Transcript Highlights:

• I don't understand I'm not an actuary.
• <00:30:01.240> had state employees than the actuaries had state employees than the actuaries
• And an ad hoc cola of the actuaries.
• ,<00:59:57.240> and and I said this with the actuaries, and and I said this with the actuaries
• <01:00:11.080> cannot<01:00:12.080> calculate actuaries cannot calculate actuaries cannot

Keywords: MS Senate Floor - 7 January, 2026; 10:00 AM, 925, all

Summary: The Senate convened with a quorum present, heard an invocation from Reverend Chip Stevens of First Baptist Church in Jackson, and recited the pledge of allegiance. The body then dispensed with the reading of the journal, committee reports, and bill titles, and received several guest introductions, including the president of Mississippi University for Women, the physician of the day, and the session’s pages. The main item of business was Senate Bill 2004, the Mississippi PERS Stability Act. Senator Sparks explained that the bill would provide a $500 million infusion to the PERS accumulated employers account on July 1, 2026, followed by $50 million annually for 10 years, with backup funding from unobligated general funds if needed. He said the measure was intended to help address the system’s roughly $26 billion liability and to support both state employees and local government employers, noting that the state had already taken other steps to strengthen PERS. The bill was advanced to engrossed status, read for the third time, and placed on the calendar for final passage. Senator Norwood asked whether the funding would help local governments, and Senator Sparks said it would, because the liability is shared by all employers in the system and affects local balance sheets and bond ratings. Senator Bryan then spoke at length in opposition to the broader direction of retirement policy, criticizing the committee process, the fragmentation of retirement legislation, and what he described as incentives for privatization and unfair treatment of new hires. He said he would still vote for the bill because it sends money into the system, but argued that the state should focus retirement benefits on older retirees and avoid further benefit expansions. Senator Sparks responded that the bill was a necessary cash infusion to honor commitments to employees, stabilize the system, and avoid insolvency, and said more PERS legislation would follow.

Transcript Highlights:

• Did that come from a study? Where did that come from?
• Well, this is one of those times where we pull the trigger or we can study it until 2030.
• Well, this is one of those times where we pull the trigger or we can study it until 2030.
• That's an actuarial guess.
• Actuaries are pretty scientific, but they're not always right.

Bills: SB2160

Keywords: health insurance, public employees, uniform group insurance, retirement, state employees, 908, all

Summary: The committee resumed work on Senate Bill 2160, which would move the Public Employees Retirement System health plan from grandfathered to non-grandfathered status under the Affordable Care Act. PERS officials Rebecca Frickie and Derek Holbein explained that the bill would allow more flexibility in plan design, including higher deductibles, co-pays, and out-of-pocket maximums, while also adding enhanced preventive benefits. They clarified that ACA “essential health benefits” apply to individual and small-group markets, not to PERS as a large employer, and that the bill’s projected cost increases were based on actuarial estimates and prior bid scenarios from Sanford and Blue Cross Blue Shield. Members debated whether the bill would actually save money or simply shift costs to employees. Supporters argued that non-grandfathered status would create more levers to manage medical inflation and could produce net premium savings through plan redesign, citing prior bid comparisons showing potential reductions of 1% to 8% depending on the option. Opponents, including Representative Schauer and North Dakota United president Nick Archelette, questioned how the state would pay for the estimated $25 million to $30 million in added benefits and warned that employees could face higher out-of-pocket costs amid already strained household budgets. Frickie said the legislature would control funding decisions and that current law requiring the state to pay full family premiums could be changed only by statute. The committee also discussed reserve funding, with members noting that a $4.3 million reserve draw in the bill was intended to cover the final months of the biennium and could be modified. After testimony and discussion, Vice Chair Johnson moved a do-pass recommendation and referral to Appropriations. The motion passed 10-3-1, with Representatives Ostlie, Schatz, and Schauer voting no. Representative Gump agreed to carry the bill.

