges

Transcript Highlights:

• requires an assignment agreement between the assignor and assignee and states that the assignee has a fiduciary
• requires an assignment agreement between the assignor and assignee and states that the assignee has a fiduciary
• requires an assignment agreement between the assigner and assignee and states that the assignee has a fiduciary
• Sections 608 and 609 require the assignee's duties and their powers as a fiduciary.
• assist the assignee in its duties 608 and 609 require the assignees duties and their powers as a fiduciary

Committee: Senate Senate Finance Committee of Reference

Summary: The Senate Finance Committee heard a series of bills, many dealing with cryptocurrency and tax administration. SB 1042 would allow certain state retirement and treasury funds to invest up to 10% in virtual currency; SB 1043 would let state agencies accept cryptocurrency payments; SB 1044 and SCR 1003 would exempt virtual currency from property tax, with SB 1044 contingent on voter approval of the referral. All four measures advanced on 4-3 votes, with Democratic members largely opposing them as risky, speculative, and favoring wealthy crypto interests. The committee also considered SB 1221, which would require the Department of Revenue to notify legislative tax chairs before adopting a new tax interpretation or application that would adversely affect taxpayers and to testify if a hearing is held. Supporters framed it as transparency and good governance, while opponents worried about added red tape and administrative burden. The bill passed 4-3. Another major item, SB 1142, would opt Arizona into a new federal scholarship tax credit program administered through certified scholarship-granting organizations; supporters said it would expand scholarship opportunities for public, charter, private, and homeschool students, while opponents argued it would deepen inequities, lack accountability, and divert resources from public schools. That bill also passed 4-3. A lengthy discussion followed on the Department of Revenue’s press release about tax conformity and the governor’s executive order. DOR explained that the forms were issued assuming conformity with federal changes, including the standard deduction and certain below-the-line adjustments, and said taxpayers generally should file on time but may need amended returns if the Legislature later changes the law. Members pressed DOR on the cost and clarity of the guidance, with estimates that widespread amendments could cost the department about $20 million. Finally, the committee heard SB 1254, which would require both grantor and grantee signatures on real property conveyances before recording; county assessors said it would reduce deed-fraud risk and fix recording gaps. County officials from Maricopa and Mohave supported the bill.

Bills: SB1365 , SB2139 , SB1595 , SB1303 , SB2180 , SB2072 , SB1772 , SB1209 , SB137 , SB1944 , SB372 , SB1636 , SB1256 , SB1827 , SB2104 , SB1226 , SB1876 , SB1966 , SB80 , SB1148 , SB1147 , SB1149 , SB1161 , SB1162 , SB1164 , SB1159 , SB1165 , SB1174 , SB1156 , SB1158 , SB1163 , SB1175 , SB1176 , SB1166 , SB1167 , SB1157 , SB1146 , SB1481 , SB1144 , SB1145 , SCR20

Keywords: SB1365, Oklahoma Central Purchasing Act, procurement exemption, competitive bidding, state purchasing, Oklahoma Tourism and Recreation Department, tourism department, merchandise for resale, gift shops, lodges, golf pro shops, state parks, restaurant contracting, retail outlets, public procurement, purchasing flexibility, Title 74, emergency clause, restrictive covenants, discriminatory covenants

Bills: SJR39 , SJR47 , SB227 , SB1942 , SB1627 , SB625 , SB1716 , SB1303 , SB2180 , SB504 , SB1209 , SB1448 , SB1597 , SB1679 , SB2182 , SB2112 , SB2170 , SB2084 , SB1496 , SB1595 , SB1655 , SB1876 , SB1621 , SB1944 , SB1266 , SB2072 , SB2104 , SB1769 , SB1827

Keywords: property valuation, tax limit, homestead, income threshold, elderly, constitutional amendment, voter ID, elections, Oklahoma, proof of identity, gross production tax, ad valorem tax, property exemption, Oklahoma Tax Commission, oil and gas production, regulatory impact, economic implications, dental insurance, health care, medical necessity

