Transcript Highlights:

• Without reinsurance in place, that rate Without reinsurance in place, that rate would<00:12:55.760
• support of House File 3388 today. support of House File 3388 today.
• Which is the next one that's going to be filing to leave.
• Which is the next one that's going to be filing to leave.
• So, it's going to be filing to leave.

Keywords: 1183, house

Summary: The committee took up House File 3388, and an A1 amendment was adopted by voice vote. The bill, as amended, would direct the Department of Commerce to seek another federal waiver to continue Minnesota’s reinsurance program and preserve the assessment-and-tax-credit funding model adopted last session. Chair O’Driscoll said the measure is intended to give future legislators options before the current reinsurance structure ends, warning that without it individual-market premiums could rise substantially and more people could lose coverage. Testimony was largely supportive. Dan Andre of the Minnesota Council of Health Plans said reinsurance has been a success since 2018, has lowered premiums by covering a portion of high-cost claims, and helped subsidize care for more than 5,000 Minnesotans in 2024. Ann New Brindley of the Minnesota Business Partnership and Steven Rubis of the Health Plan Partnership of Minnesota also backed the bill, saying market stability is important amid the loss of federal premium tax credits and that continued reinsurance would help prevent further premium increases and cost shifting. Jonathan Carter of the Minnesota Chamber of Commerce likewise supported the bill, citing the program’s role in keeping Minnesota’s individual-market premiums among the lowest in the country. Members also discussed how the assessment and tax-credit mechanism works, with Chair O’Driscoll describing it as an assessment on plans followed by a tax credit against state liability. Representative Elkins questioned how insurers self-assess, and Representative Smith said the assessment model is preferable to a general-fund approach if the program continues. Representative Kaggel raised concerns about taxpayer costs and the broader health care system, while also saying the current system is unsustainable and in need of more fundamental change. The committee then renewed the motion to lay House File 3388, as amended, over for possible inclusion in an omnibus bill.

Transcript Highlights:

• Before you today, a Senate File Members, before you today, a Senate File 1682.
• they are simply guidelines Senate file they are simply guidelines Senate file 1682<00:19:48.320>
• lay over Senate file 2022 so Senate file lay over Senate file 2022 so Senate file 2022<01:04:18.279
• And next we have on the agenda Senate File 2134. Senate File 2134.
• I want to thank Senator Mann for carrying Senate File 1561, which would actually increase that rate.

Keywords: 1187, senate, all

Transcript Highlights:

• , workers' comp rates.
• Which will necessarily lower A cash pay rate might be 100,000. The Medicare rate might be 900.
• Then they file the lawsuit, OK?
• What, what rate medical rates are you comparing it to?
• They get paid their contracted rate, and then that lien gets filed on their cases.

Transcript Highlights:

• We'll spend 45 minutes on House File 1011 from Chair Beerman, 25 minutes on House File 1010 from Representative
• Egbaje, 25 minutes on House File 1913 from Representative Mahamoud, and 10 minutes on House File 862
• These are really high for complication rates.
• That would be House File 1913. Oh, sorry, I'm sorry. House File 1010, Representative Agbaje.
• Senator Schumacher, House File 862. I'll move House File 1913 before the committee. Thank you.

Transcript Highlights:

• Under House rules, matters that were filed in the House and that are being heard today are required to
• So I filed this bill.
• So I filed this bill.
• Veterans and surviving spouses need only file once to receive their tax exemptions yearly.
• I have an important question: you're going to file for your dad this year? I absolutely called.

