Transcript Highlights:

• We go through all five plans: the state miscellaneous plan is the largest plan, but there are peace officers
• And for large plans like CalPERS and CalSTRS and ongoing plans, you know, a 15- to 20-year amortization
• the plan.
• If we expected 10,000 people to retire and there were 9,800 people to retire, you know, that's a gain
• You know, people don't retire at 55 anymore. Those who retire at 55 retire as soon as they can.

Keywords: 988, house, all

Transcript Highlights:

• This the Sheriff's and Deputies Pension Plan.
• This plan is not a state retirement plan per se.
• An example of that would be there are plans that the employer pays 12% to 20% of the employee's retirement
• That's our total concentration: the long-term future of the plan. And we plan everything.
• And we plan everything around that.

Summary: The Retirement Committee met on March 19, 2026, adopted prior meeting minutes without objection, and then heard a series of retirement-system bills. Representative Wiley presented three bills for the Louisiana Sheriffs’ Pension and Relief Fund: HB 33 would expand the back deferred retirement option program from four to five years for members with 35 years of service; HB 34 would allow certain members to retire at age 50 with an actuarially reduced benefit instead of waiting until 55; and HB 35 would allow up to 3% of employer contributions to be credited to the fund’s deposit account to help manage future costs and benefit increases. Witnesses for the sheriffs’ fund described its strong financial condition, including assets over $6 billion and a funded ratio above 90%, and said the bills were intended to reward long service, aid recruitment and retention, and provide flexibility in managing the fund. All three measures were reported favorably without objection. Representative Baralt presented HB 15 and HB 47 for the Assessor’s Retirement Fund. HB 15 sets procedures for correcting administrative errors in benefit payments, including interest on underpayments and repayment terms for overpayments. HB 47 revises the fund’s cost-of-living increase rules and funding deposit account provisions; Baralt noted the system has no unfunded liability and that the changes are tied to pre-funded COLAs. Both bills were reported favorably without objection. Representative Ilg presented HB 17, HB 18, and HB 19 for the District Attorneys’ Retirement System. HB 17 adds the Louisiana District Attorneys Association to the definition of employer and addresses reemployed retirees, with amendments removing a local funding restriction, requiring reporting of reemployed retirees, and adding a sunset in 2031. HB 18 staggers trustee elections so no more than two board seats are up in a year, and HB 19 removes references to the State Medical Disability Board because the system now works directly with physicians. All three bills were amended where applicable and then reported favorably. Representative Bacala presented HB 8, HB 48, and HB 22. HB 8 allows legislative staff designated by the committee to attend executive sessions of state and statewide retirement boards for a term-based authorization. HB 48 allows Louisiana Supreme Court court criers commissioned with the Orleans Parish Sheriff’s Office to participate in the Sheriffs’ Pension and Relief Fund, with amendments allowing an election between systems and clarifying employer responsibilities. HB 22 revises the Clerks of Court Retirement and Relief Fund’s COLA rules, raising the maximum COLA to 3% under certain funding conditions and tying increases to the fund’s deposit account; a technical amendment adjusted the timing language. All three bills were adopted favorably, with amendments where offered.

Transcript Highlights:

• We go through all the five plans: the state miscellaneous plan is the largest plan, but there's peace
• And for large plans like CalPERS and CalSTRS and ongoing plans, you know, a 15 to 20 year amortization
• a little bit more accommodating in terms of where the plan is and the long-term expectation of the plan
• If we expected 10,000 people to retire and there were 9,800 people to retire, you know, that's a gain
• to the system: fewer people retired.

