Bills: HB3329, HR1039, HR1040, HB3413, HB3414, HB3415, HB3416, HB3417, HB3418, HB3419, HB3420, HB3706, HB3711, HB4139, HB1268, HB3660, HJR1023, HB3298, HB3056, HJR1084, HB3934, HB3919, HB4118, HB4119, HB3791, HB4260, HB4178, HB4215, HB4324, HB3270, HB4352, HB4305, HB2955, HB3315, HB3066, HB1245, HB4125, HB3075, HB3129, HB3239, HB4153, HB3265, HB4491, SB680, HB4263, HB4268, HB1675, HB3885, HB2984, HB3697, HB2959, HB3671, HB3852, HB2933, HB3057, HB3802, HB4294, HB4285, HB3708, HB3979, HB3977, HB3986, HB3985, HB3588, HB3742, HB3845, HJR1070, HB3590, HB3595, HB3391, HB3183, HB3764, HB3765, HB1002, HB4434, HJR1086, HB4060, HB3881, HB3500, HB4408, HB3648, HB3127, HB3606

Keywords: long-term care, advisory board, sunset legislation, mental health, psychologists, University of Oklahoma, gymnastics, NCAA, congratulations, sports excellence, recognition, honor, athletics, Joseph Castiglione, leadership, education, sports management, HB3413, public finance, state budget

Transcript Highlights:

• I think the real problem, Senator Polsky, is with the intangible and unpredictable nature of non-economic
• for semiannual assessments to allow financial institutions two additional months to calculate their assets
• And let's add to that that we have a key asset in Miami-Dade County called Biscayne Bay, an invaluable

Summary: The Florida Senate opened with prayer, the Pledge of Allegiance, and several recognitions, including interns, Denim Day awareness for sexual assault survivors, a resolution honoring Vietnam veterans exposed to Agent Orange, and a memorial proclamation for former Senator Karen Johnson Gendron. The chamber then moved to special-order bills, with senators also briefly discussing the session’s pace and thanking staff and colleagues for their work. The first major bill, on driving and boating offenses, was amended and passed 37-0. As amended, it increases penalties for repeat DUI/BUI manslaughter and vehicular homicide/vessel homicide offenses, and adds notice requirements and misdemeanor penalties for refusing lawful breath or urine tests. Senators also passed SB 306 on Medicaid providers 37-0, requiring Medicaid managed care plans to offer more after-hours and holiday access and ensuring more primary care appointment availability outside regular business hours. The Senate then passed a major condominium and cooperative associations bill, also 37-0, after extensive debate and multiple amendments. The measure extends deadlines for structural integrity reserve studies, adds flexibility for reserve funding and budgeting, tightens rules for managers and inspectors, limits certain requirements to buildings of three or more habitable stories, and extends the rescission period for condo purchases. Senators from both parties praised the bill’s sponsors for years of work responding to post-Surfside safety and affordability concerns. The longest and most contentious item was SB 7016/HB 1205 on constitutional amendment petition procedures. Sponsors said the bill responds to fraud and abuse in the citizen initiative process by tightening circulator rules, requiring faster submission of signed petitions, adding voter notification, increasing penalties, and shifting costs to sponsors. Opponents argued it would burden volunteers and make it harder for citizens to qualify initiatives. The chamber adopted a series of amendments, including changes to the petition-circulator threshold, volunteer protections, submission timing, invalid-signature investigation thresholds, and notice/cure provisions, while debate continued over whether the overall package would protect election integrity or suppress citizen-led amendments.

