Transcript Highlights:

• You know, different things as far as valuations notices, all of those types of things.
• Isn't there a cost if the... ...as far as valuations, notices, all of those types of things.
• Isn't there a cost if the valuation is done incorrectly, whatever is rural?
• The change in valuation did increase the full cash value of the crops. So they were out of date.
• The change in valuation did increase the full cash value of the crops.

Bills: HB2120, HB2173, HB2261, HB2786, HB2792

Keywords: property tax exemption, disability, veterans, widows, income limits, Arizona Revised Statutes, property tax, electronic communication, tax assessment, tax correction, real estate, agriculture, tax classification, land use, nonprofit organizations, transaction privilege tax, tax exemption, textbook rental, education, business leasing

Summary: The House Ways and Means Committee heard and advanced several tax-related bills. HB 2261, by Rep. Griffin, would rename and clarify the agricultural real property classification in statute to align with court rulings on valuing permanent crops such as orchards and vineyards under the income approach. Supporters argued it codifies existing law and avoids unnecessary litigation costs, while county assessors and the Arizona Association of Counties opposed it, asking the committee to wait for the pending Arizona Supreme Court case. After discussion about the court history and valuation methods, the committee passed HB 2261 on a 5-3 vote with one absent. The committee then unanimously or near-unanimously advanced HB 2173, which allows tax officers and taxpayers to use electronic responses for notices of proposed correction and notices of claim unless certified mail is required. County assessors supported the bill as a modernization that could reduce delay, paper, and postage costs, and members discussed whether the statute should require periodic reauthorization of email contact. HB 2120, which adds the Social Security Administration to the definition of competent medical authority for property tax disability exemptions, also passed, though one member voted present and another no while seeking more information about how it would interact with existing disability documentation requirements. Two additional bills were also approved. HB 2786 would extend a tax deduction to gross proceeds from leasing or renting textbooks required by state universities or community colleges, including digital textbook rentals, and was supported as student relief and tax parity for rental versus physical books. HB 2792 would fully exempt from property tax the primary residence of a veteran with a 100% service-connected disability, and would treat a jointly owned primary residence as fully owned by the veteran for exemption purposes; assessors said the bill was a needed cleanup measure to clarify implementation. Both bills received strong support and were returned with do-pass recommendations, and the committee adjourned after completing the agenda.

Transcript Highlights:

• <00:59:24.039> standpoint see kind of from a valuation standpoint see kind of from a valuation
• How is that keeping up with the total valuation within the city?
• It will take some time for those valuations to change and for the assessments to be made.
• <00:59:58.920> within up um with the total valuation within up um with the total valuation
• sale you know how does the valuation sale you know how does the valuation from<01:00:07.720>

Bills: HF1746, HF2585, HF1159, HF2574, HF2839, HF157, HF158, HF160, HF338, HF512

Keywords: Oakdale, tax increment financing, local government, funding, urban development, tax increment, St. Paul, redevelopment, housing authority, housing trust fund, low-income housing, property taxation, Minnesota statutes, vacant property, housing, commercial to residential conversion, Minneapolis, urban redevelopment, public parks, tax capacity

Transcript Highlights:

• So the valuation results we share with you today are still preliminary at this point.
• And the purpose of the 2025 valuation is twofold.
• There’s a lot going on in these valuations.
• So for this valuation, for example, we’re reflecting updated demographic assumptions.
• This valuation, for example, we’re reflecting updated demographic assumptions.

Keywords: 904, all

Transcript Highlights:

• valuation if you have concerns of that valuation.
• you're getting uh that that valuation you're getting uh that that valuation notice<00:09:00.600>
• it's not like the residential valuations it's not like the residential valuations went<00:18:58.400
• <00:59:06.000> of that graph would be total valuations of that graph would be total valuations
• <00:59:27.280> and then what are your total valuations and then what are your total valuations

Keywords: 1183, house

Transcript Highlights:

• This is our first funding valuation since that audit was completed.
• <00:14:47.680> to make modest changes um valuation to make modest changes um valuation to
• funding valuation since that audit was<00:15:15.279> completed.
• we do is we look at the 2023 valuation we do is we look at the 2023 valuation and<00:20:38.640><
• our 2025 valuations, our health insurance<00:25:12.640> plans.