Transcript Highlights:

• Industry-recognized credential study at two and four-year institutions.
• Because we do know that there are studies that indicate that...
• Almost, we're well past actuarial soundness. No, I'm sorry, Representative.
• Actuarial soundness is no more than 31 years.
• Actuarial information, I guess, from TRS that the fund will be sound. Correct.

Bills: HJR144, HJR218, HB40, HB 101, HB 112, HB146, HB168, HB214, HB413, HB1523, HB493, HB521, HB594, HB557, HB305, HB549, HB854, HB 1057, HB 1052, HB842, HB3174, HB3311, HB2486, HB3196, HB824, HB 1039, HB2529, HB2713, HB4936, HB4995, HB4830, HB4864, HB5219, HB5263, HB5154, HB2674, HB5525, HB5623, HB2545, HB2587, HB2625, HB5520, HB5436, HB4926, HB1573, HB5165, HB4811, HB5081, HB4755, HB3179, HB4310, HB4611, HB2159, HB4626, HB3637, HB3153, HB3066, HB2786, HB2966, HB638, HB640, HB876, HB497, HB5539, HB4809, HB5308, HB4687, HB4070, HB4421, HB4412, HB3284, HB3369, HB3420, HB3449, HB4098, HB4281, HB4120, HB4504, HB4370, HB 1106, HB2370, HB2404, HB3863, HB2407, HB2253, HB2273, HB2040, HB1586, HB3788, HB3993, HB4690, HB4309, HB4696, HB2308, HB 1142, HB1533, HB1621, HB2242, HB2012, HB2193, HB2442, HB2464, HB2348, HB2313, HB2289, HB1942, HB2011, HB1629, HB2993, HB3592, HB3824, HB4076, HB4535, HB4623, HB4773, HB 1091, HB5115, HB5515, HB3372, HB5659, HCR118, HB 1233, HB2239, HB2379, HB2863, HB3368, HB3787, HB3815, HB3898, HB4023, HB4285, HB4329, HB4331, HB4429, HB4646, HB4904, HB5200, HB5320, HB5651, HB5662, HB5668, HB5670, HB5672, HB5674, HB5676, HB5679, HB5688, HCR108

Keywords: regional mobility, transportation authority, local law, constitutional amendment, public projects, Texas energy fund, energy efficiency, retail electric customers, electric generating facilities, business court, civil procedure, litigation, jurisdiction, arbitration, Texas State Guard, task force, professionalization, state missions, critical infrastructure, science park district

Transcript Highlights:

• The 2025 PERA Actuary Reports specifically recommend increasing contributions to stabilize the fund.
• The table includes data from the last four actuary reports.
• The actuary assumes annual salary increases of 3.25%.
• The 2025 actuary report released just last week shows that on its current path, the unfunded liability
• We encourage you to revisit that study, and we thank you for your help.

Transcript Highlights:

• The Pinnacle Actuarial Resources Group is the firm that's been hired to conduct this annual actuarial
• Our actuary has been looking at this at the Patient Advisory Board.
• impact currently on the fund on an actuarial basis is immaterial.
• knowledge of actuarial science.
• knowledge of actuarial science.

Bills: SB41, SB153, SB165, SB261, SB264

Keywords: sexual crimes, statute of limitations, criminal justice, victim rights, child abuse, procurement, contracting, small business, local government, disaster recovery, emergency procurement, certification, public spending, juvenile justice, delinquency, rehabilitation, community corrections, risk assessment, public safety, health regulations

Transcript Highlights:

• This was at the recommendation of the state auditor a year ago, when he recommended in that study that
• In the last couple of years, I've been forced to study lots of things that I was never interested in.
• If you actually have an actuary...
• Only an actuary can show you that total cost of care.
• Only an actuary can show you that total cost of care.