Transcript Highlights:

• I think the real problem, Senator Polsky, is with the intangible and unpredictable nature of non-economic
• semi-annual assessments to allow financial institutions two additional months to calculate their assets
• And let's add to that that we have a key asset in Miami-Dade County called Biscayne Bay, an invaluable

Summary: The Senate began with opening prayer, the Pledge of Allegiance, and several recognitions, including interns, Denim Day awareness, and a resolution honoring Vietnam veterans exposed to Agent Orange on the 50th anniversary of the fall of Saigon. The chamber also observed a moment of silence for former Senator Karen Johnson Gendron. After routine business, the Senate took up several special-order bills. The first major bill, transportation offenses involving death, increased penalties for repeat DUI/BUI manslaughter and vehicular homicide offenses. An amendment added penalties for refusal to submit to breath or urine testing and required law enforcement to notify suspects of those penalties. The bill passed 37-0. The Senate then passed SB 306 on Medicaid providers, requiring broader after-hours and holiday access to care and setting network standards for Medicaid managed care plans, also by a 37-0 vote. The chamber next considered a major condominium and cooperative associations bill responding to post-Surfside safety and financial concerns. Senators described the measure as balancing building safety with financial relief, extending reserve-study deadlines, allowing temporary reserve relief after inspections, tightening oversight of managers and inspectors, and adjusting voting, resale, and reserve rules. After extensive debate and praise from members for the bill’s sponsors and staff, the bill passed 37-0. The longest discussion centered on a constitutional amendments/petition process bill aimed at curbing fraud in citizen initiative petitions. Sponsors argued that the 2024 petition process was plagued by fraud and identity theft and proposed tighter rules for circulators, faster submission deadlines, voter notification, penalties, and limits on petition handling. Senators offered and adopted multiple amendments, including changes to petition-circulator definitions, invalid-signature thresholds, and voter notification procedures. After a substitute amendment was withdrawn, the Senate continued debating the underlying amended bill, with members split between concerns about election integrity and worries that the bill would burden volunteers and make it harder for citizen initiatives to qualify.

Transcript Highlights:

• It could also be something intangible like power, control, popularity, and acceptance.

Bills: HF2358, HF3496, HF3504, HF2169, HF3440

Keywords: public safety, coercion, criminal penalties, law enforcement, victim protection, HF3496, supervision abatement, earned compliance credit, earned compliance credits, conditional release, supervised release, corrections, Minnesota Department of Corrections, restitution, willful nonpayment, probation-like supervision, release supervision, community supervision, lifetime conditional release, early termination of supervision

Transcript Highlights:

• used with tax-exempt bond and low-income housing tax credit projects, which are like the most stable asset

Keywords: 928, house, all

Summary: The Housing Committee opened with a public hearing on HB 196, which would repeal the Housing Champion program. Representative Matt Drew, the prime sponsor, argued the program is an unnecessary and poorly targeted subsidy, saying it rewards municipalities after projects are completed and may not be limited to new housing production. He questioned the transparency of the program, cited difficulty finding required annual reports, and noted a fiscal note suggesting the state could recover up to $3 million if obligations are terminated. Committee members and witnesses debated whether the program’s criteria amount to political favoritism or a standard grant process; supporters said the rubric is specific and that municipalities are evaluated against objective requirements. Representative Priest, Nick Taylor of Housing Action New Hampshire, and Karen Benfield of Stay Work Play New Hampshire all opposed repeal, saying the program encourages local zoning and regulatory changes, helps smaller communities participate, and supports housing supply and young people’s ability to stay in the state. The hearing on HB 196 was then closed. The committee then opened a hearing on HB 1405, a bill establishing an affordable housing guarantee program within the Housing Finance Authority. Prime sponsor Representative Chris Muns said the bill would reduce lender risk by guaranteeing up to 80% of principal on qualifying loans for affordable housing, with a cap of $30 million per lender per year and $300 million outstanding at any time. He described the measure as a low-cost public-private partnership backed by the full faith and credit of the state, and said it was identical to a prior Senate bill that had received unanimous bipartisan committee support before dying later in the process. He framed the bill as one part of a broader housing package aimed at financing, infrastructure, workforce, zoning reform, and other housing-related issues. No votes were taken during the portion of the meeting provided. The only formal actions were opening and closing the public hearing on HB 196 and opening the public hearing on HB 1405, with testimony continuing on HB 1405 at the end of the transcript.