Keywords: 958, all

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.

Transcript Highlights:

• <01:00:23.520> of blanket say the equalized valuation of blanket say the equalized valuation
• <03:18:20.359> across<03:18:20.760> the valuation across the valuation across the state
• I mean, $530 was calculated based on our most recent valuations.
• It doesn't lock us into valuations down the road.
• <04:05:42.319> your $538 and if your Town's valuation your $538 and if your Town's valuation

Keywords: 928, house, all

Summary: The committee held a work session focused on school funding formulas, adequacy aid, and special education aid, with the chair outlining a schedule for the next several Tuesdays and noting that the committee would likely need multiple executive sessions to narrow down the bills. Members discussed the FY 26 formula, including base cost, differentiated aid, extraordinary needs grants, hold harmless provisions, and the roughly $28 million in excess statewide education property tax (SWP) funds that are not currently returned to the state under the existing formula. The first bill discussed was HB 137, which would allow excess SWP funds to remain with the local municipality for school and municipal purposes. Representative Spilsbury argued the issue is fundamental and suggested the state should require excess funds to be remitted back to the state, while Representative Damon said the bill appears to codify current practice and may be unnecessary, especially given possible court action. The discussion then shifted to a related bill from Representative Fellas that would redefine SWP as local money rather than state money and keep the current adequacy aid numbers revenue-neutral for now. Representative Fellas explained that SWP was created in 1999 after the Claremont lawsuit as part of the state’s effort to show increased school aid, but that it effectively labeled part of the local property tax as state money without changing property tax bills. She argued the state should not be tapping local property tax revenue and said her bill would preserve the current distribution while removing the SWP tax label, with future work possible on a different measure of local capacity such as income, home values, or poverty rate. Members also referenced prior discussions of fiscal capacity aid, relief aid, and other formula changes as part of the broader effort to restructure school funding.

Transcript Highlights:

• What I'd say about the taxable value, or the valuation, more ease.
• That first couple of years, were there a lot of valuation jumps? You bet.
• It's all the valuation.
• Get the valuation notice, which is considered step one, and Minnesota has always sent valuation notices
• The taxable valuations have changed drastically. So I agree. I think it could go.

Keywords: 908, all

Summary: The subcommittee of the Tax Reform and Relief Committee met with a quorum to begin its study of whether the content of North Dakota real estate tax statements should be revised to improve transparency. Legislative Council staff reviewed the background for the study, including House Bill 1176, current statutory requirements for tax statements, and recent changes such as separate line items for bonded debt, primary residence credit, and legacy fund-related amounts. The Tax Department then explained the current statement format and noted that the form is prescribed and approved by the tax commissioner, with changes typically driven by statute and implemented collaboratively with counties and vendors. County officials from the North Dakota Association of Counties described the full annual process for preparing budgets, setting levies, calculating taxable values, and issuing notices and tax statements. They said counties spend significant time coordinating with taxing districts, neighboring counties, and software vendors, and that the new budget hearing notices and valuation notices have not generated much public response. Members raised concerns about the usefulness and clarity of certain line items, especially the legislative tax relief calculation and the primary residence credit, and discussed whether the current statement creates confusion rather than transparency. Testimony also addressed the 3% cap, mill levy worksheets, assessment cycles, and the role of county auditors and tax directors in maintaining accurate values. The committee also heard from software vendors CPT and Tyler Technologies about how legislative changes are programmed into tax systems and how online taxpayer portals can provide more detailed breakdowns of tax bills. Vendors said changes required by law are generally absorbed in contracts rather than billed directly to counties, and they demonstrated web tools and pie-chart style breakdowns that show where tax dollars go. NDACO presented a survey of eight counties estimating tax statement preparation and mailing costs, concluding that outsourced printing tends to be cheaper on average and that total statewide tax statement costs may be roughly $600,000, though the estimate was based on limited data. No votes were taken; the meeting was informational and focused on gathering testimony and identifying issues for possible future recommendations or bill drafts.

