Transcript Highlights:

• administrative rules resulting in a major overhaul. of minimum educational training requirements for pension
• And I'll also brag that El Paso's firemen and police pension fund.
• It is, according to your actual, very actuarial valuation report, the best pension system system, but

Committee: House Appropriations - S/C on Articles I, IV, & V

Transcript Highlights:

• Our pensions are all but replaced with 401(k)s.
• It's not exclusive. Fraud, waste, and abuse is not the... it's a cost driver in our system.
• I understand pensions would go.
• Their exclusivity period was actually extended to 2032, but in 2023 the exclusivity period...
• Their exclusivity period was actually extended to 2032, but in 2023 the exclusivity period ended 10 years

Committee: Senate Health & Human Services

Transcript Highlights:

• I also have the opportunity to serve on the pension commission, and we see that too, where we have pension
• standards and there's a funny way that we never get to fully funded with these pension plans even though
• </c> opportunity to serve on the pension opportunity to serve on the pension commission<01:24:45.040>
• </c><01:24:50.480><c> plans</c><01:24:50.800><c> even</c> funded with these pension plans even funded
• with these pension plans even though<01:24:51.120><c> that's</c><01:24:51.280><c> the</c><01:24:51.440

Committee: Senate Capital Investment

Transcript Highlights:

• All right, we want to welcome everyone to our meeting of our Public Pension Oversight Board.
• various sources of contributions that come in uh to the retirement annuity trust, which pays the pension
• various sources of contributions that come in uh to the retirement annuity trust, which pays the pension
• </c><00:55:04.880><c> to</c> were being reallocated from pension to were being reallocated from pension
• or so and we anything on public pensions or so and we will<01:20:28.159><c> try</c><01:20:28.320><c>

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:

• This is the Senate Standing Committee on Civil Service and Pensions.
• the fifth meeting of the 2026 legislative session of the Standing Committee on Civil Service and Pensions

Committee: Senate Civil Service And Pensions

Summary: The Senate Standing Committee on Civil Service and Pensions met on May 18, 2026, with a quorum present and 10 bills on the agenda. The committee considered measures affecting retirement and pension benefits, civil service rules, and public safety personnel, including bills to raise the mandatory retirement age for certain NYPD uniform members, provide a heart disease presumption for fire alarm dispatchers, authorize a widow to file a retirement option election, create an optional 25-year retirement plan for certain deputy sheriffs, and adjust retirement or disability benefits for specific individuals or groups. The committee also advanced bills allowing named individuals to take civil service or police officer examinations and be placed on eligibility lists, and a bill prohibiting falsely impersonating an employee organization or representative. One bill concerned notification requirements for public employers before procuring or deploying new AI-related technology. Members asked a few clarifying questions, including the location of the Village of Leroy, but there was no substantive opposition recorded. Most bills were approved unanimously, with reported votes of 7-0 and no abstentions or with recommendations. The committee reported several bills to the floor, others to the Finance Committee, and the AI notification bill to the Internet and Technology Committee. The chair then adjourned the meeting after noting there were no further speakers.

Transcript Highlights:

• relation to judgments in favor of a petitioner in Article 78 proceedings relating to disability pensions
• Leading to disability pensions. Any discussion? I'm sorry, that's my discussion.

