Transcript Highlights:

• deposit of member dues or contributions deposit of member dues or contributions into<01:04:34.760
• if they're in a defined contribution if they're in a defined contribution relief<01:26:04.920>
• reduced colas increased contributions reduced colas increased contributions and<01:35:28.080>
• and reducing contributions contributions and reducing contributions in<01:48:43.040> my<01:48
• as well as the state contributions as well as the state contributions<01:50:18.599> did<01:50

Keywords: 1187, senate, all

Transcript Highlights:

• contributions from federal government. contributions from federal government.
• maximum amount that TRS will contribute maximum amount that TRS will contribute to<00:24:58.080>
• <00:25:50.559> And maximum amount we'll contribute. And maximum amount we'll contribute.
• be contribution from somewhere. be contribution from somewhere. >> Yes. >> Yes.
• So the contribution, the monthly contribution rate that is chosen for the KEHP plan.

Keywords: Meeting Start: 00:00:35 Attendance Roll Call: 00:00:55 Approval of Minutes: 00:02:56 Deferred Compensation Authority Update: 00:03:12 Retiree Health Update - TRS: 00:15:58 Retiree Health Update - KPPA: 00:56:13 Adjournment: 01:20:33, 958, all

Summary: The Public Pension Oversight Board received updates from the Kentucky Public Employees Deferred Compensation Authority and the Teachers Retirement System. Chris Biddle reported that deferred compensation assets had grown to about $4.787 billion with roughly 88,000 participants, crediting auto-enrollment, targeted marketing around pay raises, and retiree-focused services. He said the board’s self-directed brokerage account, authorized by last year’s legislation, is being designed around a $40,000 account-balance threshold with up to 25% transferable into the brokerage window, tentatively for July 1 of the coming year. He also described the free financial planning program, which has been used by about 3,300 to 3,500 participants with an 87% return rate, and noted that the plan is currently in a fee holiday; members asked about the fee structure and whether the CFP service is provided through Nationwide, which Biddle confirmed. Board members praised the deferred compensation program’s growth and asked for the legislation referenced by Biddle. He said the plan’s annual fees are capped, with a $1 monthly fee plus other charges up to a $225 cap, for a maximum of $237 per year absent a managed account. He also said the program is seeking unified payroll access to expand participation, especially among teachers, and that prior lineup changes saved about $6 million annually in participant fees. Bo Barnes of TRS then addressed retired teachers’ health insurance, first clarifying a prior question about declining federal contributions to the retirement annuity trust. He explained that federally funded school positions generated contributions that rose from $72 million in 2019 to $109 million in 2022, then fell to $85 million this year, with a projection of $80 million over the next three years; if those dollars do not come from federal sources, they would have to be replaced through the SEEK formula. Barnes then reviewed TRS health coverage, explaining that the statutory contract guarantees access to group coverage but not fixed premium levels, and that TRS administers two retiree plans: KEHP for retirees under 65 or otherwise not Medicare-eligible, and MEHP for retirees 65 and older or Medicare-eligible. Barnes said TRS completed RFPs for the 2026 plan year, retaining Express Scripts for prescription drugs and switching the Medicare Advantage medical provider from UnitedHealthcare to Humana, while keeping plan design, provider access, out-of-pocket costs, and benefits materially unchanged. He noted a modest hearing-aid improvement of $500 per ear beginning in 2026. He also reported that the TRS Board approved the maximum state contribution for KEHP at $1,044.96, up from $930.76, an 18% increase that he said would require about $15 million to $16 million more annually, while the MEHP premium would drop from $210 to $200 per month because of the new contract. Using the 2024 valuation, he said the KEHP increase would slightly reduce the health trust funded ratio from 80.4% to 80.1% and raise unfunded liability from $4.036 billion to $4.051 billion. Barnes closed by reviewing the 2010 shared-responsibility reforms that shifted retiree health costs away from a pay-as-you-go model, including phased employee and district contributions and Commonwealth stabilization funding. No votes were taken beyond approval of the minutes.