Summary: The Assembly Committee on Public Employment and Retirement and the Senate Committee on Labor, Public Employment, and Retirement held a joint hearing required by law to receive an independent report from the California Actuarial Advisory Panel on CalPERS. Opening remarks emphasized CalPERS’ role in providing retirement security for roughly two million members and the importance of actuarial assumptions to state budgeting and long-term pension health. Scott Tarando, CalPERS chief actuary and a CAP member, presented the report with Michael Cohen of CalPERS’ investment office available for questions. Tarando explained the statutory disclosure requirements under Government Code Section 2029, including sensitivity analysis around CalPERS’ 6.8% discount rate, and discussed how investment return assumptions and the 20-year amortization period affect contribution rates, unfunded liabilities, and budget volatility. He said shorter amortization periods would raise near-term costs but reduce long-term interest costs, and noted that CalPERS’ current approach is intended to smooth contribution changes over time. He also described the timing of the annual valuation process, explaining that contribution rates for a given fiscal year are based on the most recently audited year-end data and are approved by the board before being used in the budget process. Members asked about the relationship between average employee service life and amortization, whether more current data could be used, the effect of AI and labor-market changes on future assumptions, whether retirees’ benefits change with annual valuations, and CalPERS’ funded status. Tarando said the average expected working lifetime is about 11 to 12 years, while CalPERS uses a 20-year amortization period; he also said retiree benefits are set at retirement and do not change based on later valuations. He estimated CalPERS’ funded status had risen from the mid-60% range about 10 years ago to around 79% at June 30 and above 80% more recently. Cohen said CalPERS had complied with federal information requests and that no formal federal review had been released. During public comment, a county association representative praised the improved funded status and PEPRA reforms. The chairs closed by reiterating fiduciary responsibility and the need to protect CalPERS’ long-term stability, and the meeting adjourned.

Transcript Highlights:

• Not more expensive, plan or that plan.
• but that plan or any plan that's the but that plan or any plan that's the maximum<00:25:53.760><c> amount
• </c> of their plan. of their plan.
• . plan. plan.
• </c> teacher retires. teacher retires.

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

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

Transcript Highlights:

• and the State Patrol Retirement Plan.
• Patrol Retirement Plan. I am also a Patrol Retirement Plan.
• c><00:57:43.880><c> fixed</c> Patrol Retirement Plan COLA to a fixed Patrol Retirement Plan COLA to a
• to that plan or plans.
• And then second, that plan or plans.

Keywords: 1187, senate, all

Transcript Highlights:

• We go through all the five plans.
• The State Miscellaneous Plan is the largest plan, but there's peace officers, CHP, State Safety, and
• the plan ongoing.
• If we expected 10,000 people to retire and there were 9,800 people to retire, you know, that's a gain
• You know, people don't retire at 55. Those are two at 55, retire at 55, or as soon as they can.

Summary: The Assembly Committee on Public Employment and Retirement and the Senate Committee on Labor, Public Employment, and Retirement held a joint hearing required by law to receive an independent report from the California Actuarial Advisory Panel on CalPERS. Chair McKinnor and Senator Smallwood-Cuevas opened by emphasizing CalPERS’ importance to retirement security for public employees and to the state budget. Scott Tarando, CalPERS Chief Actuary and a CAP member, presented on the statutory disclosure requirements in Government Code Section 2029, including the use of CalPERS’ 6.8% discount rate and the need to show how changes in investment return assumptions and amortization periods affect liabilities, contribution rates, and budgets. Tarando explained that lower investment returns increase contribution rates and unfunded liabilities, while higher returns reduce them. He also described CalPERS’ 20-year amortization period for new unfunded liabilities, comparing it to a mortgage and noting that shorter periods raise near-term costs but reduce long-term interest costs. He said the CAP has recommended a 15- to 20-year range and that CalPERS’ current approach is intended to smooth volatility for a large, ongoing plan. Members asked about the meaning of average service lifetime, the timing of valuation data, whether more current data could be used, the effect of AI and workforce changes on assumptions, and whether contribution changes affect retiree benefits. Tarando said retiree benefits do not change with annual valuations, that CalPERS uses audited year-end data because it is the most reliable basis for rates, and that AI impacts are being monitored but are too early to quantify. Committee members also discussed CalPERS’ funded status, with Tarando saying it had improved from the mid-60% range about 10 years ago to around 79% at fiscal year-end and over 80% more recently, reducing pressure on employers and the state budget. Michael Cohen, CalPERS’ investment operations chief, said CalPERS had complied with federal information requests and that its annual audits are publicly available, but no formal federal review had been released. In public comment, a representative of the California State Association of Counties praised the improved funded status and the role of PEPRA reforms. The chairs closed by reaffirming CalPERS’ fiduciary duty and the goal of protecting retirement security for public workers; no votes were taken.

