Video & Transcript Research : 'retiree support'
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MA
Massachusetts 2025-2026 Regular Session
Joint Committee on Public Service Jun 21st, 2026 at 01:00 pm
Joint Committee on Public Service
Transcript Highlights:
- , your favorable support of House 2917 and an act relative to a small handful of employees at the Dedham
- In support of H. 2976, a bill I filed jointly with Senator Montigny, which would allow our constituent
- We have 4,000 retirees. I'm here at the behest of the board to oppose this House 2931.
- This is taking money away from the beneficiary retirees. That's what we're intending to do.
- So I'm requesting and hoping that you folks there can support H. 2989 on my behalf.
Summary:
The Joint Committee on Public Service held its third hearing of the 194th General Court session, taking testimony on several individual bills and home rule petitions, mostly involving retirement and pension-related relief. The committee chair outlined hearing procedures, including three-minute limits for individuals, ten-minute limits for panels, livestreaming, and the deadline for written testimony. At the end of the hearing, the chair noted that House matters heard that day must be reported by Friday, July 11, 2025, subject to extensions, and the committee adjourned after testimony concluded.
Several witnesses supported bills seeking retirement credit or pension adjustments for public employees. These included H. 2917 for Dedham-Westwood Water District employees seeking pension buy-in credit; H. 2976 for Eileen Mullen to purchase creditable service for teaching in a criminal justice pilot program; H. 2996 for Virginia Cummings, a retired Department of Correction lieutenant seeking greater pension parity; H. 2977 for Wendy Lopieri to buy back part-time community college service; and H. 2989 for Wayne Taylor, who said he was mistakenly credited for fewer years of select board service than he expected. Testimony emphasized long public service, injuries, and what witnesses described as unfair denials or flawed interpretations of retirement law.
The committee also heard testimony on bills involving post-retirement earnings and disability-related relief. Kevin Blanchett testified in opposition to H. 2931, arguing it would improperly reduce money owed to a regional retirement system and its members, while the bill’s sponsor argued the retirement board was seeking an excessive recovery based on law firm gross earnings rather than the individual’s earnings. Jamie Magarian described severe injuries from a 2018 crash and urged favorable action on his bill, with support from the State Police Association. Michael Palmer testified in favor of S. 1841, seeking to extend prior violent-crime retirement income-cap relief to his case after being shot on duty and later finding that even part-time private-sector work exceeded his retirement earnings limit.
NH
New Hampshire 2025 Regular Session
House Finance Division I (03/19/2025)
Transcript Highlights:
- The retiree health program can be divided into two chunks: Medicare retirees and non-Medicare retirees
- </c> even if the spouse let's say a retiree even if the spouse let's say a retiree turns<03:48:28.239
- And so one of the things about getting retiree health under 65 is to get retiree health you have to be
- </c> that, but do you still cover retirees that, but do you still cover retirees under<03:53:19.359><
- We have a retiree in every state.
Summary:
The committee reviewed a handout comparing House Bill 2 to current retirement law and walked through the bill section by section with staff from the retirement system. The discussion focused on vesting, earnable compensation, average final compensation, compensation-over-base limits, special duty pay, normal retirement age, re-retirement, and maximum benefit rules for Group 2/Tier B members. Staff explained that some provisions would restore pre-2011 rules, including counting certain end-of-career payments such as unused sick and vacation time in earnable compensation and reducing the AFC averaging period from five years back to three. They also described how the bill would eliminate the current cap on compensation over base, which mainly affects overtime, and noted that the actuarial cost of the AFC-related changes is interrelated rather than easily broken out by feature.
A separate discussion covered the special duty pay limitation, which currently applies to Tier A and would be removed under the governor’s bill for both Tier A and Tier B members after their vested buy date. Staff said the actuary estimated that removing the special duty limitation would increase costs by about $13.9 million. Members also asked about the practical difference between overtime and special duty, with staff explaining that special duty generally involves work for a private third party, often police detail work, while overtime depends more on staffing and scheduling. The committee also reviewed the normal retirement age changes for Tier B and the possibility that some members would need to work longer to reach the new vested buy date.