Transcript Highlights:

• They're looking for a definite date for a contribution.
• So each contribution period has its hard deadline now.
• We’re following current law on what’s happening with the contributions.
• And every contribution over 200 is reported. And who are you? Oh, so sorry.
• And my understanding was it was just contribution thresholds.

Keywords: 908, all

Summary: The committee took up House Bill 2156, a campaign finance and reporting bill tied to the Secretary of State’s new software system. Members and staff walked through the bill section by section, explaining that much of the text is existing law being reorganized into a new chapter, with technical updates to make reporting easier and more consistent in the new electronic “checkbook” format. The bill also adds or clarifies several categories and definitions, including political donations and volunteer appreciation, and changes the reporting threshold from $200 to $250 to align with a separate inflation-adjustment bill. Other discussed changes included using the deposit date as the contribution receipt date, removing contributor addresses from public disclosure, adding non-statewide political parties to disclosure requirements, and adding political committees to the foreign-national contribution prohibition. The Secretary of State’s office testified that the new software is being developed with a vendor already used in other states, and that it will automatically track contributions, expenditures, balances, deadlines, and reminders, while preserving current public/nonpublic disclosure rules. Members asked about public access, enforcement, maintenance costs, training, and whether the system would allow both checkbook-style entry and aggregation; staff said both options would be available and that the system would flag discrepancies and carry amendments forward through later reports. The committee also discussed late-filing and amendment fees, keeping some existing deadlines such as the 48-hour supplemental statement, and making late fees more visible to the public. The committee adopted the proposed amendments by voice vote and then passed the bill as amended on a 13-0 roll call vote. Members expressed appreciation for the work of the bill sponsor and the Secretary of State’s office, and the chair indicated the bill would likely go to caucus and then the floor before moving to conference with the Senate if needed.

Transcript Highlights:

• Um in the current contribution rate.
• Um, from a outflow contributions.
• related to that additional contribution. related to that additional contribution.
• It's an employee contribution.
• And specifically, those employer contributions out of the fixed statutory employer contribution that

Keywords: Meeting Start: 00:00:01 Attendance Roll Call: 00:01:26 Approval of Minutes: 00:02:27 Investment, Cash Flow, and Legislative Update: Bo Cracraft – Judicial Form Retirement System: 00:03:12 Ryan Barrow – Kentucky Public Pensions Authority: 00:21:52 Beau Barnes – Teachers’ Retirement System: 00:34:31 Adjournment: 01:07:25, 958, all

Summary: The meeting opened with the Pledge of Allegiance and prayer, followed by a roll call confirming a quorum and approval of the prior minutes. A special guest, Dave Eager, was welcomed before the committee moved to presentations from retirement system officials. Bo Craycraft, executive director of the Judicial Form Retirement System, gave a quarterly update on investment performance, asset allocation, and cash flow. He said the plans had held up well amid market volatility, with fiscal year-to-date returns above benchmark and long-term returns remaining strong. He explained that the plans are targeted to a 70% equity/30% fixed-income allocation, that some cash is being held for cash-flow management, and that negative cash flow is expected because of funding and contribution levels. He also said Senate Bill 183, dealing with proxy voting and economic analysis for certain votes, was not expected to materially affect the plans because of their small number of holdings and Bear Trust’s long-term investment approach. Ryan Barrow and Erin Surrod then presented for the Kentucky Pension Authority. They reported positive quarterly performance across the retirement and insurance funds, though results varied by period and remained tied to broader market conditions. They said recent asset-allocation changes had been completed and the funds were now within target ranges. On cash flow, they noted some plans remained negative or near zero, with one plan benefiting from a large appropriation. In the legislative update, they described House Bill 30 as codifying an exclusion from pension-spiking calculations for across-the-board raises, and Senate Bill 10 as increasing retiree health insurance subsidies and changing employee health insurance contribution rules for certain CERS members beginning in 2026. They also said Senate Bill 183 would likely have limited impact, though the agency would review voting policies and incorporate any required economic-analysis procedures.

Transcript Highlights:

• would extend the ban um on contributions would extend the ban um on contributions in<00:32:33.360
• <00:34:43.359> This political contributions. This political contributions.
• contractors to report their contribution contractors to report their contribution at<00:34:58.640
• This related to campaign contributions.
• Clarifies that lobbyist contributions.