Committee: Senate Judiciary

Summary: The Senate Judiciary Committee met and advanced a series of bills, with little opposition and several members noting support for the committee’s bipartisan approach. Senate Bill 2305 (judgments by confession), Senate Print 3413 (judgments in Article 78 disability pension cases), Senate Print 3778 (annual reporting on the drug treatment court program), and Senate Print 4957 (review of bail data reports by the State Commission on Judicial Conduct) were each moved and reported to the floor. Members emphasized the importance of data collection and reporting, especially on bail and drug treatment courts. The committee also discussed Senate Print 8624, which would allow courts to award community damages against an estate in sexual abuse cases. Supporters described it as an important first step to provide justice for survivors and to create a carve-out from existing limits on punitive damages after death. Senator Canzoneri-Fitzpatrick raised concerns about the dead man statute and evidentiary issues, but said she was willing to work on revisions. The bill was advanced. Other bills reported to the floor included Senate Print 9766, making technical corrections to ensure gender neutrality in admission-to-practice rules and limiting required disclosure of prior law enforcement or criminal justice interactions; Senate Print 9770, concerning alternate jurors in civil cases, with some discussion about its civil-only scope; Senate Print 9792, allowing amendment of Court of Claims filings to correct jurisdictional pleading defects and setting procedures for dismissal for noncompliance; and Senate Print 9794, requiring disclosure of generative AI use in civil actions. Each bill was moved by committee members and approved without recorded opposition.

Transcript Highlights:

• This is the Senate Standing Committee on Civil Service and Pensions, and today is Tuesday, March 24th
• the fourth meeting of the 2026 legislative session of the Standing Committee on Civil Service and Pensions

Committee: Senate Civil Service And Pensions

Summary: The Senate Standing Committee on Civil Service and Pensions met on March 24, 2026, with a quorum present and eight bills on the agenda. The committee considered measures affecting retirement and leave benefits for several groups, including NYC sanitation members (S-4667A), NYC correction members (S-4706A), county and municipal airport firefighters (S-9262), NYC water supply police (S-9356), EMT members in the NYC Employees’ Retirement System (S-9378), Suffolk County correction officers (S-9394), and Civil Air Patrol members on Air Force-assigned missions (S-9406). The committee also took up S.A.424A, which would provide a legacy credit to children and siblings of military service members or those killed in the line of duty; members spoke in support of the bill as a way to recognize and support military families. Most bills were moved without opposition and received unanimous approval, with the chair repeatedly confirming vote counts from the voting sheets. S-4667A, S-4706A, S.A.424A, S-9262, S-9356, S-9378, and S-9394 each received seven ayes, zero nays, and zero abstentions/AWRs. S-9406 also advanced, but with one AWR and six ayes. Members offered brief supportive comments on several bills, especially those benefiting veterans, correction officers, firefighters, and other public safety workers. All eight bills were reported out of committee, most to the Finance Committee and S.A.424A to the floor. The meeting then adjourned after no further business was raised.

Transcript Highlights:

• The Committee on Pensions will now come to order. Madam Clerk, please call the roll.
• Conyham, is now back with us here in pensions. Welcome aboard. House Bill 3208 deals with the St.

Committee: House Local Government, Elections and Pensions

Summary: The Committee on Pensions held a public hearing on House Bill 3208, sponsored by Representative Hovis, concerning the St. Louis Teachers Retirement System. Hovis explained that the bill updates the statute to reflect a prior change increasing the board from 11 to 13 members, and would require seven members for a quorum instead of six. He said the change is intended to align the law with the board’s current size and operating structure. Committee members raised questions about whether the bill would allow decisions to be made by a majority of a quorum, meaning as few as four votes, and whether that was appropriate given the board’s composition and the addition of charter school representation. Hovis and other members noted that the current language appears to mirror the board’s operating rules, but several members expressed concern that the voting threshold may be lower than the prior standard. Representative Clemens and others said they would want to review the issue further and possibly make corrections if needed. Angie Schulte, a registered lobbyist for the St. Louis Public School Retirement System, testified in support and said she would follow up with the system’s executive director and attorney to confirm whether the statutory language should be changed to match the board rules or whether the rules themselves need adjustment. There was no opposition testimony, and the hearing on House Bill 3208 was concluded without any vote or other action taken.

Transcript Highlights:

• And they shall designate each dorm room for exclusive use of males and females, right?
• each multi-occupancy restroom, changing room, and sleeping quarters, which is a dorm room, for the exclusive
• The Committee on Pensions will meet in 10 minutes, probably in hearing room one.

