Transcript Highlights:

• SJR 22 recognized this $60 million additional revenue, less $400,000 for SB 219 military pensions, less
• of military pensions from taxable income.
• For example, spouse A receives $25,000 in military pension; they can exclude up to $25,000 in military
• pension.
• And spouse B, with $25,000 in military pension, they can exclude up to $25,000 for a total of $50,000

Transcript Highlights:

• The towns that participate in VSERS pay for the employer share of the pension costs of their members,
• shifting them into Group G will not have any significant impact on the actuarial assumptions of the pension
• Unlike general obligation bonds, with these revenue bonds, the bondholders are paid solely and exclusively
• from</c><02:09:55.920><c> the</c><02:09:56.040><c> special</c><02:09:56.520><c> assessments</c> exclusively
• from the special assessments exclusively from the special assessments levied<02:09:58.320><c> on</c>

Transcript Highlights:

• It's not exclusive. We don't require complaints.
• It's not exclusive. We don't require complaints.
• It's not exclusive. We don't require complaints.
• </c> new job pension if there is a pension new job pension if there is a pension plan<04:39:20.719><c
• over their exclusive jurisdiction over their respective<04:41:03.958><c> areas</c><04:41:04.320><c>

Summary: The meeting began with introductory remarks for new and returning members of the House Commerce Committee, led by Chairman John Hunt. Members briefly introduced themselves and their backgrounds, and several noted the committee’s bipartisan, collegial tone. Hunt explained the committee’s structure and traditions, including the division into three subcommittees: banking and business, consumer protection, and liquor commission matters, with insurance now handled as a single area. He also reviewed basic hearing procedures, including decorum, questions for information only, and the committee’s practice of moving bills through subcommittees before full committee executive sessions. The committee then heard an overview from the New Hampshire Insurance Department, led by Commissioner DJ Bettencourt and staff. The department described its mission as promoting a safe and competitive insurance marketplace and emphasized consumer protection, market competition, and affordability. Officials outlined the department’s responsibilities, including licensing insurers, producers, adjusters, and TPAs; reviewing insurance forms; regulating companies and market conduct; overseeing financial solvency; and investigating insurance fraud. They also noted that the department is self-funded through assessments on insurers, collects premium taxes and fees for the state, and returned more than $2.7 million to companies in fiscal year 2024 due to underspending. The presentation also covered the broader regulatory framework for insurance, including the role of the National Association of Insurance Commissioners in promoting uniform standards across states and territories. Officials said New Hampshire licenses about 1,200 insurance companies and roughly 245,000 producers and adjusters, and that the department’s financial examinations are part of an accreditation system used nationwide. No votes or formal committee actions were taken in the portion provided; the session was primarily organizational and informational, with the insurance department presentation beginning the committee’s substantive work for the term.

Transcript Highlights:

• bill 44 24233 are reported Madam Chair, Assembly Bill 5330 permits the Director of the Division of Pensions
• Those exclusions do not begin to address the fundamental legal problems with this proposal.
• I appreciate the part-time exclusion for part-time, seasonal, and temporary disability, but I'm concerned
• won't be able to highlight everything in there, but we do see some positive investments made into the pension

