Transcript Highlights:

• Today is Tax Day, and Minnesotans across the state are realizing exactly what the impact is to their
• c><00:16:08.280><c> at</c><00:16:08.400><c> the</c> That would cap property taxes at the rate of inflation

Summary: Republican senators held a Tax Day press event focused on affordability, arguing that DFL control has led to overspending, higher taxes, and reduced competitiveness in Minnesota. They criticized recent state tax increases and proposed new taxes, including taxes on social media and advertising, extending sales tax to legal and accounting services, a higher income tax tier, a statewide property tax, and a housing-related sales tax amendment. They also contrasted Minnesota policy with federal tax relief, saying Minnesotans need spending restraint, fraud reduction, and a smaller, more efficient state government instead of additional revenue measures. Senator Dziedzic focused on transportation costs, especially high license tab fees, saying residents are overwhelmed by taxes and fees and that the state should fund roads and bridges with existing money rather than raising fees. He cited a House proposal to quintuple tab fees and said Minnesota’s vehicle ownership costs are far higher than neighboring states. Senator Kunesh focused on property taxes, saying homeownership is becoming unaffordable because of state spending and unfunded mandates passed on to local governments. He argued that Democrats’ 2023 spending drove up property taxes and warned that a proposed statewide property tax would worsen the housing crisis and hurt families, seniors, and first-time buyers. In response to questions, the senators said their caucus is open to companion bills and some targeted tax relief measures, including conformity with federal changes such as tax treatment of tips and overtime and Section 179 business provisions. They said they support transportation investment but want it funded through existing resources and better prioritization, not new taxes or fees. They also discussed possible bonding negotiations and said they are still evaluating proposals related to HCMC and a one-time property tax rebate, which they described as insufficient compared with the need for permanent relief. No votes or formal actions were taken.

Transcript Highlights:

• planning for uncertainty, we look at two things: Have you adopted risk reporting practices to assess the impact
• And so basically what we're really saying is we're keeping up with inflation, and you're doing slightly

Committee: House Investments & Pensions Oversight Committee

Transcript Highlights:

• </c><03:50:17.359><c> and</c> thresholds to prevent inflation and thresholds to prevent inflation and
• </c><03:55:06.160><c> alone,</c><03:55:06.800><c> it</c> inflation and economic growth alone, it inflation
• These have practical impact every day for the American economy.
• </c> they were too young to have an impact. they were too young to have an impact.
• </c> service and a a call to have an impact service and a a call to have an impact and<08:32:47.760><

Bills: HB2853 , HB2071 , HR1259 , HB8352 , HB2267 , HR1252 , HR1251 , HB4478 , HB3709 , HB4437

Keywords: organized retail crime, retail theft, cargo theft, supply chain crime, shoplifting, organized theft groups, cargo diversion, stolen goods, fencing, online marketplace, e-commerce, gift cards, prepaid cards, money laundering, Homeland Security Investigations, HSI, Department of Homeland Security, DHS, interstate theft, transnational crime

Transcript Highlights:

• Hundreds of private wells are also impacted.
• But it's a significant impact for both public water systems and private wells.
• And the impacts from the water go beyond just what we drink.
• And the impacts from the water go beyond just what we drink.
• , and then potential impact on the amount of revenue being generated by the auctions.

