Video & Transcript Research : 'actuarial studies'
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WA
Washington 2025-2026 Regular Session
Select Committee on Pension Policy Nov 18th, 2025
Select Committee on Pension Policy
Transcript Highlights:
- All right, we're going to move on to Michael Harbor, the actuary, for the actuarial update.
- You know, on actuarial updates, of course, we heard some in the previous comments about the actuarial
- We completed a study.
- That's when we pass the study forward.
- The actuary representative made recommendations for changes, right? Correct. State actuary amounts.
Summary:
The executive committee approved the October minutes and received brief updates from the Assistant Attorney General and the committee actuary. The actuary reminded members that OSA prepares actuarial fiscal notes during session and said staff would begin work soon on analysis for the upcoming session, including updates related to the COLA bill and other pension measures. Senator Conway asked that updated actuarial materials be shared with committee members as they are completed, and staff agreed to do so.
Most of the meeting focused on committee discussion of pension policy issues, especially the ad hoc COLA for Plan 1 retirees and the broader study work on Left 1/Plan 1 topics, including merger and termination-restatement bills such as Senate Bill 5084. Members discussed the need for a COLA, the overfunding of some pension plans, the role of the legislature versus the committee, and the importance of keeping the State Investment Board separate from pension policy recommendations. Several members said the interim work had clarified many questions and would make future legislative decisions easier, while also noting that the committee’s study role had been completed.
The committee also reviewed constituent correspondence, which included 15 items, with substantial public interest in the ad hoc COLA and related pension bills. Staff presented the draft interim work plan and proposed December agenda items, including possible education on excess compensation and an update on demographic experience studies. After discussion, members agreed not to hold a December meeting, with the understanding that any remaining informational items could be sent by email. The motion to skip the December meeting passed unanimously, and the committee then adjourned.
WA
Washington 2025-2026 Regular Session
Select Committee on Pension Policy Jul 15th, 2025
Select Committee on Pension Policy
Transcript Highlights:
- Now we'll move on to Michael Harbour, the actuary, for an actuarial update. Great.
- Now we'll move on to Michael Harbour, the actuary, for an actuarial update.
- ; those will be addressed in an updated actuarial analysis component in the final study.
- Those will be addressed in an updated actuarial analysis component in the final study.
- But the study itself does require it to evaluate the actuarial impacts, and so that piece will be evaluated
Summary:
The Select Committee on Pension Policy Executive Committee approved the June minutes and received a brief update from Assistant Attorney General Jesse Yoder, who had no litigation updates but offered to answer questions. Actuary Michael Harbour then previewed the September full committee meeting, which will include a report on the financial condition of the DRS-administered pension plans and the state actuary’s recommended economic assumptions. He also cautioned that any actuarial pricing done over the summer could change if assumptions are updated, and suggested taking votes on potential legislation later in the interim, possibly in November or December.
A discussion followed about the Left 1 benefit improvement and where the funding came from. Harbour said the benefit tied to SSB 5791 (2022) was paid from the Left 1 trust fund, while a separate Left 2 benefit improvement was in SHB 1701, and he agreed to double-check the issue with DRS after members raised conflicting information. Members then discussed the broader Left 1 study, including whether IRS approval is a key barrier and whether options are limited to merger or closure. Several members asked to hear from Ice Miller, which has been advising on the tax issues, and staff said the committee should receive a written response in the next couple of weeks and could have Ice Miller appear in October.
The committee reviewed and adjusted its interim work plan. September will include the actuarial presentations, a more detailed Left 1 study update, and a presentation on PERS and TERS Plan 1 COLAs, including a recap of the bill recommended this year and initial considerations for an ad hoc COLA. October is expected to include DRS administrative and performance updates, with November reserved for the State Investment Board update and a final Left 1 study update, and December may include an educational presentation on excess compensation. Members also requested a future briefing on the month-of-death benefit discussion. The September agenda was adopted, correspondence materials were noted, and the meeting adjourned.
MN
Minnesota 2025-2026 Regular Session
Legislative Commission on Pensions and Retirement - 02/24/26
Minnesota Senate Floor Meeting
Transcript Highlights:
- I am an actuarial consultant with Via Actuarial Solutions.
- actuary, we provide independent actuary, we provide independent actuarial<00:04:56.639>
advice - All the Minnesota statewide plans do an experience study every four to five years with their actuaries
- experience studies.
- experience studies.