Bills: S0092 , S0110 , S0192 , S0212 , S0260 , S0350 , S0394 , S0422 , S0434 , S0442 , S0484 , S0546 , S0556 , S0684 , S0696 , S0706 , S0748 , S0786 , S0820 , S0824 , S0838 , S0840 , S0848 , S0856 , S0962 , S1000 , S1014 , S1036 , S1050 , S1054 , S1080 , S1118 , S1134 , S1338 , S1480 , S1500 , S1506 , S1622 , S1724

Committee: Senate Rules

Keywords: employee protections, whistleblower, retaliation, public trust, ethics complaint, Commission on Ethics, Public Employees Relations Commission, public employee, local government attorney, public officer, adverse personnel action, protected disclosure, whistleblower retaliation, state agency, independent contractor, public employment, civil service, reinstatement, back pay, front pay

Transcript Highlights:

• I have a letter in two asking for proxies and I started with we have misconduct, breach of fiduciary
• I have a letter in two asking for proxies and I started with we have misconduct, breach of fiduciary
• I have a letter in two asking for proxies and I started with we have misconduct, breach of fiduciary
• I have a letter in two asking for proxies and I started with we have misconduct, breach of fiduciary
• I have a letter in two asking for proxies and I started with we have misconduct, breach of fiduciary

Summary: The committee heard testimony on SB 2294, which would require condominium associations, boards, and managing agents to comply with declarations, bylaws, county ordinances, and state and federal laws, including mortgage lending requirements. The Community Associations Institute opposed the bill as redundant, arguing existing law already requires compliance and provides penalties. Supporters, including condominium owners and board members, said the measure would clarify that associations are not “self-governing” in a way that exempts them from outside laws, and cited examples where local officials or police told residents to take issues back to their boards. Several supporters said the bill would reinforce board responsibility for permits, safety, and legal compliance. The committee noted 27 pieces of testimony, with 10 in support and 17 in opposition, and then moved on without taking a vote on the measure in the transcript provided. The committee also took up SB 2298, which would require common interest community proxy forms to include additional language explaining proxy selection options. The Community Associations Institute opposed the bill, saying the proposed language was inaccurate and would not improve consumer clarity unless significantly revised. Supporters argued that proxy forms are confusing and that clearer instructions would help homeowners understand how their votes are being used. Opponents said the added language would make the forms longer and more confusing, and suggested a separate instruction sheet or other educational material instead. Testimony also raised broader concerns about proxy voting being misused in some associations, with one witness urging that proxy voting be eliminated altogether. The committee reported 29 written testimonies, including seven in support, 19 in opposition, and three with comments, and again did not record a final vote in the excerpt. For SB 2300, which would shorten condominium reserve cash-flow projections from 30 years to 25 years, the Community Associations Institute opposed the bill, saying it would not make housing more affordable, would reduce transparency, and would increase the annual burden by giving associations less time to save for long-life components. The group suggested that if affordability is the goal, lawmakers should consider allowing future loans or special assessments with guardrails. Supporters of the bill said the shorter projection period would better reflect practical budgeting and help associations plan more realistically, though some supporters also warned against relying too heavily on loans and emphasized accountability and fiduciary responsibility. Other testimony stressed that the impact of changing the projection period would vary by association and that many owners are already struggling with rising fees. The discussion remained focused on testimony and policy concerns, with no final action on SB 2300 shown in the transcript.