Committee: Senate Environment, Energy & Technology

Summary: The committee held a work session focused on PFAS, no-cost allowance allocation for emissions-intensive trade-exposed industries (EITEs), and regional resource adequacy. Department of Ecology staff outlined Washington’s Safer Products for Washington PFAS program, including completed restrictions on intentionally added PFAS in outdoor furniture, carpets, stain/water-resistant treatments, and newer rules adopted in November restricting PFAS in most apparel, cleaners, and automotive washes, with reporting required for some remaining products such as cookware and firefighting gear. Ecology also reviewed a 2024 biosolids PFAS sampling study showing PFOS and PFOA levels in Washington biosolids were comparable to other states, and the Department of Health reported that PFAS monitoring of Group A public water systems is nearly complete, with 317 sources and 188 systems expected to exceed contaminant levels under the new federal-aligned state standards. Members asked about consumer sales, compliance, private wells, health impacts, and the cost of treatment, which DOH estimated at roughly $970 million for public water system treatment alone, with a remaining funding gap after state and federal support. Ecology then presented its analysis of no-cost allowance allocation to EITEs under the Climate Commitment Act. Staff explained that EITEs receive allowances to reduce emissions leakage and protect competitiveness, with allocations based on 2015–2019 production and emissions data and phased reductions from 100% in the first compliance period to 94% in 2031–2034. Ecology said it is preparing a report due by the end of 2025 on policy options for 2035–2050, after extensive engagement with industry, labor, environmental, utility, port, and tribal stakeholders. Senators asked about leakage, comparisons with California and Quebec, whether specific industries such as Boeing or semiconductor manufacturers are included, and whether EITEs are banking or selling allowances; Ecology said the report will address benchmarking, leakage mitigation, decarbonization barriers, and economic and environmental justice impacts. E3 then presented a regional resource adequacy study for the Pacific Northwest, warning that electricity demand is rising faster than in years past, retirements are outpacing replacements, and the region could face supply shortfalls beginning in 2026, especially during extended winter cold events. The study found that wind, solar, and batteries provide limited reliability value in the Northwest’s winter-peaking, hydro-dependent system, while firm gas and emerging technologies such as geothermal, nuclear, hydrogen, carbon capture, and long-duration storage may play larger roles. E3 estimated a near-term gap of about 9,000 megawatts by 2030, with roughly 3,000 megawatts of advanced-development resources and a remaining gap of about 6,000 megawatts if planned projects do not materialize. Members asked about Energy Northwest, hydro, data centers, battery storage, transmission, and whether neighboring states’ coal use affects Washington; E3 emphasized the need to accelerate permitting, interconnection, and project development. Finally, EPRI briefed the committee on its DC Flex initiative, which is studying how data centers can operate more flexibly to reduce strain on the grid and protect ratepayers. The presentation described work streams on flexible data center design, utility programs and tariffs, operational forecasting and interconnection, and on-site energy supply options, along with demonstrations in the U.S. and abroad. The speaker said the goal is to make data centers more responsive to grid conditions without compromising uptime, and noted that the initiative has a public forum and website for broader participation.

Transcript Highlights:

• So with the other states, have there been large issues with not licensing them, or have there been impacts
• If you're not licensed, what's truly the impact? You know, is there a safety concern?
• If you're not licensed, what's truly the impact? You know, is there a safety concern?
• We've already have independent practice authority currently, so I don't think scope would be impacted
• hasty, and this will impact many Idahoans.

Committee: House Health and Welfare

Transcript Highlights:

• We're trying to catch up to the inflation rate.
• </c><00:40:06.880><c> that</c> increases in inflationary impacts that increases in inflationary impacts
• What impacts will we have on the current obligations with Lisra?
• What impacts will we have on the there.
• So, that we have inflation protection.

Transcript Highlights:

• And so, you know, the impact on the thing is something that this legislation is going to impact to some
• </c> forth, you immediately impact forth, you immediately impact um<00:33:21.919><c> the</c><00:33:22.320
• act as I say the value of the impact act as I say the value of the land<00:33:33.840><c> either</c><
• </c><00:34:03.279><c> on</c> Uh and so uh you know the the impact on Uh and so uh you know the the impact
• is going to impact to some degree<00:34:09.040><c> and</c><00:34:09.440><c> so</c><00:34:09.679><c>

Committee: House Executive Departments and Administration

Transcript Highlights:

• So one of the things that they pointed out was that you have three systems with three different inflation
• c> different</c> have three systems with three different have three systems with three different inflation
• <00:21:57.360><c> assumptions</c> inflation assumptions inflation assumptions right<00:21:59.360><c>