MN
Minnesota 2025-2026 Regular Session
Legislative Commission on Pensions and Retirement - 03/11/25
Minnesota Senate Floor Meeting
Transcript Highlights:
- of re rehiring the recommended actuaries of re rehiring the recommended actuaries actuaries<00:10
- Until January 2025, we had Via Actuarial Solutions as our actuary.
- That was to appoint Via Actuarial Solutions as the commission actuary.
- An experience study is something that the actuaries perform every four to five years behind the scenes
- An experience study is something that the actuaries perform every four to five years behind the scenes
WA
Washington 2025-2026 Regular Session
Select Committee on Pension Policy Jun 17th, 2025
Select Committee on Pension Policy
Transcript Highlights:
- And that is the actuarial study—the left one study plan in the House. A lot of us didn't...
- I didn't see that actuarial study because the bill was never introduced in the Senate, and I'm wondering
- if you can ensure that we have those materials so we can look at what the actuarial study of the left
- With the actuarial study of the left one study plan. Mr.
- one study plan, the merger, and termination. ...about the actuarial funding, ESSB 5357, and left one
Summary:
The committee approved the May minutes by roll call vote and then received brief updates from the Attorney General’s office and the Office of the State Actuary. The AG’s office said it would handle legal analysis related to the committee’s work, while the actuary reported that staff were at capacity this summer due to annual valuation work, experience studies, and other retirement system projects, but would have more capacity in the fall. Members also requested access to fiscal note and actuarial materials related to the LEOFF 1 study and related legislation.
The main discussion focused on the LEOFF 1 study, including actuarial funding, a proposed merger/termination/restatement approach, and the possibility of a permanent COLA for Plan 1 members. Several members supported keeping COLA recommendations in the committee’s work, while others raised concerns about whether merging or restating plans could affect benefits, legal status, or IRS tax treatment. The actuary explained that the temporary pause in certain funding rates reflected prior overfunding buffers and assumptions about future investment returns, and said future base-rate funding could still be needed depending on experience.
Members also discussed constituent correspondence, which staff said largely fell into four categories: the LEOFF 1 study, Plan 1 benefits and COLAs, fossil fuel divestment, and ESSB 5357. The committee agreed that divestment concerns are more appropriately directed to the State Investment Board, not this committee. In reviewing the draft interim work plan, members added or adjusted several topics for future meetings, including a July educational briefing on LEOFF 1 history and tax/IRS issues, a September discussion of COLAs, and a December placeholder for excess compensation/pension spiking, pending coordination with the LEOFF 2 Board. The committee then approved the July agenda and adjourned.
WA
Washington 2025-2026 Regular Session
Select Committee on Pension Policy May 20th, 2025
Select Committee on Pension Policy
Transcript Highlights:
- Again, for the record, Michael Harbor, actuary for OSA.
- September on our economic experience study.
- Because, you know, the actuary, actually, in conversations with our actuary, I was told that the 15-year
- I'm not on the committee either, but I do have a... on the study.
- Right now we have an update on OSA's demographic experience study, right?
Summary:
The Select Committee on Pension Policy executive committee met to approve the November minutes, which were adopted by voice vote. The committee then received an update from the Attorney General’s Office on two ongoing cases, Fowler and Joel Lynn, with briefing and oral argument timelines still pending. Michael Harbour of the Office of the State Actuary provided an actuarial update focused on ESSB 5357, explaining that the bill raised the assumed investment return from 7% to 7.25%, suspended UAL contribution rates for four years, and changed amortization for past benefit improvements; members asked for clarification on how those changes would affect long-term funding and contribution rates, especially for Plan 1 systems.
A substantial portion of the meeting was devoted to committee discussion of interim priorities and the need for more analysis of recent pension legislation. Members emphasized the importance of understanding the fiscal impacts of ESSB 5357 and related pension changes before the September economic experience study, and several asked staff to provide a more preliminary walkthrough of the bill’s effects. The committee also discussed the LEOFF 1 study and broader questions about overfunding, including when a plan should be considered overfunded and whether overfunding should be addressed through merger or closure proposals. One member suggested reviewing the operating budget’s excess compensation proviso during the interim as well.
Staff reviewed the draft 2025 interim work plan, proposing June topics including election of officers, a presentation on SB 5357 and its actuarial implications, and an initial LEOFF 1 study kickoff based on SB 5085 and HB 2034. The committee also placed excess compensation and demographic experience study items in a parking lot for possible later scheduling. The June agenda was adopted by roll call vote, with three ayes and three members absent or excused, and the meeting adjourned after no further business.