Transcript Highlights:

• funds within the trust account a breach funds within the trust account a breach of<00:14:49.839><c> fiduciary
• 50.800><c> uh</c><00:14:50.959><c> duty</c><00:14:51.440><c> subject</c><00:14:51.760><c> to</c> of fiduciary
• uh duty subject to of fiduciary uh duty subject to penalties<00:14:53.279><c> with</c><00:14:53.440>

Committee: Senate Labor and Technology

Summary: The Labor and Technology Committee heard testimony on several bills, mostly related to workers’ compensation, labor relations, retirement, and employment exemptions. HB 423 would clarify selection of certified rehabilitation providers and require automatic approval of vocational rehabilitation services when likely needed for suitable gainful employment; the Department of Labor and Industrial Relations supported the bill but requested timeline amendments, including advancing the plan within 90 days of the initial evaluation and filing it with the employer, employee, and director within two days. HB 480 would let an attending physician request a functional capacity exam without employer permission and deem licensed occupational and physical therapists qualified to perform such exams; it drew support from the department, the Hawaii Insurance Council, and the Hawaii Medical Association. HB 162 would expand the pool of interest arbitrators for collective bargaining disputes by allowing the HLRB to request a list from FMCS as well as the ABA, and testimony from labor groups supported that change. HB 164 concerned indebtedness to the state and wage deductions; HGA supported it with comments, while the Department of Accounting and General Services raised concerns about the percentage structure but said it could implement the requested changes. The committee also heard HB 1152, which would permanently exempt three specialized Department of Taxation positions from civil service; the department supported the measure and said the positions are not currently civil service positions. HB 214 would allow certain retirees to work in school resource officer or investigator roles without losing retirement benefits, subject to conditions; ERS expressed concerns about shortening the required separation period from 12 months to 6 months and about uniform administration and cost implications, while the Department of the Attorney General and Department of Education supported the bill, and the Department of Law Enforcement asked to include its investigators as well. HB 874 would amend the Uniform Custodial Trust Act for child performers, requiring trust accounts for minors meeting certain earnings thresholds and making misuse of funds a fiduciary breach; SAG-AFTRA Hawaii, HGEA, the Hawaii State AFL-CIO, and the Hawaii Nurses Association supported it, and members discussed that enforcement would likely need further research, possibly through labor or the film office. HB 159 would cap the civil service exemption for personal service contracts with qualified community rehabilitation programs at $850,000 in the aggregate per private person or entity; United Public Workers, HGEA, and the Hawaii State AFL-CIO supported it. No final votes were taken because the committee lacked quorum. After recessing and reconvening, the chair announced that decision-making on the agenda would be deferred to Wednesday, March 12 at 3:01 p.m. in Room 224.

Transcript Highlights:

• For instance, commercial bribery requires that there be a breach of fiduciary duty, which to me sounds
• Terroristic acts, as far as the fiduciary and financial aspect, not just related to the consulate you

Bills: HCR40 , HB214 , HB214

Committee: Senate Border Security

Transcript Highlights:

• Mitigating climate risks to PRIM is essential to upholding the fund's fiduciary duty, and you're going
• The fund's fiduciary duty is why we urge you to favorably report H. 2811, which requires assessing risks
• aligning pensions with the net-zero goals and integrating climate risk into investment decisions as a fiduciary
• aligning pensions with the net-zero goals and integrating climate risk into investment decisions as a fiduciary
• I am not naive to the fiduciary responsibilities of a pension fund.

Committee: Joint Joint Committee on Public Service

Summary: The Joint Committee on Public Service held a hearing focused first on teacher retirement legislation, especially H. 2932 and S. 1884, which would give long-serving educators a one-time opportunity to enroll in Retirement Plus after the program’s 2001 rollout was described as confusing and inconsistently communicated. Legislators, union leaders, and many teachers testified that some educators missed the opt-in window because of faulty notices, leave status, transfers, or misinformation about payroll deductions, and that many have had to work several extra years as a result. Supporters said the bills would correct an unfair administrative error, provide a buyback option with interest, and could also save local school districts money by allowing earlier retirements. Representative Mark Sylvia also testified for H. 4234, a Fairhaven-specific bill to raise the age limit for special police officers from 65 to 70 and clarify appointing authority, citing experience and budget needs. The committee then heard testimony on several pension investment and divestment bills. Supporters of H. 2811 and related climate-risk measures argued that PRIM should assess, disclose, and address climate-related financial risk in the state pension fund, warning that fossil fuel investments could threaten long-term returns and public finances. Environmental advocates and financial experts said climate risk is systemic and urged transparency, divestment planning, and alignment with the Commonwealth’s climate goals. Another set of speakers supported H. 2984, which would divest pension investments from companies selling weapons to Israel; they argued the state should not be complicit in violence in Gaza and cited humanitarian and human rights concerns. Additional testimony supported H. 2900 and S. 1869 to divest from the firearm industry, with speakers saying pension investments should not undermine Massachusetts gun laws. No votes were taken during the hearing. The chairs repeatedly thanked speakers, limited testimony time, and noted that written testimony could be submitted later. The hearing concluded with the committee moving through the sign-up list and hearing extensive public testimony on the teacher retirement and divestment proposals.

