Video & Transcript : 'actuarial valuation' :

Page 7 of 114
NH

New Hampshire 2025 Regular Session

House Finance Division I (03/05/2025)

Transcript Highlights:
  • from our actuaries for HB 2 is actually the valuation they did earlier this year for HB 727.
  • uh</c> updated valuation from the actuary uh updated valuation from the actuary uh this<00:05:56.880
  • And our current valuation with the actuary, we told them to assume it was a mistake. ...at it in the
  • And our current valuation with the actuary, we told them to assume it was a mistake.
  • And our current valuation with the actuary, we told them to assume it was a mistake.
Summary: The committee took up House Bill 2 provisions affecting the New Hampshire Retirement System, focusing on Group 2/Tier B retirement changes in pages 25 through 39 of the bill. NHRS Executive Director Jan Goodwin and deputy chief counsel Mark Kavanaugh explained that the 2025 bill is largely similar to prior versions and to HB 727, with the main difference being that the 2025 version does not include the earlier increase in the maximum benefit. They also said the fiscal note for HB 2 is based on earlier actuarial work and that an updated valuation was expected later in the week. A major topic was whether the bill accidentally removed an anti-spiking or special-duty compensation limit. NHRS said the omission appears to be a scrivener’s error caused by moving language between Group 1 and Group 2 definitions, and they planned to flag it in the fiscal note. Members also reviewed the bill’s intent to restore Tier B members to pre-2011 benefit rules, including changes to earnable compensation, average final compensation, and the comp-over-base rule. Some members questioned whether restoring those older rules was appropriate, arguing the 2011 changes were meant to curb pension spiking and that undoing them could be problematic. The committee also discussed the bill’s cost and funding assumptions. NHRS said the 2025 bill would reduce unfunded actuarial liability by about $98.2 million and would have a more favorable effect than the 2023 version, while employer contribution impacts would remain relatively small. Members noted the bill assumes annual appropriations of $27.5 million for 10 years, but House Bill 1 currently provides only $5 million in the first year, and NHRS had not yet analyzed the effect of that shortfall. No votes were taken in the portion provided; the discussion was informational and focused on clarifying the bill’s language, intent, and fiscal impact.
NM

New Mexico 2025 Regular Session

IC - Investments and Pensions Oversight Jul 18th, 2025

Investments & Pensions Oversight Committee

Transcript Highlights:
  • We're also required to provide an actuary report on the financial operation of the Educational Retirement
  • Now, we just recently completed our actuarial audit.
  • The year before we... ...went through a review of the actuarial assumptions that are baked into this
  • We build that into the actuarial assumption.
  • So, the other thing—the study on, or the audit, the actuarial audit—I remember in the middle of COVID
NH

New Hampshire 2025 Regular Session

House Ways and Means (03/04/2025)