Transcript Highlights:

• </c> retirement plans to push political retirement plans to push political policies<00:13:04.639><c>
• 00:15:36.880><c> plan</c> present law, the retirement plan present law, the retirement plan fiduciaries
• plans. ideological factors in retirement plans.
• </c> available through retirement plans. available through retirement plans.
• </c><00:59:03.200><c> retirement</c><00:59:03.760><c> plans</c> onethird of the retire retirement plans

Keywords: U.S. House of Representatives Floor Proceedings on Thursday, January 15, 2026, 1012, house, all

Transcript Highlights:

• System of the Texas Plan, is also mentioned.
• System of the Texas Plan, is also mentioned.
• System of the Texas Plan, is also mentioned.
• System of the Texas Plan, is also mentioned.
• System of the Texas Plan, is also mentioned.

Keywords: 1184, house, all

Transcript Highlights:

• I'm going to go over each plan quickly, starting with our General Employees Retirement Plan.
• plan that's the employees retirement plan that's the blue<00:19:26.200><c> dots</c><00:19:27.159><c>
• </c> employees retirement plan that is our employees retirement plan that is our largest<00:19:53.360
• </c> facilities it is an Agee 5 5 retirement facilities it is an Agee 5 5 retirement plans<00:20:59.640
• c><00:24:42.360><c> absorbed</c> retirement plan which will be absorbed retirement plan which will be

Keywords: 1187, senate, all

Transcript Highlights:

• The state miscellaneous plan is the largest plan, but there's peace officers, CHP, state safety, and
• And for large plans like CalPERS and ongoing plans, you know, 15 to 20-year amortization period is reasonable
• a little bit more accommodating in terms of where the plan is and the long-term expectation of the plan
• If we expected 10,000 people to retire and there were 9,800 people to retire, you know, that's a gain
• to the system: less people retired.

Keywords: 987, senate, all

Transcript Highlights:

• The State Miscellaneous Plan is the largest plan, but there's peace officers, CHP, State Safety, and
• And for large plans like CalPERS and CalSTRS and ongoing plans, you know, a 15- to 20-year amortization
• plan is and the long-term expectation of the plan ongoing.
• If we expected 10,000 people to retire and there were 9,800 people to retire, you know, that's a gain
• You know, people don't retire at 55.

Summary: The Assembly Committee on Public Employment and Retirement and the Senate Committee on Labor, Public Employment, and Retirement held a joint hearing required by law to receive an independent report from the California Actuarial Advisory Panel on CalPERS. Opening remarks emphasized CalPERS’ role in providing retirement security for about two million members and the importance of pension funding to the state budget, especially amid economic uncertainty, market volatility, federal policy changes, and concerns about future fiscal pressure. Scott Tarando, CalPERS chief actuary and a CAP member, presented on the statutory disclosure requirements in Government Code Section 2029. He explained that CalPERS’ current discount rate is 6.8%, that lower investment returns increase contribution rates and unfunded liabilities, and that the plan uses a 20-year amortization period for new unfunded liabilities. He said CAP has recommended a reasonable amortization range of 15 to 20 years and that CalPERS’ longer smoothing period helps reduce volatility in employer contributions. He also explained the timing of actuarial data: the valuation used for current contribution rates is based on the prior fiscal year’s audited data, with the next year’s rates developed later in the annual cycle. Members asked about the relationship between average employee service life and amortization, whether current market and AI-related changes could justify using more current data, whether pension benefits change when valuations are updated, and how CalPERS’ funded status has changed over time. Tarando said retiree benefits do not change based on annual valuations, that the system’s funded status has improved from roughly the mid-60% range about a decade ago to around 80% or higher more recently, and that CalPERS is monitoring possible long-term workforce effects from AI but sees no immediate need to change assumptions. Michael Cohen of CalPERS said the system complies with information requests and is independently audited annually, but there has been no formal federal review released. In public comment, a representative of county governments praised the improved funded status and PEPRA reforms. The hearing concluded with remarks reaffirming fiduciary responsibility and the importance of protecting CalPERS beneficiaries.