Keywords: 912, senate, all

Summary: The Judiciary Committee heard testimony on HB 126, which would change civil asset forfeiture law. The Attorney General’s Office, Honolulu Police Department, and county prosecutors opposed the bill’s proposed SD1, arguing that requiring a criminal conviction and changing how forfeiture proceeds are distributed would weaken or effectively end the tool, create fiscal and law enforcement problems, and make it harder to address organized crime or cases where an owner cannot be identified. The Public Defender’s Office, Community Alliance on Prisons, Drug Policy Forum of Hawaii, and other supporters argued the measure would improve transparency and accountability, protect property rights, and reduce abuses that disproportionately affect low-income people. The chair questioned law enforcement about fairness, storage of seized property, and access to counsel, and the discussion focused heavily on whether forfeiture should depend on a conviction. No vote was taken. The committee then heard HB 280, which would make the Community Outreach Court permanent and appropriate funds for it as a division of the First Circuit district court. The Department of the Attorney General and Judiciary supported the concept and described the court’s success in helping people resolve cases, clear license stoppers, recall bench warrants, and access services, but suggested amendments to remove the Attorney General from the bill’s definition and funding mechanism. The Public Defender, Department of Human Services, mental health and substance use advocates, neighborhood and community groups, and others strongly supported the bill, emphasizing its benefits for people facing housing instability, behavioral health issues, and transportation barriers. No opposition was voiced, and no vote was taken. The committee also heard HB 370, which would increase partial public campaign financing for elective offices. The Campaign Spending Commission supported the original bill and asked the committee to restore the original percentage amounts, keep the proposed funding increases, and reinstate funding for two additional full-time staff positions. Supporters said the public financing system has not kept pace with inflation and needs modernization to be viable; a few testifiers opposed the measure. The committee reported 30 in support, two opposed, and one comment, and then moved on without a vote. Finally, HB 371 was heard, a campaign contribution bill that would bar state and county contractors, grantees, and certain related persons from contributing during the contract period. The Campaign Spending Commission said the bill is intended to address pay-to-play concerns and false-name contributions, while the State Procurement Office raised concerns about the burden of requiring agencies to provide contract information for all contracts regardless of dollar value. The testimony ended with the commission saying it was working with procurement and the Attorney General on implementation details; no vote was taken.

Transcript Highlights:

• place in the contribution in the future. place in the contribution in the future.
• off on the employer contribution to 1%. off on the employer contribution to 1%.
• <00:45:16.400> would employer's additional contribution would employer's additional contribution
• > members<00:46:06.480> have contribution that these members have contribution that these
• supplemental employer contribution supplemental employer contribution longer<00:50:53.119> than

Keywords: 1187, senate, all

Transcript Highlights:

• > contributing contributing phasing into contributing contributing phasing into contributing an
• <00:12:26.800> that that fixed statutory contribution that that fixed statutory contribution
• Teacher contributions answer.
• <00:18:48.320> to to change how teacher contributions to to change how teacher contributions
• on contributions and on funding levels. on contributions and on funding levels.

Keywords: 958, all

Summary: The House Budget Review Subcommittee on Personnel, Public Retirement, and Finance heard testimony from Bo Barnes, deputy executive secretary and general counsel for the Teachers’ Retirement System (TRS), on the TRS budget request for the upcoming biennium and how it compares with House Bill 500 as introduced. Barnes emphasized that the bill fully funds the system’s additional funding request to pay down TRS’s legacy unfunded pension liability, which he described as critical to the system’s long-term funding plan. He also explained that the pension and health insurance requests are broken into several line items, including legacy benefit items, state shared-responsibility payments for retiree health insurance, and reconciliation items that adjust for prior over- or underpayments. Barnes said the state portion of shared responsibility for retiree health insurance was funded below the request in House Bill 500, but he described the health insurance trust as a success story under the post-2010 shared-responsibility model. He said the trust is projected to be fully funded in about two years if medical inflation and federal subsidies remain stable, and he noted that any shortfall in the current budget would be reconciled later and could reduce investment income. In response to questions, he explained that the legacy benefit items are treated as part of the total actuarially determined employer contribution and that unpaid legacy benefits would have the same impact on the retirement trust as unpaid ADC amounts. Barnes also addressed questions about whether the $47.2 million SEEK-related teacher contribution reconciliation could be split between fiscal years, saying it could be done but would reduce investment income and potentially increase future contribution needs. He said the pension fund is currently about 61% funded and that TRS has received full funding for the pension for 10 straight years, with the state having provided full additional funding and more in recent budgets. He concluded by asking the committee to consider TRS’s original budget request, warning that underfunding now would be reflected in future actuarial calculations and could cost the Commonwealth more over time.