Transcript Highlights:

• that, you know, this will be reflected in the next year's valuation.
• Uh but just using that year's valuation.
• I mean, that fluctuates. >> That's the valuation for the year ending June 30th, 2027.
• >> That's they're expecting the valuation >> That's they're expecting the valuation
• The draft valuation will be released in early November to see the final numbers.

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

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

Transcript Highlights:

• What I'd say about the taxable value, or the valuation,... More ease.
• Those first couple of years, were there a lot of valuation jumps? You bet.
• It's all the valuation.
• They would get the valuation notice, which is considered step one, and Minnesota has always sent valuation
• With assessed valuations.

Summary: The subcommittee of the Tax Reform and Relief Committee met to begin its study of the feasibility and desirability of revising the content of the real estate tax statement to improve property tax transparency. Legislative Council staff reviewed the study directive under House Bill 1176 and the statutory requirements for tax statements, including required line items such as true and full value, mill levy, legislative tax relief, primary residence credit, and the Legacy Fund portion of that credit. The Tax Department then explained how the current uniform statement is prescribed and approved, and noted that changes are typically driven by statute and implemented collaboratively with counties and vendors. County officials from the North Dakota Association of Counties described the full annual tax cycle, from county budgeting and valuation notices to budget hearing notices, levy certification, cap calculations, and final tax statement mailing. They emphasized that counties and auditors do extensive coordination with taxing districts and neighboring counties, and that the process is labor-intensive and often manual. Members discussed the limited public response to budget notices and tax statements, the difficulty of explaining the legislative tax relief line, the 3% cap and valuation issues, and whether more frequent assessments or different timing would improve understanding. Several members and witnesses noted that many taxpayers only engage when they receive their final bill, and that clarity may be more important than adding more detail. NDACO also presented a rough cost survey from eight counties, estimating an average tax statement cost of about 74 cents and a statewide total near $600,000 for printing and mailing tax statements alone, with outsourcing generally cheaper than in-house printing. Witnesses noted that House Bill 1176 added other mailings and notices, increasing county workload and cost beyond the statement itself. The committee then heard from software vendors, who explained how their systems handle tax billing, budget notices, valuation notices, primary residence credit processing, and tax levy calculations, and they identified the 1600/1685 primary residence credit and discount interaction as a current programming challenge. No votes were taken; the meeting was informational and focused on gathering testimony and identifying issues for possible future recommendations or bill drafts.

Transcript Highlights:

• Are they affected by the valuation of the county or the levy of the county?
• This year, I had a bill to drop ag land valuation from 75% to 50%.
• What drives up the cost of housing and the valuation that we see is limited inventory.
• That is what has increased our valuations.
• And what did we do with that valuation surplus that people call a windfall?

Bills: LB737, LB753, LB788, LB913, LB1055, LB1195, LB1216, LB1256, LB429, LB721, LB722, LB727, LB743, LB745, LB749, LB778, LB787, LB365A, LB823, LB900, LB903, LB940, LB954, LB1127, LB1127A, LB1205, LB1240, LR293, LR296, LR422, LR505, LR507

Keywords: LB737, Olmstead, developmental disabilities, disability services, community-based services, integrated settings, DHHS, Department of Health and Human Services, stakeholder advisory committee, independent consultant, public hearing, legislative oversight, disability rights, community integration, housing, employment, education, transportation, community supports, self-advocacy

Transcript Highlights:

• that means we're providing valuation that means we're providing gains<00:13:33.200> that<00:13
• cycle that we'll have this valuation cycle that we'll have some<00:14:11.040> positive<00:14:
• I don't know specifically if there is an assumption about pension spiking in the valuations.
• Um, meaning every year they look at that valuation, they determine is there a gain or a loss?
• Um, and certainly that's the question of what's in the valuation.

