Transcript Highlights:

• Members of the Employee Retirement System, a text for the Committee on Pension Investments and Financial
• services under certain group benefit plans for governmental employees and retirees the committee on pensions
• contributions for employed retirees of the teacher retirement system at Texas for the committee on pension
• the issuance of general obligation bonds by a political subdivision, referred to the Committee on Pensions

Transcript Highlights:

• Now on to the pension liability.
• This amount represents the liability of the state's pension plan for all primary government.
• So why does the pension liability fluctuate? So why does the pension liability fluctuate?
• These changes are not reflected in the pension liability reported in the 2025 ACFR because the pension
• And those are related to the pension plan.

Committee: Joint Legislative Audit and Fiscal Review Committee

Transcript Highlights:

• Now on to the pension liability.
• This amount represents the liability of the state's pension plan for all primary government.
• So why does the pension liability fluctuate? So the expected rate of return was used.
• So why does the pension liability fluctuate?
• These changes are not reflected in the pension liability reported in the 2025 ACFR because the pension

Committee: Joint Legislative Audit and Fiscal Review Committee

Summary: The Legislative Audit and Fiscal Review Committee met to receive a series of audit presentations, beginning with approval of the prior meeting minutes and a review of the state’s annual comprehensive financial report (ACFR) for fiscal year 2025. The State Auditor’s Office and the Office of Management and Budget reported a clean opinion on the state’s financial statements and described continued growth in net position, strong general fund balance, and significant Legacy Fund investment income. Committee members asked about how the report reflects long-term finances and how North Dakota compares with other states, and OMB noted that the ACFR is based on audited actual results rather than budget forecasts. The committee then heard the North Dakota University System audit, which also received a clean opinion but included four findings: misreporting of Strategic Investment and Improvements Fund construction money, insufficient monitoring of service organizations, improper bank reconciliations at several campuses, and investment/cash recording issues at Bismarck State College. University System officials agreed with the findings and said corrective actions were underway, including internal review of bank reconciliations and greater use of shared services. Members also questioned practices such as campus use of certificates of deposit and whether repeated findings were being adequately addressed. Additional audits were presented for the State Fair Association, State Auditor’s Office, Workforce Safety and Insurance, Housing Finance Agency, Housing Incentive Fund, Job Service North Dakota, the Retirement and Investment Office, PERS, the Center for Distance Education, the Securities Department, the Commission on Legal Counsel for Indigents, the Ethics Commission, and the Office of Administrative Hearings. Most received clean opinions with no findings; exceptions included a repeat component-unit issue at the State Fair Foundation, a securities personnel-evaluation finding, and a Housing Finance Agency finding involving a late return of escrow surplus. The committee also discussed broader oversight issues, including the need for independent auditing of the Ethics Commission, possible legislative changes to give the State Auditor more subpoena power and independent legal counsel, and future work on data analytics, cybersecurity reviews, and audit capacity. The meeting recessed for lunch after these discussions.

Transcript Highlights:

• It includes age limits, credit hour caps, admissions requirements, and felony exclusions.
• And that is before factoring in health insurance and pension costs under the Arizona State Retirement
• And that is before factoring in health insurance and pension costs under the Arizona State Retirement
• These are deferred comp benefits on top of the defined benefit pension.

Committee: House House Education Committee of Reference

Summary: The committee heard testimony on House Bill 2076, which would create a program and fund within ADE, in consultation with AZPOST, to reimburse eligible schools and employees for approved training, certification, and school safety equipment, and would allow schools to adopt policies permitting certain employees to carry concealed firearms on campus if they meet training, notification, and confidentiality requirements. The sponsor, Rep. Bliss, framed the bill as an optional, fiscally responsible medical-response measure focused on bleeding control and emergency preparedness, not a mandate to arm schools. Supporters said the bill adds guardrails, expands access to training, and could help staff respond in emergencies. Opponents, including Giffords, Arizona for Gun Safety, and the Arizona Education Association, argued it would normalize firearms in classrooms, create confidentiality and law-enforcement concerns, expose students and staff to new risks, and divert attention from prevention, mental health, and other school safety investments. After debate, the committee voted 6-5-1 to give HB 2076 a do-pass recommendation. The committee then took up House Bill 2830, which directs the State Board of Education to adopt science standards requiring instruction on fetal and prenatal development and specifies that the content is not sex education. Supporters, including the sponsor, a school board president, and a biology teacher, said the bill is about age-appropriate, medically accurate science, parental rights, and clear statewide guidance. Opponents, including the AEA and Reproductive Freedom for All, said it fragments science instruction, politicizes the curriculum, and omits the broader reproductive and public health context students need. Members debated whether fetal development can be taught without discussing reproduction, and whether the bill is an education measure or an anti-abortion effort. The committee approved HB 2830 on an 8-4 vote. The transcript also included discussion of House Bill 2093, which would repeal required mental health instruction and social-emotional learning in schools; supporters argued it restores parental control and refocuses schools on academics, while opponents said school-based mental health education saves lives and helps students who may not have support at home.