Transcript Highlights:

• <00:14:15.480> to including money for contributions to including money for contributions to
• contribution contribution um<00:53:56.800> to<00:53:56.920> the<00:53:57.040> pension
• contribution rate? contribution rate? Great<00:54:16.880> question.
• > time employer contribution for that time employer contribution for that time um<00:56:26.800>
• direct contribution from the employee. direct contribution from the employee.

Keywords: 918, senate, all

Summary: The commission first approved the minutes and then took up several pension omnibus items. Representative Rapinski’s item, related to an I-RAP issue, was moved ahead of the agenda and passed without further information after members noted the State Board of Investment and Minnesota State had not identified additional facts; the bill, as previously amended, was recommended for inclusion in the 2026 Pension Omnibus Bill. The committee also corrected a procedural issue on Senator Gustafson’s bill, SF 3897/HF 3703, after realizing an amendment referenced earlier belonged to a different bill; the motion was restated without the amendment reference and the bill was then recommended to pass and be incorporated into the omnibus bill. The main policy discussion centered on SF 3897/HF 3703, which would change how terminating firefighter relief association plans value benefits for firefighters under age 50. Senator Gustafson said the current statute can unfairly reduce benefits by requiring present-value discounting and that the bill would instead allow benefits to be based on accrued benefit under the plan formula, while still leaving relief associations flexibility to use present value if they choose. Staff confirmed the bill applies only to relief associations under chapter 424B, not PERA or the statewide plan. Senator Rasmussen raised concerns about consistency between SVF and non-SVF reliefs and about differing treatment on termination; the bill author acknowledged the difference. The committee ultimately voted to recommend the bill for inclusion in the omnibus pension bill. The final major item was House File 4162, as amended by an A1 amendment, which requires employers of reemployed annuitants in TRA to make employer contributions during reemployment, including Minnesota State Colleges and Universities employees covered under section 354.445. Representative O’Driscoll argued the bill would direct existing education-formula pension dollars to TRA, prevent districts from using those funds elsewhere when retirees are rehired, and keep the employee neutral because the annuitant’s benefit would not change. Supporters said the measure would help pension funding and address situations where districts rehire retired teachers, often in hard-to-fill specialties. Opponents, including Senator Rasmusson, questioned the added cost to school districts, citing an estimated $5.385 million in annual TRA revenue from the change and warning it could reduce districts’ ability to hire or retain staff. After discussion, the committee had not yet taken final action on this item in the portion of the meeting provided.

Transcript Highlights:

• > are<00:18:46.480> not and if those contributions are not and if those contributions are
• maximum amount the TRS will contribute maximum amount the TRS will contribute to<00:25:02.320>
• <00:25:54.799> And maximum amount we'll contribute. And maximum amount we'll contribute.
• and that's going to be contributions and that's going to be contributions coming<00:53:46.240>
• K board select the contribution and the K board select the contribution and the monthly<00:58:06.000>

Keywords: Meeting Start: 00:00:35 Attendance Roll Call: 00:00:55 Approval of Minutes: 00:02:56 Deferred Compensation Authority Update: 00:03:12 Retiree Health Update - TRS: 00:15:58 Retiree Health Update - KPPA: 00:56:13 Adjournment: 01:08:10, 958, all