Keywords: 995, all

Summary: The Joint Committee on Revenue held a hybrid hearing on 32 bills related to veterans and service members, with opening remarks from Chair Madaro and Senator Eldridge emphasizing the committee’s work on tax credits and property tax relief, including follow-up to the HERO Act of 2024. The chairs outlined hearing procedures, noted the August 23 reporting deadline for House-filed matters, and explained that testimony would focus on issues including voluntary contributions, sales tax, property tax, and economic development. No votes were taken during the hearing. Several bills drew testimony in support of expanding or simplifying veterans’ property tax benefits. Rep. Sylvia supported H. 3255 to raise the veterans’ property tax workoff cap from $1,500 to $2,000, matching the senior workoff program. Rep. Soder and Sen. Moore advocated for stronger property tax relief for disabled veterans, including H. 3245 and S. 2046, with Moore proposing a disability-based exemption and state reimbursement to municipalities. Rep. McGregor supported H. 3175, which would eliminate the need for veterans to refile annually for exemptions unless their status changes, arguing it would reduce burdens on veterans and assessors. Testimony also addressed line-of-duty death benefits and local implementation concerns. Mary Ann Cardi supported H. 3188 to clarify that surviving spouses of police and fire personnel who died in the line of duty qualify for a full real estate exemption. Chris Clark, Senator Sear, and Counselor Ludke all backed the veterans’ workoff bill, describing it as an equity fix that would align the veterans’ program with the senior program and help municipalities like Barnstable use the benefit more effectively. After hearing from all scheduled speakers and confirming no additional in-person testimony, the chairs adjourned the hearing.

Transcript Highlights:

• <00:33:50.279> while self-sufficiency um in our rates while self-sufficiency um in our rates
• <00:39:40.240> which<00:39:40.359> is incarceration rate which is incarceration rate
• Biennial reports had not been filed during the audit period.
• day by banial reports had not been filed day by banial reports had not been filed during<00:45:45.400
• required by Statute had not been filed required by Statute had not been filed by<00:45:50.400>

Keywords: 928, house, all

Summary: The Fiscal Committee met on February 21 and first approved the January 30 minutes and the consent calendar, with item 2540 removed by the Department of Education and item 25057 set aside for discussion. The committee then took up FIS 25057, a Department of Transportation request tied to a federal grant for building information modeling and related data standardization across DOT systems. Transportation officials explained that the $2.405 million consultant-heavy request would connect surveying, design, construction, and asset management systems, improve efficiency and long-term asset tracking, and help the department catch up with other states. Several senators questioned the lack of immediate, quantifiable budget savings and the reliance on consultants, but the item was ultimately adopted. The committee next approved FIS 25054 for the Department of Health and Human Services after questioning a $16 million shortfall in the Children’s Health Insurance Program. DHHS explained the variance as a budgeting and accounting issue tied to separating CHIP from Medicaid managed care, pandemic-era continuous enrollment, and the new federal requirement for 12 months of continuous coverage for children. Members also approved a Cannon Mountain fee item, where park officials described a proposed price freeze for early-bird passes, a new in-season tier, and modest increases in off-season pricing, while noting operating cost pressures, strong snow conditions, and favorable customer value ratings. That item was adopted unanimously. The committee also approved the Department of Corrections item after discussion of staffing, retirement eligibility, overtime, and recidivism. Commissioner Helen Hanks said retirement-eligible staff had declined slightly, recruitment was improving, overtime hours were down, one housing floor had been closed because of lower population, and the department had reduced reincarceration by 8% over seven years, which she said produced substantial savings. The item was adopted. During informational items, the committee heard a Legislative Budget Assistant performance audit of the New Hampshire Commission for Human Rights. The audit found the commission inefficient and ineffective in processing complaints, with average case closure taking 840 days, significant backlogs dating back decades, expired administrative rules, weak management controls, disorganized and outdated procedures, unreliable data, and unresolved prior audit findings. The audit included 25 recommendations, two of which may require legislative action. Commission staff said they appreciated the recommendations and expected the additional resources from the prior budget cycle to help address the backlog and improve transparency and efficiency.

Transcript Highlights:

• It freezes the motor fuels tax rate at current levels for FY27, and it reduces the motor fuels tax rate
• And it reduces the motor fuels tax rate And it reduces the motor fuels tax rate 10<00:05:00.440>
• You know, I filed<00:30:58.000> a<00:30:58.040> bill filed a bill filed a bill this<00:
• their's were their rates were. their's were their rates were.
• years ago and had filed. years ago and had filed.