Members raised concerns about an ambiguity in the bill that could allow already-retired Tier B members to return to work, then re-retire and claim the higher benefits, or allow vested deferred members to stop working and wait for the new vested buy date. Staff said the governor’s office did not intend to allow that result and requested clarifying language, noting that the bill as drafted does not expressly prohibit it. The committee also discussed part-time and seasonal work after retirement, with staff explaining that such work generally does not restore membership unless the person takes a full-time position requiring enrollment. Finally, the committee reviewed the maximum benefit provisions and noted that HB 2 in the current year does not change the maximum benefit date or include the 1.5% annual escalator that had been part of the 2023 proposal, making the current bill more costly than the earlier version.
MN
Transcript Highlights:
- </c><00:03:28.159><c> from</c> requests for financial support from requests for financial support from
- Highly supportive.
- Highly supportive.
- <00:09:53.680><c> Senator</c> supportive Senator supportive Senator putam<00:09:56.320><c> uh</c><00:
- </c><00:48:21.200><c> staff</c> funding of the licensers support staff funding of the licensers support
CA
California 2025-2026 Regular Session
Senate Military and Veterans Affairs Committee Apr 20th, 2026
Military and Veterans Affairs
Transcript Highlights:
- Any other witnesses in support? Room 113 here in support.
- Any other witnesses in support?
- Anyone else in support of the bill? Thank you. Thank you. Anyone else in support of the bill?
- to always supporting California.
- Looking forward to always supporting California, and we will always support those who need help.
WY
Transcript Highlights:
- So, I am in full support of increasing the amount that the retiree would receive for their credit per
- The retiree is the recipient of the health care.
- I'm fully in support of increasing what retirees would receive. Forgive me, it's...
- We've got air support that needs filled. We've got air support that needs filled.
- So, individual education support is a big component of that.
KY
Kentucky 2026 Regular Session
Senate Standing Committee on Appropriation and Revenue. (3-18-26)
Transcript Highlights:
- </c><00:08:29.680><c> child</c><00:08:29.960><c> support</c> fiscal year to support child support fiscal
- year to support child support services. services. services.
- </c> support the ombudsman. support the ombudsman.
- , it will be a 50% check for retirees between 2015 and 2020, and a 25% check for retirees after 2020.
- </c> program support. program support.
Keywords:
Meeting Start 00:00:00
Roll Call 00:00:23
HB 503 Discussion 00:01:00
HB 503 Vote 00:02:17
HB 504 Discussion 00:02:53
HB 504 Vote 00:04:48
HB 500 Discussion 00:05:19
HB 500 Vote 00:29:18
HB 900 Discussion 00:32:02
HB 900 Vote 00:33:00, 958, all
Summary:
The Kentucky Senate Appropriations and Revenue Committee met with a quorum and first took up House Bill 503, the legislative branch budget, adopting a committee substitute and reporting it favorably. The chair said the Senate version fully funds defined calculations, provides 2% raises in each fiscal year for legislative employees, removes a paragraph on operating expense reductions, and includes $1 million in the first year for a judicial branch salary study. House Bill 504, the judicial branch budget, was then amended and reported favorably; changes included 2% annual raises for judicial employees, revised operating expense language, $1 million each year for county current services, retention of Boyle County fit-up language, reporting requirements for smaller capital projects, full funding for nine judges added in 2022, and removal of furlough prohibitions and certain budget implementation language. Both bills passed the committee unanimously with favorable expressions to the floor.
The committee then considered House Bill 500, the executive branch budget, adopting a committee substitute before hearing a lengthy summary of major spending and policy changes. The chair described statewide 2% annual employee raises, agency base reductions with many exemptions, increased school safety and 911 funding, veterans and military funding, local government and severance-related changes, attorney general and auditor funding, pension and retirement system support, education funding changes including SEEK, postsecondary and scholarship provisions, public safety and corrections funding, and multiple capital projects. The chair also highlighted Medicaid-related provisions, including added waiver slots, increased state-directed payments, a 2.5% reduction in managed care vendor payments for plan years 2027 and 2028 with savings redirected to fee-for-service rates, and additional funding for behavioral health and public health programs. The bill was reported favorably after members explained their votes, with several noting they had only recently received the full 228-page bill and wanted more time for detailed review.
Finally, the committee adopted a committee substitute for House Bill 900, an appropriation measure for government agencies, and reported it favorably. The chair said the bill remains a work in progress and that one-time funding requests from across the Commonwealth and across party lines would continue to be addressed as the process moves forward. All measures considered during the meeting passed the committee with unanimous or near-unanimous favorable votes, and the meeting adjourned after no further business.