Summary: The House first established a quorum after a quorum call, then moved into House Bills for Perfection. House Bill 2297, a fence-law bill, was presented as a way to let livestock owners enter up to 10 feet onto neighboring property to repair fence lines and remove brush or debris on the fence line without being treated as trespassers. Supporters said the current law leaves livestock owners responsible for fences but without a practical way to fix them, creating safety and liability problems; the bill was described as a long-running issue in rural areas. Members discussed property-rights concerns, but the substitute was adopted and the bill was ordered perfected and printed. House Bills 2142 and 2058, dealing with the Missouri film tax incentive program, were then taken up. Sponsors said the program has produced strong economic returns, more productions, jobs, and spending in Missouri, and the bill would modernize the program by combining separate film and TV funding buckets while removing the proposed sunset extension. An amendment to keep the original sunset was adopted, and the bill as amended was perfected and printed after debate over tax credits, workforce development, and whether the incentives should be expanded or curtailed. The House also perfected House Bill 3004, a truth-in-labeling measure for wood products. The sponsor said the bill would protect Missouri’s hardwood industry by requiring products sold in the state to be labeled accurately if they are actually laminate, plastic, rubber, or other non-wood materials. Supporters called it a consumer-protection and industry-preservation bill, while one member questioned how it would apply to online and out-of-state sellers and expressed some reservations. The substitute was adopted and the bill was ordered perfected and printed. House Bills 3283 and 3306 were taken up together and described as a framework for resolving municipal public-employee contract disputes, especially for firefighters and other public employees under the State Board of Mediation. The bill sets a timeline for bargaining, mediation, and arbitration and defines good faith in negotiations; an amendment clarified that teachers and law enforcement are excluded under existing statutory definitions. Supporters said it would prevent years-long contract stalemates and save taxpayer money, while one member raised concerns about whether it would alter existing authority of public governing boards. The amendment and substitute were adopted, and the combined bill was perfected and printed. Finally, House Bill 2536, a restroom and private-space designation bill, drew extensive debate. The sponsor said it would require government-controlled multi-occupancy restrooms, changing rooms, and sleeping quarters to be designated by biological sex, with exceptions for custodial work, emergencies, law enforcement, and adults assisting children or people with disabilities. An amendment was adopted to clarify duties for the Department of Corrections and public safety officers. Supporters framed the bill as a privacy and safety measure for women and girls, citing incidents at schools and Kansas City International Airport; opponents argued it would not prevent crime, could lead to intrusive enforcement, and would harm transgender people and families. The transcript ends with the bill still under discussion, with no final vote shown on the underlying measure.

Transcript Highlights:

• They get health care, they get pensions, they get savings.
• state government, we cannot expect that we as a state government are going to be able to fund this exclusively
• That's why a bond is appropriate. ...government are going to be able to fund this exclusively through

Committee: Senate Housing

Summary: The committee opened its first Senate Housing hearing of 2026 by establishing quorum and explaining that several two-year bills and bond measures would be heard, with witnesses limited to two minutes and “me too” testimony grouped together. The first bill, SB 222 by Senator Wiener, would streamline permitting for heat pumps, water heaters, and HVAC installations and limit HOA barriers. Supporters said it would lower costs, speed replacements, reduce pollution, and help Californians switch to efficient electric appliances. The League of California Cities opposed unless amended, raising concerns about a permit-fee cap and the feasibility of virtual inspections. Committee members largely supported the policy but flagged fee recovery, inspection liability, HOA authority, and possible electrical panel upgrade costs; the bill passed to Local Government on a roll call vote. The committee then heard SB 677, also by Senator Wiener, which was narrowed to two remaining changes related to commuter rail definitions and mobile home exemption language, with a separate future cleanup bill for SB 79 promised later in the session. Local governments and counties said the amended bill still needed clearer definitions and implementation guidance, while several groups shifted to support after the amendments. The committee approved the bill 10-1 and sent it to Local Government. Next, SB 417 by Senator Cabaldon proposed a $10 billion 2026 affordable housing bond to fund construction, preservation, rehabilitation, supportive housing, and homeownership opportunities. Supporters emphasized the need to replace exhausted housing funds, leverage federal tax credits, and keep shovel-ready projects moving; opponents and some members raised concerns about state debt, the lack of a dedicated CalHome share, and whether the bond should include more homeownership or higher-education allocations. After extensive debate over bond indebtedness and housing need, the bill passed to Appropriations on an 8-1 vote. Finally, the committee began hearing SB 492, a youth housing and youth center bond proposal. Senator Reyes described it as a way to fund transitional housing and youth centers for transition-age youth up to age 25, arguing that early intervention could prevent future homelessness and reduce long-term public costs. Witnesses from Covenant House California and the California Coalition for Youth supported the measure, citing the needs of foster youth and homeless young people, the benefits of transitional housing, and the high success rate of youth exiting to stable housing. The transcript cuts off during additional testimony, so no final action on SB 492 is shown in the provided excerpt.