Summary: The meeting began with quorum, approval of the prior minutes, and an announcement that the June meeting had been canceled and replaced by this combined May/June meeting; the next official PPOB meeting was announced for July 21 at 2:30. Staff then gave an overview of the Public Pension Oversight Board’s required actuarial audit process, explaining that House Bill 238 requires a review every five years of the retirement systems’ actuarial assumptions and methods, funded by the systems themselves. The presentation distinguished this audit from a financial or forensic audit, described the three possible audit levels (full replication, limited/spot review, or basic review), and noted that the last audit in 2021 was a level one performed by Milleman Consulting at a cost of about $190,000. Members discussed timing for the next audit cycle, with a request to LRC likely needed in July or August to target the June 30, 2026 valuation, and several members expressed interest in another level one review. Questions also addressed whether prior audits found major issues; staff said the 2021 review was generally clean but recommended more consistency in reporting and assumptions across systems. The committee then welcomed new staff and interns, including Odet Guanzi of KPPPA and Team Kentucky intern Amamira Bowman. Bo Barnes of the Teachers Retirement System presented an overview of the statutory framework for reemployment after retirement under KRS 161.605. He explained that the law is intended to let retirees return to help with staffing needs, do so in an actuarially sound way through required contributions, and keep TRS compliant with federal tax rules for a qualified plan under section 401(a). Barnes described the required breaks in service and earnings limits for retirees returning part-time or full-time, including the three-month or 12-month break depending on the employer, the 6,900-day limit, and the daily wage threshold based on years of service. He also noted a lightly used critical shortage program that allows school districts to hire retirees without a wage cap, while still observing the break-in-service rules. Members asked questions about who decides the scope and level of the actuarial audit, how the audit would treat leave balances and other benefit-related items, and whether the prior level one audit identified substantial problems. Staff said the committee would request the audit, but LRC would handle contracting, and that the audit scope could include items like sick leave and annual leave costs if requested. On the reemployment topic, Barnes emphasized that the rules are designed to avoid pre-arranged retire-and-return arrangements that could jeopardize TRS’s tax-qualified status. No formal votes were taken beyond approving the minutes, and the meeting concluded with the presentations and discussion of these pension oversight issues.

Transcript Highlights:

• first step to taking care of what we needed to take care of, which was, you know, the matter of inflation
• which was you know the the<01:19:26.239><c> matter</c><01:19:26.480><c> of</c><01:19:26.719><c> inflation
• and</c><01:19:27.840><c> how</c><01:19:28.000><c> it</c><01:19:28.159><c> has</c> the matter of inflation
• and how it has the matter of inflation and how it has affected<01:19:28.640><c> our</c><01:19:28.880

Transcript Highlights:

• Because when inflation is crushing families, we won't let big corporations squeeze people who are just
• to hold them accountable.<00:47:37.839><c> Because</c><00:47:38.160><c> when</c><00:47:38.400><c> inflation
• Because when inflation is accountable.
• Because when inflation is crushing<00:47:40.240><c> families,</c><00:47:41.119><c> we</c><00:47:41.359

Bills: HR780 , HR976 , HR975 , HR974

Keywords: gridlock, policy priorities, House resolution, legislative process, procedural motion, house meeting hours, legislative schedule, government procedure, House of Representatives, quorum, business proceeding, legislative procedure, government functionality, Congress, notification, Presidential communication

Transcript Highlights:

• Prices have leveled off, too, and are tracking with inflation rather than outpacing it by two or three
• <00:33:58.799><c> tacking</c><00:33:59.279><c> with</c><00:33:59.919><c> uh</c><00:34:00.159><c> inflation
• </c><00:34:00.799><c> rather</c> are tacking with uh inflation rather are tacking with uh inflation rather

Transcript Highlights:

• that we're being paid today aren't really that much better than, you know, you look at it with an inflation
• you know you you look at it in<00:26:22.279><c> with</c><00:26:22.399><c> an</c><00:26:22.600><c> inflation
• </c><00:26:23.240><c> Factor</c><00:26:23.640><c> figured</c><00:26:24.039><c> in</c> in with an inflation
• Factor figured in in with an inflation Factor figured in we're<00:26:25.360><c> pretty</c><00:26:25.640

Committee: Senate Agriculture, Veterans, Broadband, and Rural Development

Transcript Highlights:

• The impacts of this Democrat refusal to support DHS funding reach far beyond airport security.
• <00:19:28.480><c> its</c> disease and therapies to reduce its disease and therapies to reduce its impact
• All of this personal bravery and impact.
• </c><00:26:49.120><c> of</c> Human Services to study the impact of Human Services to study the impact
• I saw Shane's impact most clearly at his celebration of life.