MN
Transcript Highlights:
- study noted that if the actuarial study indicated that the premium rate that was established under the
- studies about other updated Actuarial studies about other things<01:29:01.719>
in <01:29:01.880 - What I find ironic is now that the agency responded to the actuarial study by making changes to make
- What I find ironic is now that the agency responded to the actuarial study by making changes to make
- <01:41:29.560>
in <01:41:29.679>the Actuarial study to be included in the Actuarial
Bills:
HF3
MO
Missouri 2026 Regular Session
Joint Committee on Public Employee Retirement Apr 28th, 2026 at 08:30 am
Joint Committee on Public Employee Retirement
Transcript Highlights:
- for those unfunded liabilities developed by the actuary.
- As I mentioned earlier, the external actuary did recently perform an experience study.
- So from the last experience study, there were no changes made relative to the actuarial methods.
- There’s been a lot of studies.
- We're not the actuary. Oh, you're not the actuary. Okay. No worries.
Summary:
The Joint Committee on Public Employee Retirement held a hearing focused on the Missouri State Employees’ Retirement System (MOSERS) and its long-term financial condition. MOSERS staff and its investment consultant reviewed the system’s structure, membership, funding policy, and investment approach. They reported a June 30, 2025 funded ratio of 55.4%, with about $17.4 billion in liabilities and $9.6 billion in assets, and explained that the board certified a 32% employer contribution rate under its minimum contribution policy, up from 30.25%, which will increase state appropriations. They also described the system as mature, with more retirees and inactive members than active employees, and said declining payroll growth has made it harder to improve funding.
The presentation emphasized that recent board actions were intended to strengthen the plan over the long term, even though they increased near-term costs. Those changes included lowering the assumed investment return over time to 6.95%, updating mortality assumptions, moving from an open to a closed amortization schedule, and adopting a minimum employer contribution policy. The investment consultant said MOSERS historically used a more risk-balanced asset allocation than many peers, which helped explain weaker relative returns during a long period when public equities outperformed; the board has since shifted toward a more equity-oriented allocation. He said recent performance has improved, with the portfolio outperforming its policy index and ranking better against peers in the short term, though longer-term peer performance remains a concern.
Committee members questioned why the funded ratio had declined over roughly 20 years and whether past investment and actuarial assumptions were too optimistic or too conservative. MOSERS officials responded that the current board is trying to correct earlier decisions and that the present strategy is more in line with industry practice. Members also discussed a proposed MOSERS bill package that would automatically refund small balances to terminated non-vested members and increase deferred compensation auto-escalation, with officials saying the refund provision would improve efficiency and return small balances sooner. The committee also briefly discussed ongoing litigation involving Catalyst Capital; MOSERS said attorney fees have been about $20 million so far, the case remains on appeal, and the damages amount is sealed. No formal votes were taken, and the committee adjourned after questions and discussion.
HI
Transcript Highlights:
- Next, SCR 32, requesting the establishment of a marine life conservation district carrying capacity study
Bills:
SCR173, SCR78, SCR114, SCR162, SCR48, SCR160, SCR87, SCR28, SCR74, SCR20, SCR32, SCR55, SCR69
Keywords:
ticket scalping, task force, consumer protection, event accessibility, local economy, menstrual health, menstrual cycle, period education, period poverty, menstrual products, menstrual dignity, health education, sexual health curriculum, DOE, Department of Education, public schools, school health, reproductive health, puberty education, hygiene education
MN
Minnesota 2025-2026 Regular Session
Human Committee Meeting - 2025-04-03
Human Services Finance and Policy
Transcript Highlights:
- Section 11 also relates to human services background studies and is from the policy bill.
- and the most comprehensive study in the U.S. plans to prevent and end homelessness.
- So the Minnesota Homeless Study and companion Reservation Homeless Study are the most comprehensive data
- the Reservation Homeless Study.
- At this point, without significant support, we will likely have to sunset the study.
Keywords:
human services, aging services, disability services, behavioral health, long-term care, nursing home, nursing facility, assisted living, waiver services, medical assistance, Medicaid, case mix reimbursement, PDPM, RUG, direct care and treatment, developmental disabilities, day services, positive support, guardian, conservator
MN
Minnesota 2025-2026 Regular Session
House Human Services Finance and Policy Committee 4/3/25
Human Services Finance and Policy
Transcript Highlights:
- > for background study requirements for background study requirements for housing<00:21:15.280>
- The Minnesota Homeless Study and Companion Reservation Homeless Study are the most comprehensive data
- the Reservation Homeless Study.
