Video & Transcript Research : 'Deferred Retirement Option Program'

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HI

Hawaii 2026 Regular Session

Senate Floor Session 02-19-2026 11:30am

Hawaii Senate Floor Meeting

Transcript Highlights:
  • Earlier this morning, I did see David Fores and Ken Kajihara, who are involved in the program.
  • are involved Fores and Ken Kajihara who are involved in<00:03:35.599> the<00:03:35.920> program
  • 36.799> remiss<00:03:37.200> if<00:03:37.440> I<00:03:37.599> did in the program
  • I'd be remiss if I did in the program.
  • This measure was inadvertently deferred when heard by the committee on health and human services on February
TX

Texas 89th Regular

Senate Session May 5th, 2025

Texas Senate Floor Meeting

Transcript Highlights:
  • Senate Bill 2310 relates to transparency regarding requirements to complete a certificate or degree program
  • Senate Bill 2310 relates to transparency regarding requirements to complete a certificate or degree program
  • duties, it was important to change the makeup of its governing board, alter or eliminate certain programs
  • It's been a very successful program in Texas, and Senate Bill 1863 will expand the number of audits.
  • This floor amendment would set up a pilot program so that, in addition to the audits described in Senate
Bills: SB66, SB243, SB250, SB317, SB393, SB397, SB456, SB628, SB629, SB636, SB715, SB731, SB801, SB865, SB1012, SB1013, SB1015, SB1032, SB1141, SB1181, SB1224, SB1241, SB1242, SB1250, SB1266, SB1285, SB1376, SB1442, SB1449, SB1502, SB1524, SB1528, SB1551, SB1585, SB1640, SB1708, SB1844, SB1854, SB1863, SB1959, SB1965, SB2035, SB2082, SB2119, SB2138, SB2199, SB2200, SB2201, SB2245, SB2269, SB2284, SB2310, SB2357, SB2419, SB2422, SB2480, SB2514, SB2523, SB2529, SB2533, SB2541, SB2550, SB2568, SB2595, SB2605, SB2608, SB2615, SB2717, SB2721, SB2753, SB2778, SB2841, SB2846, SB2891, SB2925, SB2929, SB2933, SB3016, SB3029, SB3039, SB3044, SJR3, SJR18, SB5, SB326, SB494, SB530, SB767, SB769, SB783, SB914, SB963, SB1035, SB1197, SB1271, SB1415, SB1437, SB1619, SB1637, SB1786, SB1806, SB2312, SB29, SB1238, SB1967, SB1, SB260, SB1637, SJR36, SJR50, SJR63, SJR59, SCR12, SCR39, SCR48, SCR19, SB2023, SB62, SB666, SB847, SB284, SB854, SB1073, SB810, SB1505, SB583, SB1502, SB507, SB1434, SB1376, SB1585, SB1772, SB2016, SB1163, SB1122, SB731, SB397, SB508, SB1436, SB287, SB261, SB1882, SB393, SB1791, SB209, SB2429, SB1999, SB511, SB2309, SB510, SB1085, SB1975, SB2717, SB1262, SB1524, SB636, SB2056, SB884, SB517, SB1200, SB1845, SB1863, SB2681, SB2200, SB2199, SB2458, SB2201, SB801, SB2533, SB3014, SB3013, SB758, SB1013, SB2797, SB2119, SB2076, SB2876, SB2284, SB2929, SB2595, SB715, SB1640, SB2514, SB2753, SB1241, SB2538, SB1449, SB2529, SB2846, SB986, SB1181, SB1359, SB2550, SB2245, SB410, SB1234, SB456, SB1012, SB2926, SB2138, SB1242, SB2615, SB2310, SB1224, SB2972, SB2841, SB3016, SB1856, SB2035, SB1528, SB1141, SB1266, SB1373, SB2269, SB2480, SB672, SB2891, SB2422, SB1854, SB317, SB2539, SB2532, SB2925, SB1250, SB2082, SB2203, SB2357, SB2721, SB243, SB1285, SB2568, SB1959, SB1442, SB1454, SB2520, SB2541, SB1708, SB1237, SB1844, SB1586, SB1551, SB3039, SB2819, SB66, SB629, SB1015, SB2342, SB2903, SB2933, SB1965, SB2477, SB3029, SB2605, SB2419, SB1957, SB375, SB250, SB777, SB628, SB2523, SB2367, SB2703, SB2608, SB2778, SB3044, SB2965, SB2521, SB865, SB1032, SB2165, SB2501, SB2675, SB2452, SB2835, HB1109, HB1392, HB22, HB2525, HB3093, SB872, SB1212, SB1278, SB1588, SB1602, SB1704, SB1723, SB1833, SB1858, SB1946, SB2009, SB2177, SB2460, SB2785, SB2373, SB1660, SB614, SB867, SB1608, SB1525, SB905, SB640, SB2487, SB1698, SB383, SB705, SB748, SB1113, SB1117, SB1802, SB2340, SB2586, SB2680, SB2690, SB2994, SB2747, SB1950, SB913, SB1071, SB1086, SB1087, SB1483, SB1444, SB1553, SB1556, SB1703, SB2133, SB2297, SB2298, SB2622, SB2955, SB3059, SB2782, SB2781, SB2637, SB2633, SB2337, SB2334, SB1861, SB2043, SB1367, SB946, SB945, SB2857, SB128, SB571, SB1263, SB3058, SB612, SB2221, SB2587, SB2044, SB2363, SB2713, HB517, HB912, HB1130, HB142, HB1689, HB2018