Summary: The Assembly Budget Committee met on June 28, 2026 and considered a long list of budget and policy bills, reporting many of them out of committee, often with amendments. Early measures included AB 2550 on continued dependent health coverage for certain adults with disabilities, AB 4794 allowing tax data sharing with the New Jersey Innovation Authority and Secure Choice Savings Board, and AB 3381/SB 1493 updating occupational therapy licensure requirements. The committee also advanced AB 4014, creating a social media research center at a public four-year institution, though one member opposed it as unnecessary spending given existing research on social media harms. Another bill, AB 5048/SB 1281, would ban certain apparel and diaper products with intentionally added PFAS; some members opposed it over safety and cost concerns, especially for firefighter gear, but it was reported. The committee also moved AB 383, which promotes volunteerism to help FamilyCare and SNAP recipients meet eligibility requirements, and AB 4357, extending telehealth pay parity, though one member objected to parity between telehealth and in-person care. The committee then took up several energy, environmental, and housing-related bills. AB 5188, the Advanced Grid Technologies Act, was released despite opposition from some members and labor interests. AB 2524 would let dual-use solar projects participate in community solar, and AB 5236 would strengthen pediatric psychiatry and behavioral health services; both were reported. AB 5348, allowing temporary use of open-space and related funds for certain municipalities, drew sharp criticism as a diversion of preservation money to fill budget holes, but passed. AB 5280 returned unexpended county appropriations to Hudson County and authorized supplemental operating aid; it also passed despite objections about prior bidding violations. AB 5347 provided certain motor vehicle-related funding to municipalities and was reported, as was AB 5334/SB 4423, appropriating Green Acres and CBT revenues for local open space and park projects. A major portion of the meeting focused on tax and business-related bills. AB 5329 increased the child tax credit for 2026-2028, with testimony urging that the expansion be made permanent; it was reported. AB 3899, the General Contractor Licensing Act, also passed. AB 5310/SB 4406 clarified sentencing under certain circumstances and was reported. AB 5330, allowing temporary transfers in the pension system, drew testimony from NJEA warning that the State Health Benefits Program was in crisis and asking for a longer repayment period to avoid rate spikes; the bill was still reported. AB 1326 created a higher education governance and funding task force and was amended to add a Talmudic institution or theological seminary representative. Later, AB 5333/SB 4424 appropriated additional Green Acres and CBT funds for recreation and conservation projects and was reported. The committee also advanced several business and alcohol-related measures, including AB 5235 establishing the School-Based Partnership for Access and Resilience for Kids program, AB 5325 reducing business formation fees, AB 4836/SB 2368 on portable solar devices, AB 4881 establishing an advanced nuclear energy procurement program, AB 3974/SB 3183 revising renewable energy incentive and solar interconnection rules, AB 4013 creating a social media research center focused on addictive behavior, AB 5225 making temporary alcohol beverage provisions permanent, and AB 5295 revising alcoholic beverage licensing laws. The most contentious debate came on AB 4085, the Fair Price Protection Act, which would restrict “surveillance pricing” and regulate grocery pricing practices. Consumer advocates supported the bill as a protection against individualized pricing, while retailers and chambers of commerce argued the language was too broad and could undermine loyalty programs, discounts, and electronic shelf labels. Despite those objections, the committee voted to report the bill after amendments. Finally, AB 4530/SB 3739 on EV supply equipment standards was reported, and AB 5322 imposing a temporary cap on net operating loss deductions under the corporate business tax sparked strong opposition from business groups and a policy debate over whether legitimate losses and investment-related deductions should be limited; the bill was still moved out of committee.

Transcript Highlights:

• Now, while census taking is often thought to be the exclusive province of the federal government, the
• illustrates the sort of profound role of local communities in what's I think often thought to be the exclusive
• Indeed, states that fail to invest in census outreach until the census year, and rely exclusively on
• Beyond the 1040s, our employers and our financial institutions, pension funds, they also send out information

Committee: Senate Senate Committee on the Census

Summary: The hearing focused on census data privacy, administrative data sharing, and the role of state and local governments in improving census accuracy, especially for the 2030 census. Dr. Philip Rocco testified first, arguing that the census is increasingly intergovernmental and that state and local investments in address list work, outreach, and complete count commissions can materially improve self-response and reduce undercounts. He emphasized that hard-to-count communities are most affected when states delay planning, politicize census work, or lack capacity, and he pointed to examples such as LUCA participation, outreach funding, and group quarters review as important tools. He also warned that recent federal actions and a broader climate of distrust could threaten 2030 operations, and urged Massachusetts to begin readiness planning now. Members then questioned Dr. Rocco about the use of administrative data such as DMV, TANF, SNAP, and WIC records, and about group quarters enumeration. He explained that those data-sharing efforts were voluntary agreements with the Census Bureau, unlike group quarters data, which are often provided by facility administrators and sometimes state agencies. He said the Trump-era effort to use DMV and other records was tied to Executive Order 13880 and was widely resisted because states had confidentiality and legal concerns, and because the stated purpose appeared to shift toward citizenship-related uses. On group quarters, he described e-response, paper response, in-person enumeration, and administrator-provided directory information, noting that privacy issues arise mainly from FERPA limits on university data and from missing demographic details in administrative records. A second panel, Beth Giroz and Amy O'Hara, then explained how administrative data are used by the Census Bureau and why data quality and privacy concerns matter. They described administrative data as records collected for operational purposes, useful for frame-building, nonresponse follow-up, enumeration, and post-enumeration evaluation, but often incomplete or mismatched on key census variables such as race, ethnicity, household relationships, and residence timing. They highlighted that some sources, like IRS, Medicare, USPS, SSA, and Bureau of Prisons records, are especially valuable, while others such as SNAP, TANF, WIC, Medicaid, CHIP, foster care, and driver’s license data vary in completeness and sharing. They stressed that privacy means collecting only what is needed, and that the Bureau typically uses limited header or roster data rather than full records. No votes or formal actions were taken during the hearing, and the committee recessed briefly before continuing testimony.