KY
Kentucky 2025 Regular Session
Public Pension Oversight Board (2-24-25)
Transcript Highlights:
- All of the other things remain as is. relative to under 65 retirees other relative to under 65 retirees
- received by proposals that are supported by the proxy adviser versus those that are not supported by
- received by proposals that are supported by the proxy adviser versus those that are not supported by
- </c> current and future State retirees current and future State retirees the<00:20:29.960><c> two</c>
- support received by proposals<00:21:28.760><c> that</c><00:21:28.919><c> are</c><00:21:29.080><c> supported
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.
NH
New Hampshire 2025 Regular Session
House Executive Departments and Administration (02/19/2025)
Transcript Highlights:
- And then the online support and opposition is, even though it's not many, there were only three in support
- </c><01:46:15.080><c> of</c><01:46:15.360><c> this</c> am in support of this am in support of this Venture
- </c><02:20:47.120><c> for</c> it create administrative support for it create administrative support for
- </c><03:34:57.760><c> of</c><03:34:57.960><c> opposing</c> it your support of opposing it your support
- <04:02:45.560><c> from</c> support from support from odhs<04:02:47.560><c> to</c><04:02:48.040><c> nhb
Summary:
The subcommittee first took up House Bill 702, which would change how extra or special duty pay for retired police officers is treated for retirement and work-limit purposes. Supporters argued the bill would let retirees work more special-duty hours, helping municipalities fill traffic-detail and similar assignments without added state cost, and said it would not prohibit retirees from working but would simply stop those hours from counting toward the return-to-work threshold. Opponents argued the change would be inconsistent with the retirement system’s 2011 reforms, could increase pension liabilities, and would treat the same compensation differently for active employees and retirees. Members also discussed whether the bill would affect current and future retirees, the role of municipalities, and whether the policy amounted to “policing for profit.” The subcommittee ultimately voted 3-2 to recommend inexpedient to legislate (ITL) on HB 702, sending it to the full committee with that recommendation.
The committee then discussed House Bill 581, which would create a Group Three retirement plan for new state employees hired after the bill’s effective date. The chair outlined a housekeeping amendment to delay implementation, moving the effective date to January 1, 2026, and noted a sponsor amendment addressing health insurance group inclusion and medical and surgical benefits so those benefits would not be put at risk for the new group. Testimony and discussion focused on the shift from defined benefit to defined contribution, with supporters citing Michigan examples and arguing the bill would help recruit and retain employees while giving them more flexibility. Opponents said the change could weaken retirement security and increase unfunded liability, though supporters responded that the bill still requires employer contributions toward accrued liability and is intended to keep the state on track to pay off its unfunded liability by 2039. The transcript ends with continued discussion of the bill and no final vote shown on HB 581.
HI
Bills:
SB3123, HB1853, HB1961, HB1965, HB1962, HB1959, HB2505, HB2576, HB1801, HB1804, HB1864, HB2319, HB2314, HB2115, HB1854, HB2062, HB1511, HB1535, HB2614, HB2282, HB1870, HB1695, HB1626, HB1643, HB1972, HB1550, HB1974, HB1966, HB1973, HB2545, HB1946, HB1939, HB1721, HB1741, HB1700
Keywords:
conditional gifts, private education, scholarships, donor conditions, Hawaii education law, HB1853, dementia, Alzheimer's disease, cognitive impairment, memory care, memory clinic, Hanai Memory Network, Executive Office on Aging, aging services, kupuna, caregiver support, long-term care, elder care, geriatrics, public health
HI
Transcript Highlights:
- </c> support his position. support his position.
- </c><00:16:07.480><c> continuing</c> uplifting and supporting continuing uplifting and supporting continuing
- Both jurors testified in support of Mr.
- </c> support of governor's message 725. support of governor's message 725.
- Gluck's appointment to support of Mr.