Transcript Highlights:
  • The Oil Fund Disbursement Board hired Taylor and Moulder, an actuarial firm, to review the anticipated
  • <00:47:38.520><c> firm</c><00:47:39.359><c> to</c> Actuarial firm to Actuarial firm to review<00:47:41.240
  • review and was attempting to Actuarial review and was attempting to balance<00:49:35.599><c> those</
  • The actuarial report is, I believe, a 60-plus-page report.
  • of with allowing Municipal Val valuation of polls<01:27:58.040><c> and</c><01:27:58.320><c> conduits
Summary: The committee first held a public hearing on HB 660, which would require historic horse racing facilities to provide 10% of HHR winnings to host municipalities as mitigation. Representative Om said the bill was intended to offset local costs associated with large gaming facilities, noting that prior gaming measures included opt-in provisions and that this proposal would leave charities and the state whole while taking the 10% from the operator’s share. Members questioned why 10% was chosen and whether municipalities were currently experiencing added costs; Om said the amount was meant to address projected future impacts, not broader municipal budget issues, and cited a study on casino-related community costs. Opponents from the New Hampshire Charitable Gaming Operators Association argued the bill unfairly singled out one industry and said gaming facilities do not impose more municipal burden than other entertainment venues. The hearing closed without a vote, and a member clarified the bill would apply to existing and future casinos/facilities. The committee then opened a hearing on HB 658-FN, which raises the cap on reimbursements from the Oil Discharge and Disposal Cleanup Fund and makes related changes to the Oil Pollution Control Fund. Representative Malloy introduced the bill, and Representative Aly described the funds as an insurance backstop for oil spill cleanup and low-income tank replacement, saying the program helps prevent environmental hazards and satisfies financial responsibility requirements. Bob Scully of the Energy Marketers Association supported the bill but noted that fee changes are ultimately passed on to consumers. Department of Environmental Services officials Robert Bishop and Jennifer Marts explained that the bill would change reporting deadlines, raise the reimbursement cap for low-income homeowners, extend the fee collection period for 10 years, and adjust petroleum import fees based on an actuarial review. They said the funds cover spill response, prevention, and tank replacement, and that the fee structure was designed to keep the funds solvent while balancing costs across fuel categories. Committee members asked about the actuarial basis for the fee changes, why some fees would rise while others would fall, and how the funds are used. DES said the review used 10 years of claims and exposure data and that the fuel oil fee would otherwise need to rise sharply, so the board proposed a smaller increase and rebalanced other fees. Members also asked about the scope of covered oil imports, and DES explained that the fee applies to oil destined for use in New Hampshire, not merely passing through the state. The discussion also covered home heating oil spills, which DES said are often discovered by homeowners or fire departments and are usually caused by tank corrosion, piping, or overfills. No votes were taken during the hearing, and the chair noted that the policy committee had already approved the bill before the finance-focused review.
TX

Texas 89th Regular

Ways & Means Apr 7th, 2025

Ways & Means

Transcript Highlights:
  • in numerous hearings this session with concerns that the PVS. ...punishes school districts for valuations
  • dedicated staff to address the study because the study's results could have implications on future valuations
Committee: House Ways & Means
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.
  • Those will be reflected in our forthcoming actuarial valuation, as well as the updated contribution rate
  • Be happy to try to answer any questions you might have on our actuarial fiscal note for...
  • Because, you know, the actuary, actually, in conversations with our actuary, I was told that the 15-year
  • Actuary, is he here still? And so that's going to impact the rates on Plan 1 as well, 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.
OK

Oklahoma 2026 Regular Session

Business and Insurance 2ND REVISED Feb 19th, 2026

Business and Insurance

Transcript Highlights:
  • the senator: would you believe that insurers, insurance carriers currently, must justify rates actuarially
  • Oftentimes, the actual valuation of a home on an insurance policy outpaces the actual rate increase that
  • What I do know is the rate of increase has been very rapid and that our cost of insurance per valuation
  • What I do know is the rate of increase has been very rapid and that our cost of insurance per valuation
  • So I think that the actuaries have done a pretty good job of figuring out So I think that the actuaries
Summary: The Senate Business and Insurance Committee met and first laid over Senate Bills 1969 and 1624 without hearing them. It then considered SB 1953, a health insurance transparency bill requiring third-party administrators to provide employers information on what was spent on employee health benefits; an amendment deleting the word “welfare” was adopted, and the bill passed 7-1. SB 1277, which codifies a three-week work-search requirement for unemployment benefits, passed 8-0. SB 1287, amended to change “may” to “shall,” would bar the Oklahoma Abstractors Board from licensing applicants not legally authorized to work in the U.S.; after questions about the need for the bill and the alleged loophole, it passed 7-2. The committee also passed SB 1061, a cleanup measure on mortgage broker licensing and renewal fees, and SB 1916, which would move the Oklahoma Receivership Office under the Insurance Department and streamline receivership operations. SB 1589, as amended to reference Indian Gaming Regulatory Act authorization, would increase penalties for illegal sweepstakes/gambling operations and expand enforcement against entities profiting from illegal gambling; it passed unanimously. SB 2178, a compromise special-event license bill requiring liability insurance coverage, also passed unanimously. Two major insurance reform bills were debated at length and failed. SB 1444 would shift homeowners insurance rate regulation from a use-and-file system to prior filing with authority for the Insurance Commissioner to declare rates excessive; after testimony from a homeowner about a large premium increase and extensive debate over regulation and market effects, it failed 4-5. SB 1438 would require reporting of underwriting gains and profits, cap average profits at 5% over three years, and require rebates or premium credits if profits exceeded that level; supporters argued it would protect consumers, while opponents warned of market disruption and reduced competition. It failed 2-7. The committee then passed SB 1501, clarifying medical marijuana grow reclamation bond requirements, SB 1873, correcting a drafting error in a prior bill and delaying its effective date, and SB 1364, requiring an affidavit of encumbrances before transferring a medical marijuana business license.
NH