Transcript Highlights:

• Now, while census taking is often thought to be the exclusive province of the federal government, the
• illustrates the sort of profound role of local communities in what's I think often thought to be the exclusive
• Indeed, states that fail to invest in census outreach until the census year, and relied exclusively on
• Beyond the 1040s, our employers and our financial institutions, pension funds, they also send out information

Committee: Senate Senate Committee on the Census

Transcript Highlights:

• And finally, the bill also appropriates $372 million in Prop. 2 General Fund for a supplemental pension
• This bill is a cleanup to the wildfire settlement tax exclusion in SB 132 enacted in the 2025 Budget
• Premiums, we remain deeply disappointed that the budget continues Medi-Cal exclusions that will result
• Premiums, we remain deeply disappointed that the budget continues Medi-Cal exclusions that will result

Summary: The Assembly Budget Committee held an informational hearing on the September budget package, which included SB 105 and a series of trailer bills covering health, human services, education, resources, child care, transportation, labor, public safety, housing, revenue, background checks, collective bargaining, and a special election. The Department of Finance described the package as largely technical and clarifying, but also responsive to state and federal changes, especially H.R. 1. Key items included roughly $3.3 billion in Proposition 4 climate and environmental spending, $540 million in discretionary greenhouse gas reduction funds, and major responses to H.R. 1 such as CalFresh error-rate mitigation, food bank support, and Medicaid-related changes. Other notable provisions included vaccine policy flexibility, an Abortion Access Fund, a gender-affirming care program, community college basic-needs and aid changes, CEQA and coastal permit exemptions tied to the 2028 Olympics, invasive mussel prevention funding, a civic media program, labor and pension-related provisions, and special election administration changes. Members raised questions and concerns about several parts of the package. There was support for climate, water, transit, offshore wind, food security, and health investments, but also significant criticism of the lack of cleanup language for SB 131 and its advanced manufacturing exemptions, with multiple members saying promised fixes had not materialized and expressing concerns about tribal consultation, labor standards, and environmental protections. Members also questioned the scale and timing of some Proposition 4 allocations, including fairground upgrades, regional conveyance, and a UC Davis alternative protein research center. The Department of Finance said some programs would roll out over time and that certain funding levels reflected current implementation capacity. The hearing also featured discussion of Bay Area transit financing, with Finance saying SB 105 directs the department and CalSTA to examine loan or other financing options rather than immediately providing loans. Members and public commenters also discussed the state’s response to H.R. 1, with advocates supporting food bank, health care, and immunization provisions while warning of ongoing harm to immigrants, foster youth, and other vulnerable groups. Public testimony broadly supported the health, food, water, offshore wind, and golden mussel provisions, while many speakers echoed legislative concerns about SB 131 and urged cleanup action in the next session. No votes were taken because the hearing was informational only, though the chair noted votes on the bills were expected later that night or the next morning.

Transcript Highlights:

• </c> strong public pensions. strong public pensions.
• </c> the pensions commission. the pensions commission.
• </c> be serving on pensions. be serving on pensions.
• </c><00:25:40.200><c> for</c><00:25:40.320><c> the</c> pensions and to protect pensions for the pensions
• technical,</c> pensions, pensions are super technical, pensions, pensions are super technical, but<00