CA
Transcript Highlights:
  • So San Francisco State has had, through attrition and early retirement programs, downsized.
  • So San Francisco State has had through attrition and early retirement programs downsized.
  • And then we had a 10-year plan to retire their existing deferred, their existing backlog.
  • That program has been cut.
  • That program has been cut.
Summary: The Assembly Budget Subcommittee on Education Finance held an oversight hearing on the California State University system covering enrollment, core operations, Title IX/civil rights, and basic needs. The Department of Finance said the Governor’s 2026-27 budget does not change CSU enrollment targets from the prior year and proposes a 5% ongoing General Fund increase for core operations as the final year of the compact. The Legislative Analyst’s Office recommended a lower resident undergraduate enrollment target than the Governor’s proposal, separate funding for enrollment growth rather than folding it into base, a smaller or no base increase tied more closely to inflation, earmarking some base funds for capital renewal, retiring deferred payments, and avoiding new multi-year compact commitments. CSU said enrollment has rebounded for three straight years, but growth is uneven across campuses, with several Northern California campuses still facing structural declines tied to demographics and community college pipelines. CSU described a multi-year reallocation plan shifting about 10,000 FTE and $89 million in ongoing funding toward higher-demand campuses, plus $40 million in one-time support, and said seven campuses submitted turnaround plans aimed at recovering enrollment over the next several years. The system highlighted strategies such as dual enrollment, guaranteed admission pathways with community colleges, outreach to high school students, retention and advising efforts, and new degree models for working adults and military-connected students. Members raised questions about how campus targets are set, whether the May Board of Trustees discussion will address a systemwide enrollment framework, and how CSU will manage future deficits if projected out-year funding does not materialize. On core operations and facilities, CSU said it faces about $320 million in mandatory cost increases in 2026-27 and is pursuing shared services, procurement consolidation, campus administrative sharing, and program redesigns to reduce costs. CSU and the LAO emphasized the system’s large deferred maintenance backlog, estimated at $8.6 billion, and discussed whether CSU’s bond/debt capacity is sufficient to address it; CSU requested up to $1.1 billion for deferred maintenance, while the administration did not propose new funding. The committee also heard CSU’s annual Title IX and civil rights update: CSU said it has implemented 15 of 16 State Auditor recommendations, has dedicated Title IX coordinators at every campus, is using a systemwide case management dashboard, and is piloting centralized investigations at five campuses. Finally, on basic needs, the Governor maintained current funding levels for food assistance/basic needs, rapid rehousing, and mental health. CSU reported heavy use of food pantries, CalFresh support, emergency housing, and counseling services, while warning that federal changes to CalFresh and related funding could make it harder to serve students in need.
WA