Transcript Highlights:

• used with tax-exempt bond and low-income housing tax credit projects, which are like the most stable asset

Keywords: 1189, house, all

Transcript Highlights:

• when printed out on paper, is not tangible personal property because the information on the EKG is intangible

Keywords: 1184, house, all

Transcript Highlights:

• when Republicans lowered and did the Tax Cuts and Jobs Act, you had a tax rate of foreign-derived intangible
• c> act you had a tax rate of foreign act you had a tax rate of foreign derived<07:58:22.240> intangible

Keywords: U.S. House of Representatives Floor Proceedings on Tuesday, September 2, 2025, 1012, house, all

Transcript Highlights:

• are existing statutes that say that the Department of Health and Human Services does have direct intangible
• and Human Services does<02:34:08.279> have<02:34:08.479> direct<02:34:08.760> intangible
• <02:34:09.319> interests<02:34:09.680> to does have direct intangible interests to
• does have direct intangible interests to all<02:34:10.000> of<02:34:10.080> our<02:34:10.279

Keywords: 928, house, all

Summary: The House Committee on Health, Human Services and Elderly Affairs heard testimony on House Bill 606, as amended, a bill aimed at preventing physicians from denying medically necessary sterilizing or fertility-affecting treatment based on a patient’s age, number of children, marital status, or a doctor’s speculation about future reproductive intentions. Representative Ellen Reed, the sponsor, described the bill as a response to her own long experience with PCOS, heavy bleeding, and repeated refusals by doctors to perform a hysterectomy despite her clear wishes. She said the amendment narrows the bill to medically necessary care, adds definitions for “medical condition” and “appropriate reproductive care,” and removes earlier provisions about voluntary sterilization referrals. She also said the bill does not target religious objections, and that doctors could still refuse for medical, payment, or existing religious reasons not addressed by the bill. Committee members asked about religious freedom, informed consent versus waivers, and the scope of the new definitions. Reed responded that religion was not added to the list of prohibited reasons for denial, and that the amendment is intended to protect doctors when patients sign informed consent or waivers. She explained that “appropriate reproductive care” includes procedures such as hysterectomy, oophorectomy, orchiectomy, salpingectomy, and endometrial ablation, and that the bill now focuses on medically necessary treatment rather than elective sterilization. She said the change was intended to make the proposal narrower and more tailored after earlier concerns. Several witnesses supported the bill with personal accounts of being denied hysterectomies or other procedures despite serious symptoms. Representative Lauren Selig described a decade-long effort to obtain a hysterectomy after years of cycle problems and migraines, saying doctors dismissed her concerns and treated her symptoms as normal. Jade Flad also testified in support, saying she had long been told to simply endure her cycle problems and noted that her husband was offered a vasectomy without similar barriers. The sponsor said online support was strong and that there was little or no written opposition testimony. No vote or final committee action was taken during the portion of the hearing provided.

Bills: HB3419, HB4153, HB3430, HB3791, HB3277, HB4119, HB4408, HB3905, HB3968, HB3835, HB3386, HB2650, HB3742, HB3588, HB3748, HB4303, HB4311, HB3028, HB4428, HB4429, HB4132, HB1889, HB3265, HB1739, HB4434, HB3313, HB3852, HB4263, HB3413, HB3414, HB3415, HB3416, HB3417, HB3418, HB3420, HB2116, HB2206, HB3625, HB2939, HB3721, HB1823, HB2425, HB4440, HJR1087, HB4003, HJR1077, HB1770, HB1675, HB3627, HB3891, HJR1067, HB3462, HJR1053, HJR1054, HJR1044, HB3472, HB1225, HJR1019, HB4145, HJR1081, HB1746, HJR1069, HJR1050, HB1638, HB3327, HJR1055, HB3127, HB4488, HB2955, HB3781, HB3783, HB3802, HB2471, HB2937, SCR16, HB2960, HB3466, HB3262, HB3269, HB3152, HB4140, HB4142, HB3148, HB3378

Keywords: corruption, nonpublic information, government accountability, criminal law, public office, driver license, reading proficiency, minors, education requirements, alternative testing, attendance, remedial reading, public school, oath of enrollment, court financial obligations, cost hearing, payment plan, community service, court compliance program, debt relief

Transcript Highlights:

• The quality of life that we enjoy here in the Granite State is one of the intangibles that makes
• Business loans may be unsecured or rely on volatile business assets, leading to higher default risks.
• 14.319> business unsecured or rely on volatile business unsecured or rely on volatile business assets
• assets leading to higher default risks. assets leading to higher default risks.