Transcript Highlights:

• Our New York State pension funds, other state pension funds, union pension funds, our hospitals, our
• We don't believe that bondholders, whether they are pension funds, whether they are not-for-profits,
• OUR NEW YORK STATE PENSION FUNDS, OTHER STATE PENSION FUNDS, UNION PENSION FUNDS, OUR HOSPITALS, OUR
• WE DON'T BELIEVE THAT BOND HOLDER, WHETHER THEY ARE PENSION FUNDS, WHETHER THEY ARE NOT FOR PROFITS,
• Our members who donated or contributing to their pensions, they can make it up.

Summary: The Senate convened, approved the prior day’s journal, and then processed a large number of motions to discharge bills from committees and substitute identical Senate or Assembly versions for third reading. The chamber also adopted the resolution calendar with exceptions and took up several resolutions and ceremonial recognitions, including a resolution mourning Hudson Talbott, a Dairy Month resolution highlighting New York’s dairy industry, and introductions honoring Niskayuna academic teams, Gabriella Scheer for receiving the Liberty Medal, the Hartstein family’s civic engagement, and Diana Cochran’s advocacy for safe firearm storage. The Senate then moved through the calendar and passed many bills on topics including insurance, public health, education, labor, social services, banking, local government, veterans, public service, consumer protection, criminal procedure, cannabis, parks, taxation, election law, and highway matters. Several members explained votes on notable measures: support for acupuncture insurance coverage, consumer protections for doorbell-camera data sharing, expanded protections in debt collection cases, trauma-informed procedures for sexual assault survivors, a Legionnaires’ disease awareness program, changes to mandatory minimum sentencing, and universal safe storage of firearms. A number of home rule and local authorization bills were also approved, including parkland alienation measures and local tax exemption authorizations. Most measures passed with broad bipartisan support, though some drew recorded opposition. Notable roll calls included the consumer debt uniformity bill, the mandatory minimum sentencing bill, the safe storage/firearms bill, and the public housing and public health measures, each with more divided votes. The chamber also accepted a lengthy Rules Committee report sending many additional bills directly to third reading, and then began the supplemental calendar, passing at least the first items before the transcript ended.

Transcript Highlights:

• </c> we have the um Kentucky Public Pensions we have the um Kentucky Public Pensions Authority.
• Kentucky Public Pensions Authority is, as most of you are very aware, the administrative arm of three
• pension plans within Kentucky.
• So that's the import of what we do at the pensions.
• Um I also what we do at the pensions.

Summary: The Capital Planning Advisory Board opened its fourth meeting, confirmed a quorum, approved the prior meeting’s minutes by unanimous voice vote, and then heard information items and agency presentations. The main substantive presentation came from the Council on Postsecondary Education, which outlined its capital planning recommendations for the 2026–28 biennium. CPE staff described the role of Kentucky’s research and education network (Kron), including connectivity to cloud services, Internet2, identity services, and new local AI/inferencing capacity, and argued that the network is now essential to higher education, health care, and extension services. They said the network’s recent upgrades were driven by privacy, security, redundancy, and the need to support modern research and AI workloads at lower cost than commercial providers. CPE also presented its broader higher-education capital request: $700 million for asset preservation and $1.73 billion for new construction, for a total recommendation of about $2.4 billion. Staff said they do not plan to recommend IT projects or equipment in this cycle, despite reviewing 48 IT submissions totaling nearly $1.4 billion and equipment requests totaling $322.6 million. For asset preservation, they said the recommended allocation method would remain based on each institution’s share of Category 1 and 2 square footage, and they noted that the state’s prior facility assessment is now 12 years old, with deferred maintenance still estimated in the $7–9 billion range. For new construction, they said the requests are heavily focused on STEM and health-related facilities that are difficult to retrofit into older buildings. Board members asked about how asset-preservation amounts were determined, including why Northern Kentucky University’s request was much larger than its prior allocation. CPE staff responded that campus size, building age, and institutional prioritization affect the requests, and that schools are asked to submit more projects than are likely to be funded. The board then moved on to an Attorney General capital plan overview, where senior counsel Will Schroeder began describing the office’s technology needs and the office’s prior reliance on a 2020 appropriation to replace legacy systems and improve security.