Transcript Highlights:

• California Alternative Energy and Advanced Transportation Financing Authority's Sales and Use Tax Exclusion
• This program provides tax exclusions to companies that site in California to work in renewable energy
• entrusted with taxpayer money and authority over budgeting, procurement, management, and investments and pensions

Summary: The Assembly convened, established a quorum, offered prayer and the Pledge of Allegiance, and then moved through a long floor file with many Senate bills. Early procedural actions included unanimous-consent motions, a successful roll-call to rescind prior action on SB 351, and a 54-vote suspension of Joint Rule 61(a)(3) to allow floor amendments on SBs 80, 351, and 415. The chamber also made several referrals, moved one item to the inactive file, and welcomed new Assembly Member Natasha Johnson and other guests. The bulk of the meeting consisted of concurrence and third-reading votes on a wide range of measures, many of them passing with little or no opposition. Topics included tribal gaming grants (AB 221), State Bar fee and bar exam changes (SB 253), AI guardrails in community colleges (SB 241), consumer arbitration clauses (SB 82), due process for law enforcement in Racial Justice Act cases (SB 734), dental payment fee disclosures (SB 386), HOA balcony inspection reports (SB 410), farmland protection and EIFD rules (SB 5 and SB 516), emergency shelter zoning (SB 340), HIV confidentiality (SB 504), election signature-cure reforms (SB 3), contractor workers’ compensation compliance (SB 291), fire training funding (SB 345), wage theft enforcement (SB 355 and SB 261), food allergen disclosures (SB 68), ride-share insurance coverage (SB 371), housing and disaster recovery measures (SB 233, SB 625, SB 21), midwifery education (SB 520), mobile home insurance access (SB 525), epinephrine in schools (SB 568), health facility emergency licensing (SB 582), hair relaxer enforcement (SB 236), wastewater surveillance (SB 317), and several tax, transportation, and public health bills. A number of bills drew brief policy debate or opposition. SB 388, creating a California Latino Commission, prompted criticism from some members who argued the money should go directly to community needs rather than a new commission; it still passed. SB 50 on digital safety for victims of abuse, SB 20 on silicosis prevention, SB 306 on prior authorization reform, SB 373 on oversight of out-of-state special education placements, and SB 437 on reparations descendant-status verification were among the more substantive and discussed measures. Most bills passed by wide margins, often unanimously, and several urgency or tax-levy measures required 54 votes and were approved. The session ended with continued passage of remaining file items and multiple items retained or passed temporarily for later action.