Keywords: 1189, house, all

Bills: HR210, HR142, HCR150, HR132, HCR140, HR133, HCR141, HR182, HCR192, HR96, HCR104, HR57, HCR63, HR56, HCR62, HR39, HCR43, HR48, HCR52, HR119, HCR127, HR111, HCR119, HR88, HCR96, HR120, HCR128, HR117, HCR125, HR51, HCR55, HR54, HCR58, HR149, HCR159, HR64, HCR70, HR42, HCR46, HR84, HCR92, HR92, HCR100, HCR172, HR172, HCR182, HR75, HCR83, HR116, HCR124, HR36, HCR38, HR73, HCR79, HR125, HCR133, HR136, HCR144, HCR60, HCR20, HR32, HCR32, HR115, HCR123, HR108, HCR116, HR7, HCR8, HR47, HCR51, HR178, HCR188, HCR48, HCR49, HR15, HCR13, HR107, HCR115, HR168, HCR178, HR62, HCR68, HR83, HCR91, HR147, HCR155, HR164, HCR174, HR169, HCR179, HR175, HCR185, HR106, HCR114, HR183, HCR193, HR85, HCR93, HR137, HCR145

Keywords: Earl Kawaʻa, Earl Kawaa, H.R. 210, House Resolution, Hawaii Legislature, Hawaiian language, language revitalization, mānaleo, native Hawaiian speaker, Hawaiian culture, cultural preservation, Hoʻoponopono, Kamehameha Schools, Molokaʻi, Oʻahu, community mentorship, traditional practices, āina-based education, kaiapuni, Peace Corps

Bills: HR210, HR142, HCR150, HR132, HCR140, HR133, HCR141, HR182, HCR192, HR96, HCR104, HR57, HCR63, HR56, HCR62, HR39, HCR43, HR48, HCR52, HR119, HCR127, HR111, HCR119, HR88, HCR96, HR120, HCR128, HR117, HCR125, HR51, HCR55, HR54, HCR58, HR149, HCR159, HR64, HCR70, HR42, HCR46, HR84, HCR92, HR92, HCR100, HCR172, HR172, HCR182, HR75, HCR83, HR116, HCR124, HR36, HCR38, HR73, HCR79, HR125, HCR133, HR136, HCR144, HCR60, HCR20, HR32, HCR32, HR115, HCR123, HR108, HCR116, HR7, HCR8, HR47, HCR51, HR178, HCR188, HCR48, HCR49, HR15, HCR13, HR107, HCR115, HR168, HCR178, HR62, HCR68, HR83, HCR91, HR147, HCR155, HR164, HCR174, HR169, HCR179, HR175, HCR185, HR106, HCR114, HR183, HCR193, HR85, HCR93, HR137, HCR145

Keywords: Earl Kawaʻa, Earl Kawaa, H.R. 210, House Resolution, Hawaii Legislature, Hawaiian language, language revitalization, mānaleo, native Hawaiian speaker, Hawaiian culture, cultural preservation, Hoʻoponopono, Kamehameha Schools, Molokaʻi, Oʻahu, community mentorship, traditional practices, āina-based education, kaiapuni, Peace Corps