Summary: House File 4074, the second engrossment of the retirement bill, was presented as a broad pension package with changes affecting multiple public retirement systems. Rep. Lilly described provisions including bringing St. Paul teachers closer to parity with TRA, reducing the COLA waiting period for police and fire retirees from two years to one, lowering the retirement age for certain probation, corrections, and 911 telecommunicator workers from 60 to 55, addressing a State Board of Investments fix, and creating or continuing work on Secure Choice and other retirement-related issues. Members also noted help for volunteer firefighters, EMS-related workers, and a local fix for Maple Plain’s volunteer fire system. The bill was repeatedly described as bipartisan and the product of successful working groups and negotiations with the Senate. Several members spoke in support, emphasizing the importance of public pensions, the impact of inflation on retirees, and the value of the bill’s targeted improvements for workers who are often not covered by Social Security. Rep. Johnson, Rep. Hill, Rep. Vega, Rep. Robbins, Rep. Cha, and others praised the work of the pension commission, staff, and the co-chairs. They highlighted the St. Paul teachers changes, the police and fire COLA adjustment, and the bill’s efforts to honor promises made to public employees. Some members also pointed to the importance of work groups as a way to develop better long-term solutions. The main point of debate centered on the duty disability amendment, which would have addressed disability issues for first responders. Supporters said the issue is serious and needs a work group solution rather than piecemeal changes, while Rep. Johnson and others warned that the proposal could create problems by treating psychological injuries differently from physical injuries. Rep. Roach said the body should not have passed the prior law and urged a fix for disabled law enforcement and first responders. After discussion, Rep. Lilly withdrew the A3 amendment. Earlier technical amendments A9 and A10 were adopted by voice vote, with members noting they were non-substantive and intended to keep House and Senate language identical and avoid a conference committee. The bill then moved to third reading as amended, with members urging a green vote.

Transcript Highlights:

• Travis County exclusively, and the mission, the goal is to create affordable housing or feed into the
• The Texans who cannot afford their housing... are almost exclusively those that make 80% of area median
• My current monthly Social Security pension is $900. but $1.50 is deducted each month for my Medicaid
• My school pension adds $8.35 to my income.
• However, these two pensions combined do not cover my essential living expenses. expenses, including rent

Bills: HB21 , HB211 , HB223 , HB323 , HB524 , HB530 , HB636 , HB762 , HB21 , HB211 , HB223

Committee: House Intergovernmental Affairs

Keywords: housing finance, multifamily residential, low income, tax exemption, audit requirements, affordable housing, local government, development bonds, housing assistance, financial assistance, low income housing, community support, affordability, veterans housing, community involvement, air conditioning, tenant support, healthcare, elderly, taxation

Transcript Highlights:

• Welcome to the Banking, Financial Services and Pensions Committee.
• In other pension systems, to keep the pension system whole, we have made the employer continue to pay
• into that pension system to keep it whole.
• Depending on per pension, or per pension fund, I think, depending on per pension or per pension fund,
• Chase Rankin with the Oklahoma Firefighters Pension System.

Bills: HB1784 , HB1245 , HB1268 , HB2116 , HB2193 , HB2206 , HB1739 , HB1889 , HB1904 , HB3172 , HB4225 , HB4352 , HB3625 , HB4263

Committee: House Banking, Financial Services and Pensions

Summary: The Banking, Financial Services and Pensions Committee heard a series of retirement, banking, and school finance bills after announcing that several measures would be laid over or sent back to Rules and that the committee would recess briefly because of quorum and scheduling conflicts. The chair also explained the committee’s OPLA/safe-harbor process for pension bills and noted that many of the measures would still need oversight and floor consideration. Among the bills advanced were HB 1245, allowing certain DHS CLEET-commissioned agents to join the law enforcement retirement system; HB 4352, helping people refinance homes or businesses while protecting lenders; HB 4263, giving certain retired teachers who go to work for CareerTech a choice between TRS and OPERS; HB 1268, creating a five-year DROP option for EMTs and county sheriffs in OPERS; HB 1739, reinstating a half-pay provision in the law enforcement retirement system for OHP recruitment and retention; HB 2116, expanding OLERS eligibility to certain Office of State Fire Marshal officers; HB 2206, allowing newly hired school resource officers into OLERS; HB 3625, expanding school district investment options; HB 1889, providing a catch-up COLA for older police and fire retirees; and HB 1784, requiring TRS’s assumed rate of return not fall below its past 20-year annualized return. HB 3172, the “Fair Banking Act,” would restrict adverse actions by very large financial institutions based on lawful economic activity and require explanations on request; members asked whether it would affect Oklahoma banks and whether it mirrored a presidential executive order. HB 2193 proposed a COLA for state retirement systems with caps on eligible benefits and salaries, and members raised concerns about differing actuarial estimates and the need for more work before oversight. Most bills were reported out by committee votes ranging from 8-0 to 4-3. The chair and members repeatedly noted that several measures, especially the pension bills, would need further work with actuaries and oversight committees. The meeting ended with a brief acknowledgment of committee staff and support personnel before adjournment.