Bills:
SB3123, HB1853, HB1961, HB1965, HB1962, HB1959, HB2505, HB2576, HB1801, HB1804, HB1864, HB2319, HB2314, HB2115, HB1854, HB2062, HB1511, HB1535, HB2614, HB2282, HB1870, HB1695, HB1626, HB1643, HB1972, HB1550, HB1974, HB1966, HB1973, HB2545, HB1946, HB1939, HB1721, HB1741, HB1700
Keywords:
conditional gifts, private education, scholarships, donor conditions, Hawaii education law, HB1853, dementia, Alzheimer's disease, cognitive impairment, memory care, memory clinic, Hanai Memory Network, Executive Office on Aging, aging services, kupuna, caregiver support, long-term care, elder care, geriatrics, public health
MA
Massachusetts 2025-2026 Regular Session
Joint Committee on Health Care Financing Jun 21st, 2026 at 11:00 am
Joint Committee on Health Care Financing
Transcript Highlights:
- I'm here today to speak in strong support of House Bill 1399 for Medicare-eligible municipal retirees
- The subsidies are protected and inflation-adjusted each year, and retirees are fully supported in making
- Support for the idea that health insurance should be structured in a public way that is fair, Support
- support in a 2020 Hill-HarrisX poll.
- support in a 2020 Hill Harris Ex-Paul.
Summary:
The Joint Committee on Health Care Financing held a public hearing on 16 bills, with the chairs noting a busy legislative day and asking speakers to keep testimony brief. The committee first heard testimony on Senate 860/House 1405, the Medicare for All bill, with Sen. Jamie Eldridge and many advocates, clinicians, municipal officials, and patients arguing that a single-payer system would make care a right, reduce administrative waste, lower costs, and protect residents from rising premiums, medical debt, and hospital closures. Several speakers cited the Steward hospital crisis, affordability problems, and polling or ballot questions showing public support for single-payer coverage. No vote was taken during the hearing.
The committee then took testimony on S. 863, a bill on non-opioid options for chronic pain. Pain specialists, patients, and advocates said the bill would improve care coordination for MassHealth members, expand access to non-opioid medications, require provider education, and collect data on chronic pain. Testifiers described long delays in diagnosis and treatment, stigma toward pain patients, and the need for multidisciplinary care and transportation support. Again, the committee heard testimony only and took no action.
A large portion of the hearing focused on H. 1360/S. 869, which would prevent discrimination against people with disabilities in health care. Disability advocates, clinicians, and patients described being denied or delayed care, pressured into DNR orders, or treated based on assumptions about quality of life rather than medical facts. Speakers referenced COVID-era crisis standards of care, discriminatory metrics, and personal stories involving canceled procedures, inadequate accommodations, and poor treatment in hospitals. Committee members thanked speakers for their testimony and said they would review the bill and its implications, but no vote was announced.
The committee also heard testimony on H. 1399, an individual Medicare marketplace option for municipal retirees, where supporters said it would give cities and towns a lower-cost alternative for retiree health benefits through HRAs and individual Medicare plans. The hearing then returned to Medicare for All testimony, with additional supporters repeating arguments about cost, access, municipal budget pressure, and the need for global budgeting and universal coverage. The transcript ends with continued testimony and no recorded committee vote or final action on any bill.
LA
Louisiana 2026 Regular Session
Public Retirement Systems Actuarial Committee Feb 23rd, 2026
Transcript Highlights:
- Their last COLA for the clerks' retirees was on January 1, 2024.
- We had an increase in retirees of 11 over the year, as is common.
- We had an increase in retirees of 11 over the year, as is common.
- The benefits in payment for our retirees are increasing as expected.
- We do see more retirees, as you can see at the top of the page.
Summary:
The Public Retirement System Actuarial Committee met on February 23, 2026, approved the December 18, 2025 minutes, and heard actuarial valuation reports and experience studies for several retirement systems. Presenters repeatedly noted strong investment performance, payroll growth, and generally improving funded ratios across the systems, with most plans showing lower minimum recommended employer contribution rates for fiscal 2027. The committee also received explanations of funding deposit accounts, frozen unfunded liabilities in some plans, and how recent legislative changes, including the move to five-year DROP periods in some systems, affected costs and assumptions.