Bills: HR210, HR142, HCR150, HR132, HCR140, HR133, HCR141, HR182, HCR192, HR96, HCR104, HR57, HCR63, HR56, HCR62, HR39, HCR43, HR48, HCR52, HR119, HCR127, HR111, HCR119, HR88, HCR96, HR120, HCR128, HR117, HCR125, HR51, HCR55, HR54, HCR58, HR149, HCR159, HR64, HCR70, HR42, HCR46, HR84, HCR92, HR92, HCR100, HCR172, HR172, HCR182, HR75, HCR83, HR116, HCR124, HR36, HCR38, HR73, HCR79, HR125, HCR133, HR136, HCR144, HCR60, HCR20, HR32, HCR32, HR115, HCR123, HR108, HCR116, HR7, HCR8, HR47, HCR51, HR178, HCR188, HCR48, HCR49, HR15, HCR13, HR107, HCR115, HR168, HCR178, HR62, HCR68, HR83, HCR91, HR147, HCR155, HR164, HCR174, HR169, HCR179, HR175, HCR185, HR106, HCR114, HR183, HCR193, HR85, HCR93, HR137, HCR145

Keywords: Earl Kawaʻa, Earl Kawaa, H.R. 210, House Resolution, Hawaii Legislature, Hawaiian language, language revitalization, mānaleo, native Hawaiian speaker, Hawaiian culture, cultural preservation, Hoʻoponopono, Kamehameha Schools, Molokaʻi, Oʻahu, community mentorship, traditional practices, āina-based education, kaiapuni, Peace Corps

Transcript Highlights:

• information to support proper asset management, including accurate documentation of asset details such
• Additionally, we discovered asset replacement values were not inputted for all key capital assets on
• We paired up an asset coordinator from our operations field with an asset monitor from our financial
• When it comes to tagging, there are three types of assets: capital assets, which would be $10,000 and
• There are maybe small assets.

Keywords: 907, all

Summary: The Joint Interim Committee on Legislative Audits met on June 17 for informational presentations. The Department of Administrative Services, through Chief Audit Executive Eli Ritchie, gave an overview of statewide internal audit requirements and the fiscal year 2025 report. He explained the difference between internal and external audit, described Oregon’s statutory and rule-based internal audit structure, and reported that 30 agencies had internal audit functions, with most meeting required standards. He said 73 audits and 49 advisory/consulting engagements were completed statewide, with strong compliance overall, though a few agencies were rebuilding audit committees after vacancies. No committee questions were raised after the presentation. The Secretary of State’s Audits Division then presented its Government Waste Hotline annual report. Director Steve Bergman and audit manager Olivia Rekhed described changes made to align the hotline with statute, including renaming it the Government Waste Hotline, creating a review panel, improving anonymity protections, removing fraud reporting from the hotline’s scope, and adjusting reporting timelines. They said hotline volume increased modestly in 2025, most reports were referred elsewhere or closed for insufficient evidence, and two reports were substantiated, including questioned costs of about $856 for personal use of a state vehicle and about $2.9 million tied to the Preschool Promise program. Committee members asked about hotline staffing, cost, anonymity, and follow-up on findings; staff said the hotline is lightly resourced, uses a contracted intake service, and referrals or recommendations are followed up through management letters and later reviews. The committee also heard an audit of the Oregon Parks and Recreation Department’s safety inspections and asset tracking. The Secretary of State’s office reported that OPRD had not consistently conducted or documented quarterly OSHA safety inspections and had incomplete asset records, including missing acquisition dates and costs for many assets. The audit made eight recommendations covering safety inspection policies, asset management guidance, tagging, reconciliations, disposition controls, training, and a new asset management system; OPRD agreed to all recommendations. OPRD officials said they had already begun training staff, improving inspection procedures, and working toward a replacement asset system, while noting operational challenges from a large, dispersed park system and manual processes. Committee members asked about what kinds of assets are tracked, how tagging works, whether items were actually being lost, and how much tracking is necessary for low-value tools; OPRD said the main issue was inconsistent classification and documentation rather than widespread loss. The meeting ended with no votes or formal actions taken.