Washington 2025-2026 Regular Session

Pension Funding Council Jun 23rd, 2026

Pension Funding Council

Transcript Highlights:
  • For retirement rates, we saw that members are delaying retirement a little bit, and in particular, members
  • that are eligible for early retirement are deferring that retirement to later ages.
  • For retirement rates, we saw that members are delaying retirement a little bit, and in particular, members
  • that are eligible for early retirement are deferring that retirement to later ages.
  • So as of 2025, we’re deferring a total net gain.
Summary: The Pension Funding Council met on June 23, 2026, for a work session that began with an overview of the Higher Education Supplemental Retirement Plan (SRP) and a 2025 accounting valuation of that plan. Staff explained that the SRP is a closed defined benefit supplement for higher education employees hired before the 2011 closure, with employer contributions currently pre-funding benefits in institution-specific trusts while institutions still pay benefits on a pay-as-you-go basis. The State Actuary’s office reported that the plan’s accounting position has improved, with combined market assets of about $245 million against $377 million in accrued liability, and that strong market performance since 2022 has increased the asset-to-liability ratio. The office emphasized that this was an educational accounting valuation, not a funding valuation for rate-setting. The council then received the 2025 actuarial valuation report for the state retirement systems. Actuaries reviewed the recent demographic experience study, noting updated assumptions for mortality, retirement, termination, and salary growth, and said the net impact on most plans was small. They reported that most plans’ funded ratios improved, with all plans at least 94% funded and several at or above 100%, and that contribution rates for the 2027–2029 biennium are generally lower than current rates. They also noted that future rates could be affected by market volatility as deferred gains are recognized over the next few years. During public comment, a representative of the Association of Washington Cities urged the council to consider rate reductions to help local governments facing budget pressures. In executive session, the council first approved a motion directing the Office of the State Actuary to perform an actuarial evaluation and analysis of each institution’s Higher Education Supplemental Retirement Plan, including institution-specific contribution rates, asset sufficiency, and funding policy options, due by July 1, 2028. The council then adopted the 2027–2029 pension contribution rates based on the 2025 actuarial valuation report. Both motions passed 5-0, with one member excused. The meeting concluded with no further business.
LA

Louisiana 2026 Regular Session

Retirement May 5th, 2026

Retirement

Transcript Highlights:
  • House Bill 42 provides relative to the phased retirement program within the Teacher Retirement System
  • At some point, they would completely retire and draw full retirement benefits.
  • They might be retiring. They might be retired, they might not be retired.
  • Representative Brole on HB 1134, create the backdrop retirement option program within the Louisiana State
  • What HB 1134 does is it attempts to give a backdrop benefit to any judge, or it's an optional retirement
Summary: The Senate Committee on Retirement met on May 5 with four members present. HB 41 was deferred until the following week, and the committee approved the April 20, 2026 minutes. The committee then took up several retirement-system bills, many of them negotiated measures involving municipal police, firefighters, teachers, district attorneys, and judges. HB 45, by Rep. Bacallat, was amended and reported favorably. It makes changes to the Municipal Police Employees Retirement System, including retention bonuses, recognition of out-of-state police service, benefits for three officers killed in the line of duty before full enrollment, a DROP fix, and more competitive accrual rates. Testimony from the Louisiana Municipal Association, MEPERS, police representatives, and Mayor Helena Marino was strongly supportive, emphasizing that the bill resolves longstanding disputes and litigation. HB 1237, also by Rep. Bacallat, was reported favorably after testimony that it eliminates partial dissolution penalties for municipal police and adjusts related firefighter provisions; witnesses said it was a negotiated fix supported by municipal and fire stakeholders. HB 42, concerning phased retirement in the Teacher Retirement System, was reported favorably as a permissive framework allowing universities to offer phased retirement options. HB 17, by the District Attorneys’ Retirement System director, was reported favorably to add the Louisiana District Attorneys Association to the definition of employer and require annual reporting on the rehire statute. HB 21, a cleanup bill for the Municipal Employees Retirement System, was also reported favorably. HB 1134, creating a backdrop retirement option for certain judges whose positions are abolished, was amended and reported favorably after LASERS raised questions about early retirement eligibility and the need to bar future judicial candidacy. HB 24, by Rep. Owen, drew the most discussion. It would allow retired or certified teachers to return to work through contracts with school systems, with a three-year sunset. The sponsor argued it would help keep qualified teachers in classrooms and avoid midyear departures, while TRSL, the Louisiana School Board Association, and committee members raised concerns about fiscal impact, contractor status, workers’ compensation, leave rules, and overlap with a separate bill being worked on by the chairman. After an amendment clarifying the independent-contractor definition was adopted, the committee chose to hold the bill in committee for further work rather than advance it immediately. The meeting ended with a motion to adjourn.
MN