- Study and the Reservation<00:30:57.120>
Homeless <00:30:57.600>Study. - About half were the study in 1991.
Keywords:
human services, aging services, disability services, behavioral health, long-term care, nursing home, nursing facility, assisted living, waiver services, medical assistance, Medicaid, case mix reimbursement, PDPM, RUG, direct care and treatment, developmental disabilities, day services, positive support, guardian, conservator
NM
New Mexico 2026 Regular Session
House - Health and Human Services Feb 9th, 2026 at 08:38 am
House Health & Human Services
Transcript Highlights:
- The actuarial review.
- I would hope, too, that the actuarial actuaries, I,...
- I would hope, too, that the actuarial actuaries, I guess, would have conversations and be in communication
- I have been told that a good actuarial study can be upwards of $250,000 for one.
- I have been told that a good actuarial study can be upwards of $250,000 for one.
KY
Kentucky 2025 Regular Session
Public Pension Oversight Board (8-26-25)
Transcript Highlights:
- As you all know, we are required by statute to complete a full actuarial experience study every five
- So there's other factors here, but this is the estimate based on current actuarial studies we're able
- They will go through a study.
- Um, uh, TRS also, its independent actuary, also conducts five-year experience studies.
- >> Uh the 1.71% was an actuary number. >> Uh the 1.71% was an actuary number.
Summary:
The meeting opened with a quorum call, the Pledge of Allegiance, a prayer, and approval of the prior meeting minutes. The first presentation was from Bo Craycraft of the Judicial Form Retirement System, who gave an update on investment performance, asset allocation, cash flow, and projected employer costs. He reported strong fiscal year 2025 investment results, with both the legislative and judicial retirement plans outperforming their actuarial assumed rates of return and benchmarks, driven largely by U.S. equity performance. He also noted the plans remained near their target asset allocation and continued to experience negative cash flow, though he said that was manageable in context of strong asset growth.
Craycraft then discussed a recent experience study and actuarial assumption changes, especially a revised salary growth assumption and a higher cash balance interest credit rate. He said these changes increased projected employer costs, with contributions rising from about $700,000 to a projected $2 million in later years, though he expected the eventual 2025 valuation and investment gains to reduce that estimate. Members asked about mortality assumptions, the impact of the experience study on liabilities, and the sharp increase in the judicial plan’s projected employer cost. Craycraft explained that the increase was driven mainly by the updated assumptions and that no other major plan changes were involved.
At the chair’s request, Craycraft also addressed the recent rise in Medicare Advantage premiums for the plan’s health coverage, saying the 2025 increase was largely tied to Part D changes and the Inflation Reduction Act and had been about 45%, but that future growth was expected to be under 5%. After his presentation, the committee moved to the Kentucky Public Pensions Authority update, where the next speaker began by saying the funds had exceeded actuarial assumed returns for the fiscal year.
KY
Kentucky 2026 Regular Session
Medicaid Oversight and Advisory Board (1-12-26)
Transcript Highlights:
- And what's missing for me is we pay a significant amount of money for actuarial studies, but I don't
- see those actuarial studies have a relationship to actual charges that are paid to providers.
- <00:20:51.640>
studies, for actuarial studies, for actuarial studies, but<00:20:53.960> - <00:20:54.760>
studies but I don't see those actuarial studies but I don't see those actuarial - should on an actuarial study, then that should on an actuarial study, then that should include<00
Summary:
The Medicaid Oversight and Advisory Board met on January 12, 2026, to approve the December 10, 2025 minutes and continue finalizing its findings and recommendations. Members reviewed findings on administrative inefficiencies, Medicaid and workforce participation under HR 1, Medicaid budget growth, rural health transformation fund development, and provider tax/state-directed payment changes. The board approved a motion to change “pilot” to “partnership” in the workforce-related recommendation, and also adopted a technical amendment clarifying overlapping HCBS services by removing reference to adult daycare waiver services and revising the language to focus on reducing duplication, simplifying provider contracting, and standardizing processes across programs. A separate technical correction was noted to change “DMS” to “DPH” in the rural health transformation finding, to be handled in the final edits.