Bills: HB165, HB175, HB198, HB272, HB457, HB488, HB566, HB603, HB763, HB902, HB909, HB971, HB981, HB1066, HB1125, HB1154, HB1231

Keywords: HB165, lottery proceeds, Lottery Proceeds Fund, Veterans Service Grant Fund, constitutional amendment, veterans, military veterans, veterans' benefits, veterans services, family support, state lottery, education funding, Minimum Foundation Program, problem gambling, compulsive gaming, state treasurer, ballot proposition, constitutional referendum, lottery revenue, Louisiana resident veterans

Transcript Highlights:

• Notably, our Actuaries raise objections on nearly 75% of the rate filings we receive.
• This number has been studied. Over the last few years.
• In insurance language, our rates are not actuarially adequate.
• And Let me say, I'm not an actuarial person at all, I'm not an actuary, but I think when we talked about
• As I said, I'm not an actuary, but I'm having a hard time understanding why.

Keywords: 1184, house, all

Transcript Highlights:

• They would have to study it to come up with a plan.
• Also, the DE4 does have the actuary funding as well.
• And so, I read it and I started doing some studying.
• And so, I read it and I started doing some studying.
• >> Doug Anderson the actuary. >> Doug Anderson the actuary.

Keywords: 1187, senate, all

Transcript Highlights:

• They'd have to study it. the long term. They'd have to study it.
• <04:51:07.440> evidence, actuarial evidence, actuarial evidence, >> right?
• out their their um actuarial things. out their their um actuarial things.
• Actuarially sound in this case.
• There are decades of actuarial studies by insurers, by regulators, and independent academics that have

Keywords: 1189, house, all

Transcript Highlights:

• Of course, it's an actuarial study that you would do.
• Of course, it's an actuarial study that you would do.
• Of course, it's an actuarial study that you would do.
• other than the ones that any actuaries other than the ones that work<00:18:15.120> for<00:18:
• accured liabilities and does actuarial accured liabilities and does not<00:32:45.200> have<00

Keywords: 1187, senate, all

Transcript Highlights:

• The PRB also provides actuarial impact statements during legislative sessions to analyze the economic
• Now, their new actuarial evaluation recommends them dropping that to 7.25%.
• Really what I should have put there is the unfunded actuarially accrued liability.
• So what's really what I should have put there is the unfunded actuarially accrued liability.
• We had LBB do a study, which I will share.

Summary: The Senate Finance Committee heard budget presentations for the Texas Historical Commission, the Pension Review Board, the Employees Retirement System (ERS), Social Security and benefit replacement pay, the Texas Emergency Services Retirement System (TESSRS), and the Cancer Prevention and Research Institute of Texas (CPRIT). The Legislative Budget Board outlined recommendations and major changes for each agency, including reductions tied to one-time projects at the Historical Commission, continued funding for courthouse grants, heritage trails, and Holocaust/genocide education, as well as new or modified riders and capital items. For the pension-related items, LBB described funding changes for PRB, ERS, Social Security, and TESSRS, including ERS health plan cost growth driven largely by pharmacy costs, the status of pension funding reforms, and TESSRS’s request for additional state support to address its unfunded liability and staffing needs. Members asked extensive questions about the Historical Commission’s one-time funding, unexpended balance authority, courthouse preservation, the Presidio La Bahia and National Museum of the Pacific War projects, and coordination of Texas history messaging across sites such as the Alamo, San Jacinto, Washington on the Brazos, and other heritage locations. The Historical Commission chair emphasized heritage tourism, economic development, and the need for continued investment in historic sites, staffing, IT modernization, and vehicles. On the pension items, senators discussed PRB oversight of local systems, including the Dallas police and fire pension situation, and ERS investment returns, benchmark comparisons, and rising health costs. ERS officials said the plan remains well funded overall, noted a 2021 cash balance reform and a planned supplemental legacy payment, and explained that GLP-1 drugs such as Ozempic and Mounjaro are a major driver of pharmacy spending; they also said the agency is working with the Texas Pharmacy Initiative and that rebates are contractually returned to ERS. For TESSRS, LBB and agency staff said the system serves volunteer and part-paid emergency personnel, is facing an infinite amortization period, and is requesting additional appropriations, staffing, and IT funding, along with a statutory change to allow an actuarially determined state contribution. The agency said it may otherwise need to cut benefits for volunteer firefighters. For CPRIT, LBB reported about $600 million in recommended funding for the biennium and a 10-FTE increase, while the agency described its $6 billion voter-approved program, $3.75 billion in grants awarded to date, and $10.4 million in revenue sharing since 2011. CPRIT’s only exceptional item was a request for a 10% salary increase for two exempt positions. No committee votes or formal actions were taken in the transcript.