Summary: The Public Pension Oversight Board met with a quorum, approved the prior minutes, and heard updates from the Kentucky Public Employees Deferred Compensation Authority and the Teachers Retirement System. The deferred compensation update highlighted continued growth in assets to about $4.787 billion and roughly 88,000 participants, strong retention from auto-enrollment, a marketing campaign tied to pay raises that generated additional participation, and a new self-directed brokerage account expected to launch July 1 of the coming year for participants with at least a $40,000 balance, allowing up to 25% of their account to be moved into the brokerage window. The director also described the free financial planning service, which has been used by about 3,500 participants with a high return rate, and said the plan is currently in a fee holiday; if fees are charged, they are capped at $237 per year for most participants. Members asked questions about who provides the CFP service, the fee structure, and the brokerage eligibility threshold. The director said the CFP service is provided through the authority’s service bundle with Nationwide, not as a separate paid service, and explained that the fee cap and current fee holiday are intended to keep the program low-cost. Board members praised the deferred compensation program’s performance and asked for a copy of the legislation referenced in the presentation. TRS then presented on retired teachers’ health insurance. Barnes first clarified how declining federal contributions for federally funded school positions affect the retirement annuity trust, explaining that if those federal dollars fall, the amounts would need to be covered through the SEEK formula and that the projection for those contributions is about $80 million over the next three years. He then reviewed TRS retiree health coverage, distinguishing between KEHP for retirees under 65 or not Medicare-eligible and MEHP for Medicare-eligible retirees, and explained that TRS recently completed RFPs for both prescription drug and medical coverage. TRS will keep Express Scripts for prescription drugs, but will move the Medicare Advantage medical plan from UnitedHealthcare to Humana on January 1, 2026, while keeping the plan design, provider access, and out-of-pocket structure largely unchanged, with a new hearing-aid benefit of $500 per ear. Barnes also reported the 2026 premium and contribution changes: the maximum TRS contribution toward KEHP will rise to $1,144.96 from $930.76, an 18% increase that he said will require roughly $15 million to $16 million more in the state budget, while the MEHP premium will drop to $200 per month from $210. He said the TRS board has statutory authority to set these amounts and that the changes will have mixed actuarial effects, with the KEHP increase being negative overall and the MEHP decrease positive.

Transcript Highlights:

• What we're talking about is small-dollar contributions at this point, under $200.
• from a $5 or $10, $40 contribution from California or from Texas or wherever.
• from a $5 or $10 $40 contribution from a $5 or $10 $40 contribution<00:19:18.679> from<00:19:
• And if it's a contribution made in the state, we would keep the current rules.
• What they can do is say, is this a contribution made outside the state?

Keywords: 1183, house

Transcript Highlights:

• But our contributions are not limited to medicine or science or business.
• Jewish Americans have contributed to progress in nearly every field imaginable...
• Their contributions have left a lasting impact on our state and our nation.
• Their contributions have left a lasting impact on our state and our nation.
• Today we celebrate Jewish Americans' resiliency and their many contributions.

Keywords: 988, house, all

Summary: The Assembly convened after a quorum call, heard a prayer from Rabbi Mona Alfie, and recited the Pledge of Allegiance. The chamber then held its first official Jewish American Heritage Month ceremony, beginning with Assembly Concurrent Resolution 195 by Assembly Member Gabriel. Gabriel and several colleagues from multiple caucuses spoke in support, emphasizing Jewish Californians’ contributions, the diversity of the Jewish community, solidarity with other communities, and opposition to anti-Semitism. The resolution was adopted by voice vote after 67 co-authors were added, and the Assembly then recognized 14 honorees for their service and leadership in California. After the ceremony, members offered guest introductions and the body moved to floor business. Assembly Constitutional Amendment 9 by Assembly Member Bonta, which would add affordability as a required factor in CPUC rate-making, remove telecommunications from the CPUC, create an Office of Broadband, and expand legislative appointments to the commission, was adopted. The Assembly also passed AB 1697 delaying implementation of a 2025 labor law, AB 2322 on stormwater permit definitions, AB 1653 on pupil instruction, AB 2274 and AB 2273 on criminal justice and child sexual abuse-related prosecutorial practices, AB 2512 on Anaheim Angels naming language tied to a potential land exemption, AB 1956 on suicide prevention for young men and boys, AB 1809 on job order contracting, AB 1970 banning step therapy for serious mental illness and substance use disorder medications, AB 1973 expanding authority for advanced practice clinicians, and AB 2055 on vessel law modernization. The Assembly also adopted ACR 186 designating May as California Physical Fitness and Mental Well-Being Month and H.R. 111 recognizing the International Day Against Homophobia, Biphobia, Interphobia, and Transphobia, after extensive debate reflecting both support and criticism over LGBTQ rights and parental rights issues. Several measures were passed with recorded votes, while some items were passed and retained on file or continued. The transcript ends as the Assembly was moving into AB 2059, a CEQA-related bill on rural transportation projects, with the sponsor describing it as a narrow exemption for 21 rural counties.