Bills: HR1115 , SB3971 , HB4294

Keywords: rules resolution, special rule, House procedure, floor consideration, lead ammunition, lead tackle, fishing tackle, hunting, wildlife management, federal lands, federal waters, Department of the Interior, Department of Agriculture, immigration and nationality act, inadmissible, deportable, public benefits fraud, fraud against the United States, alien deportation, law enforcement animals

Transcript Highlights:

• This is an important lever for Massachusetts. ...impacts to threatened and endangered species, such as
• You could end the APS tomorrow and financially not impact many of those units.
• What makes this bill especially impactful is its emphasis on collaboration and strategy.
• This analysis requires project proponents to assess the impacts and burdens, including but not limited
• Municipalities and state agencies are left to mitigate the environmental impacts.

Committee: Joint Joint Committee on Telecommunications, Utilities and Energy

Summary: The committee heard testimony on a wide range of energy bills, with much of the discussion focused on offshore wind, battery storage, solar, nuclear study proposals, and a bill to redefine clean energy. Several Barnstable-area legislators and witnesses raised concerns about offshore wind transmission infrastructure near neighborhoods, beaches, and drinking water supplies, and supported bills to create a special commission and increase local input and oversight. In contrast, environmental, consumer, labor, and clean energy groups strongly backed offshore wind expansion bills, arguing that offshore wind lowers long-term costs, improves winter reliability, reduces fossil fuel dependence, supports jobs and local supply chains, and should include wildlife protections, labor standards, and community benefits. Some witnesses and committee members noted that parts of the offshore wind legislation overlap with the Governor’s energy affordability bill, and asked for clarification on which provisions were new versus duplicative. The committee also heard testimony on battery storage and solar legislation. Two student witnesses and several industry representatives supported a bill to study grid battery storage, saying storage can reduce outages, lower peak prices, and improve grid resilience during extreme weather. Witnesses from solar and storage companies supported a broader clean energy transition bill that would expand storage procurement, create a retail-style storage program for distributed batteries, set a 10-gigawatt solar target by 2035, and streamline siting and interconnection. Committee members pressed witnesses on whether these provisions were already included in the Governor’s affordability bill and asked for a section-by-section breakdown of what was new. One witness also urged allowing developers to bond interconnection payments to reduce financing costs. Another major topic was a bill defining clean energy, especially whether existing pumped-storage hydropower should qualify for subsidies or be excluded. Supporters of the bill argued that existing pumped storage should not receive additional ratepayer subsidies because it is already built, can have environmental impacts on rivers and ecosystems, and could cost ratepayers hundreds of millions of dollars. Opponents said pumped storage is an important reliability resource and should remain eligible. The committee also heard testimony on nuclear-energy study bills: some witnesses supported creating a commission to examine nuclear power as a reliable, carbon-free option, while others opposed nuclear study bills and argued that nuclear is costly, unsafe, and inconsistent with the state’s clean energy goals. No votes were taken during the hearing.

Transcript Highlights:

• Are we seeing the impacts of nitrogen?
• Like I mentioned, we'll hear more about the impact of that from Paul.
• Like I mentioned, we'll hear more about the impact of that from Paul.
• But our big challenge is to reach scale and make an impact in that way.
• But our big challenge is to reach scale and make an impact in that way.