Keywords: 00:01 Call to Order and Roll Call 01:22 Overview/Impact of Executive Order 47:02 General Funds in Road Plan 50:37 Adjournment, 958, all

Summary: The Budget Review Subcommittee on Transportation met for its first meeting and received an overview from Transportation Cabinet officials on the governor’s executive order responding to high gas prices. Deputy Secretary Mike Hancock and budget director Shawn McKiernan explained that the order declared a state of emergency, reduced the state motor fuels tax by 10 cents per gallon, froze the tax rate for FY27, and urged Congress to suspend the federal gas tax. They said the emergency regulation would remain in effect until the war in Iran ends or Kentucky gas prices fall below $3 per gallon, and that any transportation budget shortfalls could be covered by the state budget reserve trust fund if requested later by the governor. McKiernan estimated the 10-cent reduction would reduce the road fund by about $26.8 million per month, with roughly 44% flowing to county road aid, rural secondary, and municipal road aid. He said the immediate impact to counties and cities would be about $11.8 million for one month, while the cabinet would see about $15 million per month less available for its own use. He also said the freeze on the FY27 motor fuels tax rate would prevent a scheduled increase and, compared with the budget assumption, would produce about $42 million in net additional revenue, split between local governments and the cabinet. He added that if the reduction lasted through December, the major transportation programs could be down about 16.9% from budgeted levels. Members focused on the effect on local governments, the road fund, and the cabinet’s cash management process. Several senators and representatives criticized the executive order as short-sighted or political, while others emphasized the need for a long-term solution to transportation funding. Questions were raised about how make-whole payments to counties and cities would be handled, how the cabinet manages cash flow, and whether the state should continue relying on general fund transfers to support the road plan. Cabinet officials said they would work with lawmakers, explained that project authorizations are managed based on cash flow and seasonal spending patterns, and noted that construction and maintenance costs have risen sharply, making revenue adequacy a continuing concern.

Transcript Highlights:

• Our workers' compensation rates, we just approved the filing.
• compensation rates, we just approved the filing.<00:08:46.399> They<00:08:46.720> will<
• were the rates were submitted fairly. were the rates were submitted fairly.
• Kentucky is a fluctuating state, which means insurers can generally use and file modest rate adjustments
• rates of apartments. rates of apartments. Tomato<01:28:34.719> tomato.

Keywords: Meeting Start 00:00:00 Call to Order and Roll Call 00:00:15 Department of Insurance Update 00:01:39 Department of Financial Institutions Update 00:37:07 Insurance Industry Update 00:54:50 Credit Union Industry Update 01:10:53, 958, all

Summary: The committee met with a quorum, approved the September 16 minutes, and then received an update from Insurance Commissioner Sharon Clark and staff on the Department of Insurance. Clark reviewed department activity, including growth in premium volume and licensing, consumer complaints and recoveries, and a rise in fraud referrals. She said the department has 66 open fraud cases and described common schemes such as staged auto accidents, inflated repair or cleanup charges, and roofing scams. She also said the department’s investigators often prepare strong cases but face reluctance from local prosecutors, especially in Fayette and Jefferson counties, to pursue them. Clark reported favorable workers’ compensation news, saying rates will decrease 9.7% next year for the 20th straight year. She contrasted that with a difficult property insurance market driven by storms, reinsurance costs, inflation, labor shortages, and litigation, but said Kentucky’s market remains relatively stable, citing the Kentucky Fair Plan’s small number of policies. She then warned of significant 2026 health insurance premium increases on the exchange: 16.1% for Molina, 23% for Anthem, and 37% for WCare, after CareSource withdrew. She said the rates were reviewed by actuaries and found fair, but that the biggest pressure point is the scheduled expiration of enhanced premium tax credits, which she said could leave about 90% of exchange enrollees facing a compounded increase. Members questioned Clark about fraud prosecution, the number of people in commercial versus public coverage, and the impact of expiring subsidies. Clark said the prosecution issue is mainly with Commonwealth attorneys and that rural counties are more cooperative than urban ones. She also said the health market is individually rated and that older enrollees would be hit harder, while the loss of tax credits could push some people out of the marketplace. One member asked about the attorney general’s recent opinion on SB 188, the PBM bill; staff said attorneys were still reviewing it. Clark closed by noting that Kentucky’s fraud and towing/storage legislation has become a model for other states.