Minnesota 2025-2026 Regular Session

Legislative Commission on Pensions and Retirement - 03/18/25

Minnesota Senate Floor Meeting

Transcript Highlights:
  • investment engine for non-retirement investment engine for non-retirement funds<00:08:50.200>
  • retirement provisions.
  • Miss Leneski, can we defer that? We can? All right, I got permission. We're going to defer.
  • they could defer and put into deferred they could defer and put into deferred compensation<01:25
  • members to be eligible for a deferred members to be eligible for a deferred retirement<01:29:28.960
Keywords: 1187, senate, all
MN

Minnesota 2025-2026 Regular Session

Legislative Commission on Pensions and Retirement - 03/25/25

Minnesota Senate Floor Meeting

Transcript Highlights:
  • retired.
  • payroll and uh invest it in a retirement payroll and uh invest it in a retirement option,<00:33:
  • reasonable retirement benefit. reasonable retirement benefit.
  • Working on this, helping the board set up the program was intriguing to me, so I came out of retirement
  • The more people have in retirement, the more they can stay off other social programs.
Keywords: 1187, senate, all
NM

New Mexico 2025 Regular Session

IC - Investments and Pensions Oversight Jul 18th, 2025

Investments & Pensions Oversight Committee

Transcript Highlights:
  • We also administer a deferred compensation program. We call it the...
  • What we've seen is if you retire from PERA, you retire; you're not leaving New Mexico, you're staying
  • As far as the non-enhanced retirement, versus the enhanced retirement.
  • We offer two options: a basic option and a comprehensive option. The difference is the benefits.
  • So again, giving members in-state options and out-of-state options.
HI