Transcript Highlights:

• This is a pension bill that has been put together.
• But from a pension perspective...
• Public pensions.
• This is standard practice, as I understand, in the pension world.
• I had the pleasure of being the ranking member of the Pensions Committee.

Summary: The House convened with prayer and the Pledge of Allegiance, then approved the House Journal for the prior day by a vote of 118-1. The bulk of the meeting consisted of lengthy points of personal privilege, including farewell remarks from several outgoing members who thanked family, staff, colleagues, and constituents, reflected on their service, and spoke about issues such as law enforcement, veterans, rural schools, unborn life, kindness, and the influence of money and lobbyists in the legislative process. The chamber also recognized several special guests, including schoolchildren, interns, a law school graduate, family members, and a former representative. The House then took up committee reports and several bills. It granted further conference on Senate Bill 1020. Senate Bill 1019, dealing with hospital finance and related health-care provisions, was amended and passed 110-31 after debate over an amendment on prior authorization reform, physician licensure, telehealth, workplace violence language, and Lyme disease fixes. Senate Bill 1572, a pensions measure affecting MOSERS, EMPERS, the St. Louis police retirement system, and Kansas City police retirement timing, was amended on several technical and policy points and passed 129-14 after discussion of overpayment recoupment rules and retirement system compliance concerns. The House also passed House Committee Substitute for Senate Substitute for Senate Bill 1196, which removed the sunset from the workforce diploma program, expanded Fast Track Workforce Incentive Grants, added workforce Pell Grant language, and established a future higher-education funding model subject to later legislative approval. It passed 115-20-4, but the emergency clause failed 2-132-2 after the sponsor said it was included only to speed Pell Grant implementation and was being handled “tongue in cheek.” Finally, the House began consideration of House Bill 2508 with Senate amendments, an LLC-related bill addressing certificates of good standing, court dissolution of LLCs in limited cases, and a St. Louis County property-management affidavit requirement for unresolved ordinance violations.

Transcript Highlights:

• , the bills do include the following four provisions: a $6,000 deduction for distributions from a pension
• retirement system pension will be tax-free.
• Yeah, to clarify, right, is that it's a deduction for retirement accounts and pensions.
• I know pensions are also in there. However, if we do look at the tax data and also data...
• I know pensions are also in there.

Summary: The joint House Ways and Means and Senate Finance committees met to hear identical conformity bills, HB 2153 and SB 1106, which would align Arizona tax law with the federal Internal Revenue Code as of Jan. 1, 2026, including some retroactive provisions for tax year 2025. Staff explained that the bills would exclude three federal provisions: the higher federal SALT deduction, the new senior deduction as written in H.R. 1, and the deduction for interest on new car loans. They would instead include a $6,000 retirement-income deduction for taxpayers age 60 and older, a $6,000 Roth IRA contribution deduction, a higher dependent tax credit, and a deduction for child and dependent care expenses above the federal credit. JLBC estimated the package would reduce general fund income tax revenue by about $441.3 million in FY 2026. Members also discussed that the Department of Revenue’s forms had been issued assuming full conformity, and staff and supporters argued the bills were needed quickly to avoid confusion and amended returns during filing season. Committee members and sponsors largely framed the bills as tax relief and a way to provide certainty for taxpayers and preparers. Supporters said the package would help families, seniors, and workers, and noted that the Arizona version was negotiated to keep the overall tax relief roughly comparable to full conformity while shifting benefits away from the SALT deduction and toward child credits, retirement income, and child care. The sponsors also criticized the governor’s executive action and urged prompt passage so taxpayers would know how to file. Opponents argued the bills would reduce state revenue, worsen the budget outlook, and disproportionately benefit higher-income taxpayers and corporations. Several witnesses and members also raised concerns about the child care deduction, the retirement-income deduction, and the business expensing provisions, while supporters responded that the bill was designed to help working families and encourage saving and investment. Public testimony was mixed. The Arizona Society of Certified Public Accountants and the Arizona Free Enterprise Club supported the bills, emphasizing early conformity, filing certainty, and reduced confusion for taxpayers and software providers. Opponents included Save Our Schools Arizona, the Arizona Center for Economic Progress, Opportunity Arizona, and several individuals, who argued the package would deepen budget problems and favor the wealthy. One witness objected to a federal school-choice-related provision she said was being tied to the bill, though committee members said the measure before them was a tax conformity bill and not a school finance bill. The hearing included extended debate over the fiscal impact, the governor’s prior requests for some of the same tax changes, and whether taxpayers would need to file amended returns if the legislature later changed course. The transcript ends during testimony from NFIB, with no final committee vote or action shown in the excerpt.