Transcript Highlights:

• operating dollars to actually do it and operate on it, then there's a question of what is the—what's our fiduciary
• operating dollars to actually do it and operate on it, then there's a question of what is the—what's our fiduciary
• operating dollars to actually do it and operate on it, then there's a question of what is the—what's our fiduciary
• operating dollars to actually do it and operate on it, then there's a question of what is the—what's our fiduciary

Summary: The Senate Subcommittee on LOSSAN Rail Corridor Resiliency held an informational hearing focused on the corridor’s financial stability, service reliability, governance, capital planning, and long-term resiliency. Chair Lackey opened by criticizing the unfinished SB 1098 report and the underwhelming Transit Transformation Task Force work, arguing that the corridor remains at a crossroads with weak ridership recovery, poor on-time performance, and major capital projects that are not moving quickly enough. Senator Archuleta emphasized safety, maintenance, and the need to avoid state subsidy if ridership and revenues can support service. CalSTA and Caltrans described major state investments and ongoing planning efforts, including $125 million for San Clemente resiliency work, additional leveraged federal and state funds, more than $25 billion in funded projects in the pipeline, and the development of a corridor project database and service-planning tool under SB 1098. Caltrans also reported restoring Surfliner service to 13 weekday round trips between Los Angeles and San Diego, piloting expanded service to Santa Barbara and San Luis Obispo, and reorganizing internally to elevate transit and rail oversight. On zero-emission strategy, officials said hydrogen fuel-cell trains are being procured for longer-distance service while electrification remains the long-term ideal and battery-electric options are being explored for shorter routes. The committee then heard from Metrolink CEO Darren Kettle and Caltrain representative Jason Baker. Metrolink described its shift to “regional passenger rail,” with schedule changes aimed at all-day service, better transfers, and growth in student and weekend ridership, but warned of a fiscal cliff because member agencies now cover most operating costs while fare revenue remains low. Kettle said the agency has not reached consensus among its five county partners on a dedicated revenue solution and warned that service cuts may be unavoidable without new funding. Caltrain reported strong post-electrification ridership gains, improved customer satisfaction, and expanded service, but also warned of a large annual operating deficit that could force reductions in frequency, weekend service, stations, and evening operations if stable funding is not found. Members also discussed public safety, marketing, station placemaking, parking and concession revenue, and hydrogen fuel-cell technology. Senators urged stronger promotion of rail service, safer and cleaner stations, and more ambitious planning to match the state’s investments. No votes or formal actions were taken; the hearing was informational, with officials asked to continue reporting back on SB 1098, San Clemente planning, service performance, and funding solutions.