New Hampshire 2026 Regular Session

Senate Finance (03/10/2026)

Finance

Transcript Highlights:
  • That is the differential between charging 5% and 2% on that valuation. >> The reason it goes down in
  • </c> charging 5% and 2% on that valuation. charging 5% and 2% on that valuation.
  • We are talking with the state actuaries, including the actuaries in the insurance department, about what
  • </c><00:57:08.960><c> including</c> with uh the state actuaries including with uh the state actuaries
  • 11.359><c> insurance</c> the actuaries in the insurance the actuaries in the insurance department<00:
Committee: Senate Finance
WA

Washington 2025-2026 Regular Session

Select Committee on Pension Policy Oct 21st, 2025 at 10:00 am

Select Committee on Pension Policy

Transcript Highlights:
  • They're also in the process of updating the valuation model to reflect actual experience.
  • That went to the restated LEOFF 1 plan should be greater than 100% actuarial funding, so as to mitigate
  • The case that first identified the right to an actuarially sound plan was Weaver back in the '70s.
  • That does not mean necessarily that it needs to be 100 percent... ...actuarially sound plan.
  • So I may be able to—oh, for the record, Michael Harbour, actuary for OSA.
Summary: The Select Committee on Pension Policy approved the September minutes and then received a presentation from DRS staff on the FY 2024 CEM benchmarking survey. DRS described its administrative costs, service levels, and technology modernization efforts, noting that its overall service was just below peer averages but had recovered since COVID, and that major projects such as the CorePAM system replacement are a significant driver of costs. Committee members and DRS emphasized that the benchmarking is meant to compare administrative efficiency, not the total cost of benefits, and DRS said the CorePAM project is expected to finish around September 2027. The committee then continued its LEOFF 1 study discussion with staff, the Office of the State Actuary, the Attorney General’s office, Ice Miller, and the State Investment Board. The discussion focused on two legislative approaches: a merger of LEOFF 1, PERS 1, and TRS 1 into a Legacy Plan (5085) and a terminate-and-restate approach for LEOFF 1 (2034). Testimony explained that both approaches could satisfy federal tax requirements if the IRS issues a favorable determination letter and private letter ruling after enactment, and that the merger is viewed as the more conservative option. Witnesses said the exclusive benefit rule prevents surplus assets from being used for non-benefit purposes, but allows them to support benefits and reasonable administrative costs for plan members and beneficiaries. Questions from members centered on whether the IRS would require plan funding above 100 percent, how overfunding could be managed, the effect of prior legislation such as ESSB 5357, and the costs and timing of IRS filings; staff and counsel said the IRS process can take a year or more and recommended waiting for approval before implementation. The committee also adopted preliminary 2026 meeting dates. During public comment, several speakers supported the merger bill because it would permanently eliminate the current LEOFF 1 employer surcharge and provide a permanent COLA for retirees, while others urged caution about creating additional pension burdens for state and local governments. One commenter asked the committee to study climate change as a systemic risk to pension investments, and another requested an ad hoc COLA for Plan 1 retirees in 2026. The meeting ended with no action on the LEOFF 1 study beyond discussion and with the meeting calendar approved.
ND