Transcript Highlights:

• Importantly, this proposal finally, finally delinks lawmakers' pensions from judicial pay raises, an
• We are co-equal branches of government, and legislative salaries are too low to base any sort of pension
• Our legislative pensions... ...is until 2030, is that correct?
• Our legislative pensions will initially, just under current law, our legislative pensions are linked
• Well, the statute changes that we take, we initially go up to the $175,000, our legislative pension is

Summary: The House met on sine die and began with prayer, pledges, quorum verification, and a series of announcements and recognitions. The chamber received Senate messages reporting adoption of conference committee reports on SB 268 and SB 2972, and Senate concurrence in House amendments to SB 1637. Members also referred several resolutions and announced the signing of numerous House and Senate measures by the presence of the House. Technical correction resolutions were adopted: HCR 171, authorizing corrections to HB 46, passed 138-0, and SCR 55, making a wording correction in SB 1964, passed 126-12. A large portion of the meeting was devoted to memorials and recognitions. The House honored Pastor Dave Welch, with several members offering condolences and reflections on his work organizing pastors and engaging in civic life, followed by a moment of silence. Members also recognized the Ganado High School Maidens for winning the 2025 UIL 2A Division I softball state championship, Waco police K-9 Andor after being shot in the line of duty, Region 7 DPS for Capitol Complex security, and various restaurants, staff members, interns, caucus staff, and caucus freshmen of the year across Republican, Democratic, Black, Progressive, LGBTQ, IT, Energy and Climate, and Mexican American Legislative Caucuses. The chamber also heard a retirement-style address from Rep. Tony Tinderholt, who reflected on his six sessions in the House, his military service, and his decision to step aside to focus on family, while colleagues from both parties praised his service, discipline, and willingness to work across differences. The House then continued with additional staff and caucus recognitions, including committee staff, district office staff, and interns, with members repeatedly thanking their teams for their work during the session.

Transcript Highlights:

• Almost all the current exceptions and exclusions to compensation would be repealed.
• Almost all the current exceptions and exclusions to compensation would be repealed.
• Procedural and technical tricks. ...and exclusions to compensation would be repealed.
• He got $24,000 from my 401(k) and half my pension.
• I just wanted to say that, you know, it's not exclusive caring about people and caring about animals,