Several findings drew discussion but no final substantive vote during the meeting. On the rural health transformation fund, Dr. Berg said Kentucky had done well in federal funding and noted limits on what could be shared publicly, while Commissioner Lee said a public website had been created and recommended the department reference be changed to the Department for Public Health. Finding five prompted extended discussion about provider taxes, state-directed payment reductions under HR 1, and whether the board should address the relationship between actuarial studies, MCO payments, and actual provider reimbursement more directly. Senator Meredith and others argued for a broader, more transparent baseline review of rates across provider groups, while Commissioner Lee said CMS will require certain fee schedule comparisons to Medicare beginning July 1, 2026, and that quarterly expenditure reports already go to LRC.
The board did not finish resolving finding five during the meeting and agreed to return to it after staff prepared more explicit language. Members also discussed the possibility of an all-payers claims database as a better way to understand what is being paid across payers and services. No final vote on the full findings package was taken in the portion of the meeting provided, but the board did adopt the noted amendments and continued working through the remaining language.
AR
Arkansas 2026 1st Special Session
ALC-EXECUTIVE SUBCOMMITTEE Mar 19th, 2026
ALC-EXECUTIVE SUBCOMMITTEE
Transcript Highlights:
- . ...the consultant to assist the members with any legislation that may come out of the study, and the
- You should all have in your packet a copy of an actuarial and consultant services agreement.
- Generally, your actuarial would be a separate entity from the broker or the other person. Yep.
- This will be your own actuary that can give you an independent look at anything that's going to come
- So just wanted to kind of see how that might compare to the other actuarial...
Summary:
The Executive Subcommittee met and first considered a waiver request from the Stuttgart School District to use the TIPS interlocal purchasing system for a turf replacement project instead of a traditional competitive bid. Superintendent Jeff McKinney explained that three bids were received but none fully met the RFP specifications, including warranty and insurance requirements. After review by the district’s architect, the committee approved the waiver request by voice vote.
The committee then approved a consultant services agreement between the Bureau of Legislative Research and Work Ed Consulting to support the Hospital Medicaid Developmental Disability Subcommittee’s study under Act 145. Legislators said the consultant would help develop workforce-system reform legislation for the 2027 session, and noted the firm’s experience in other states. The contract runs through June 30, 2027, with a maximum amount of $158,000, and was approved without opposition.
Next, the committee approved an actuarial and consultant services agreement with Perrin Knight to provide ongoing actuarial support for the state property insurance captive and related legislative oversight work. Bureau staff said the contract would run from April 1 through December 31, 2027, with a maximum amount of $475,000, though only actual hours and travel would be billed. Members asked about budgeting, invoice timing, and overlap with other insurance consultants, and the agreement was approved. Finally, the committee approved using Bureau committee room funds to renovate Committee Room C in the Big Mac Building, citing outdated audiovisual equipment and the need to update the room to match other recent renovations before adjourning.
HI
Transcript Highlights:
- I'd like, if you can, to elaborate a little bit more on the actuarial study and what this study would
- We look to the experts that do actuarial studies to help us to identify what is needed for the proposal
- <00:23:48.960>
studies to the experts that do actuarial studies to the experts that do actuarial - <00:23:58.440>
study <00:23:59.440>similar analysis on an actuarial study similar analysis - on an actuarial study similar to<00:24:00.159>
what <00:24:00.400>was <00:24:00.640>
FL
Florida 2025 Regular Session
February 4, 2025 - 12:30 PM
Transcript Highlights:
- So, in fact, we are actuarially sound, even a little bit better than actuarially sound, a little bit.
- So in fact, we are actuarially sound even a little bit better than actuarially sound a little bit.
- This year, we need $500 million less to become actuarially sound, but we're not actuarially sound, which
- Have you done any study into that?
- We have not done any study, Representative Kassel.
Summary:
The Insurance and Banking Subcommittee received a lengthy presentation from Citizens Property Insurance Corporation CEO Tim Serio, with Insurance Commissioner Michael Yaworski also answering questions. Serio reviewed Citizens’ role as Florida’s insurer of last resort, its statutory funding structure, eligibility rules, depopulation program, reinsurance obligations, and the surcharge/emergency assessment mechanisms that can be used if Citizens runs a deficit. He emphasized that recent legislative reforms, combined with lower litigation and improved market conditions, have helped the private market recover and reduced Citizens’ policy count from a peak of about 1.41 million in 2023 to 936,182 at the end of 2024, with a projected drop to about 771,000 by the end of 2025. He also said the reforms reduced Citizens’ rate need and helped avoid an emergency assessment after the 2024 storms.