Transcript Highlights:

• Often cases are not filed timely after a new arrest.
• rates.
• Often cases are not filed timely after a new arrest.
• rates.
• Premium costs below the filed rates. Does the legislation have that authority?

Keywords: 988, house, all

Transcript Highlights:

• And if you look at the standard rate, or not standard rate, but if we used a 2% rate for North Dakota
• I'm here today to talk about the IT rates.
• So we'll take the rates for next biennium.
• We'd lay our new rate structure against that.
• rate, if you're in the Capitol building itself or the judicial wing, the lease rate this biennium is

Keywords: 908, all

Transcript Highlights:

• house file house file 457<00:29:48.679> which<00:29:48.799> would<00:29:49.039>
• empty with a record high vacancy rate empty with a record high vacancy rate that's<00:30:04.080>
• I mentioned that 30% vacancy rate.
• So we have House File 457 amended.
• Was the rate of 25% in Minnesota?

Bills: HF1277, HF812, HF457, HF633

Keywords: data centers, tax exemption, Minnesota statutes, economic development, employment growth, income tax, tax brackets, tax adjustments, Minnesota, tax policy, underutilized buildings, adaptive reuse, building conversion, historic preservation, downtown revitalization, vacant property, vacancy reduction, refundable tax credit, income tax credit, grant in lieu of credit

Transcript Highlights:

• receives the highest possible ratings from charity evaluators.
• This is a new-file bill too. Yes, it has been brought up before.
• We assume that these mid-tier providers would be paid a low rate.
• increase, but rather improve transparency in the rate-setting process.
• Yet the current rates do not account for these updated requirements.

Keywords: 995, all

Summary: The Joint Committee on Health Care Financing held a public hearing on several health care bills focused primarily on autism services and kidney disease coverage. Committee chairs John Lawn and Cindy Friedman opened by outlining hearing procedures, testimony rules, and filing deadlines, and noted the hearing would be recorded and written testimony accepted. They said the day’s topics included affordability and access to behavioral health services, provider reimbursement, Medicare coverage for vulnerable populations, and MassHealth eligibility asset exemptions. A major portion of the hearing concerned House Bill 4623, which would add board-certified assistant behavior analysts (BCABAs) as a recognized mid-level supervisory role in the MassHealth reimbursement framework to help address long wait lists for autism spectrum disorder services. Representative Lisa Field, actuaries, clinicians, and autism service providers testified that the current two-tier model limits workforce capacity, contributes to long delays, and leaves families waiting months for care. Supporters said the bill could expand access, improve retention, and potentially reduce MassHealth costs, while also helping providers meet growing demand and new administrative requirements. The committee also heard testimony on House Bill 4425 and Senate Bill 2737, which would allow Massachusetts residents under 65 with end-stage renal disease to purchase Medigap coverage. Legislators, dialysis advocates, and patients described high out-of-pocket costs under Medicare, barriers to kidney transplant eligibility without secondary insurance, and the financial strain on patients and families. Testifiers said the change would affect about 846 residents, could modestly increase premiums, and might reduce Medicaid spending by preventing asset spend-downs. Senator Gomez and others spoke from personal experience with dialysis and transplant care. Finally, the committee heard testimony on House Bill 4353 and Senate Bill 2587, which would require regular data-driven review of MassHealth ABA reimbursement rates. Providers and association representatives argued that reimbursement has not kept pace with inflation, workforce shortages, accreditation costs, and new 2026 MassHealth policy requirements, and said the bills would improve transparency and ensure rates reflect the true cost of care. No votes were taken; the hearing concluded with the chairs thanking participants, inviting additional written testimony, and adjourning the meeting.

Transcript Highlights:

• consecutive two-year rate cycle, which has seen a decrease in employer contribution rates.
• consecutive two-year rate cycle, which has seen a decrease in employer contribution rates.
• consecutive two-year rate cycle, which has seen a decrease in employer contribution rates.
• consecutive two-year rate cycle, which has seen a decrease in employer contribution rates.
• consecutive two-year rate cycle, which has seen a decrease in employer contribution rates.