Transcript Highlights:

• <00:47:46.079> This pursuant to a actual studies. This pursuant to a actual studies.
• studies to design the cost.
• > with actuarial firm was tasked with actuarial firm was tasked with forecasting<01:03:30.559>
• The actuarial firm applied predictive The actuarial firm applied predictive analytical<01:04:20.960><
• and actuarial techniques to analytical and actuarial techniques to propose<01:04:23.039> oil<

Keywords: 1191, senate, all

Transcript Highlights:

• So our investment return is 8.66 percent in our actuarial valuation when we smooth it.
• That's just what our actuaries say with what's happening now.
• A part in this solvency study.
• We work with our actuaries, who have obviously many years of education in studying this, and they do
• Updated information we get from our actuaries is always kind of moving a little bit.

Transcript Highlights:

• The speaker said the estimate is based on what actuaries do and that they are not an actuary.
• <00:13:55.320> predicted<00:13:56.120> 100% about actuarially predicted 100% about
• actuarially predicted 100% funding<00:13:58.560> ke<00:13:59.440> exactly<00:13:59.839>
• Yeah, we have evidence through numerous studies, both by the U.S.
• Yeah, we have evidence through numerous studies, both by the U.S.

Keywords: Meeting Start: 00:17 Attendance Roll Call: 00:41 Approval of Minutes: 02:40 HB 694: 03:16 SB 183: 18:32 Discussion on PPOB Membership: 36:10 Adjournment: 42:35, 958, all

Summary: The committee first approved the minutes from its January 27 meeting and then took up House Bill 694, which would create a default rule for the Teachers’ Retirement System health insurance trust fund once it reaches 100% funding, currently anticipated around 2027. The bill would redirect two funding streams now going to the health trust—state payments on behalf of local districts and other employer contributions—into TRS pension benefits if the health fund reaches and maintains full funding. The sponsor said this would add about $154 million annually to TRS pensions and would only serve as a default if no other plan is adopted later. Members asked whether the bill would shift the unfunded liability to teachers or affect employee contributions. The sponsor and staff said it would not shift liability to teachers and would not change the employee contribution; only the employer-side payments would be redirected. Several members asked about the meaning of actuarial 100% funding, whether the fund could fall back below 100%, and whether employee contributions might be reduced in the future. The sponsor said the bill is based on actuarial projections, would revert the money back to the health trust if funding fell below 100%, and does not prevent future legislative or board action. Senator Higdon and others spoke in support of discussing the issue, noting the 2010 shared-responsibility changes and the need for a default approach as full funding is reached. The committee then heard Senate Bill 183, which would amend Kentucky law governing proxy advisers used by retirement systems. The sponsor said the bill would require proxy advisers, when handling shareholder-sponsored proposals, to act solely in the interest of retirement system members and beneficiaries and to provide an economic analysis when voting against a company board’s recommendation. He argued the measure is aimed at proxy advisers such as ISS and Glass Lewis, which he said often advance ESG-related proposals not tied to shareholder value. A guest from APCIA said the bill is meant to distinguish proxy advisers from investment managers and to strengthen the 2023 law by requiring a clearer economic justification for votes that depart from board recommendations. Members asked how proxy advisers differ from other financial advisers, whether Kentucky uses them, and whether the bill would prevent pension funds from investing in companies with ESG factors if those investments are profitable. The sponsor and guest said the bill would not bar such investments; it is intended to regulate proxy voting recommendations, not investment decisions. They described the bill as a proactive measure to reinforce fiduciary responsibility and limit outside proxy influence on pension voting. No final vote on either bill was taken in the portion of the meeting provided.