Committee: Joint Joint Committee on the Judiciary

Summary: The Joint Committee on the Judiciary held a lengthy public hearing on a wide range of civil actions, labor, consumer protection, and animal welfare bills. Chair Lydia Edwards and Representative Michael Day opened with strict testimony rules and time limits, then heard from legislators and advocates on measures including animal-abuser pet ownership bans (S. 1207/H. 1914), a name-change privacy bill (S. 1045/H. 1973), tort claims reform (H. 1724), law enforcement council coverage under the Tort Claims Act (S. 1199), civil rights and qualified immunity-related proposals (H. 1641), employee free speech/captive audience restrictions (S. 1078/H. 1653), consumer protection and civil rights jurisdiction expansion (S. 1041), private right of action for wage theft (H. 1916), gun-owner liability insurance (H. 1836), pseudoephedrine sales tracking (S. 1243/H. 1581), prepaid legal services plans (H. 1612), structured settlement protections (H. 1863), third-party litigation financing disclosure (H. 1861), antitrust reform for small businesses and workers (S. 1038/H. 1982), legal notices in online-only newspapers (S. 1279/H. 1632), and several animal cruelty and protection bills including H. 1938, H. 1949, S. 1277/H. 1934, and H. 1764. Testimony was largely supportive from bill sponsors and advocacy groups, with repeated themes of protecting vulnerable people and animals, improving access to justice, and updating outdated laws. Supporters of the animal bills argued for stronger possession bans, broader cruelty citations, and civil removal tools to prevent repeat abuse; opponents or conditional supporters raised due process and enforcement concerns, especially around warrantless seizures and requiring retail or shelter staff to check registries. On the labor and consumer side, supporters said the antitrust bill would curb monopoly power and help small businesses and workers, while opponents warned it could destabilize competition and burden successful firms. The employee free speech bill was backed as a response to captive audience meetings, and the wage-theft bill was presented as a way to let workers or organizations pursue claims when individual employees are afraid to come forward. Several public officials and association representatives testified on the law enforcement and civil rights bills. Chiefs of police supported adding law enforcement councils to the Tort Claims Act, saying it would close a liability gap for regional mutual-aid collaborations. But police representatives opposed changes to the Massachusetts Civil Rights Act and qualified immunity-related provisions, arguing the federal system already provides a workable forum and that expanding liability could increase costs, reduce morale, and worsen recruitment and retention. On the consumer/civil rights bill, Senator Collins and a veteran described an out-of-state assault case that they said showed the need for Massachusetts to let residents seek redress at home when rights are violated elsewhere. No votes or formal committee actions were taken during the hearing itself; the committee mainly received testimony and questions. Several witnesses indicated they had submitted written testimony or proposed amendments, and some bills drew requests for favorable reports while others were explicitly opposed unless amended.

Transcript Highlights:

• 11, you will find the effect on an open appropriation for the National Guard, which is related to pension
• language here because of individuals in our caucus and others who have come forward to say that exclusively
• Sad to see that we are kind of<00:57:09.440><c> being</c><00:57:09.760><c> exclusive</c><00:57:10.240
• ><c> in</c><00:57:10.480><c> the</c><00:57:10.640><c> way</c><00:57:10.799><c> we</c> of being exclusive
• in the way we of being exclusive in the way we recognize<00:57:11.920><c> those</c><00:57:12.240><c>

Transcript Highlights:

• So, we're not like a pension or something like that where we just want to grow at 32%.
• These a lot of qualifying a lot of our budget is really eating up almost exclusively for our salaries

Committee: House A&B Education Subcommittee

Transcript Highlights:

• Casper, is if we were to go for Option 4, which is an exclusion from just partisan offices only, is there
• That was one each for the Legislative Health and Human Services Committee, the Investments and Pensions

Committee: House Legislative Council

Transcript Highlights:

• producers to be able to come in and use it, as well as just for us to do programming, but it won't be exclusively
• That's because of our pension, but I don't know that.

Committee: House New Mexico Finance Authority Oversight Committee

Transcript Highlights:

• They have pension, they have insurance, and they have built lives and families, and they pay taxes and
• founded by Florida horsemen and owned by Florida horsemen, has been selling thoroughbred racehorses exclusively

Committee: House Commerce Committee

Summary: The Commerce Committee held its first meeting, took roll, established a quorum, and heard opening remarks from the chair, vice chair, and ranking member emphasizing the committee’s broad scope and focus on Florida’s economy and daily-life issues. The committee then considered several bills, with members and staff noting the agenda included four bills and a PCS. The first measures dealt with insurance and consumer regulation. CS/HB 367 on home and service warranty associations was explained as allowing financial requirements to be met through one or more contractual liability policies and reducing certain filing requirements; an amendment adding requirements for liability insurance coverage was adopted, and the bill passed favorably. HB 655 on pet insurance and wellness programs created a regulatory framework for pet insurance and also passed favorably. HB 6015, which deleted the word “reusable” from the wine keg statute, had brief support testimony and passed favorably. The committee spent the most time on CS/HB 105, a strike-all PCS on thoroughbred permit holders and decoupling racing from gaming. The sponsor said the revised bill would decouple racing and gaming while adding protections for the thoroughbred industry, including a notice period before racing could stop, permit transferability, and changes to how breeders’ and owners’ funds are administered. Supporters argued the bill would preserve and strengthen the industry through clearer rules and more direct support, while opponents—horsemen, breeders, trainers, veterinarians, and related businesses—warned it would harm a major rural industry, threaten jobs, and favor casino interests. After extensive debate, the strike-all was adopted and the bill was reported favorably on a divided vote. Finally, HB 11 on municipal water and sewer utility rates was presented as correcting an unintended consequence in surcharge law for utilities owned by one municipality but located in another. Testimony focused on the fairness of the current surcharge structure and the impact on Miami Gardens and North Miami Beach. After debate about negotiation, parity, and local impacts, the bill passed favorably. The committee then adjourned after its first meeting.