Transcript Highlights:

• They are fiduciaries; they owe a higher duty to their clients than even to themselves.
• And so there's a fiduciary duty there, but we do not control the specific advice.
• And inherently a breach of fiduciary duty?
• be able to trust these proxy advisors to advise clients in their best interest and to exercise a fiduciary

Bills: HJR98 , HJR99 , HB29 , HB136 , HB142 , HB166 , HB353 , HB1399 , HB2000 , SJR59 , SCR19 , SB128 , SB261 , SB317 , SB383 , SB393 , SB397 , SB466 , SB517 , SB571 , SB612 , SB705 , SB715 , SB731 , SB748 , SB801 , SB867 , SB913 , SB945 , SB946 , SB986 , SB1013 , SB1071 , SB1086 , SB1087 , SB1117 , SB1181 , SB1250 , SB1263 , SB1285 , SB1444 , SB1483 , SB1528 , SB1553 , SB1556 , SB1608 , SB1723 , SB1858 , SB1946 , SB1957 , SB1986 , SB1999 , SB2043 , SB2056 , SB2082 , SB2105 , SB2133 , SB2138 , SB2177 , SB2203 , SB2221 , SB2311 , SB2334 , SB2337 , SB2340 , SB2373 , SB2417 , SB2446 , SB2452 , SB2477 , SB2532 , SB2565 , SB2587 , SB2615 , SB2622 , SB2633 , SB2637 , SB2681 , SB2713 , SB2717 , SB2781 , SB2782 , SB2835 , SB2841 , SB2857 , SB2891 , SB2943 , SB2994 , SB2995 , SB3016 , SB3047 , SB3057 , SB3059 , SJR3 , SB5 , SB72 , SB509 , SB616 , SB963 , SB985 , SB1143 , SB1172 , SB1267 , SB1271 , SB1273 , SB1759 , SB1786 , SB2361 , SB1025 , SB1080 , SB1245 , SB1355 , SB1422 , SB1 , SB260 , SB1506 , SB1637 , HJR98 , HJR99 , HJR2 , HJR1 , HB 1109 , HB1392 , HB22 , HB3093 , HB517 , HB 1130 , HB142 , HB1689 , HB2018 , HB136 , HB2884 , HB1393 , HB2730 , HB1399 , HB 1244 , HB467 , HB331 , HB2559 , HB29 , HB26 , HB166 , HB353 , HB2000 , HB2756 , HB3248 , HB3513 , HB3204 , HB3135 , HB3012 , HB2763 , HB2523 , HB2457 , HB2415 , HB2198 , HB2143 , HB1708 , HB1672 , HB767 , HB1327 , HB2723 , HB451 , HB140 , HB 109 , HB3096 , HCR6 , HCR12 , HCR29 , HCR50 , HCR55 , HCR56 , HCR58 , HCR70 , HCR71 , HCR74 , HCR78 , HCR80 , HCR107 , HCR116 , HCR117 , SJR36 , SJR50 , SJR63 , SJR59 , SCR12 , SCR39 , SCR48 , SCR19 , SB2023 , SB1957 , SB2615 , SB2138 , SB3016 , SB1999 , SB62 , SB666 , SB847 , SB284 , SB854 , SB1073 , SB810 , SB1505 , SB583 , SB507 , SB1434 , SB1772 , SB2016 , SB1163 , SB1122 , SB731 , SB397 , SB508 , SB1436 , SB287 , SB261 , SB1882 , SB393 , SB1791 , SB209 , SB2429 , SB511 , SB2309 , SB510 , SB1085 , SB1975 , SB2717 , SB1262 , SB636 , SB2056 , SB884 , SB517 , SB1200 , SB1845 , SB2681 , SB2458 , SB801 , SB3014 , SB3013 , SB758 , SB1013 , SB2797 , SB2076 , SB2876 , SB715 , SB1640 , SB2538 , SB1449 , SB1181 , SB1359 , SB410 , SB1234 , SB2926 , SB2972 , SB2841 , SB1856 , SB1528 , SB1373 , SB672 , SB2891 , SB1854 , SB317 , SB2539 , SB2532 , SB1250 , SB2082 , SB2203 , SB1285 , SB1454 , SB2520 , SB1237 , SB1586 , SB2819 , SB629 , SB2342 , SB2903 , SB2477 , SB3029 , SB375 , SB777 , SB2367 , SB2703 , SB2608 , SB2965 , SB2521 , SB2165 , SB2501 , SB2452 , SB2835 , SB1602 , SB1704 , SB1723 , SB1858 , SB1946 , SB2009 , SB2177 , SB2460 , SB2785 , SB2373 , SB867 , SB1608 , SB640 , SB1698 , SB383 , SB705 , SB748 , SB1117 , SB2340 , SB2680 , SB2994 , SB2747 , SB1950 , SB913 , SB1071 , SB1086 , SB1087 , SB1483 , SB1444 , SB1553 , SB1556 , SB1703 , SB2133 , SB2297 , SB2298 , SB2622 , SB2955 , SB3059 , SB2782 , SB2781 , SB2637 , SB2633 , SB2337 , SB2334 , SB1861 , SB2043 , SB1367 , SB946 , SB945 , SB2857 , SB128 , SB571 , SB1263 , SB3058 , SB612 , SB2221 , SB2587 , SB2044 , SB2363 , SB2713 , SB2311 , SB1986 , SB2565 , SB2943 , SB1888 , SB2417 , SB3048 , SB3052 , SB3053 , SB3036 , SB3057 , SB3056 , SB3043 , SB3037 , SB3050 , SB3063 , SB3047 , SB3035 , SB2446 , SB466 , SB2611 , SB2794 , SB2105 , SB2017 , SB1790 , SB1778 , SB1730 , SB2995 , SB2847 , SB205 , SB2619 , SB1903 , SB203 , SB3061 , SB1581 , SB2600 , SB2799 , SB2790 , SB2688 , SB2515 , SB1230 , SB876 , SB2522 , SB2639 , SB2137 , SB2519 , SB2403 , SB2459 , SB3051 , SB2655 , SB2251 , SB2764 , SB2878 , SB1884 , SB111 , SB582 , SB2617 , SB1835 , SB2751 , SB2959 , HB206 , HB 1238 , HB 1089 , HB2890 , HB9 , HB2081 , HB4215 , HB2970 , SB2063 , SB1400 , SB2058 , SB2260 , SB2928 , SB1310