Hawaii 2025 Regular Session

LBT Public Hearing 04-04-2025

Labor and Technology

Transcript Highlights:
  • I am proud to announce that I have been on the Hawaii Retirement Savings Program Board of Trustees for
  • savings programs, not only for these state-run auto IRAs, but also in 401(k) programs and all retirement
  • > only retirement savings programs, not only retirement savings programs, not only for<00:05:08.400
  • <00:05:15.680> Um,<00:05:16.000> they're retirement savings programs.
  • Um, they're retirement savings programs. Um, they're more<00:05:16.400> effective.
Keywords: 912, senate, all
Summary: The Labor and Technology Committee met on April 4, 2025, to consider four governor’s messages involving nominations to the Hawaii Retirement Savings Board and the Hawaii Workforce Development Council. Barbara Creek, nominated to the Retirement Savings Board for a term ending June 30, 2029, testified that she had already served two years on the board, had prior experience with deferred compensation plans, and wanted to help operationalize the program quickly and efficiently. In response to a question about Senate Bill 855, she explained that an opt-out auto-enrollment model is the gold standard for retirement savings programs, would increase participation and contributions, and would help Hawaii avoid being an outlier and improve the chances of joining a multi-state compact for a cost-effective program. Amber Aana, nominated to the Workforce Development Council for a term ending June 30, 2029, emphasized her maritime-industry background and commitment to diversity, inclusion, and training opportunities for women and underrepresented groups. Scott Collins, nominated to the same council for a term ending June 30, 2028, said he had served on the board since 2022 and could contribute public-sector and union experience to help address government workforce challenges. Pane Mayonga II, also nominated to the Workforce Development Council for a term ending June 30, 2029, was absent due to union travel, but the committee heard extensive testimony in support from labor, industry, and community representatives. Support testimony was recorded for all four nominees, including from the Department of Labor and Industrial Relations, United Public Workers, Hawaii State AFL-CIO, Hawaii Nurses Association, Hawaii Ports Maritime Council, and other organizations and individuals. For Pane Mayonga II, the committee noted support from a broad coalition including labor unions, maritime and construction groups, and community advocates. No opposition testimony was presented, and members did not raise substantive questions on the Workforce Development Council nominees. After a brief recess, the committee reconvened for decision-making and voted to recommend advice and consent on all four governor’s messages: GM 727 for Barbara Creek, GM 744 for Amber Aana, GM 717 for Scott Collins, and GM 728 for Pane Mayonga II. Each recommendation was adopted unanimously, and the committee congratulated the nominees before adjourning with no further business.
CO

Colorado 2026 Regular Session

Colorado House 2026 Legislative Day 049 Mar 4th, 2026

Colorado House Floor Meeting

Transcript Highlights:
  • investment program to offer both tax-deferred and Roth options and requiring PAR-affiliated employers
  • options without reducing existing benefits. for employees with career gaps and expand retirement options
  • investment program to offer both tax-deferred and Roth options and requiring PAR-affiliated employers
  • 01:59:55.760> savings to supplemental retirement savings to supplemental retirement savings options
  • and Roth options and requiring deferred and Roth options and requiring PAR<02:00:02.800> affiliated
Keywords: 981, all
Summary: The meeting included routine floor business, announcements, and several committee notices, followed by consideration of resolutions and third-reading votes on multiple bills. Members also recognized visiting groups, including North Glenn High School students, NFIB members for Small Business Day at the Capitol, Parker Day participants, and advocates for intellectual and developmental disabilities. A resolution honoring Youth Mental Health Action Day was taken up and adopted 62-0, with sponsors emphasizing the shortage of mental health services in many Colorado counties and the need to support children’s mental health. The House then passed several bills on third reading. House Bill 1189, concerning property held by a community property spouse under the Uniform Community Property Disposition at Death Act, passed 61-1. House Bill 1039, concerning requirements for municipal jails, passed 46-16. House Bill 1044, aimed at improving equity in maternal health, passed 49-13. House Bill 1135, increasing transparency about chemicals used in certain hair products, passed 42-20. House Bill 1134, addressing conditions for municipal court defendants, passed 43-19. House Bill 1113, concerning modifications to election laws, passed 41-22. The House also heard a lengthy debate on House Bill 1110, which would allow financial institutions to place temporary holds on suspicious transactions involving vulnerable adults and provide related protections. Supporters said the bill would help prevent elder financial exploitation and give banks and credit unions tools to intervene. Opponents argued the bill’s liability protections for financial institutions were too broad and could weaken protections for victims. Representative Garcia offered amendment L007 to strike the immunity provision, and several members spoke for and against the amendment, but the transcript cuts off before any vote on the amendment or final action on the bill.
ND

North Dakota 2026 1st Special Session

Employee Benefits Programs Committee May 7th, 2026 at 10:00 am

Employee Benefits Programs Committee

Transcript Highlights:
  • Retirement programs of state employees or employees of any political subdivision, or health or retiree
  • So are they like the four retirement options, or can I invest with this investment group, that investment
  • This bill draft creates another subgroup under our Uniform Group Insurance Program for retired peace
  • This bill draft creates another subgroup under our Uniform Group Insurance Program for retired peace
  • This bill draft creates another subgroup under our Uniform Group Insurance Program for retired peace
Keywords: 908, all
LA