Transcript Highlights:

• And a force dedicated to recruiting and retention exclusively for that state.
• Department of Veteran Affairs as well as pensions and appeals of those claims.

Committee: House S/C on Defense & Veterans' Affairs

Transcript Highlights:

• support. ...about $800,000 is related to IT support services, including hosting fees for the new pension
• the SIF and $65 million from our oil tax revenue for a total of $90 million to help pay down the pension
• liability associated with the defined benefits. ...pay down the pension liability associated with the
• defined benefit pension that we closed last legislative session.
• benefit pension that we closed last legislative session last legislative session we debated that at

Summary: The Senate convened with prayer, pledge, roll call, and a quorum present, then approved a motion to lay over House Bill 1525 for one legislative day. It also voted not to concur with House amendments on Senate Bills 2294, 2297, 2070, 4017, and 2262, appointing conference committees for each. The chamber then took up a series of House bill amendments and final-passage votes. On amendments, the Senate adopted changes to House Bill 1229 on fleeing law enforcement and driving-record transparency after debate over insurance impacts and public safety; House Bill 1510 on teacher retention, on-site child care, and licensure study language; House Bill 1160 to restrict student personal electronic devices during instructional time; House Bill 1429 to address drone harassment and stalking of animals; House Bill 1203 to harmonize medical marijuana provisions; House Bill 1600 to create a UND immigration clinic with reporting requirements; House Bill 1130 to broaden K-12 funding formula changes and reduce state fiscal impact; House Bill 1279 to modify the coal conversion tax exemption; House Bill 1442 to adjust membership and scope of a state task force; and House Bill 1464 to convert a maternal care services proposal into a study and remove the appropriation. The Senate rejected an amendment to House Bill 1022 concerning the Retirement and Investment Office bonus program, then passed the bill. It also passed House Bill 1234 on a $90 million transfer to reduce PERS liability, while rejecting a floor amendment to it. On final passage, the Senate passed House Bills 1008 (Public Service Commission budget), 1218 (temporary moratorium and study on economic analysis for drain projects), 1234 (PERS funding transfer), 1146 (PERS defined contribution cleanup and emergency clause), 1355 (expanded notice for administrative rulemaking), 1470 (Game and Fish fee changes and guide/outfitter updates), 1029 (Capital Grounds Planning Commission duties), 1017 (Game and Fish budget), 1374 (township supervisor open-meeting exemption for on-site inspections), and 1064 (NC-SARA membership and distance education regulation). It defeated House Bill 1583 on false political advertisements with civil-action language and House Bill 1393 on earned wage access provider regulation. The transcript ends as the Senate begins consideration of House Bill 1326 on self-defense and unlawful firearm possession by felons.

Transcript Highlights:

• Are the pension benefits contributions that are required higher?
• </c><03:57:56.960><c> benefits</c> insurance are the uh pension benefits insurance are the uh pension
• </c> pensions you know higher pension pensions you know higher pension contributions<03:58:19.920><c>
• plans and all that for the state pension plans and all that that<03:58:27.680><c> I</c><03:58:27.880
• Class 70 is used exclusively to pay fuel costs, mostly for the pumps. What page is Fleet?