Keywords: Meeting Start: 00:00 Attendance Roll Call: 01:02 Approval of Minutes: 02:03 Annual Investment Review: 04:10 Adjournment: 37:34, 958, all

Summary: The committee met with a quorum, approved the prior meeting minutes, welcomed new staff member Sean Parks, and announced that it would not meet in November. The next meeting was scheduled for December 8 at 10:00 a.m., with the chair noting that pension bills would be heard then and emphasizing that all pension bills must go through the full process and include actuarial analysis. Brad Gross of the Public Pension Oversight Board presented a detailed review of Kentucky retirement systems’ investments and funding. He said fiscal year 2025 ended with about $50.5 billion in pension assets and $12.52 billion in retiree health assets, both up from the prior year. He reported strong investment performance across the systems, with all Kentucky public pension funds exceeding their policy benchmarks and the median peer return of 10.4%. He also discussed long-term return trends, asset allocation differences among the systems, fee levels, and cash flow, noting that cash flow remains a key monitoring issue and that supplemental appropriations have improved the cash position of some funds, especially the Kentucky State Police and TRS systems. Gross also explained that assumed rates of return have generally fallen over time, which increases unfunded liabilities and required contributions, and said the systems’ current assumptions range from 5.25% to 7.1%. He noted that the committee’s materials included peer comparisons and historical charts, and that all asset classes were within target ranges. In response to a question from Senator Funky From, Gross was asked about pension spiking and whether supplemental general fund contributions could create a false sense of security in cash flow analysis; the question was raised but not resolved in the portion of the transcript provided.

Transcript Highlights:

• Do you envision a time when inflation may outstrip the growth and taxable valuation of property and leave
• Now, do those valuations ever reset or are They just grow at 3 to 5% or do they reset when this property
• going to have, in many cases, a dramatic property tax revenue increase to the county as those new valuations
• to see a wealth of continued revenues over the past decade compared to decades past as property valuations
• The issue is not property valuations or tax valuations.

Keywords: 914, all

Transcript Highlights:

• What I'd say about the taxable value, or the valuation,... More ease.
• Those first couple of years, were there a lot of valuation jumps? You bet.
• That's how far behind that local assessor was on the valuations of that property.
• That's how far behind that local assessor was on the valuations of that property.
• So they would get the valuation notice, which is considered step one, and Minnesota has always sent valuation

Summary: The subcommittee of the Tax Reform and Relief Advisory Committee met to begin its study of whether the content of the real estate tax statement should be revised to improve transparency. Legislative Council staff reviewed the study directive from HB 1176 and the statutory requirements for tax statements, including required line items such as true and full value, mill levy, legislative tax relief, primary residence credit, legacy fund share, discounts for early payment, and special assessments. The Tax Department then explained how the current uniform statewide statement is prescribed and approved, and noted that changes are typically driven by statute and implemented collaboratively with counties and vendors. County officials from NDACO, including auditors from McKenzie and Richland counties, described the full annual property tax timeline from budgeting through mailing final statements. They explained how counties gather budgets, calculate levies, verify taxable values, handle centrally assessed property, and prepare required notices and statements. They also said public attendance at budget hearings is generally very low, though the notices and statements generate some calls, mostly about whether attendance is required or why taxes are changing. Several members questioned the usefulness of the legislative tax relief line and the complexity of the 5% discount calculation, and county officials said the current process can be confusing and depends on manual data entry and coordination among counties, vendors, and taxing districts. The committee also discussed assessment frequency, valuation equalization, the 3% cap, and whether more frequent reassessment would reduce large jumps in taxable value. County officials said they try to use rotating reassessments and sales-ratio reviews to keep values within statutory tolerance, but staffing, training, and local market changes make the work difficult. NDACO staff estimated, based on a small county survey, that tax statement preparation and mailing costs average about 74 cents per statement, with outsourcing generally cheaper than in-house printing, and said HB 1176 added some mailing and administrative costs even if the tax statement itself did not change dramatically. Software vendors from CPT and Tyler then began presentations showing how their systems handle budgeting, valuation notices, tax statement generation, primary residence credit processing, and levy worksheets, emphasizing that many of the required calculations and reports are still manually entered or verified by county staff.