North Dakota 2026 1st Special Session

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

Employee Benefits Programs Committee

Transcript Highlights:
  • We're deciding if it's an actuarial.
  • It has no actuarial effect on the state because it comes out of the individual's pockets.
  • We're deciding if it's an actuarial. ...of it, but that's not what we're deciding.
  • We also did actuarial analysis.
  • It seems like this sort of change will have an actuarial impact.
MN

Minnesota 2025-2026 Regular Session

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

Minnesota Senate Floor Meeting

Transcript Highlights:
  • We also had the actuarial review on this.
  • We also had the actuarial review on this We also had the actuarial review on this and<00:09:46.640><c
  • </c><00:10:31.839><c> Solutions,</c> Schulty from V Actuarial Solutions, Schulty from V Actuarial Solutions
  • We've done the actuarial work.
  • We've raised the minimum actuarial work.
OK

Oklahoma 2026 Regular Session

Banking, Financial Services and Pensions REVISED: HB1182 - Removed Feb 17th, 2026 at 03:00 pm

Banking, Financial Services and Pensions

Transcript Highlights:
  • We want to consider them off to get an actuarial assessment as to what the cost of the pension might
  • House Bill 1268 was a bill we started last year that came back from the actuary.
  • So what troubles me here is I know we got our official actuarial report back. Right.
  • But independently, I've received... ...the actual actuarial report back. Right.
  • But, yeah, so their $50 million would compare to $34 million on our actuarial analysis.
LA

Louisiana 2026 Regular Session

Retirement Mar 19th, 2026

Retirement

Transcript Highlights:
  • The actuarial note, as you can see, shows no cost to the state.
  • So the actuarial note shows there is no cost to the state on this.
  • Greg, current actuary for the Sheriff's Pension and Relief Fund.
  • So different rules depending on the degree of actuarial funding.
  • So different rules depending on the degree of actuary funding.
Committee: House Retirement
NH
Transcript Highlights:
  • . valuation. valuation.
  • And so the actuary said, well, million.
  • So we have, say, more than twice the amount of assets. actuarial studies and uh um the uh and actuarial
  • It's a economic actuarial multiplied.
  • </c> that was the number in the actuary that was the number in the actuary report<04:05:15.680><c> for
Summary: The Committee of Conference on HB 1 and HB 2 met to review revenue estimates and begin working through the HB 1 detail change sheet. New Hampshire Lottery Director Charlie McIntyre reported stronger-than-expected lottery performance, raising the current-year return estimate to $27 million and the next biennium estimate to $200 million, with the increase attributed to improved scratch ticket sales and sports betting not hurting revenue as much as expected. Members questioned the assumptions behind the higher estimates, including the impact of $50 scratch tickets and whether the figures accounted for future conversion from historical horse racing (HHR) machines to video lottery terminals (VLTs). McIntyre and committee members discussed machine counts, per-day revenue assumptions, and the likelihood that VLT conversion would increase revenues over time, though the timing and pace of conversion remained an open question. The committee also discussed several gaming-related policy items in HB 2, including changes to kino hours and local option games of chance, and noted that the Senate and House differed on how gaming revenues would be allocated between charities, education, and general funds. Members emphasized that revenue projections should remain conservative because operators, not the state, would control the pace of machine conversion. Representative Sweeney noted that operators could earn more per machine under the VLT model, and McIntyre said the new facilities and expansions were largely concentrated near the Massachusetts border. The committee then moved to the HB 1 detail change sheet. It agreed to Senate position on the Department of Safety’s road toll bureau and international registration program changes, which were described as a zero-cost realignment of positions, and held the Department of Corrections section for later discussion. On the judicial side, members approved a technical footnote fix, but held a new contract counsel item for involuntary mental health admissions and deferred discussion of the public defender program increase. The committee also noted no change for the PE development authority, moved safety rest area funding from HB 2 into HB 1 with no additional cost, and flagged the tourism development fund and other judicial items as issues that may depend on overall available revenue.
LA