Summary: The committee heard a presentation from the University System of New Hampshire chancellor on the system’s budget, enrollment, finances, workforce role, and response to federal policy changes. The chancellor said the governor’s recommended budget would reduce university system funding by about $16.5 million over the biennium, or roughly 8.3%, and asked that state funding be held at the governor’s level. She described planned cost reductions already underway, including lower headcount, reduced benefits and retirement contributions, property sales, and lease reductions, and said the system expects to remove about $20 million from its cost structure in fiscal year 2026. A large portion of the discussion focused on enrollment and finances. The chancellor said fall 2024 enrollment was about 23,000, with New Hampshire enrollment increasing for the first time since 2013, and noted that the system remains a major workforce pipeline, with about 3,000 graduates entering the state workforce each year. She explained that net tuition has fallen over time because of declining enrollment and increased financial aid, while research grants and contracts have grown significantly. She also walked through endowment funding, explaining that payouts are based on a 12-quarter rolling average and are intentionally smoothed to reduce volatility; members asked for follow-up information on payout comparisons, administrative salaries, headcounts, and compensation per student. Members questioned the university about the relationship between state support, tuition, endowments, and research spending. The chancellor said the system has used state capital support to leverage major investments, including the UNH Life Sciences building, Plymouth’s Hyde Hall, and the Olson Advanced Manufacturing Center, and described partnerships with businesses such as Lonza and regional manufacturers. She also explained a long-running New Hampshire 529-related revenue stream that has built endowment support for scholarships, and said the system’s endowment now totals about $988 million. In response to questions about possible cuts, she said the system is considering academic program sharing, consolidation of specialties, online delivery, AI-assisted administrative efficiencies, and footprint reductions, but declined to name specific programs. The committee also discussed DEI-related issues and federal grants. The chancellor said the system is reviewing executive orders and a U.S. Department of Education Dear Colleague letter, and that general counsel is working through websites, programs, and more than 1,200 federal grants to ensure compliance. She said the system spends about $3 million on what it calls DEI-related offices and services, but emphasized that these services include disability support, veteran support, Title IX, ADA, and employment-law compliance, and that the system does not have race-based programs, separate housing, or separate graduation ceremonies. She reported that the system had received stop-work orders on four federal grants totaling about $700,000 and warned that reductions in federal direct or indirect costs could affect research, jobs, and innovation.

Transcript Highlights:

• The main factor for these changes has been the decrease and increase in net pension liabilities.
• Not reflected on this slide is the net pension liability related to these retirement plans.
• Net pension liability is an amount created when the promised retirement benefits exceed plan assets.
• The retirement systems had net pension liability of $9 billion, as shown on page 36.
• I would say it bears monitoring in the same way that our pension underfunding bears monitoring, but no

Committee: All LEGISLATIVE JOINT AUDITING

Summary: The committee met to adopt prior minutes and reports from its executive and standing committees, including counties and municipalities, educational institutions, and state agencies. Those reports covered routine audit activity, delinquent private water and sewer audits, municipal accounting compliance issues, education audit findings, and several state agency audit items. The committee also reviewed and adopted the State of Arkansas annual comprehensive financial report for fiscal year 2025 and the related single audit report, both presented by Legislative Audit staff. The state financial report showed unmodified opinions on the state’s financial statements and described total assets of about $41.9 billion and liabilities of about $11.1 billion, along with retirement system assets of $39.9 billion and a net pension liability of $9 billion. Two material weaknesses were identified: insufficient internal controls at the Office of State Technology to monitor threats and unauthorized access, and a Division of Workforce Services methodology change for unemployment-related estimates that was not properly documented or approved. The single audit covered $12.4 billion in federal awards across 469 programs, with 16 major programs reviewed; it resulted in 33 findings, 14 with questioned costs totaling $16.6 million, and qualified opinions for the Summer EBT program, the Coronavirus Capital Projects Fund, and the Child Care Development Fund cluster. Members questioned agency officials in detail about the Summer EBT questioned costs, DHS unresolved findings, broadband grant documentation, cyber security controls, workers’ compensation liabilities, and child care funding and reporting. DHS explained that the Summer EBT issue involved drawing federal funds in advance rather than as benefits were redeemed, and said the process has been corrected. Broadband officials said the questioned $6.6 million reflected documentation-detail disagreements across many invoices rather than missing payments. OST officials described new logging, endpoint detection, and phishing-training efforts, and DFA and Education officials addressed specific audit findings and corrective actions. The committee ultimately moved to hold the two large statewide reports over until the August meeting for further review, with discussion continuing on whether to release some agency staff in the meantime.

Transcript Highlights:

• So Sheriff's Pension and Relief Fund had a very good year, and I'll say I take you to page one to go
• And in fact, based on the laws applicable to the Sheriff's Pension and Relief Fund, they could add no
• And that's what the Sheriff's Pension and Relief Fund board did: they avoided an increase in that cost
• All right, so I'd move that we adopt the actuarial evaluation for the Sheriff's Pension and Relief Fund
• And a motion to accept the experience study for 2025 for Sheriff's Pension and Relief Fund as presented

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