Transcript Highlights:

• And I'm first going to start with where the system is at based on the June 30, 2025 valuation.
• The system is at based on the June 30, 2025 valuation.
• Moving on to more highlights from the valuation member demographics, the number of active employees is
• As determined in the June 30, 2018 valuation, the UAL is amortized over a closed 30-year period.
• As determined in the June 30, 2018 valuation, the UAL is amortized over a closed 30-year period.

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 Executive Director Abby Spieler and investment consultant Tim McKinery outlined the system’s structure, membership, funding policy, and investment approach. They reported that as of the June 30, 2025 valuation, MOSERS had a 55.4% funded ratio, about $17.4 billion in liabilities, and about $9.6 billion in assets. They explained that the FY27 employer contribution rate was certified at 32% under the board’s minimum contribution policy, up from 30.25%, and said the increase is tied to a $46 million new decision item in House Bill 5. The presentation emphasized that MOSERS is a mature plan with more retirees and inactive members than active employees, and that slow or declining payroll growth has made it harder to pay down unfunded liabilities. MOSERS described recent policy changes intended to improve long-term stability, including lowering the investment return assumption over time, updating mortality assumptions, and adopting a minimum employer contribution policy. The board’s 2024 asset-liability study also led to a shift toward more public equity exposure and less fixed income, with the consultant saying asset allocation has been the main driver of relative investment underperformance versus peers in recent years, though recent returns have improved and the portfolio has outperformed its policy index over shorter periods. Committee members questioned why the funded ratio has fallen over time, whether past investment assumptions were too optimistic, and whether the board had been too conservative in its asset allocation. MOSERS representatives responded that the earlier strategy was a board-approved risk-balanced approach and that hindsight makes the results easier to judge, while stressing that current changes are intended to improve long-term outcomes. Members also asked about the impact of inactive members, the automatic refund proposal for small terminated accounts, and the ongoing Catalyst Capital litigation. MOSERS said the proposed legislation would automatically refund small inactive balances and auto-escalate deferred compensation contributions, and reported that litigation-related attorney fees have been about $20 million so far. No votes were taken, and the committee adjourned after questions and discussion.

Transcript Highlights:

• But you set the valuation.
• Could you just go into a more in-depth explanation of how you come up with your valuation that you present
• But you set the valuation.
• Solomon. question, you know, how you got to the valuation for their specific home.
• So when the regular folks are looking at their property tax and they see the valuation at the bottom,

Summary: The Intergovernmental Affairs Subcommittee met to review how county budgets are developed and how constitutional officers fit into that process. Davin Suggs of the Florida Association of Counties gave an overview of county budgeting, explaining the statutory framework, the role of property taxes and TRIM notices, the fiscal-year timeline, fund balances and reserves, and the Department of Revenue’s oversight. He emphasized that county budgets include the board’s budget plus the budgets of constitutional officers, and that relationships and communication are critical to resolving budget issues. A panel of constitutional officers then described their offices’ budget processes and responsibilities: Escambia County Sheriff Chip Simmons discussed law enforcement budgeting and the importance of negotiated agreements with county commissions; Alachua County Property Appraiser Aisha Solomon explained the June 1 budget deadline, valuation methods, and the appeal process for property assessments; Manatee County Clerk and Comptroller Angelina Coleniso outlined the clerk’s court and finance duties, the county-side budget process, and the clerk’s personal liability under section 129.09 for unlawful expenditures; Leon County Supervisor of Elections Mark Early described the cyclical nature of election costs, staffing, equipment, and the impact of turnout and election law changes; and Columbia County Tax Collector Kyle Keene explained that tax collectors’ budgets are reviewed by the Department of Revenue, with fee offices funding themselves through service charges and budget offices relying on county support. Members asked about personal liability for unlawful spending, conflicts between clerks and county commissions, property valuation and storm damage adjustments, reserve levels, and whether tax collectors can retain excess fees. Responses noted that clerks must refuse illegal expenditures, property appraisers use market-based assessments with VAB and court review available, counties should maintain healthy fund balances for cash flow and emergencies, and tax collectors generally must zero out year-end balances and distribute excess revenues to taxing authorities. The committee took no votes and adjourned after thanking the panelists for their testimony.