Keywords: 928, house, all

Summary: The committee first reviewed House Bill 1, focusing on the legislative branch budget, especially the Senate and House lines. Members discussed that the Senate’s fiscal year 2025 adjusted authorized amount was higher than 2024 actual spending, largely due to personnel, benefits, and travel, and one member proposed a $500,000 annual cut. Staff explained that any reduction would need to be allocated across specific line items such as personnel, benefits, and travel, and noted that the Senate budget is entirely General Funds. After discussion of how the adjusted authorized figures were calculated and why the branch no longer staffs some joint committees as it once did, the committee moved on without taking a vote on that section. The committee then heard a detailed presentation from the New Hampshire Retirement System. NHRS officials described their statutory administrative budget, which is funded through the retirement trust rather than the General Fund, and said the FY 2026-2027 increase is driven by IT modernization, cybersecurity, a new strategic plan, and additional staff positions. They also reviewed the system’s funding progress, clean audit opinions, investment performance, and changes to asset allocation, while noting that several recent pension-related laws required major database changes. Members questioned the large increase in salaries and benefits, the need for new employees versus contractors, the purpose of training costs, and the source of the Group Two benefit funding. NHRS said the governor’s budget includes General Funds for Group Two benefit changes, with $5 million in FY 2026 and $27.9 million in FY 2027, and that the figures reflect the governor’s recommendation and related HB 2 provisions. Committee members also asked about employer and employee contribution rates for Group Two police and fire members, which NHRS said were not included in the budget document but were about 31.2% for police and 30.35% for fire, with employee shares around 11.55% and 11.8%. The committee did not make a decision on the NHRS budget during this exchange and indicated it would review the details further before returning to it later. The committee then heard from the Community Development Finance Authority on the State Treasury Department budget line for the required state match to administer the federal Community Development Block Grant program. CDFA explained that its $280,000 annual request for FY 2026 and FY 2027, totaling $560,000, supports administration, technical assistance, contracting, and monitoring of roughly $19 million in annual federal CDBG funds. Members asked about the leverage of the state match, oversight of projects, staffing, and grant prioritization. CDFA said it has 18 employees, uses public hearings and a scoring system to prioritize awards, and conducts both desk and on-site monitoring, with annual audits to ensure compliance. No vote was taken on the CDFA item in the portion provided.

Transcript Highlights:

• We instituted the alternative rate filing process for smaller utilities, and we're undergoing a review
• We instituted the alternative rate filing process for smaller utilities, and we're undergoing a review
• We instituted the alternative rate filing process for smaller utilities, and we're undergoing a review
• We instituted the alternative rate filing process for smaller utilities, and we're undergoing a review
• rate payers. rate payers.

Bills: SB8

Keywords: utilities, public service commission, energy regulation, appointment, emergency declaration, tax increases, consumer protection, The first couple minutes of the livestream was cut off. This recording restored the beginning of the meeting Meeting Start 00:00:00 Attendance Roll Call 00:00:51 Approval of Minutes 00:02:07 Legislator Comments 00:02:18 LIHEAP Public Hearing 00:04:19 PSC Update on RS 26 SB 8 00:32:18 WaterStep Presentation 01:04:08, 958, all

Transcript Highlights:

• We are moving on to the business of the daily file.
• Moving on to item number two, file item number two, excuse me.
• Continuing on to business on the daily file, file item number two.
• And our death rates and maternal mortality rates, particularly for black people, is something that should
• AB 5 to the inactive file, make that move to the inactive file. The clerk will note.

Keywords: 988, house, all

Transcript Highlights:

• , passage rate of about 23%.
• rates are way up here.
• Passage rates. Everyone wants to talk about passage rates.
• Passage rates, this is important.
• , timely filed.

