Keywords: HI Senate YouTube, https://www.youtube.com/watch?v=htsSmLeV928, 2026-07-02T01:22:50+00:00, 2.2.24, Data collected via generic collector engine, Agenda: TRS 3:00 PM http://www.capitol.hawaii.gov/session2021/hearingnotices/HEARING_TRS_03-23-21_.PDF, 912, senate, all, 2.2.42, 2.1.47

Transcript Highlights:

• TRS does not employee insurance.
• Uh and this process uh is that the TRS Uh and this process uh is that the TRS board<00:24:46.080>
• > eligible<00:26:40.720> health to the TRS Medicare eligible health to the TRS Medicare
• TRS, but for them, too. TRS, but for them, too.
• decided by the TRS board. Correct. decided by the TRS board. Correct.

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:

• And uh with the TRS back up here.
• TRS does not employee insurance.
• unlike KHP, this is only for TRS unlike KHP, this is only for TRS retirees.<00:21:48.960> It<
• Uh and this process uh is that the TRS Uh and this process uh is that the TRS board<00:24:50.320
• <00:38:11.119> Here's TRS, but for them, too. Here's TRS, but for them, too.

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.

Keywords: HI Senate YouTube, https://www.youtube.com/watch?v=KlmMAwkN9P4, 2026-07-02T01:22:49+00:00, 2.2.24, Data collected via generic collector engine, Agenda: https://www.capitol.hawaii.gov/session2021/hearingnotices/HEARING_TRS_03-18-21_.pdf TRS 3:01 PM http://www.capitol.hawaii.gov/session2021/hearingnotices/HEARING_TRS_03-18-21_DEFER_.PDF, 912, senate, all, 2.2.42, 2.1.47

Keywords: HI Senate YouTube, https://www.youtube.com/watch?v=sjvxcVmZZ2I, 2026-07-02T01:22:59+00:00, 2.2.24, Data collected via generic collector engine, Agendas: EET-TRS 3:10pm http://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_EET-TRS_03-18-22_.pdf EET 3:20pm http://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_EET_03-18-22_.pdf, 912, senate, all, 2.2.42, 2.1.47

Keywords: HI Senate YouTube, https://www.youtube.com/watch?v=3k2m9cPG4q0, 2026-07-02T01:23:35+00:00, 2.2.24, Data collected via generic collector engine, 00:00 - Start 01:08 - SCR 110 / SR 103 03:33 - DM TRS-HOU 1:04 PM 06:32 - HB 1732, HD2 18:52 - SCR 46 / SR 45 19:53 - DM HOU 1:05 PM 24:36 - DM HOU 1:06 PM 27:45 - DM HOU DEFER 1:06 PM Hearing Notices: TRS-HOU 1:04 PM https://www.capitol.hawaii.gov/sessions/session2026/hearingnotices/HEARING_TRS-HOU_03-24-26_.PDF HOU 1:05 PM https://www.capitol.hawaii.gov/sessions/session2026/hearingnotices/HEARING_HOU_03-24-26_.PDF HOU 1:06 PM https://www.capitol.hawaii.gov/sessions/session2026/hearingnotices/HEARING_HOU_03-24-26-1_.PDF HOU DEFER 1:06 PM https://www.capitol.hawaii.gov/sessions/session2026/hearingnotices/HEARING_HOU_03-24-26_DEFER_.PDF, 912, senate, all, 2.2.42, 2.1.47

Keywords: KY LRC YouTube, https://www.youtube.com/watch?v=S-eupDlZQzA, 2026-06-21T07:17:06+00:00, 2.2.24, Data collected via generic collector engine, Meeting Start: 00:00 Attendance Roll Call: 01:20 TRS Sick Leave Proposal Update (Sen. Higdon): 00:02:50 House Bill 292 (Rep. Johnson): 28:36 BR 1574 (Rep. Johnson): 32:20 Adjournment: 49:19, 958, all, 2.2.42, 2.1.47