Transcript Highlights:

• This is the bipartisan pension bill from the pension commission.
• . pensions. pensions.
• The people that work for our pension<00:26:53.520><c> plans</c> pension plans pension plans perah<00:
• </c><00:29:12.399><c> And</c> pension, a full unreduced pension.
• And pension, a full unreduced pension.

Transcript Highlights:

• This is the bipartisan pension bill from the pension commission.
• This is the bipartisan pension bill from the pension commission.
• . pensions. pensions.
• </c><00:39:22.000><c> And</c> pension, a full unreduced pension.
• And pension, a full unreduced pension.

Transcript Highlights:

• Pension Pension &gt;&gt; Mr.<00:03:58.560><c> Chair.
• </c> move it to the Omnibus Pension Bill. move it to the Omnibus Pension Bill.
• </c> public pension plans. public pension plans.
• </c> 2026 omnibus pension bill. 2026 omnibus pension bill.
• </c> that improved TRA's pension benefits. that improved TRA's pension benefits.

Bills: HR133 , HR134 , HR135 , HR136 , HR137 , HR138 , HR139 , HR140 , HR141 , HR142 , HR143 , HR144 , HR145 , HR146 , HR147 , HR148 , HR149 , HR150 , HR151 , HR152 , HR119 , HR120 , HR121 , HR122 , HR123 , HR125 , HR126 , HR127 , HR128 , HR129 , HR130 , HR131 , HR132 , HCR53 , HCR54 , HCR55 , HCR56 , SCR3 , SCR22 , SB4 , SB18 , SB66 , SB106 , SB201 , SB256 , SB274 , SB292 , SB326 , SB386 , SB406 , SB422 , SB423 , SB456 , SB475 , HCR3 , HB1 , HB3 , HB27 , HB71 , HB214 , HB225 , HB241 , HB244 , HB306 , HB312 , HB313 , HB314 , HB345 , HB366 , HB383 , HB446 , HB473 , HB511 , HB514 , HB655 , HB730 , HB743 , HB836 , HB983 , HB1027 , HB1037 , HB1043 , HB1082 , HB1091 , HB1096 , HB1103 , HB1126 , HB1167 , HB1174 , HB1175 , HB1230 , HB1237 , HB1238 , SB162 , SB349 , SB350 , SB382 , SB383 , HB76 , HB132 , HB181 , HB210 , HB250 , HB265 , HB275 , HB291 , HB322 , HB342 , HB475 , HB486 , HB616 , HB635 , HB639 , HB690 , HB740 , HB757 , HB761 , HB774 , HB808 , HB855 , HB872 , HB883 , HB886 , HB903 , HB949 , HB962 , HB996 , HB1003 , HB1036 , HB1054 , HB1071 , HB1076 , HB1078 , HB1113 , HB1132 , HB1146 , HB1232 , HB1233 , HB21 , HB24 , HB29 , HB31 , HB39 , HB45 , HB77 , HB136 , HB150 , HB263 , HB273 , HB299 , HB315 , HB376 , HB377 , HB431 , HB444 , HB450 , HB519 , HB533 , HB538 , HB559 , HB562 , HB663 , HB664 , HB715 , HB717 , HB805 , HB822 , HB823 , HB834 , HB864 , HB867 , HB1017 , HB1018 , HB1068 , HB1134 , HB1137 , HB1234 , HB1235 , HB1236 , HB961 , HB399 , HB868 , HB905 , HB180 , HB192 , HB284 , HB476 , HB915 , HB952 , HB1006 , HB401 , HB51 , HB58 , HB140 , HB982 , HB1010 , HB750 , HB911 , HB977 , HB901 , HR20 , HR74 , HB9 , HB151 , HB193 , HB310 , HB393 , HB459 , HB577 , HB582 , HB605 , HB614 , HB615 , HB682 , HB733 , HB773

Keywords: commendation, leadership, energy sector, Shell USA, Louisiana pride, House Resolution 134, HR134, honorary resolution, Bob Lupo, Robert E. Smith Lupo, Lakeview, New Orleans, civic service, philanthropy, real estate development, Hurricane Katrina recovery, community service, charitable giving, public recognition, Louisiana House of Representatives

Transcript Highlights:

• This is the This is a bipartisan pension bill from the Pension Commission.
• Pensions are extremely wonky with policy things.
• pension.
• I was a co-author on all of the pension bills, and there were multiple pension bills unpacked, the one
• And I just have a hard time pitting teachers' pension versus police's pension.