Summary: The Committee on Health Policy met with a quorum and considered three bills. Senate Bill 526 on nursing education programs, sponsored by Senator Harrell, would tighten oversight of nursing schools by requiring admission criteria, exit exams, remediation plans, annual reporting, on-site inspections, and stronger action against programs with poor NCLEX results or adverse actions in other jurisdictions. After testimony from the sponsor and several committee questions, a late-filed amendment restored a two-year probation period instead of one year, and the bill was reported favorably. Senate Bill 714, also by Senator Harrell, would create a voluntary non-opioid advance directive allowing patients to document a wish not to receive opioids, including when incapacitated, with the form developed by the Department of Health and potentially included in electronic medical records. The sponsor said it would not prevent treatment discussions and would provide liability protection for providers who lack actual knowledge of the directive in emergencies. The bill drew no opposition in the meeting and was reported favorably. Senate Bill 170, sponsored by Senator Burton, would add nursing home quality and transparency measures, including consumer satisfaction surveys, patient safety culture surveys, electronic health record requirements, reporting to the Florida Health Information Exchange, a $10,000 fine for failure to submit required financial data, and reporting on Medicaid quality payments. An amendment clarified the fine’s application to both facilities and home offices. Testimony from AARP and the Florida Health Care Association supported the bill, and it was reported favorably after discussion about implementation and costs.

Transcript Highlights:

• All right, we're moving to file item three, Assembly Member Ransom, AB 532, dealing with water rate assistance
• We are on file item number seven, AB 998. Thank you. We are on file item number seven, AB 998.
• Yeah, we go back to file item six. I'm going to go back to file item six.
• File item 2, AB 362, File item 2, AB 362, due pass to Appropriations.
• File Item No. 8, AB 1031, Bauer-Kahan. File Item No. 9, AB 1088, due pass. Kayhan.

Summary: The committee heard a series of environmental safety and toxic materials measures, with several bills moving forward on unanimous or near-unanimous votes to Appropriations. Early in the meeting, the consent calendar was approved, including AB 372, AB 455, AB 1096, AB 1102, and AB 754. AB 362 by Assembly Member Ramos, which would recognize tribal beneficial uses of water and strengthen consultation and protection for tribal water uses, drew strong support from tribes and environmental groups. Water agencies and local government representatives opposed unless amended, raising concerns about CEQA requirements, co-management language, and conflicts with existing water law. The bill advanced to Appropriations, with some members voting aye and others not voting or absent. AB 728 by Assembly Member Lee would require age verification for the sale of certain anti-aging skin care products to minors. The author and a youth witness described social media-driven use of adult skin products by children and alleged skin damage, while supporters argued age checks are a reasonable consumer protection. Dermatologists and retailers opposed the bill, saying it could restrict legitimate acne and other medical uses of over-the-counter products, create compliance problems, and lacked a clear scientific basis. The committee discussed possible ambiguity in the bill’s definition of anti-aging products, but the measure still passed to Appropriations. AB 532 on low-income water rate assistance, AB 773 on copper-based anti-fouling paint, AB 998 on household hazardous waste disposal of vape pens, AB 1031 on geothermal hazardous waste fees, and AB 864 on solar panel hazardous waste and recycling all received strong support and advanced to Appropriations. Supporters for AB 532 emphasized water affordability and local program authority; AB 773 supporters said conflicting state water and pesticide rules are creating confusion for harbors and cities; AB 998 was presented as a practical way to let schools and local facilities dispose of confiscated vape devices safely; AB 1031 was framed as reducing DTSC fee burdens on geothermal development in Imperial County; and AB 864 would ease recycling and reuse of end-of-life solar panels. The committee also began hearing AB 1264 on ultra-processed foods in school meals, with the author and supporters arguing it would phase out the most harmful ultra-processed foods from school meals by 2032, but the transcript cuts off before the full discussion and any action on that bill.

Transcript Highlights:

• And, you know, again, some of the The Medicare reimbursement rate.
• Most bills filed each session are general laws.
• Most bills filed each session are general laws.
• For floor amendments, the form must be filed with the clerk of the House. Mr.
• And as you can see, very, very different from filing a general bill.