Louisiana 2026 Regular Session

House of Representatives May 25th, 2026

Louisiana House Floor Meeting

LA

Louisiana 2026 Regular Session

House of Representatives May 25th, 2026

Louisiana House Floor Meeting

Transcript Highlights:
  • Resolution by Representative Edmonston to commend the Louisiana Court Appointed Special Advocate Programs
  • stewardship, protection, management, conservation, and other factors of the Louisiana Scenic Rivers Program
  • stewardship, protection, management, conservation, and other factors of the Louisiana Scenic Rivers Program
  • System into the Firefighters Retirement System.
  • System into the Firefighters Retirement System.
Summary: The House met with a quorum, opened with prayer and the Pledge of Allegiance, and then received a series of Senate messages, conference committee appointments, and enrolled bill reports. The chamber also noted Senate concurrence in several House concurrent resolutions and the adoption of conference reports, while multiple Senate bills and resolutions were signed by the Senate President. Senate Bill 480, dealing with butterfly bottom nets and vessel use/anchorage, was referred to the Natural Resources Committee without objection. Members introduced several House resolutions, including measures to commend Arsenal Football Club, recognize Pope Leo XIV and 4-H honoree Margaret Mimi Stoker, study forensic medical exam protocols for domestic violence survivors, create a task force on second-degree murder sentencing, review miscarriage and pregnancy-loss terminology, commemorate the 250th anniversary of New Orleans, and support the National Guard Youth Challenge Program. Committee reports also moved forward bills on child welfare, water quality, scenic rivers, orphan wells, gravel mining reclamation, groundwater conservation, agricultural production, railroad hazards, and retirement system merger feasibility, along with resolutions on Pope Leo XIV and the LaMelle family. The House took up numerous Senate bills returned from the Legislative Bureau, adopting amendments and advancing many to third reading, including bills on health and welfare, education, insurance, and criminal justice. The chamber also reported favorably on resolutions condemning political violence and honoring public figures and organizations, and it scheduled several committee meetings for the following day, including Health and Welfare, Appropriations, Natural Resources, Civil Law, Transportation, and Ways and Means. The session ended with announcements about upcoming committee agendas and delegation meetings, and the House adjourned on motion to reconvene at 1:00 p.m. the next day.
TX
Transcript Highlights:
  • It is irresponsible of this legislature to simply defer to pharmacists who are... ...in many ways no
  • eligibility of a political subdivision for a grant from the Rural Infrastructure Disaster Recovery Program
  • so that we can include the city of Kerrville and Kerr County. a few other rural counties into the program
  • Members, House Bill 26 protects an extremely popular program in Harris County, giving neighborhoods and
  • The program move for passage is now before the House. The question occurs on final passage.
HI