Transcript Highlights:

• responsibilities include adoption of actuarial standards, studying for providing additional benefits, fiduciary
• responsibilities include adoption of actuarial standards, studying for providing additional benefits, they have fiduciary
• I want to preface that we respect the fiduciary responsibility this group has to state pension holders

Committee: Joint Select Committee on Pension Policy

Summary: The Select Committee on Pension Policy approved the June minutes by roll call vote, with 11 ayes and 6 excused. The chair then outlined meeting procedures and public comment rules before educational briefings began. Lisa Wan of the Office of the State Actuary gave the agency’s annual update, describing its staffing, clients, strategic plan, and performance measures. She noted the office is a small nonpartisan legislative agency that provides actuarial valuations, fiscal notes, policy analysis, and support for multiple retirement systems and boards, and said the office faces a heavy workload in 2025 because of the demographic experience study and other recurring projects. Jacob White provided the annual LEOFF 2 Board update, covering the board’s structure, plan demographics, funded status, contribution rates, and several policy topics under review. Those topics included a Seattle overtime/pension spiking review, catastrophic disability survivor benefits, retiree return-to-work employer contributions, and the change in interest credited to member accounts. He said the board would continue coordinating with DRS and report back through interim updates. Erin Gutierrez presented background for the LEOFF 1 study, explaining plan benefits, medical and death benefits, historic funding, and federal tax qualification issues. She compared Substitute House Bill 2034 and Substitute Senate Bill 5085, describing 2034 as a restatement/termination approach and 5085 as a merger into a Legacy Retirement Plan, both requiring IRS determination letters. Committee members asked questions about LEOFF 1 medical costs, funding sources, and tax implications, and public commenters urged the committee to protect tax qualification, consider a recurring COLA for PERS and TERS 1, and address pension policy concerns. The meeting ended with adjournment and notice of a 30-minute break before executive session.