Summary: The Intergovernmental Affairs Subcommittee heard and passed two measures before receiving a staff presentation on the local bill process and local delegation meetings. HB 4007, by Rep. Snyder, would cap reimbursement for certain inmate emergency medical services in Martin County at 110% of the Medicare rate, with a higher cap if a provider shows it is operating at a loss. Snyder said the bill is intended to create predictability and save taxpayer dollars; members asked about fiscal effects and whether other counties could adopt similar language. Public testimony came in support from Martin County and related local officials, and the bill was reported favorably by a 17-0 vote. The committee also passed HM 4005, by Rep. Daly, which urges Congress to increase Florida National Guard force structure. Daly argued Florida’s troop allocation is outdated and inadequate for the state’s population and disaster demands, contributing to burnout and recruiting problems. Members asked about the basis for the current allocation, possible budget and infrastructure impacts, and the National Guard’s needs; there was no opposition or public testimony, and the memorial was reported favorably by a 17-0 vote. After the votes, Reps. Holcomb and Kendall gave a detailed presentation explaining how local bills differ from general laws, constitutional limits on local legislation, required local delegation meetings and notice, certification and economic impact forms, and amendment procedures. Members asked several process questions, including about multi-county delegations and Miami-Dade’s special status. The meeting ended with a few recognitions and adjournment before session.

Transcript Highlights:

• This helps reduce volatility in the contribution rate.
• So that rate increase is the cause of that NDI.
• So as rates rise, bond prices fall; in a falling rate environment, having a higher duration would be
• MOSERS filed a lawsuit in 2020.
• In January, MOSERS filed an appeal.

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:

• So we filed House Bill 621 in response to that.
• So we filed House Bill 621 in response to that.
• So we filed House Bill 621 in response to that.
• We have to use a statewide unemployment rate.
• And so a statewide unemployment rate is used.

Bills: HB112, HB199, HCR9

Keywords: school district, bond issuance, election dates, voter approval, Texas Education Code, HCR 9, Texas State Cemetery, Hill Country flood, July 4 2025 flood, Guadalupe River, Camp Mystic, memorial, monument, concurrent resolution, disaster remembrance, natural disaster, flood victims, survivors, State Preservation Board, Texas secretary of state

Summary: The Committee on Trade, Workforce and Economic Development met with a quorum and moved quickly through a long agenda, hearing testimony and taking recorded votes on several bills. Early in the meeting, HB 2214 was laid out to exempt certain short-term residential leases and leaseback arrangements from flood-disclosure requirements; Texas Realtors supported the change, and the bill was left pending. The committee then voted out a series of pending measures, including HB 46, HB 186 (with a committee substitute), HB 431, HB 1147, HB 1154, HB 2468, HB 2488, HB 2788 (with a substitute), HB 2791 (with a substitute), HB 3260, and HCR 90, all reported favorably to the full House, with HB 1147 receiving two nays and the others passing unanimously or nearly so. A major portion of the hearing focused on HB 112, which would create a Texas Science Park district and commission to support advanced manufacturing and innovation sites. The bill’s author and supporters, including Samsung Austin Semiconductor, the Texas Association of Business, and the Governor’s economic development office, argued it would strengthen supply chains, attract investment, and support national security and workforce development. Testimony described interest from semiconductor and advanced manufacturing companies and referenced the model of foreign science parks such as Sinshu in Taiwan. HB 112 was left pending after testimony. The committee also heard HB 3698 and HB 3699, both related to unemployment insurance administration. HB 3698 would expand eligibility for the Reemployment Services and Eligibility Assessment program using federal funds, while HB 3699 would tighten the definition of “last work” to help the Texas Workforce Commission investigate UI fraud. Both bills were discussed with TWC resource witnesses and left pending after the committee withdrew the substitutes. HB 1349, which would extend HOA transparency and property-rights provisions to condominiums and refine HOA rules, and HB 621, which would require HOA meeting spaces to be available for residents to reserve for qualified political candidates or elected officials, were also heard and left pending. Finally, the committee heard HCR 9 to designate the first Saturday of each month as Small Business Saturday, HB 199 to index unemployment benefit duration to the state unemployment rate, and HB 3466 to exempt certain cancelable service contracts from Texas’s in-home sales cooling-off law; each drew supportive and opposing testimony and was left pending before adjournment.