Transcript Highlights:

• Not more expensive, plan or that plan.
• but that plan or any plan that's the but that plan or any plan that's the maximum<00:25:49.520><c> amount
• </c> of their plan. of their plan.
• . plan. plan.
• . plan. plan.

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

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

Transcript Highlights:

• So, under existing law, when a plan terminates, retirement benefits for firefighters under age 50 must
• </c><00:05:12.640><c> As</c><00:05:12.840><c> more</c> Association Retirement Plans.
• As more Association Retirement Plans.
• </c> under existing law, when a plan under existing law, when a plan terminates,<00:05:25.720><c> retirement
• . plan. plan.

Keywords: 1187, senate, all

Transcript Highlights:

• pension plans in the United States.
• These are the plans that represent about 85 percent of the public pension plans in the United States.
• , is somebody who's receiving a regular benefit from a retirement plan.
• The pension plan should be viewed no differently. The pension plan is an obligation.
• Our municipal general plans that is better funded. That's probably our best funded plan.

Transcript Highlights:

• general plan would be reduced for early retirement because the normal retirement age in that plan is
• The normal retirement age is lower than the normal retirement age for the PERA general plan, and the
• The normal retirement age again is lower than the normal retirement age for the MSRS general plan, but
• ><c> the</c><01:18:09.719><c> retirement</c><01:18:10.280><c> age</c> plan starts to shift the retirement
• </c> retirement plan for Minnesota probation retirement plan for Minnesota probation officers<01:18:53.680

Keywords: 1187, senate, all

Transcript Highlights:

• It's a pre-funded plan and one of the three pre-funded plans we administer.
• So that they're really sort of. the sort of optimal retirement planning if you will which is you're sort
• Going back to 2021, all three of our retirement plans.
• It was either 2%, 4%, or 6% depending upon how long the member has been retired. retired.
• Okay, because I know there are some plans out there that districts opt out. and have a retirement system

Keywords: 1184, house, all

Transcript Highlights:

• And the third most important thing was their retirement plan.
• It's not like the main retirement plan or the main defined contribution plan that you guys passed.
• It's not like the main retirement plan or the main defined contribution plan that you guys passed.
• or the retirement plans under PERS.
• or the retirement plans under PERS.

Summary: The Employee Benefits Committee met to hear presentations on state employee health insurance, compensation, leave policies, labor market conditions, and prevailing wage issues, then later took up committee rules and bill-draft jurisdiction. PERS reviewed the history and structure of the state health plan, noting the state has paid the full family premium since 1979, described cost-control and benefit-enhancement changes over time, and explained current plan options, wellness incentives, employer wellness discounts, and the upcoming bid process for the 2027-29 contract. HRMS then presented compensation comparisons showing state classified pay generally trails private and regional markets, with larger gaps at higher-level jobs, and reviewed benefits and leave policies, including the new enhanced annual leave and new-hire leave, the state’s unpaid family leave structure, and varying tuition reimbursement practices. Job Service reported on labor force trends, low unemployment, high labor force participation, job openings, and wage growth, and OMB said there are no state prevailing-wage requirements beyond federal Davis-Bacon rules for federally funded projects. The committee then considered a proposed amendment to Joint Rule 211 to better align the health insurance mandate review process with recent statutory changes. Members discussed how the rule should reference both the committee’s required actuarial reports and the Legislative Council cost-benefit analysis, and the amendment was adopted on a roll call vote. The committee also discussed how its jurisdiction decisions affect whether a bill draft receives actuarial analysis, with staff explaining that a decision not to take jurisdiction means the bill is not treated as impacting the relevant retirement or health plans for purposes of that analysis. After that, the committee began reviewing bill drafts for jurisdiction. The first draft, bill draft 33, would automatically renew pre-tax elections for dental and vision coverage during open enrollment instead of requiring annual re-election. Members debated whether it had any actuarial impact, noting the state does not pay those premiums directly, and the discussion was still underway when the transcript ended.