Transcript Highlights:

• It's purely in the pension system. Workers' comp is unaffected.
• I believe that, and you'd have—we have another bill on workers' comp applying to people in the pension
• , but that other year just wouldn't count toward the pension.
• and that's and a lot of them do Pension and that's and a lot of them do after<00:18:22.440><c> that<
• </c><00:26:14.600><c> work</c> their um work from their pension work their um work from their pension

Summary: The committee first took up House Bill 216, which Representative Carol Maguire described as a fix to a workers’ compensation/retirement “glitch.” The bill would remove the current limit that only one year of workers’ compensation time can be credited as retirement service time. Maguire argued the limit is arbitrary and affects only a very small number of grievously injured workers, while committee members asked about the fiscal impact, available data, and whether the change could affect workers’ compensation rates or incentives. Mark Kavar of the New Hampshire Retirement System said Labor could not provide data on how many people exceed a year on weekly indemnity benefits, so the fiscal note used a conservative estimate that could be scaled down; he also explained that workers’ comp is not earnable compensation, which is why service credit stops after a year, and noted that many long-term cases move into disability retirement or lump-sum settlements. The committee closed the hearing, entered executive session, and voted ought to pass on HB 216 by a 13-0 roll call, sending it to consent and noting it would also go to Finance. The committee then acted on House Bill 85, adopting Amendment 0037 and then voting ought to pass as amended by another 13-0 roll call. The bill was described as allowing second-year respiratory therapy students to work under supervision using the skills they have already learned, with support from the Hospital Association and no opposition noted. Finally, the committee took up House Bill 267, the animal chiropractors bill. Members said the bill had been approved previously but was vetoed because of a defect; the problem has now been corrected, and the bill is intended to reduce delays caused by requiring veterinary referrals before chiropractors can treat animals. The committee voted ought to pass 13-0 and placed the bill on consent.

Transcript Highlights:

• Comerford relative to taxation of certain foreign government pension benefits to the Committee on Revenue
• Comerford, relative to taxation of certain foreign government pension benefits to the Committee on Revenue

Summary: The House opened with the Pledge of Allegiance and then took up several Rules Committee reports. Members adopted resolutions congratulating Auburn on the 100th anniversary of the world’s first liquid-fueled rocket launch and welcoming Boston’s new National Women’s Soccer League team, the Boston Legacy, to Massachusetts. The House also adopted orders extending the reporting deadlines for the Committee on Revenue on two House documents into 2026. The chamber suspended joint rules to allow several petitions to proceed, including proposals on social media regulation for minors, a sick leave bank for a Department of Children and Families employee, retirement credit for a probation employee, taxation of certain foreign government pension benefits, and naming the American lobster the official crustacean of the Commonwealth. The Steering, Policy and Schedule Committee then listed bills for consideration, including measures on private road maintenance in Gloucester, property valuation and assessment fairness, municipal tax collectors, preservation of historic resource information in community preservation funds, and Salem liquor license changes. The House advanced those bills through second and third readings, then passed to be enacted local bills involving compensation for a Revere widow, a Wellesley senior tax deferment change, and a Hopkinton library trustees charter amendment. It also engrossed a bill directing the Boston Police Department to waive the maximum age requirement for a specific applicant, Edney Joseph. The session ended with a moment of silent tribute to Adrian Dolan of South Boston and an order to adjourn until the next Thursday morning in informal session.

Transcript Highlights:

• Comerford relative to taxation of certain foreign government pension benefits, to the Committee on Revenue
• Comerford, relative to taxation of certain foreign government pension benefits to the Committee on Revenue

Transcript Highlights:

• So it's just an incredible, you know, and I live on a crappy teacher pension.
• three times as much on each panel so it's just an incredible you know and i live on a crappy teacher pension
• it's just an incredible, you know, and I live on a crappy teacher pension.