Keywords: HI Senate YouTube, https://www.youtube.com/watch?v=N0KBhh82dCI, 2026-07-02T01:23:02+00:00, 2.2.24, Data collected via generic collector engine, Conference Notices: WAL 1:30pm http://www.capitol.hawaii.gov/session2022/hearingnotices/CONF_WAL_04-29-22_RECONVENE_.pdf WAL 2:30pm http://www.capitol.hawaii.gov/session2022/hearingnotices/CONF_WAL_04-29-22_RECONVENE_2_.pdf TRS 5:00pm http://www.capitol.hawaii.gov/session2022/hearingnotices/CONF_TRS_04-29-22_RECONVENE_.pdf, 912, senate, all, 2.2.42, 2.1.47

Keywords: HI Senate YouTube, https://www.youtube.com/watch?v=52pNhV923Wc, 2026-07-02T01:22:57+00:00, 2.2.24, Data collected via generic collector engine, Agendas: HMS-TRS 3:00pm https://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_HMS-TRS_02-15-22_.pdf HOU-HMS 3:05pm https://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_HOU-HMS_02-15-22_.pdf HMS 3:10pm https://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_HMS_02-15-22_.pdf, 912, senate, all, 2.2.42, 2.1.47

Keywords: HI Senate YouTube, https://www.youtube.com/watch?v=PZ8itdsz0P0, 2026-07-02T01:22:56+00:00, 2.2.24, Data collected via generic collector engine, Agendas: TRS-EDU 3:00pm https://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_TRS-EDU_02-14-22_.pdf EDU-HRE 3:10pm https://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_EDU-HRE_02-14-22_.pdf EDU 3:15pm https://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_EDU_02-14-22_.pdf, 912, senate, all, 2.2.42, 2.1.47

Keywords: HI Senate YouTube, https://www.youtube.com/watch?v=CmRRN8HZUik, 2026-07-02T01:22:56+00:00, 2.2.24, Data collected via generic collector engine, Agendas: HOU-WTL 1:00pm https://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_HOU-WTL_02-10-22_.pdf HOU-TRS 1:30pm https://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_HOU-TRS_02-10-22_.pdf HOU-CPN 1:45pm https://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_HOU-CPN_02-10-22_.pdf, 912, senate, all, 2.2.42, 2.1.47

Keywords: HI Senate YouTube, https://www.youtube.com/watch?v=oBtoCgmZ9Qo, 2026-07-02T01:22:55+00:00, 2.2.24, Data collected via generic collector engine, Agendas: EET-TRS 3:00pm https://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_EET-TRS_02-07-22_.HTM EET 3:10pm https://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_EET_02-07-22_.pdf EET-GVO 3:30pm https://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_EET-GVO_02-07-22_.pdf, 912, senate, all, 2.2.42, 2.1.47

Keywords: KY LRC YouTube, https://www.youtube.com/watch?v=j6zIchrEjYQ, 2026-06-21T07:17:05+00:00, 2.2.24, Data collected via generic collector engine, Meeting Start: 00:00:00 Attendance Roll Call: 00:00:20 Actuarial Valuation Update (JFRS): 00:01:48 Actuarial Valuation Update (KPPA): 00:09:57 Actuarial Valuation Update (TRS): 00:50:23 Discussion of Proposed Legislation: 01:19:10 Adjournment: 01:40:19, 958, all, 2.2.42, 2.1.47

Keywords: HI Senate YouTube, https://www.youtube.com/watch?v=UCSV6RyjRcI, 2026-07-02T01:23:00+00:00, 2.2.24, Data collected via generic collector engine, Agendas: HTH-TRS 1:00 PM http://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_HTH-TRS_03-28-22_.PDF HTH-PSM 1:02 PM http://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_HTH-PSM_03-28-22_.PDF HTH 1:03 PM http://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_HTH_03-28-22_.PDF, 912, senate, all, 2.2.42, 2.1.47

Keywords: HI Senate YouTube, https://www.youtube.com/watch?v=pcc2PDA4eUg, 2026-07-02T01:22:50+00:00, 2.2.24, Data collected via generic collector engine, Agendas: EET-GVO 3:05 PM http://www.capitol.hawaii.gov/session2021/hearingnotices/HEARING_EET-GVO_03-19-21_.PDF EET-TRS 3:15 PM http://www.capitol.hawaii.gov/session2021/hearingnotices/HEARING_EET-TRS_03-19-21_.PDF EET 3:30 PM http://www.capitol.hawaii.gov/session2021/hearingnotices/HEARING_EET_03-19-21_.PDF, 912, senate, all, 2.2.42, 2.1.47