Transcript Highlights:

• </c> pensions that are years down the road. pensions that are years down the road.
• </c> the degradation of their pensions. the degradation of their pensions.
• </c> uh the pension commission. Thank you. uh the pension commission. Thank you.
• </c> into the 2025 omnibus pension bill. into the 2025 omnibus pension bill.
• </c> inclusion in the omnivous pension bill. inclusion in the omnivous pension bill.

Transcript Highlights:

• The Pension Reserves Investment Management Board, PRIM, manages the Massachusetts pension fossil fuels
• The Pension Reserve's Investment Management Board, PRIM, manages the Massachusetts Pension Pension Reserves
• Clearly, pension beneficiaries like me do, like Tom, and me, but our pensions provide a defined benefit
• As a taxpayer and the daughter of a state pension holder, I want the Commonwealth to divest state pension
• The Massachusetts state pension plan must divest from companies, By our pension funds against her will

Committee: Joint Joint Committee on Public Service

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

Transcript Highlights:

• </c> over and go directly to TRS uh pension over and go directly to TRS uh pension benefits<00:04:13.879
• funds are busy U making sure the Pension funds are busy U making sure the pensions<00:24:36.000><c>
• system, but of the company that the pension system is invested in, because the pension system needs
• system, but of the company that the pension system is invested in, because the pension system needs
• system, but of the company that the pension system is invested in, because the pension system needs

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:

• and eligibility for pension, so you might be interested.
• The committee may also consider any media coverage of pension topics regarding the public pension systems
• I thank you for my pension and a voice today.
• Washington pensions have responsibility to provide pensions for people who will be retired... ...chaos
• Washington pensions have responsibility to provide pensions for people who will be retiring 20 and 30

Committee: Joint Select Committee on Pension Policy

Summary: The Select Committee on Pension Policy opened its 2025 interim with roll call, approval of the prior minutes, and a brief administrative update on meeting procedures, new members, and a planned change to hold officer elections in June rather than immediately. Staff then presented a high-level recap of the 2025 legislative session, focusing on pension-related bills affecting Plans 1, 2, and 3, including the failed Plans 1 COLA and month-of-death bills, enacted changes on retire/rehire rules, state actuary appointments, service credit purchases, excess compensation, and a budget proviso directing study of proposed LEOFF 1 merger/termination concepts. Staff also highlighted ESSB 5357, which changes funding policy and the assumed rate of return, and noted that a deeper briefing on that complex bill may be needed. The committee then received an interim kickoff presentation explaining the SCPP’s role, membership, meeting structure, public participation, and the typical process for studying issues. Staff reviewed the draft interim work plan, which will be shaped by statutory studies, annual agency reports, legislative outcomes, stakeholder requests, and committee goals. Key upcoming work includes the mandated study of LEOFF 1 merger and termination concepts, the state actuary’s odd-year economic assumption recommendations, annual updates from DRS, OSA, the LEOFF 2 Board, and the State Investment Board, and other recurring reports such as the DRS benchmarking study and actuarial valuation materials. Members also discussed the importance of understanding asset smoothing and long-term funding impacts, and staff said updated contribution projections will be available later in the fall. During public comment, several speakers urged the committee and the State Investment Board to address climate-related financial risk and divest from fossil fuels, arguing that current coal, oil, and gas holdings are too large and that existing screening methods undercount exposure. One commenter also asked the committee to consider climate risk in the upcoming long-term economic assumptions study. Another public commenter, representing school retirees and administrators, urged continued study of COLA proposals and asked the committee to review the recently enacted funding bill and a separate bill related to COLA financing. The meeting concluded with a short break and adjournment of the full committee portion before the executive committee session.

Transcript Highlights:

• Pension support would. So, please support pension bill 4860.
• Pension support would. So, please support pension bill 4860.
• Pension support would. So, please support pension bill 4860.
• Pension support would. So, please support pension bill 4860.
• </c> pension steals our dignity. pension steals our dignity.