Members asked about Citizens’ rate increases, why Citizens still seeks higher rates despite lower litigation, how the 20% eligibility threshold works, whether Citizens should be wind-only, and whether the state or federal government could help with deficits. Serio explained that Citizens is still charging below actuarially sound rates in most areas, that rate filings reflect reduced litigation and lower reinsurance exposure, and that assessments on all Florida property policyholders are the reason Citizens tries to build surplus and depopulate. He said the depopulation program is working better than in the past, with less than 2% of takeout policies returning to Citizens, and that the Office of Insurance Regulation has been vetting takeout companies more carefully.
A substantial portion of the discussion focused on claims handling after Debby, Helene, and Milton, including flood-versus-wind disputes and Citizens’ use of the Division of Administrative Hearings for some claim disputes. Serio said Citizens had received 76,625 claims from the three storms and had paid nearly $823 million in indemnity and expenses as of January 7, 2025. He said many closed-without-payment claims were either below deductible, withdrawn, duplicate, or flood-only, and that Citizens had asked its internal audit function to independently review the claims data and denials. He also described Citizens’ storm outreach, catastrophe response centers, managed-repair program, and claim review process, and said the corporation remains focused on paying valid claims while minimizing the risk of assessments on the broader Florida market.
MN
Minnesota 2025-2026 Regular Session
Legislative Commission on Pensions and Retirement - 03/18/25
Minnesota Senate Floor Meeting
Transcript Highlights:
- My name is Emily Canuteson, and I'm an actuarial consultant with Via Actuarial Solutions. the coming
- As the LCPR's actuary, we provide independent actuarial advice and another perspective to the LCPR.
- We also reviewed the actuarial experience studies for PERA General and MSRS General and TRA.
- <00:48:42.079>
experience <00:48:42.559>studies the other Actuarial experience studies - the other Actuarial experience studies that<00:48:43.040>
are <00:48:43.200>completed <
TX
Texas 89th Regular
Pensions, Investments & Financial Services Mar 3rd, 2025
Pensions, Investments & Financial Services
Transcript Highlights:
- Has TRS studied the effects of vouchers or ESAs on other states?
- Our actuary and actuaries in general are notoriously conservative in what they So we never assume that
- What that is so so GRS is Gabriel Rotor Smith that is our our actuary that we use use for our actuarial
- There is what Texas statute says is the definition of actuarial soundness and then there's what actuaries
- paying into the system would make it actuarially unsound in your opinion?
MN
Transcript Highlights:
- I also get where there might be some ambiguity when I offered the actuarial study language in the Jobs
- study language in offered the Actuarial study language in the<00:46:35.880>
jobs <00:46:36.240 - Now, again, as the author of that amendment that created the actuarial study, because I was concerned
- /c><00:51:49.359>
concerned Actuarial study because I was concerned Actuarial study because I - Actuarial Actuarial study<01:13:28.000>
but <01:13:28.960>um <01:13:29.960>I <01
Summary:
The Senate Finance Committee held a hearing on the fiscal note process, prompted by concerns raised in a prior hearing about the fiscal note for the Paid Family and Medical Leave law. Chair Marty, Senator Pratt, and Senator Wiklund said the goal was not to revisit the bill itself but to strengthen understanding of fiscal note standards, the role of the Legislative Budget Office (LBO), and communication with agencies. They emphasized bipartisan concern that fiscal notes must be respected and that the process should be clearer going forward.
Christian Larison of the LBO explained that the 2024 fiscal note issues stemmed from three main problems: choosing the proper baseline for a program that had not yet started, interpreting the seven-day qualifying event/waiting period, and determining whether DEED could adjust the first-year premium rate. He said the LBO, DEED, MMB, and House fiscal staff ultimately used the October 2023 actuarial analysis as the baseline because it was the most recent and likely most accurate estimate, but that choice meant the fiscal note did not show the difference from the 2023 enacted budget. He also described how DEED later interpreted the seven-day provision as a waiting period and how the premium-rate assumptions affected the fiscal impact.
Larison outlined possible responses, including more assertive early communication from the LBO, providing more detailed analysis in unusual cases, and possibly creating a working group through the LBO Oversight Commission to consider new standards for substantial assumption changes, complex new programs, and third-party actuarial work. He also noted the LBO has authority to issue unapproved fiscal notes if standards are not met, though it has not used that authority. In questions, Senator Murphy asked about protecting the credibility of fiscal notes, and Larison said maintaining independence, objectivity, and consistent standards is central to the LBO’s role. No votes or formal actions were taken at the hearing.