Transcript Highlights:

• Because those higher salaries mean higher contributions.
• Restoring a 2% COLA at age 65 would require an additional 1.5% contribution.
• When they reach age 65, it would be $759 million or an increased contribution of 1.53%.
• to take contributions pre-tax.
• One thing that is routinely brought up is required contributions.

Transcript Highlights:

• They contributing to the pension fund.
• <00:17:51.400> of<00:17:51.560> 9.81% contributions of 9.81% contributions of 9.81% would
• So, I think contributions for.
• payroll contributions are made. payroll contributions are made.
• contribution increase. contribution increase.

Keywords: 918, senate, all

Summary: The commission approved the March 17 minutes and then heard testimony on Senate File 4419 / House File 4069, as amended, which would exempt J-1 visa-holding teachers and their school districts from Teachers Retirement Association contribution requirements during the teachers’ exchange term. Senator Pappas and Representative Feist said the bill is intended to help districts fill hard-to-staff special education and other positions by letting J-1 teachers keep more of their pay for immediate relocation costs, while also redirecting employer savings toward onboarding, mentorship, and cultural orientation. They argued the teachers are temporary by design, often cannot stay long enough to benefit from TRA, and that the bill would be roughly neutral for TRA because contributions and matching liability would both be removed. Supportive testimony came from Matthew Connelly of Lattice Global Teachers and Melissa Schaller of Intermediate School District 917. Connelly said J-1 teachers arrive with significant upfront expenses and only a short window to establish themselves, and that the exemption could save them about $4,000 to $5,000 while helping schools afford recruitment and support costs. Schaller said her district has relied on international special education teachers to fill vacancies, that the H-1B option is no longer workable because of a large fee increase, and that J-1 hiring is needed to remain competitive; she noted 17 open special education positions for 2026-27 and no other applicants. Caitlin Snyder of Education Minnesota opposed the bill, arguing it lowers compensation and removes a retirement option without enough input from teachers themselves. She said the bill does not ensure the employer savings would be used for housing or other supports, and urged more direct consultation with J-1 teachers. Several members raised concerns about fairness, pension protection, and whether the bill could create unintended consequences for teachers who later remain in Minnesota. Senator Pappas responded that the circumstances are unusual because J-1 teachers are temporary and often cannot return, and said TRA had indicated the proposal would be neutral or supportive, unlike a separate St. Paul teachers issue. Representative O’Driscoll asked about J-1 teachers in higher education and private schools, and Mr. Connelly said the visa is mainly used in K-12 settings but can also appear in charter and private schools; he also noted many J-1 holders face a two-year home-residence requirement. The chair indicated the bill was slated for inclusion in the omnibus pension bill, but no final vote on the bill itself was taken in the portion of the meeting provided.

Transcript Highlights:

• would have two years of contributions. would have two years of contributions.
• contributions to a more safer community. contributions to a more safer community.
• So, they take the base contribution and add in the additional contribution.
• Miss Lanchesky, they take the base contribution and add in the additional contribution.
• the recommended contribution rate. the recommended contribution rate.