Transcript Highlights:

• That is on an actuarial smoothed basis, meaning that we smooth investment earnings over five years.
• Finally, the bill does have to have an actuarial study, or the COLA, excuse me, before it is granted.
• s actuary produced four cost studies. Those options range from $30 million to $366 million.
• So this bill is a study bill.
• But this is a study. It makes sense. I would move the bill. Okay, we have a motion.

Keywords: 987, senate, all

Summary: The Senate Labor, Public Employment and Retirement Committee heard and advanced several bills covering workers’ compensation, public pensions, workplace training, public works wages, and disability/paid family leave benefits. AB 1048 would require greater transparency when medical provider payments in workers’ compensation are reduced through network or administrator arrangements; supporters said providers need the underlying contract to verify reductions, while opponents argued the problem is overstated and existing dispute remedies are available. AB 1601 would give Sonoma County flexibility to provide targeted cost-of-living adjustments to retirees; supporters emphasized retirees have gone without a COLA since 2008 and that the retirement system is well funded, with no opposition testimony heard. AB 1439 would request a UC Berkeley study on labor standards in real estate and infrastructure projects funded through CalPERS and CalSTRS portfolios; labor groups supported it, while local governments, housing, and industry groups opposed it as unnecessary and potentially burdensome. AB 1697 would delay implementation of last year’s AB 692 on stay-or-pay and related employment contract provisions to 2027, with some support from the NFL and a support-if-amended request from the financial services industry for a 2028 date. AB 1803 would add anti-hate speech content to existing workplace harassment training; supporters framed it as a response to rising antisemitism and workplace hate, while opponents raised First Amendment concerns and argued current law already addresses harassment. AB 2120 would extend Los Angeles Unified’s selective certification hiring authority and allow retention of such employees in layoffs, and AB 2292 would bar providers from charging administrative fees for completing disability insurance and paid family leave certification forms; both drew support and no opposition testimony in the hearing. AB 1198, the Fair Pay for Construction Workers Act, would tie prevailing wage to the time work is performed rather than bid advertisement, with supporters calling it a fairness fix and opponents warning of uncertainty and higher costs on public projects. The committee later reconvened and voted all of the heard bills out, with most passing on unanimous or near-unanimous votes; AB 1439 was the only measure with recorded dissent, passing 4-1 on the final committee vote. Several items were also placed on call before final passage.

Transcript Highlights:

• And in addition, the one branch of government that has yet to have a comprehensive salary study from
• So in the first year of this, we put $1 million for a salary study of the judicial branch of the Commonwealth
• in fiscal 27 to support an actuarial in fiscal 27 to support an actuarial audit<00:09:37.200>
• has not had a second set of actuarial has not had a second set of actuarial eyes<00:09:45.120>
• We increase general fund support by $339 million to pay the full actuarially determined contribution,

Keywords: Meeting Start 00:00:00 Roll Call 00:00:23 HB 503 Discussion 00:01:00 HB 503 Vote 00:02:17 HB 504 Discussion 00:02:53 HB 504 Vote 00:04:48 HB 500 Discussion 00:05:19 HB 500 Vote 00:29:18 HB 900 Discussion 00:32:02 HB 900 Vote 00:33:00, 958, all