Hawaii 2025 Regular Session

EEP Public Hearing - Thu Jan 30, 2025 @ 9:00 AM HST

Energy & Environmental Protection

Transcript Highlights:
  • <00:29:57.519> this that the committee please defer this that the committee please defer this
  • > uh<01:08:13.200> to been a testing program um at uh uh to been a testing program um at uh
  • <01:11:25.719> we we're looking at a threeyear program we we're looking at a threeyear program
  • legally available and feasible options legally available and feasible options right<01:31:38.400
  • <01:56:04.239> for moving as a another possible option for moving as a another possible option
Keywords: 910, house, all
Summary: The committee heard several energy and environmental bills. On HB 974, which would authorize state step-in agreements for certain power purchase agreements and create a trust fund/reserve mechanism, the Attorney General’s office raised concern that the state should not incur liability beyond the trust fund. The Division of Consumer Advocacy said it had comments but did not take a position, while the Public Utilities Commission, Ameresco, Hawaiian Electric, and other industry groups supported the measure, saying it would help developers secure financing for renewable projects and improve reliability. Hawaiian Electric said the bill would not use state funds and that its proposed reserve account would be held in trust and returned to customers if unused. Committee members questioned whether the reserve would raise customer costs; Hawaiian Electric said the amount would be small and would be offset by avoiding higher financing costs, while Consumer Advocacy suggested the language should be strengthened to ensure unused funds are fully returned. The committee then heard HB 338, which would clarify that premium interest-rate adjustments for non-fossil fuel generation are just and reasonable and allow the PUC to include them in rates. DCCA and the State Energy Office supported the bill, and the PUC also supported it. Hawaiian Electric opposed unless amended, arguing the PUC already has discretion and warning the bill could weaken competitive procurement by encouraging higher bids tied to the utility’s credit rating. DCCA said the concern was that developers might not seek the best financing if premium rates are recoverable, but said Hawaiian Electric’s suggested amendment requiring clear and convincing evidence of unavoidable financing-cost increases would help. Members also asked about refinancing and whether developers could later lower debt costs after locking in a premium rate; DCCA said that ability exists and suggested a time limit or review mechanism. For HB 337, which would direct the PUC to establish standards requiring utilities to remove certain fossil-fuel costs from the rate base when adding renewable resources, the Department of Hawaiian Home Lands, Hawaii Clean Power Alliance, and the State Energy Office supported the measure. Hawaiian Electric opposed it, saying it misunderstood utility cost recovery and could threaten grid reliability because fossil plants provide ancillary services such as voltage regulation and balancing, not just energy. Hawaiian Electric pointed to its integrated grid plan and recent fossil-unit retirements as evidence of ongoing transition, and asked the committee to defer the bill and leave oversight to the PUC. The committee also heard HB 879 on cesspool conversions, which would raise the maximum grant from $20,000 to $30,000 and add DOH positions; DHHL, DOH, environmental groups, Hawaii Realtors, and others supported it, while DOH discussed staffing needs and the practical effect of the higher grant cap. The committee also began HB 379 on requiring denitrification capacity for certain wastewater systems near shorelines or groundwater, with DLNR testifying in support.
WA

Washington 2025-2026 Regular Session

Select Committee on Pension Policy Sep 16th, 2025

Select Committee on Pension Policy

Transcript Highlights:
  • So both of those programs are right around 90% funded in 2024.
  • These programs and even risk management.
  • As you assess risk, your deferred assets as well.
  • What we call peer retirement systems. All right, thank you.
  • plans, creating a new legacy retirement system or plan.
Summary: The committee approved the July minutes and then received an informational presentation from the Office of the State Actuary on the financial condition of the state retirement systems. The actuary reported that employer contribution rates are generally declining, helped by strong investment returns and reduced funding for PERS 1 and TERS 1, while funded ratios have continued to improve; on a combined basis the plans were reported at 100% funded in 2024, with open plans above 95% and legacy plans varying by system. The presentation also reviewed projected rates and funded ratios under current assumptions, noted that pension costs are taking a smaller share of the state general fund, and discussed risks from investment volatility, policy changes, and demographic experience. Committee members asked about savings from lower rates, deferred asset smoothing, and how Washington compares with other states. The committee then considered the state actuary’s recommendation on long-term economic assumptions and adopted all four recommendations by roll call votes: inflation at 3.0%, general salary growth at 3.5%, membership growth for Plan 1 funding at 1.0%, and investment rate of return at 7.25%. The actuaries explained that the inflation and salary growth increases were driven largely by higher long-term inflation expectations, while the investment return recommendation matched the current statutory assumption. Members discussed the timing of the Pension Funding Council’s decision, the effect of tariffs and inflation uncertainty, and how assumption changes would affect future contribution rates and budgets, particularly for open plans. Staff then gave an update on the LEOFF 1 study, explaining the difference between being “ahead of schedule” and truly overfunded, and summarizing responses received from DRS, the State Treasurer, and the State Investment Board on the merger and restatement proposals. DRS said both bills could be administered, though the merger bill’s COLA banking provision would be challenging until its new system is ready; the Treasurer urged caution, especially about the restatement bill and the use of one-time funds; and the Investment Board said removing assets from the trust would have some transaction costs but likely small impacts. The committee discussed whether to invite additional agencies and local government groups to testify, and staff said more responses, including from Ice Miller and the State Actuary, were expected for the October meeting. Finally, the committee heard a briefing on PERS 1/TERS 1 COLA policy and related bills from the last session. Staff reviewed the committee’s prior ongoing COLA recommendation, the SCPP-endorsed bills that would have created a one-time 3% COLA followed by an ongoing COLA, the Senate merger bill, and a separate ad hoc COLA bill. Public testimony largely supported Plan 1 COLAs and stable contribution rates, while several speakers urged caution about transferring LEOFF 1 surplus assets or merging legacy plans, and others raised concerns about climate risk and the pension fund’s investments. No further committee action was taken on the COLA item during this portion of the meeting.
LA