For the Clerk of Court, District Attorney, Firefighters, Municipal Employees (Plans A and B), Municipal Police, Registrars of Voters, and Sheriffs systems, the committee reviewed 2025 actuarial evaluations and, where applicable, 2025 experience studies. The actuarial reviewers reported no significant deficiencies and said the valuations were completed in accordance with applicable actuarial standards, generally accepted actuarial practice, and state statutes. The experience studies generally led to modest assumption changes, with some cost decreases from salary, mortality, withdrawal, and asset experience, while some plans saw offsetting increases from retirement or post-DROP behavior. The committee asked a brief question about mortality assumptions and was told the studies use separate male/female and safety/non-safety tables adjusted for Louisiana experience.
The committee adopted each valuation and experience study without objection. Key fiscal 2027 minimum recommended employer contribution rates included 14.75% for Clerk of Court, 3.0% for District Attorneys, 25.5% for Firefighters, 20.75% for MERS Plan A, 8.75% for MERS Plan B, 26.5% for Municipal Police, 0% for Registrars of Voters with a $207,683 allocation to the Member Supplemental Savings Fund, and 7.75% for Sheriffs. The committee also recognized DROP crediting rates where applicable and adjourned after completing all agenda items.
MA
Massachusetts 2025-2026 Regular Session
Joint Committee on Bonding, Capital Expenditures and State Assets Jul 2nd, 2026
Joint Committee on Bonding, Capital Expenditures and State Assets
Transcript Highlights:
- I respectfully ask your support in advancing the Mass Wins Act.
- I am supportive of it.
- Many retirees do not receive Social Security benefits.
- And many retirees do not receive Social Security benefits.
- I respectfully urge this committee to support Section 106.
WA
Transcript Highlights:
- , not proposing any cuts to retirees.
- for PERS 1 and TERS 1 retirees.
- And retirees appreciate the governor's supplemental budget proposal, not proposing any cuts to retirees
- Per's 1 and Terse 1 retirees.
- I thank you all for your support.
Bills:
SB5998
Keywords:
fiscal appropriations, budget, state funding, financial management, operating expenses, 904, all
MD
Transcript Highlights:
- </c> to support that. to support that.
- </c> money to help out our retirees. money to help out our retirees.
- </c> $1 for our retirees. $1 for our retirees.
- I'd like to see the whole board filled with green to support our retirees. Thank you.
- </c> in assistance to retirees in our state. in assistance to retirees in our state.
TX
Transcript Highlights:
- This is a child safety issue, and we ask for your support.
- Thank you again for your time and commitment to supporting students with disabilities.
- But use industry fees to pay for that; we are supportive of that program.
- TRTA supports paying our education... Professionals more.
- This includes benefit enhancements for our TRS retirees.
Keywords:
appropriations, budget, state funding, education, healthcare, infrastructure, state budget, mental health funding, education funding, infrastructure improvements, public safety, campground safety, youth camp regulations, flood safety, emergency evacuation, health and safety standards, 1184, house, all
OK
Oklahoma 2026 Regular Session
Appropriations and Budget Education Subcommittee Jan 22nd, 2026 at 09:00 am
A&B Education Subcommittee
Transcript Highlights:
- That's where we support them Of Lowe, thank you.
- So, we provide support in five major ways.
- So, $1.48 billion went to retirees living in the state of Oklahoma.
- Billion that goes to in-state retirees.
- It also goes right back into the state budget in the form of retiree spending, so retirees are...
HI
Hawaii 2025 Regular Session
WAM, WAM DEFER, WAM-JDC, WAM-JDC Public Hearings 02-19-2025
Transcript Highlights:
- We did submit written testimony in support of the bill, and I do apologize for the late submission.
- So how long do you normally hire a retiree? What's the longest you've done it?
- So if we hire a retiree because they're retired, they're basically retiring, but part of the State's
- So when someone leaves, we can at least hire a retiree back for a couple of years at a lower position
- I support it.
Summary:
The committee met in decision-making on a long list of Senate bills and adopted most measures with amendments or unamended, often with members voting aye and some recording reservations. Among the measures acted on were SB 40, SB 411, SB 436, SB 443, SB 447, SB 572, SB 583, SB 739, SB 742, SB 746, SB 816, SB 826, SB 830, SB 841, SB 850, SB 865, SB 952, SB 955, SB 1040, SB 1042, SB 1083, SB 1229, SB 1359, SB 1469, SB 1553, SB 1578, SB 1609, SB 1610, SB 1619, and SB 1641. Common amendments included deferring effective dates to 2050, adding sunset dates, adopting LRB technical changes, and narrowing or clarifying program language.