Transcript Highlights:

• assessed valuation. assessed valuation.
• No, the assessment valuation I got was very restrictive.
• valuation?
• No, the assessment valuation valuation?
• They then commercial valuations go up.

Keywords: 1189, house, all

Transcript Highlights:

• This isn't necessarily the assessed valuation. That happens after the fact, of course.
• So I'm just curious how much total valuation is out there as well. Okay.
• So we call it a credit, but technically speaking, it's a reduction in valuation of the property.
• to the total valuations for those 37 counties.
• The effect depends on prior levy history, local tax base, taxable valuation growth.

Keywords: 908, all

Summary: The committee met to continue its tax reform and relief study agenda, approved the December 3, 2025 minutes, and announced a new subcommittee to examine property tax statement issues with counties, auditors, and the tax office. Representative Headland was named chair, Senator Rummel vice chair, and Representatives Dressler and Dr. Dr. and Senator Patton were also assigned. The chair noted the group may need an additional meeting and thanked staff and attendees. A major portion of the meeting focused on economic development incentives. The Department of Commerce presented on the Renaissance Zone program and TIF districts, describing Renaissance Zones as locally tailored tools that combine local property tax relief with state income tax incentives. Commerce said the program has supported thousands of projects since 1999 and cited examples from Beach and Mandan showing increases in property and taxable value, business retention, housing, and downtown revitalization. Committee members raised concerns that smaller rural communities often lack the staff and expertise to apply, and Commerce said it provides outreach through conferences, office hours, and one-on-one assistance. League of Cities and local officials from Bismarck and Ellendale echoed the capacity issue, discussed how the programs have worked in their communities, and suggested possible reforms or more targeted support for small towns. Ellendale’s mayor also described two TIF districts, one for industrial infrastructure in Oaks and one for housing infrastructure tied to a data center project in Ellendale. The committee then turned to stripper oil taxation. The Tax Department gave a comparison of oil and gas tax structures in selected states, noting that most have some form of stripper or marginal well provision, while Alaska does not appear to have a specific stripper-well exemption. Members asked for more detail on definitions and North Dakota’s annual adjusted rate. The Department of Mineral Resources followed with a detailed presentation on North Dakota stripper wells, explaining the statutory thresholds, the 12-consecutive-month production test, and the fact that once a well qualifies it remains on stripper status even if production later rises. DMR said about 11,332 stripper wells are active, representing roughly 54% of wells and about 16% of state production, and emphasized that stripper status can extend well life, preserve tax revenue, and reduce orphaned wells. Committee members and industry witnesses discussed refracs, the economics of keeping marginal wells active, and the competitive disadvantage created by North Dakota’s oil price discount. No votes were taken on these informational items.

Transcript Highlights:

• I'm first going to start with where the system is at based on the June 30, 2025 valuation.
• Moving on to more highlights from the valuation, member demographics: the number of active employees
• Moving to the calculation contribution in the June 30, 2025 valuation, line A represents the normal cost
• As determined in the June 30, 2018 valuation, the UAL is amortized over a closed 30-year period.
• As determined in the June 30, 2018 valuation, the UAL is amortized over a closed 30-year period.

Keywords: 959, house, all

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.

Transcript Highlights:

• Specific to our actuarial valuation model that we use for our measurements and determining contribution
• So a year from now, approximately, you'd be looking at the results of a June 30, 2025 valuation based
• The actuarial valuation needs are provided largely by the consultants at Milliman.
• The actuarial valuation needs are provided largely by the consultants at Milliman.
• Their most recent valuation report had a measurement date... ...questions if anything's unclear.