Transcript Highlights:

• Access to an employer-based retirement plan is critical for building financial security later in life
• The Secure Choice Plan would create an individual retirement account program at no cost to employers
• When workers have a plan at work, they are 17 times more likely to save for their retirement.
• not have a work-based retirement plan.
• Insufficient retirement savings in Massachusetts will increase pressure on... Retirement plan.

Keywords: 995, all

Summary: The Joint Committee on Financial Services heard testimony on several bills focused on financial security, banking regulation, and payment-card fees. Treasurer Deborah Goldberg supported the Massachusetts baby bonds proposal (H. 48) and also endorsed bills on matched savings (H. 1158/S. 737) and retirement planning/Secure Choice (H. 1143/S. 722), arguing these measures would help address wealth inequality, build assets, and improve retirement readiness. Supporters of baby bonds included policy experts and health advocates from Children’s Health Watch and Boston Medical Center, who said early-life asset building could improve long-term economic and health outcomes for children in low-income families. AARP also urged passage of the retirement planning bill, citing the large share of private-sector workers without access to an employer retirement plan. Representative Donato testified for H. 1143, describing it as a voluntary retirement-savings opportunity for workers at small employers. The committee also heard testimony on H. 3933, concerning the Massachusetts Credit Union Share Insurance Corporation, from former Bank Commissioner Mike Hanson, who defended the state’s full deposit insurance system for credit unions and savings institutions as a longstanding consumer-protection model. The Massachusetts Bankers Association raised concerns about the bill’s technical provisions and broader credit union/bank competitive issues, while the Cooperative Credit Union Association supported related legislation allowing modest compensation for credit union directors (S. 821/H. 1338) and flexibility for state financial institutions to grow through partnerships (S. 723). Bankers opposed those credit union bills, arguing they would upset a level playing field and blur long-standing distinctions between banks and credit unions. A major portion of the hearing focused on H. 1259/S. 688, which would prohibit card interchange fees on the tax and gratuity portions of restaurant transactions. Restaurant owners and the Massachusetts Restaurant Association testified in favor, saying the fees are a significant and growing expense, especially as most customers now pay by card; they argued the bills would save restaurants money without affecting state revenue. Credit union, banking, and payments-industry representatives opposed the bills, saying interchange helps fund fraud protection and payment infrastructure, that the proposal would create compliance burdens and likely litigation, and that it would mainly affect Massachusetts-chartered institutions while national banks could be preempted. Committee members noted that a commission on payment-card fees is being established and said the issue would be studied further. The hearing also included support for a separate bill on virtual credit cards for dental providers, with dentists saying automatic virtual-card payments impose hidden processing fees and fraud risks.

Transcript Highlights:

• And the third most important thing was their retirement plan.
• And the third most important thing was their retirement plan.
• or the retirement plans under PERS.
• or the retirement plans under PERS.
• or the retirement plans under PERS.

Keywords: 908, all

Transcript Highlights:

• Uh, with a retirement plan, money that you have set aside has been tax deferred.
• Uh with a retirement plan, service.
• That also would violate the IRS guidelines as it relates to retirement plans.
• You cannot pay into a retirement plans.
• So, we don't have retirement plan.

Keywords: Finance - Room 216, 2 February, 2026; 3:00 PM, 925, all