Bills: HF3692

Committee: House Agriculture Finance and Policy

Keywords: Farmer-Lender Mediation Act, mediation, agriculture finance, debt relief, civil law

Transcript Highlights:

• Hundreds of private wells are also impacted.
• But it's a significant impact for both public water systems and private wells.
• And the impacts from the water go beyond just what we drink.
• , and then the potential impact on the amount of revenue being generated by the auctions.
• Yeah, I think that that is sort of a second-order impact that's probably best for the next panel.

Summary: The committee held a work session covering PFAS regulation and impacts, no-cost allowance allocation for emissions-intensive trade-exposed industries (EITEs), and regional resource adequacy and data center load growth. Senator Victoria Hunt was welcomed as a new member. The Department of Ecology reviewed Washington’s Safer Products for Washington PFAS work, including completed restrictions on PFAS in outdoor furniture, carpets, rugs, stain/water-resistant treatments, and newer rules adopted in November restricting PFAS in most apparel, cleaning products, and automotive washes, with reporting requirements for some other products such as cookware and firefighting gear. Ecology also described Cycle 2 PFAS reviews now underway, including artificial turf and paints, and answered questions about compliance, online sales, sell-through periods, and how Washington’s approach differs from broader bans in states like Maine and Minnesota. The Department of Ecology also presented on PFAS in biosolids, describing a 2024 sampling study, limitations in testing methods, and a 2025 statutory amendment requiring additional sampling between 2027 and 2028 and a report to the legislature in 2029. The Department of Health then updated the committee on PFAS in drinking water, reporting that most Group A public water systems have completed sampling, that 317 sources and 188 systems are expected to exceed new contaminant levels, and that treatment costs for public systems are estimated at about $970 million, leaving a large funding gap; members also asked about private wells, health effects, bathing exposure, and home filters. The Board of Health’s new state action levels are being aligned with federal MCLs, and the department said it expects to continue monitoring and notification under state rules. Ecology also briefed the committee on no-cost allowance allocations to EITEs under the Climate Commitment Act, explaining the leakage-mitigation rationale, the current allocation schedule through 2034, and a forthcoming report on policy options for 2035-2050; members asked about industry barriers, competitiveness, and whether facilities might leave the state. Finally, E3 presented a regional resource adequacy study showing rising load, retirements outpacing additions, limited winter reliability value from wind, solar, and batteries, and a projected shortfall beginning in 2026 that could grow to about 9,000 MW by 2030 if planned projects are not built. The presentation emphasized winter cold-weather events, hydro variability, the importance of permitting and transmission, and longer-term options including nuclear, geothermal, hydrogen, carbon capture, and long-duration storage. EPRI then introduced its DC Flex initiative, which is studying how data centers can provide flexible load through workload shifting, cooling optimization, and on-site backup or bridging resources to reduce grid stress and protect ratepayers.

Transcript Highlights:

• Nearly 3% inflation.
• Does that have any impact on the market in terms of the credit...
• What does the impact of people saving credits have on demand?
• And so that is having an impact on prices.
• The impact of that was credit prices went lower and lower and lower.

Summary: The hearing was a select committee discussion on the transportation costs and impacts of California’s Low Carbon Fuel Standard (LCFS), with opening remarks from the co-chairs and members emphasizing affordability, climate goals, and the need to explain the program’s benefits to the public. The first panel from CARB and the California Energy Commission described how LCFS works as a market-based, declining carbon-intensity program that rewards lower-carbon fuels, supports zero-emission vehicle infrastructure, and is intended to reduce greenhouse gases and local air pollution. They argued the program has driven billions in private investment, increased alternative fuel use, and that LCFS credit prices are not the main driver of retail gasoline prices, which they said are dominated by crude oil, refining, and distribution costs. Members questioned the panel on the gap between the regulatory target and actual carbon-intensity performance, the role of credit banking, which fuels are generating the most credits, how the 2025 amendments affected the program, and whether LCFS credits are truly additional. CARB explained that banking helps cost-effectiveness and investment certainty, that ethanol, renewable diesel, and biodiesel currently provide the largest volumes while electricity is expected to grow, and that the updated targets were informed by the state’s 2045 carbon-neutrality goals and the 2030 scoping plan. The Energy Commission said its data show environmental programs add some cost to gasoline but do not drive price volatility, which is mainly tied to crude oil and refinery margins. The second panel, featuring academic and research experts, focused on program design, out-of-state credit generation, and broader economic effects. Speakers said LCFS is successful because it ties incentives to emissions benefit, uses life-cycle analysis, and allows flexible compliance that lowers costs compared with more direct regulation. They also said the program’s benefits generally outweigh costs, that it can reduce air pollution disparities and support equity, but that some issues—especially indirect land use change, additionality, and older program assumptions—need more research and may warrant future rulemaking. One researcher noted that while LCFS likely raises gasoline prices somewhat, the effect is uncertain by design and usually smaller than normal market fluctuations, and another warned that limiting credit generation too narrowly could create legal and efficiency problems.