Summary: The Kentucky Senate Appropriations and Revenue Committee met with a quorum and first took up House Bill 503, the legislative branch budget, adopting a committee substitute and reporting it favorably. The chair said the Senate version fully funds defined calculations, provides 2% raises in each fiscal year for legislative employees, removes a paragraph on operating expense reductions, and includes $1 million in the first year for a judicial branch salary study. House Bill 504, the judicial branch budget, was then amended and reported favorably; changes included 2% annual raises for judicial employees, revised operating expense language, $1 million each year for county current services, retention of Boyle County fit-up language, reporting requirements for smaller capital projects, full funding for nine judges added in 2022, and removal of furlough prohibitions and certain budget implementation language. Both bills passed the committee unanimously with favorable expressions to the floor. The committee then considered House Bill 500, the executive branch budget, adopting a committee substitute before hearing a lengthy summary of major spending and policy changes. The chair described statewide 2% annual employee raises, agency base reductions with many exemptions, increased school safety and 911 funding, veterans and military funding, local government and severance-related changes, attorney general and auditor funding, pension and retirement system support, education funding changes including SEEK, postsecondary and scholarship provisions, public safety and corrections funding, and multiple capital projects. The chair also highlighted Medicaid-related provisions, including added waiver slots, increased state-directed payments, a 2.5% reduction in managed care vendor payments for plan years 2027 and 2028 with savings redirected to fee-for-service rates, and additional funding for behavioral health and public health programs. The bill was reported favorably after members explained their votes, with several noting they had only recently received the full 228-page bill and wanted more time for detailed review. Finally, the committee adopted a committee substitute for House Bill 900, an appropriation measure for government agencies, and reported it favorably. The chair said the bill remains a work in progress and that one-time funding requests from across the Commonwealth and across party lines would continue to be addressed as the process moves forward. All measures considered during the meeting passed the committee with unanimous or near-unanimous favorable votes, and the meeting adjourned after no further business.

Transcript Highlights:

• WE'VE GOT A POWERPOINT PRESENTATION THAT WILL GO OVER AND JOINING ME TODAY IS OUR CHIEF ACTUARY KYLE
• MY QUESTION IS WHAT SPECIFIC CHANGES AND I KNOW YOUR ACTUARY IS THERE.
• Bakofsky: WOULD YOU LIKE TO HEAR FROM MY ACTUARY?
• CAN YOU COMMENTS, I KNOW YOU SAID YOU CAN'T PREDICT THE FUTURE, YOU DON'T DO THAT ACTUARIAL STUDIES,
• THAT IT IS ACTUARIALLY JUSTIFIED AND SOUND AND WE DO PUSHBACK.

Transcript Highlights:

• So, it's the actuarial numbers that.
• And do we have an actuarial analysis for this bill. Yes, we do.
• I appreciate that the actuarial analysis. Who provides that?
• Is there an An actuarial on this and if so, what does it say?
• Is there an actuarial study on this COLA? Yes, thank you very much for the question.

Bills: HB4030, HB4031, HB4032, HB4033, HB4034, HB4035, HB4036, HB4037, HB4038, HB4039, HB4040, HB4041, HB4042, HB4043, HB4044, HB4045, HB4046, HB4047, HB4048, HB4049, HB4050, HB4051, HB4052, HB4053, HB4054, HB4056, HB4057, HB4065, HB4067, HB4071, HB4072, SB1144, SB1145, SB1146, SB1147, SB1148, SB1149, SB1156, SB1157, SB1158, SB1159, SB1161, SB1162, SB1163, SB1164, SB1165, SB1166, SB1167, SB1174, SB1175, SB1176

Keywords: education funding, budget appropriations, public schools, teachers' retirement, early childhood education, aeronautics, infrastructure, funding, sustainability, Oklahoma, mining, operator fees, coal production, noncoal mining, department of mines, revenue, state budget, budgetary reform, financial legislation, fiscal accountability

Transcript Highlights:

• down to make photocopies of the slide deck for you all to have, and I think you should look at it and study
• So, every year, all the actuarial tables were going to hit 8%.
• We've made some of the hard adjustments and the actuarial assumptions, with lowering the rate, assuming
• As far as this five-year period that we look at, the people are living longer, the actuaries say you.
• Are living longer, the actuaries say you know you're just going to have to pony up more each year as

Keywords: 923, senate, all

Transcript Highlights:

• We're saying engineers, insurance companies, folks who study this have said these are things you need
• It according to principles of actuarial science to be adequate but not excessive in aggregate to pay
• So each year, the cap as independent actuaries develop a formula for determining the actual indicated
• Thank you, chair. >> I studied physics. And so I would say that rocket science is within my grasp.
• And so that is used by our actuaries to develop a loss reserve.