Summary: The committee began with roll call, noting several members present and others absent, and then announced that HB 338 had been rolled. The first bill taken up was HB 332, a committee substitute authorizing or reauthorizing 376 previously approved capital projects, with changes that could extend reversion dates, alter purposes, or change administering agencies. After no public comment, members asked about the reauthorization period, project listings, and how HB 332 would interact with HB 247, which had been passed earlier in the session. The committee clarified that HB 332’s projects would be grandfathered in and that the standard extension is two years. The committee then voted 12-0 to do pass the committee substitute and do not pass the original HB 332. The committee next heard SB 55, which would increase a state solar tax credit from 10% to 30% while keeping the existing $30 million cap and sunset date. Legislative Finance Committee staff explained that the credit had been scored at about $9 million in recent years, so the bill would create an estimated $21 million general fund impact. The sponsor and supporters argued the bill would help New Mexico’s solar industry after the federal credit changed, preserve jobs, support small businesses, farmers, tribal communities, and lower-income households, and promote clean energy. Public testimony was strongly in favor, including from industry representatives, tribal advocates, and individual homeowners, while no opposition testified. Committee members raised concerns about fiscal impact, whether the credit should be part of the tax package, and whether an income test should be added. Some members also described consumer-protection concerns involving solar contracts, liens, and misunderstandings about credits and installation costs. The sponsor said the bill was intended to stand alone but acknowledged the fiscal issue and said it could be considered in the tax package. The committee ultimately voted 11-1 to table SB 55, with members noting it could be revisited later in the session.

Transcript Highlights:

• I think, you know, we've seen a lot of pensions with the PTSD claims because we just don't know exactly
• I think, you know, we've seen a lot of pensions with the PTSD. and help them to return to work.
• I think, you know, we've seen a lot of pensions with the PTSD claims because we just don't know exactly

Bills: HB2355 , HB2405 , HB2406 , HB2471 , HB2472 , HB2478 , HB2479 , HB2492

Committee: House Labor & Workplace Standards

Keywords: labor protections, domestic workers, wage standards, employment rights, worker safety, mental health, PTSD, treatment program, research, pilot program, veteran support, trauma, healthcare funding, labor, communication, Department of Labor and Industries, workplace standards, modernization, collective bargaining, labor relations

Transcript Highlights:

• negotiated benefits between the City of West Palm Beach and Florida State Lodge FOP and update the pension
• Tendrich: 4065 is a special act pension plan for the fund, a local bill passed unanimously by our Palm
• These cannot be accomplished locally as the pension plan is a creation of the legislature.

Transcript Highlights:

• have to give a special shout-out to the gentleman from the 29th, who helped me better understand pension
• The bill creates an exemption for federal railroad workers who already have their own pensions.
• we can make these adjustments for port workers and their employers, making a more fair system for pensions
• Making a more fair system for pensions. Please vote yes. There are now further remarks.

Summary: The Senate considered and passed several bills, many of them after moving substitutes and suspending the rules to advance them directly to final passage. Second Substitute Senate Bill 6035, dealing with access to voting services for military, overseas, Native American, and disabled voters, was described as a civic engagement measure that would require county auditors and the Secretary of State to work with federally recognized tribes and explore a secure voting portal. Supporters emphasized outreach, access, and helping overseas and disabled voters; opponents raised concerns about online voting security, paper ballot integrity, and emerging technologies. The bill passed 38-19. Substitute Senate Bill 6034, which statutorily establishes the Governor’s Office on Indian Affairs, passed unanimously 49-0 after supporters said it would formally anchor an office that has existed for decades and better reflect the state’s government-to-government relationship with tribes. Engrossed Substitute Senate Bill 6247, on school district financial management and training, also passed 49-0 after an amendment was adopted to delay implementation and clarify funding for training. Supporters said the bill would help school boards, superintendents, and ESDs identify districts sliding toward financial distress and improve fiscal oversight. The Senate also passed Senate Bill 5922, giving school districts more flexibility to transfer unused school bus depreciation funds when declining enrollment means replacement buses may not be needed, and Senate Bill 6278, requiring ongoing review of teacher and principal preparation programs so training better matches classroom needs; both passed with broad support. Engrossed Substitute Senate Bill 6246, concerning emissions-intensive, trade-exposed facilities under the Climate Commitment Act, drew the most extended debate and passed 27-22 after a striking amendment was adopted and a proposed reporting amendment was rejected. Supporters said it creates a framework for future emissions allowance reductions while protecting jobs and competitiveness; opponents warned it would drive mills and other industrial employers out of Washington. The Senate also passed Engrossed Substitute Senate Bill 5906, the SAFE Act limiting ICE access to non-public areas of schools, colleges, health care facilities, daycares, and similar sites without a warrant, after adopting amendments related to model policies and union notification; supporters framed it as a safety and due process measure, while opponents called it an attempt to obstruct federal law enforcement. Finally, Substitute Senate Bill 5905, addressing PERS membership for certain port workers in federal railroad retirement plans, passed 49-0 as a technical pension fix.