Several bills drew brief discussion on policy details. SB 583 was amended to remove references to selling naming rights, leaving only leasing. SB 739 was discussed for its land exchange provisions and concerns about ceded lands and OHA revenue, but it was still adopted with reservations. SB 830 was amended based on DNR testimony to address reconstruction after disasters, excluding certain coastal hazards. SB 850 added State Council on Developmental Disabilities recommendations to address health disparities for people with intellectual or developmental disabilities. SB 952 shifted administration of a pilot program to the Department of Human Services in partnership with the Office of Wellness and Resiliency, and SB 1610 added requirements for utility connections and capped spending on the Ohana Zones/Cales-related program.
The committee also heard substantial discussion on SB 442, which concerned returning retirees to state employment. Testimony from the Department of Law Enforcement and the Attorney General focused on whether the bill should allow a shorter waiting period and how it would interact with current 89-day hiring practices, succession planning, and law enforcement retirement rules. After debate, the committee moved to decision-making and adopted amendments to include investigators, expand eligibility to hard-to-fill or succession-planning positions, and set a term limit for returning retirees with director approval for extensions. In a separate joint Ways and Means/Judiciary hearing, SB 716, SB 763, and SB 804 were also advanced with amendments, including organizational placement changes for DLE programs and Attorney General amendments to avoid retroactivity and contract-impairment issues. Several items were deferred, including SB 983, SB 1220, and SB 828.
MO
Missouri 2026 Regular Session
Joint Committee on Public Employee Retirement Apr 28th, 2026 at 08:30 am
Joint Committee on Public Employee Retirement
Transcript Highlights:
- And then finally we have nearly 56,500 retirees and beneficiaries.
- We have more retirees and active members.
- There's probably more retirees in the state... ...in this geographic area than any part of the state.
- that I'm very proud to support.
- So can you just, um... ...that I'm very proud to support.
Summary:
The Joint Committee on Public Employee Retirement held a hearing focused on the Missouri State Employees’ Retirement System (MOSERS) and its long-term financial condition. MOSERS staff gave an overview of the system, its membership, governance, funding policy, and investment consultant role, then reported that as of the June 30, 2025 valuation the plan was 55.4% funded, with about $9.6 billion in assets and $17.4 billion in liabilities. They explained that the FY27 actuarial employer contribution rate was 27.44%, but the board’s minimum employer contribution policy required a 32% rate, which increased the appropriation need and was intended to improve funding over time. They also described the system’s mature membership profile, declining payroll growth, and level-percent amortization of unfunded liabilities as key factors affecting the funded ratio.
A major portion of the hearing addressed investment performance and asset allocation. MOSERS and its consultant said historical underperformance relative to peers was driven largely by a more conservative, risk-balanced asset allocation that held less public equity and more diversifying assets such as long-duration bonds, which lagged during the long equity market run. They said the board adopted a more equity-oriented allocation in 2024 and is phasing it in over eight quarters, with recent short-term performance improving and the portfolio outperforming its policy benchmark. Members questioned whether earlier return assumptions were too high and whether the plan’s downward funded-ratio trend reflected past decisions; MOSERS responded that the board has since lowered assumptions, updated mortality and payroll-growth assumptions, and adopted policies meant to strengthen long-term funding even if they raise near-term costs.
The committee also discussed the recent experience study, which made only modest assumption changes and left the investment return assumption at 6.95%. MOSERS outlined proposed 2026 legislation that would automatically refund small balances to terminated non-vested members and gradually auto-escalate deferred compensation contributions for employees who remain at the default rate. Members asked about the effect of the refund proposal on returning employees and were told it would follow current refund rules, just on an automatic basis. Finally, MOSERS reported ongoing litigation involving Catalyst Capital, saying the case remains under appeal and that attorney fees have been about $20 million so far; the committee adjourned without taking any formal vote or action.
TX
Texas 89th Regular
Pensions, Investments & Financial Services Mar 3rd, 2025
Pensions, Investments & Financial Services
Transcript Highlights:
- Hurston Primary is providing pension benefits to our retirees.
- Trust Fund provides annuity payments for approximately half a million retirees.
- One is for our retirees, TRS Care.
- The legislature did not want us to raise premiums on retirees for that program.
- But I want to make sure so retiree hires does that affect the number?