Keywords: 1187, senate, all

Transcript Highlights:

• it keeps those corporate contributions in an account separate from its contributions from individuals
• It operates in multiple states and uses the corporate contributions.
• In states where corporate contributions are permissible to make direct, to make, uh, direct contributions
• means that it cannot make contributions to Texas candidates.
• Given the amount of contributions remaining reported on every report, the numbers of contributions in

Transcript Highlights:

• 00:16:00.720> the help positively contribute to the help positively contribute to the financial
• <00:41:45.200> And actual determined contribution. And actual determined contribution.
• contribution recommending this defined contribution hybrid<01:00:18.319> plan<01:00:18.559>
• > vested<01:00:29.839> and DC contributions are 100% vested and DC contributions are 100%
• <01:02:48.000> 9% contributing 9% contributing 9% of<01:02:49.760> my<01:02:50.480>

Keywords: Finance - Room 216, 20 January, 2026; 10:30 AM, 925, all

Summary: The committee heard an update from PERS Executive Director Higgins, who reported that the system has about $38 billion in assets, earned roughly 11.7% last fiscal year, and is about 57% funded. He thanked lawmakers for a newly passed $1 billion funding bill and emphasized that funding the existing system remains the top priority. Higgins also noted that the board’s actuarially recommended contribution is about 26% of payroll, while the system is currently receiving about 18.4%, and said PERS will return later in session with a few requested bills. Higgins addressed several policy topics under discussion this session, including return-to-work rules, first responders, and Tier 5. He said return-to-work changes are possible if the law is changed and funding implications are addressed. For first responders, he said any special treatment should be done within PERS rather than by creating a separate system, with the affected group and parameters clearly defined and fully funded. He also said the new Tier 5 hybrid plan is being implemented on track for March 1 and is projected to improve the system’s long-term financial position by reducing future liabilities and helping pay down the unfunded liability. Members then questioned Higgins about the system’s funding policy, the 30-year closed amortization period used in the ADC calculation, and whether that approach should be revisited in light of recent funding actions and changes in assumptions. Higgins said the board reviews the policy annually, that the closed amortization approach was chosen to better pay down the unfunded liability, and that the annual valuation and experience studies already incorporate recent funding changes, Tier 5, and the phased employer-rate increases. He acknowledged that a significant new infusion of funding could justify reviewing the amortization period, but cautioned against changing it too often because it could undermine progress toward paying down the unfunded liability.

Transcript Highlights:

• We appreciate their expertise and contributions to the people of the great state of California.
• The contributions of our immigrant communities enrich our state.
• The contributions of our immigrant communities enrich our state.
• But for too long, their contributions have been deliberately erased.
• It is a history that all of us... ...of transgender leadership and contributions.

Summary: The Assembly met on July 17, 2025, after a quorum call and prayer, then moved through a long ceremonial and floor session. The chamber recognized the 2025 Science and Technology Policy Fellows, the 2024-25 Jesse Marvin Unruh Assembly Fellows, and the 2025 Assembly Fellows, and also heard guest introductions honoring Brad Webb of Legislative Counsel, youth advocates supporting AB 1231, the Live Oak Lady Lions softball team, the new UC President J.B. Milliken, the Rohnert Park 11-and-under Cal Ripken All-Star team, and arts leaders from Auburn. The Assembly also took up several procedural motions, including removing some bills from the consent calendar and noting absences. On the floor, members adopted ACR 12 designating November 1 as Fernando Valenzuela Day, with broad support and 66 co-authors, and later adopted H.R. 56 recognizing August 2025 as Chicano Heritage Month, with 65 co-authors. The Assembly also adopted ACR 101 naming a portion of State Highway Route 46 the James Dean Memorial Highway, and H.R. 50 proclaiming November 25, 2025, as Elimination of Violence Against Women Day, with members emphasizing survivor support and prevention. In each case, authors and supporters highlighted the cultural, historical, or public-safety significance of the measures. The chamber also concurred in Senate amendments on several bills, including AB 359 on the Political Reform Act, AB 594 on student health insurance protections, AB 1085 banning license plate obstruction devices and penalizing sellers, AB 1286 on public employment transparency, and AB 1505, the Agriculture Committee omnibus bill. AJR 14, urging federal attention to the impact of tariffs on California ports, passed 44-1 after debate over trade policy and port jobs. AJR 17, calling for modernization of immigration law and a pathway to lawful status for long-term undocumented residents, passed 47-7 after extensive debate focused on immigrant families, the economy, and federal enforcement actions. The Assembly also adopted the resolutions by voice vote where required and recorded the roll-call results for the joint resolutions.