Transcript Highlights:

• difference between the committee totals in that number, there is money set aside for a potential pensions
• there is money set aside for<00:05:08.400><c> a</c><00:05:08.639><c> potential</c><00:05:09.199><c> pensions
• </c><00:05:09.680><c> bill</c><00:05:10.000><c> of</c><00:05:10.400><c> $124</c> for a potential pensions
• bill of $124 for a potential pensions bill of $124 million.<00:05:12.320><c> And</c><00:05:12.560><c

Bills: HF601

Committee: House Ways and Means

Transcript Highlights:

• So we have had an asset allocation for a couple of our pension plans that are in runoff that required
• If you're coming because you're a teacher and you're there to learn more about your pension and you're
• what we've done additionally is we have, internally, pooled accounts between the Legacy Fund and our pension
• And so Scott's team has gone, again, through all of our pension clients.
• so when you have $15 billion in the Legacy Fund, and we now just talked over $10 billion for our pensions

Summary: The Legacy Fund Committee received updates from the North Dakota Retirement Investment Office (RIO) on fund performance, liquidity, in-state investments, and internal management. Scott Anderson reported strong returns for the Legacy Fund across multiple time periods, with performance exceeding the policy benchmark and expectations, driven largely by strong equity markets and effective implementation. He also reviewed private market pacing, noting commitments were on plan but that unfunded obligations and distributions were lower than expected, and presented a new liquidity analysis showing the fund had substantial capacity to meet obligations even under stressed market scenarios. The committee also discussed RIO’s internal investment program and cost savings. Anderson explained how internal management of fixed income, equity, and cash overlay strategies has reduced fees and transaction costs, while improving flexibility and portfolio construction. Members asked about staffing needs, and RIO leadership said asset growth has outpaced current staffing, with a request for additional FTEs likely coming to support investment, operations, risk, and legal functions. The committee also reviewed the Legacy Fund’s in-state investment program, including 50 South Capital and infrastructure lending, and heard that one manager’s buildout is progressing more slowly because many opportunities are still early-stage. Adam Odison presented a preliminary estimate of the 2026 Legacy Fund earnings distribution, projecting about $894.8 million under current law, with roughly $237 million to the Highway Fund and $554 million to the Property Tax Relief Fund after the sinking and interest fund allocation. Jody Smith then gave a project update on a new standalone Legacy Fund website required by statute, intended to consolidate performance, holdings, governance, fees, and use-of-funds information for the public, with a planned launch around the October State Investment Board meeting. She also raised a possible future proposal to place the Legacy Earnings Fund back under State Investment Board management so the cash could remain invested longer before being transferred out, though members noted liquidity, accounting, and bank-deposit implications would need further review. Finally, Kelvin Holden of the Bank of North Dakota reviewed the match loan program, explaining how it supports large economic development projects by pairing Bank of North Dakota loans with State Investment Board CDs. He said the program currently has about $272 million outstanding and has supported projects such as Coal Creek Station and the MDU gas line to Gwinner. Members discussed whether the program’s return is appropriate and noted a prior moratorium on new investments so the committee can revisit the policy next session. The committee then elected Senator Klein as chair and Representative Hogan as vice chair, and the meeting ended with members thanking staff and partners for the fund’s progress.