Transcript Highlights:

• I’m going to focus on some of the big grant programs that impact Washington.
• So even just a tiny impact has a significant return on investment.
• And then a very direct impact to Washington: Spokane had basically a world-famous mining... ...impact
• HR1 will have an impact, and the issue is going to speak to that more later.
• We have programs that prioritize justice-impacted individuals.

Summary: The committee heard a report on the Underground Economy Task Force in Washington’s construction industry. Labor and Industries said the task force, created by a 2024 budget proviso, met 11 times and developed consensus recommendations to improve enforcement against worker misclassification, unregistered contractors, and unpaid taxes and premiums. Consensus items included defining and regulating construction labor providers, improving interagency data sharing, increasing penalties for repeat offenders, expanding L&I authority over successor accountability, reviewing agency penalty rules, and exploring tracking of cash payments. Majority-but-not-consensus ideas included posting subcontractor notices at job sites, setting an independent-contractor threshold that would trigger L&I review, holding direct contractors liable for unpaid wages owed by subcontractors, and reviewing reporting requirements. Testifiers from labor, business, and the Attorney General’s Office generally supported stronger enforcement and transparency, while business representatives cautioned against overregulation and said any new rules should avoid burdening legitimate contractors or restricting lawful cash payments and independent contracting. L&I said the final report would be distributed by December 31 and the task force work group would be reconvened. The committee then reviewed the wage recovery work group report. L&I explained current wage complaint procedures and said the work group, made up of labor and business representatives, reached five consensus recommendations: allow L&I to prioritize wage complaints strategically, permit aggregation of related complaints, raise the minimum penalty under the Wage Payment Act from $1,000 to $1,500 and create a penalty matrix, improve employer awareness with materials for new hires, and establish a wage recovery fund. The fund would be seeded by penalties, would not require new employer assessments, and would allow limited early payments to eligible workers facing hardship, with a proposed cap of $2,500 and a later review of the program. Business and labor representatives both supported the overall framework, though business raised concerns about fraud safeguards and recovery of funds if a claim is later found invalid. Members also received an overview of Washington’s apprenticeship system. L&I described the state’s apprenticeship agency structure, the Washington State Apprenticeship and Training Council, and the difference between Washington’s state apprenticeship standards and the federal Office of Apprenticeship system. The presentation highlighted current participation levels, program approval and objection processes, and strong post-completion outcomes, including median annual earnings above $100,000 and an estimated $7.80 return for every public dollar invested. Committee members asked about how apprentices apply, how sponsors work with L&I, and whether recurring objections could be addressed earlier in the process. Finally, the committee heard updates on wildland firefighter respiratory protection, federal cuts to NIOSH, and economic and federal policy impacts on unemployment insurance and workforce services. L&I said wildland firefighters face significant smoke exposure and cancer risk, but current rules do not require respiratory protection for that work because of technical and operational challenges; the agency is watching efforts in other jurisdictions and at the federal level. On NIOSH, L&I warned that federal staffing and grant cuts could weaken occupational safety research, training pipelines, and programs affecting Washington workers, including firefighter cancer tracking and Hanford exposure assessments. ESD reported rising UI claims, a stable unemployment rate, and pressure on the trust fund, while also describing technology and process changes that have improved claims handling. ESD also said HR1 will significantly increase demand on WorkSource services through new work-search requirements for SNAP and Medicaid recipients, creating an unfunded mandate that the agency is preparing to implement with partner agencies.