Transcript Highlights:

• global demand u for US dollar assets. global demand u for US dollar assets.
• So on the left you have generally an asset-holding company that is holding off-chain assets.
• that is holding um offchain assets. that is holding um offchain assets.
• Um and with that asset side of assets.
• tokenizing uh real world assets. tokenizing uh real world assets.

Keywords: 1189, house, all

Summary: The Stable Token Study Commission held its first regular meeting, welcomed all remaining appointed members, and completed brief introductions from legislators and agency designees. The chair outlined the commission’s plan to use the first part of the enabling legislation as a “level-setting” discussion, focusing this meeting on the basics of blockchain, the current landscape for stablecoins and tokenized real-world assets, and leaving blockchain-based trust for a later meeting. No votes were taken. The main presentation came from Deanna Bario Zales of the Global Blockchain Business Council, who described stablecoins as increasingly converging toward fiat-backed or asset-backed models, with algorithmic designs viewed more cautiously. She said stablecoins are being used for payments, remittances, DeFi activity, cross-border transfers, retail use in high-inflation markets, and treasury functions, while noting risks such as peg instability, reserve transparency, counterparty and network risk, and possible capital flight from weaker banking systems. She cited growth in supply, wallet activity, and transfer volume, and said U.S.-pegged stablecoins dominate the market, with USDT and USDC leading. Zales also discussed tokenized real-world assets, describing them as digital representations of physical assets that can enable fractional ownership, liquidity, and faster settlement. She said the market is growing quickly, with institutional participation from firms such as BlackRock and Franklin Templeton, and projected continued expansion. She closed with an overview of regulatory developments, emphasizing the new U.S. stablecoin framework under the Genius Act, the proposed Clarity Act, OCC guidance, and similar regimes in the EU, UK, UAE, Singapore, Japan, and elsewhere, all of which she said are shaping compliance requirements and market development.

Transcript Highlights:

• It's really asset planning.
• It's really asset planning.
• And so it's these small assets here, the small, relatively inexpensive asset that we struggle to stay
• There's a, every asset degrades over time.
• And it's just like these other assets.

Summary: The Senate Transportation Committee devoted its meeting to a presentation from Troy Suing of the Department of Transportation on state highway preservation needs. Suing said DOT is a leader in asset planning, but that current funding is not enough to keep up with the condition of highways, bridges, and other assets. He distinguished operations and maintenance from preservation, and described the preservation program’s main parts: pavements, bridges, and other highway facilities such as slopes, rest areas, signal systems, retaining walls, and culverts. Suing reported that about 40% of state roads are already overdue for preservation and that, with current funding, as much as 85% could need preservation within 10 years. He said there are more than 7,900 lane miles currently due, and that delaying work past the “lowest life cycle zone” increases risk and can cost three to five times more later. For bridges, he said the state has about 3,400 bridges, an average age of 52 years, and roughly 10% are over 80 years old; the share of bridges in poor condition is about 9.9%, near the federal threshold that could trigger more federal oversight. He also highlighted culvert failures, including one on SR-510, and the closed Carbon River Bridge on SR-165 as examples of how deferred preservation can lead to closures and community disruption. Committee members questioned the comparison to national asset management leadership, liability risk as roads deteriorate, the cost and regulatory burden of bridge projects, and whether DOT is relying more on its own crews for bridge work because of cost and urgency. Suing said the department is underfunded to fully implement its asset plans and is forced to focus on risk, emergent needs, and the most critical bridge work first. He said DOT’s 2026 supplemental budget identified preservation as one of five unfunded critical priorities and estimated a 10-year preservation need of $8 billion to address the backlog and become proactive again. Members discussed whether targeted funding in the next biennium could help move the state back toward the “green zone,” and the chair closed by emphasizing the real-world impacts of bridge and road failures and the need for legislative action.

Transcript Highlights:

• not the underlying asset value. not the underlying asset value.
• liquid assets on the value of both hard and liquid assets.
• <01:09:08.839> of asset classes that the liquid assets of asset classes that the liquid assets
• One of those assets is land and minerals assets.
• 2.3 is in a financial asset. 2.3 is in a financial asset.