Transcript Highlights:

• <00:20:16.000> for uh which charitable contributions for uh which charitable contributions
• deduction for charitable contributions deduction for charitable contributions made<00:27:21.840>
• <00:41:32.800> HR1 Uh, for charitable contributions, HR1 Uh, for charitable contributions, HR1
• all contributions which means all contributions<00:41:49.280> are<00:41:49.520> reduced
• $4,000 some of charitable contributions. $4,000 some of charitable contributions.

Keywords: 1187, senate, all

Transcript Highlights:

• Then you have the employee contribution out of all of these.
• , which is 3.75%; the school district contribution of 3%; the state contribution of 7.5%; and the amount
• Representative Tipton continued that the employee contribution of 3.75% would continue to go into the
• <00:08:23.680> contribution 3.75% the school district contribution 3.75% the school district
• <00:08:44.959> of deals with the employer contribution of deals with the employer contribution

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:

• <00:02:36.440> money be able to contribute money be able to contribute money to<00:02:38.160
• House Bill 1832, Humphreys County, authorizing the contribution of a one-time contribution of 25,000
• authorizing the contribution authorizing the contribution of<00:05:16.200> a<00:05:16.240
• c><00:05:18.200> to of a one-time contribution of 25,000 to of a one-time contribution of 25,000
• This is a contribution of funds involving the Benevolent Protection of the Elks World Hill Lodge.

Keywords: Local and Private - Room 210, 24 March, 2026; 10:45 AM, 925, all

Summary: The committee took up a long list of local and special-purpose bills, mostly involving county or municipal utility districts, repealers on local taxes, and small local appropriations. Early actions included House Bill 2210 for Bolivar County, creating a utility district in Choctaw for sewer operations and maintenance, and Senate Bill 3408, which by committee substitute renamed the Yazoo economic partnership to the Yazoo Economic Alliance and clarified its economic and industrial development powers. Members asked whether the Yazoo entity already existed and whether it could own property; the sponsor said it was already in statute and the change was primarily a name update with added flexibility to share and contribute funds to projects. Both bills passed without opposition. The committee also approved Senate Bill 3409 for Lowndes County, authorizing the Mississippi Industrial Fire and Rescue District to serve as the site of a megasite around the Golden Triangle Regional Airport Authority. Other local measures passed included House Bill 1599 extending Brandon’s prepared-food sales tax repealer for tourism and parks, House Bill 1811 for Noxubee County extending justice court assessment repealers for county capital improvements, and several Humphreys County bills authorizing one-time contributions to the Fannie Lou Hamer Cancer Foundation and the Belzoni Humphreys Development Foundation. Additional bills extended or renewed local tourism, parks, and recreation taxes in Belzoni, Oakland, Ripley, Southaven, and Fulton, and authorized or extended local court-cost assessments in Prentiss County. Later, the committee approved House Bill 1870 for Bolivar County, creating a sewer district and allowing the county to operate it, noting it duplicated the earlier Senate bill at the senator’s request. It also passed House Bill 1887 authorizing a $5,000 contribution to the Benevolent Protection of the Elks World Hill Lodge, House Bill 4000 for Grenada allowing construction, acquisition, and maintenance of wastewater collection and treatment systems, and House Bill 4112 for Tupelo restoring funds for the Northeast Mississippi Regional Wastewater District after an unintended consequence of a prior grocery tax change. Finally, Senate Bill 3410 was added off-agenda to authorize Brandon and the West Rankin utility system to enter into an agreement with a local operator for use of treated water for industrial purposes; a member asked who would approve the contract, and the sponsor said the board and city would approve it. All measures discussed were reported out or passed, generally by unanimous or voice vote, with no recorded opposition.