Transcript Highlights:

• The theme is LCFS 101 and the impacts of LCFS on fuel prices.
• Nearly 3% inflation.
• And so that is having an impact on prices.
• ILUC impacts naturally change over time.
• You can't ignore the impact of other sectors.

Summary: The hearing focused on California’s Low Carbon Fuel Standard (LCFS), its role in reducing transportation emissions, and whether its costs at the pump are justified by its climate, air quality, and investment benefits. The co-chairs and several members framed the discussion around affordability and asked whether the program’s benefits, including cleaner fuels, zero-emission vehicle infrastructure, and public health gains, outweigh any added fuel costs. Members also raised concerns about how the program is understood by the public and whether its benefits are being communicated clearly. CARB and CEC officials explained how LCFS works as a market-based program that sets declining carbon-intensity targets, generates credits for lower-carbon fuels, and requires deficit holders to buy credits or otherwise comply. They said the program has driven billions in annual private investment, expanded alternative fuels, supported EV charging and hydrogen stations, and helped reduce emissions and local pollution. They also argued that LCFS credit prices are not the main driver of gasoline prices, that the recent amendments added only about seven cents per gallon, and that crude oil, refining, and distribution costs account for most pump price variation. Committee members pressed witnesses on credit banking, market effects, the recent rule updates, additionality, and whether the program’s benefits are concentrated in-state or out-of-state. CARB said banking helps keep the program cost-effective and provides investment certainty, while the Energy Commission said LCFS-related costs are relatively stable and separate from the broader gasoline market. The panel also discussed how the 2025 amendments were shaped by the state’s 2030 and 2045 climate goals and by uncertainty over federal actions. No votes or formal actions were taken during the portion of the hearing provided.

Transcript Highlights:

• Others highlight more short-term impacts.
• Others sort of highlight more short-term impacts.
• And then we finish with some estimated impacts at the back.
• So you've got some offsetting impacts in these plans.
• You may reshape a curve, but wind up kind of with the same impact.

Summary: The Public Retirement System Actuarial Committee met on February 23, 2026, approved the December 18, 2025 minutes, and heard no public comment. The committee then reviewed actuarial valuation reports and, for most systems, accompanying experience studies. The actuaries reported generally favorable investment and demographic experience across the systems, with funded ratios improving and employer contribution rates declining in several plans. They also explained the role of funding deposit accounts, frozen unfunded liabilities in some plans, and how recent legislative changes, especially the move to five-year DROP periods in some systems, affected assumptions and costs. For the Louisiana Clerk of Court Retirement Relief Fund, the committee adopted the valuation and experience study, recognizing a fiscal 2027 minimum recommended employer rate of 14.75%. For the District Attorney’s Retirement System, it adopted the valuation and experience study and recognized a fiscal 2027 minimum rate of 3.00%. For the Firefighters’ Retirement System, the committee adopted the valuation and experience study, recognized a fiscal 2027 minimum rate of 25.5%, and noted that DROP balances left on deposit will earn the market rate of return of 11.7%. The committee also adopted the Municipal Employees’ Retirement System valuation for both Plan A and Plan B, recognizing fiscal 2027 minimum rates of 20.75% and 8.75%, respectively. It adopted the Municipal Police Employees’ Retirement System valuation and experience study, recognizing a fiscal 2027 minimum rate of 26.5%, a DROP crediting rate of 7.4%, and a policy range up to 29.35% for future contributions. For the Registrars of Voters Employees’ Retirement System, the committee adopted the valuation and experience study, recognized a fiscal 2027 minimum rate of 0%, and noted a $207,683 allocation to the Member Supplemental Savings Fund for fiscal 2026. Finally, it adopted the Sheriff’s Pension and Relief Fund valuation and experience study, recognizing a fiscal 2027 minimum rate of 7.75%. All motions passed without objection, and the meeting adjourned.