Keywords: 1187, senate, all

Transcript Highlights:

• It's called asset smoothing.
• So when the called asset smoothing.
• varying levels of uh alternative asset varying levels of uh alternative asset classes.<00:18:56.320
• alternative asset classes. alternative asset classes.
• fees would go up based upon uh the asset fees would go up based upon uh the asset values. values

Keywords: Meeting Start: 00:00 Attendance Roll Call: 01:02 Approval of Minutes: 02:03 Annual Investment Review: 04:10 Adjournment: 37:34, 958, all

Summary: The committee met with a quorum, approved the prior meeting minutes, welcomed new staff member Sean Parks, and announced that it would not meet in November. The next meeting was scheduled for December 8 at 10:00 a.m., with the chair noting that pension bills would be heard then and emphasizing that all pension bills must go through the full process and include actuarial analysis. Brad Gross of the Public Pension Oversight Board presented a detailed review of Kentucky retirement systems’ investments and funding. He said fiscal year 2025 ended with about $50.5 billion in pension assets and $12.52 billion in retiree health assets, both up from the prior year. He reported strong investment performance across the systems, with all Kentucky public pension funds exceeding their policy benchmarks and the median peer return of 10.4%. He also discussed long-term return trends, asset allocation differences among the systems, fee levels, and cash flow, noting that cash flow remains a key monitoring issue and that supplemental appropriations have improved the cash position of some funds, especially the Kentucky State Police and TRS systems. Gross also explained that assumed rates of return have generally fallen over time, which increases unfunded liabilities and required contributions, and said the systems’ current assumptions range from 5.25% to 7.1%. He noted that the committee’s materials included peer comparisons and historical charts, and that all asset classes were within target ranges. In response to a question from Senator Funky From, Gross was asked about pension spiking and whether supplemental general fund contributions could create a false sense of security in cash flow analysis; the question was raised but not resolved in the portion of the transcript provided.

Transcript Highlights:

• Market value of assets—that's what the assets are actually worth in the market on the valuation date.
• There is no asset smoothing in this plan, so there's no smoothed assets.
• Market value of assets, that's what the assets are actually worth in the market on the valuation date
• There is no asset smoothing in this plan, so there's no smoothed assets.
• asset smoothing, one thing to note is that while asset smoothing spreads out the impacts of investment

Summary: The Pension Funding Council met on June 23, 2026, for a work session that began with an overview of the Higher Education Supplemental Retirement Plan (SRP) and a 2025 accounting valuation of that plan. Staff explained that the SRP is a closed defined benefit supplement for higher education employees hired before the 2011 closure, with employer contributions currently pre-funding benefits in institution-specific trusts while institutions still pay benefits on a pay-as-you-go basis. The State Actuary’s office reported that the plan’s accounting position has improved, with combined market assets of about $245 million against $377 million in accrued liability, and that strong market performance since 2022 has increased the asset-to-liability ratio. The office emphasized that this was an educational accounting valuation, not a funding valuation for rate-setting. The council then received the 2025 actuarial valuation report for the state retirement systems. Actuaries reviewed the recent demographic experience study, noting updated assumptions for mortality, retirement, termination, and salary growth, and said the net impact on most plans was small. They reported that most plans’ funded ratios improved, with all plans at least 94% funded and several at or above 100%, and that contribution rates for the 2027–2029 biennium are generally lower than current rates. They also noted that future rates could be affected by market volatility as deferred gains are recognized over the next few years. During public comment, a representative of the Association of Washington Cities urged the council to consider rate reductions to help local governments facing budget pressures. In executive session, the council first approved a motion directing the Office of the State Actuary to perform an actuarial evaluation and analysis of each institution’s Higher Education Supplemental Retirement Plan, including institution-specific contribution rates, asset sufficiency, and funding policy options, due by July 1, 2028. The council then adopted the 2027–2029 pension contribution rates based on the 2025 actuarial valuation report. Both motions passed 5-0, with one member excused. The meeting concluded with no further business.