Louisiana 2026 Regular Session

Finance May 11th, 2026

Finance

Transcript Highlights:
  • HB 127 will be deferred. That's Representative Dizzotale's bill. HB 127 will be deferred.
  • program.
  • retirement option program in the Sheriffs' Pension and Relief Fund.
  • The back deferred retirement option program in the Sheriffs' Pension and Relief Fund.
  • Three retired sheriffs, three active deputy sheriffs, and three retired deputy sheriffs.
Summary: The Senate Finance Committee met with eight members present and deferred HB 127. It then considered a series of bills, most of which were reported favorably without opposition. HB 22 revised COLA rules for the clerks of court retirement system, allowing more frequent COLAs when the system is better funded; HB 324 made judicial stipends permanent and added future COLAs subject to available funding; HB 233 increased jury mileage reimbursement; HB 47 reorganized assessor retirement COLA statutes; HB 533 allowed St. Tammany Parish to transfer unused witness-fee account balances to the 22nd Judicial District Court; HB 980 adjusted eligibility for the Firemen’s Supplemental Pay Board; HCR 45 urged Congress to clarify ARPA deadlines for water projects; HB 559 increased court costs in the 4th Judicial District; HB 290 recreated the Department of Treasury and related entities in statute; and HB 382 addressed Joint Legislative Committee on the Budget review authority over Group Benefits plans. The committee also reported HB 1157 favorably, creating a financing bank mechanism for infrastructure projects, and HB 575 favorably, giving youth aging out of foster care preferred access to surplus state vehicles through the Louisiana Property Assistance Agency. Several measures drew more discussion. HB 1236, dealing with pharmacy benefit managers and professional dispensing fees, prompted extensive testimony from the sponsor, the Legislative Fiscal Office, the Department of Insurance, independent pharmacies, and PBM representatives. Supporters said it clarifies and strengthens enforcement of existing PBM law and protects independent pharmacies; opponents argued the bill’s requirement that PBMs bear dispensing-fee costs would be difficult to implement and could raise premiums. The sponsor said he would work on amendments, including clarifying language and a delayed effective date, and the bill was nevertheless moved favorably. SB 25, on registrar of voters compensation, was amended to a revised pay structure and then reported favorably. HB 47 and HB 533 were also presented as funding and administrative cleanups for retirement and court-related accounts, with local support noted. The committee also heard HB 233 on jury duty mileage reimbursement, which the sponsor said updates a 1961 rate and would be funded locally at an estimated average increase of about $4,000 per judicial district. HB 324 on judicial salaries was described as self-funded by the judiciary and subject to available funding, with no budget impact. HB 575 on foster youth transportation was presented as a non-appropriation measure aimed at helping youth aging out of foster care by giving them preferred access to surplus vehicles. HB 382, which concerns the Joint Legislative Committee on the Budget’s role in approving Group Benefits plans, was reported favorably with little discussion. The meeting ended after a motion to adjourn.