Keywords: KY LRC YouTube, https://www.youtube.com/watch?v=kRYTWeYn_ZE, 2026-06-21T07:17:05+00:00, 2.2.24, Data collected via generic collector engine, Meeting Start: 00:00:00 Attendance Roll Call: 00:01:55 Discussion of 2024 BR 31 KPPA Housekeeping Bill: 00:03:18 Annual Investment Review: 00:06:20 Reemployment After Retirement (KPPA): 00:40:54 Reemployment After Retirement (TRS): 01:00:55 Adjournment: 01:22:17, 958, all, 2.2.42, 2.1.47

Keywords: KY LRC YouTube, https://www.youtube.com/watch?v=dk8pg0icLIk, 2026-06-21T07:17:04+00:00, 2.2.24, Data collected via generic collector engine, Meeting Start: 00:00:00 Attendance Roll Call: 00:00:09 Investment, Cash Flow, Legislative, and Actuarial Update (JFRS): 00:01:38 Investment, Cash Flow, Legislative, and Actuarial Update (KPPA): 00:23:22 Investment, Cash Flow, Legislative, and Actuarial Update (TRS): 01:05:18 Adjournment: 01:27:30, 958, all, 2.2.42, 2.1.47

Keywords: HI Senate YouTube, https://www.youtube.com/watch?v=7uwVMu8XK5A, 2026-07-02T01:22:59+00:00, 2.2.24, Data collected via generic collector engine, Agendas: HTH-TRS 1:00pm http://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_HTH-TRS_03-21-22_.pdf HTH 1:10pm http://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_HTH_03-21-22_.pdf HTH-WTL 1:30pm http://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_HTH-WTL_03-21-22_.pdf HTH-PSM DEFER 2:00pm http://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_HTH-PSM_03-21-22_DEFER_.pdf, 912, senate, all, 2.2.42, 2.1.47

Keywords: HI Senate YouTube, https://www.youtube.com/watch?v=BvgYh64-VxE, 2026-07-02T01:22:56+00:00, 2.2.24, Data collected via generic collector engine, Agendas: HTH-HRE 1:00pm https://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_HTH-HRE_02-09-22_.pdf HTH-TRS 1:15pm https://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_HTH-TRS_02-09-22_.HTM PSM-HTH 1:30pm https://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_PSM-HTH_02-09-22_.pdf HTH 1:35pm https://www.capitol.hawaii.gov/session2022/hearingnotices/HEARING_HTH_02-09-22_.pdf, 912, senate, all, 2.2.42, 2.1.47

Keywords: HI Senate YouTube, https://www.youtube.com/watch?v=OT9PDqhEghc, 2026-07-02T01:23:35+00:00, 2.2.24, Data collected via generic collector engine, 00:00 - Start 01:08 - HB 1590 HD3 11:05 - DM EDT-EIG-CPN 9:30 AM 13:22 - HB 2575 HD1 46:29 - DM CPN-EDT 9:40 AM 48:52 - HB 2386 HD2 01:02:54 - DM CPN-TRS 9:50 AM 01:06:44 - SCR 50 / SR 49 01:09:47 - DM HHS-CPN 10:00 AM 01:11:14 - SCR 118 / SR 111 01:12:25 - SCR 166 / SR 157 01:15:05 - DM CPN 10:01 AM Hearing Notices: EDT-EIG-CPN 9:30 AM https://www.capitol.hawaii.gov/sessions/session2026/hearingnotices/HEARING_EDT-EIG-CPN_03-25-26_.PDF CPN-EDT 9:40 AM https://www.capitol.hawaii.gov/sessions/session2026/hearingnotices/HEARING_CPN-EDT_03-25-26_.PDF CPN-TRS 9:50 AM https://www.capitol.hawaii.gov/sessions/session2026/hearingnotices/HEARING_CPN-TRS_03-25-26_.PDF HHS-CPN 10:00 AM https://www.capitol.hawaii.gov/sessions/session2026/hearingnotices/HEARING_HHS-CPN_03-25-26_.PDF CPN 10:01 AM https://www.capitol.hawaii.gov/sessions/session2026/hearingnotices/HEARING_CPN_03-25-26_.PDF, 912, senate, all, 2.2.42, 2.1.47