Summary: The Pension Funding Council met on October 8 with introductions from council members and staff, then received a detailed presentation from the Office of the State Actuary on long-term economic assumptions and the state pension systems’ financial condition. OSA reported that the combined pension systems are currently 100% funded on a smoothed basis, with open plans above 95% funded, and that legacy Plan 1 systems remain on a path toward full funding under current policy. The actuaries recommended updating assumptions to 3% inflation, 3.5% general salary growth, and a 7.25% investment return, while keeping Plan 1 membership growth at 1%. They also explained asset smoothing, the role of recent strong investment returns, and the expected budget impacts of the recommended changes. Representatives from the Economic and Revenue Forecast Council and the State Investment Board offered supporting perspectives, generally describing the assumptions as reasonable and consistent with their own outlooks. The council also heard an overview of the Long-Term Services and Supports Trust Program (WACares) from DSHS and OSA. Program staff described the program’s social insurance structure, premium collection, benefit eligibility, and upcoming implementation milestones. OSA reported that the program’s first actuarial valuation showed a positive actuarial balance under the base scenario and recommended no change to the current 0.58% premium rate during the program’s early learning phase, noting that future changes would depend on experience and the program’s risk-management framework. OSA also said the recommendation would remain the same regardless of the outcome of the pending ballot measure affecting investment options. During public comment, a representative of the Washington State School Retirees Association urged continued work on Plan 1 funding and related legislation, while the Association of Washington Cities cautioned against increasing pension assumptions in a way that could raise future employer costs and reduce flexibility for current local government services. In action, the council adopted a motion to maintain the current long-term economic assumptions by a 4-2 vote, adopted the recommendation to keep the WACares premium rate at 0.58% by a 6-0 vote, and then elected Katie Chapman as council chair by unanimous vote. The meeting then adjourned.

Transcript Highlights:

• And when we went to sell them, we were offered three different valuations.
• And the spread on the valuations was extraordinarily high because they were gold coins.
• It would be like another bank account of valuation. So it would not be skirting anything.
• And when we went to sell them, we were offered three different valuations.
• And the spread on the valuations was extraordinarily high because they were gold coins.

Summary: The committee first took up SB 794, as amended by a late-filed strike-all, which would require a human being to make insurance claim denial decisions and prohibit artificial intelligence from being the sole basis for a denial. The sponsor said the bill was intended to preserve human oversight while allowing innovation in claims processing. Public testimony included support from the Florida Insurance Consumer Advocate and the Florida Medical Association, along with one speaker urging additional protections for homeowners. The committee adopted the strike-all and reported SB 794 favorably with committee substitutes. Members then heard SB 134, which removes the $500 threshold on the sales tax exemption for bullion, making sales of gold, silver, and platinum bullion fully exempt and eliminating certain dealer documentation requirements. Supporters argued the change would reduce a regressive tax and help consumers preserve savings; the sponsor estimated a revenue impact of about $300,000. The bill was reported favorably. The committee also adopted a strike-all on SB 888, which directs the Office of Insurance Regulation to create a more consumer-friendly homeowners insurance website with premium comparison information, market data, rate filing access, and educational resources. The sponsor and Leader Boyd said the goal was to improve transparency and help consumers navigate a stabilizing market. SB 888 was reported favorably with committee substitutes. The final bill heard was SB 1578, covering mammograms and supplemental breast cancer screenings. The sponsor said it would expand coverage requirements in ACA plans and private insurance policies, including annual mammograms for women ages 40 to 50 and supplemental screening coverage, while noting Medicaid already provides these services. The Florida Insurance Consumer Advocate waived in support, and the bill was reported favorably. After the bills, the committee held a lengthy panel discussion on gold and silver as legal tender and transactional money, with testimony from officials from Utah and Florida, industry representatives, and advocacy groups. Panelists discussed constitutional authority, consumer protections, depository oversight, taxation issues, and possible transactional platforms for precious metals. No further action was taken after the discussion, and the committee adjourned.