Louisiana 2026 Regular Session

Retirement Mar 19th, 2026

Retirement

Transcript Highlights:
  • , and he and I spent many, many, many hours, me teaching him about the actuarial tables.
  • The actuarial note, as you can see, shows no cost to the state.
  • So the actuarial note shows there is no cost to the state on this.
  • Greg, current actuary for the Sheriff's Pension and Relief Fund.
  • So different rules depending on the degree of actuarial funding.
Committee: House Retirement
Summary: The Retirement Committee met on March 19, 2026, adopted prior meeting minutes without objection, and then heard a series of retirement-system bills. Representative Wiley presented three bills for the Louisiana Sheriffs’ Pension and Relief Fund: HB 33 would expand the back deferred retirement option program from four to five years for members with 35 years of service; HB 34 would allow certain members to retire at age 50 with an actuarially reduced benefit instead of waiting until 55; and HB 35 would allow up to 3% of employer contributions to be credited to the fund’s deposit account to help manage future costs and benefit increases. Witnesses for the sheriffs’ fund described its strong financial condition, including assets over $6 billion and a funded ratio above 90%, and said the bills were intended to reward long service, aid recruitment and retention, and provide flexibility in managing the fund. All three measures were reported favorably without objection. Representative Baralt presented HB 15 and HB 47 for the Assessor’s Retirement Fund. HB 15 sets procedures for correcting administrative errors in benefit payments, including interest on underpayments and repayment terms for overpayments. HB 47 revises the fund’s cost-of-living increase rules and funding deposit account provisions; Baralt noted the system has no unfunded liability and that the changes are tied to pre-funded COLAs. Both bills were reported favorably without objection. Representative Ilg presented HB 17, HB 18, and HB 19 for the District Attorneys’ Retirement System. HB 17 adds the Louisiana District Attorneys Association to the definition of employer and addresses reemployed retirees, with amendments removing a local funding restriction, requiring reporting of reemployed retirees, and adding a sunset in 2031. HB 18 staggers trustee elections so no more than two board seats are up in a year, and HB 19 removes references to the State Medical Disability Board because the system now works directly with physicians. All three bills were amended where applicable and then reported favorably. Representative Bacala presented HB 8, HB 48, and HB 22. HB 8 allows legislative staff designated by the committee to attend executive sessions of state and statewide retirement boards for a term-based authorization. HB 48 allows Louisiana Supreme Court court criers commissioned with the Orleans Parish Sheriff’s Office to participate in the Sheriffs’ Pension and Relief Fund, with amendments allowing an election between systems and clarifying employer responsibilities. HB 22 revises the Clerks of Court Retirement and Relief Fund’s COLA rules, raising the maximum COLA to 3% under certain funding conditions and tying increases to the fund’s deposit account; a technical amendment adjusted the timing language. All three bills were adopted favorably, with amendments where offered.
NM

New Mexico 2025 Regular Session

IC - Investments and Pensions Oversight Jul 18th, 2025

Investments & Pensions Oversight Committee

Transcript Highlights:
  • So it's called the actuarial value of assets, and we smooth that over a four-year period.
  • So our investment return is 8.66 percent in our actuarial valuation when we smooth it.
  • In that actuarial value, the return is probably going to be somewhere around six percent.
  • That's just what our actuaries say with what's happening now.
  • Updated information we get from our actuaries is always kind of moving a little bit.
WA

Washington 2025-2026 Regular Session

Select Committee on Pension Policy Apr 21st, 2026

Select Committee on Pension Policy

Transcript Highlights:
  • Actuarial update. Thank you, Mr. Chair, members of the Executive Committee.
  • For the record, Michael Harbour, actuary for OSA.
  • Then in June, you'll hear about our latest actuarial valuation report and newly calculated contribution
  • So we have an actuarial update coming, OSA, right? Annual update, your annual update.
  • In June, we've penciled in a preliminary actuarial evaluation.
Summary: The committee first approved the November minutes by roll call vote, with a majority of members voting aye and some members excused. Staff then provided brief litigation updates: Fowler et al. v. Leathers remains pending in federal district court over interest calculations on transferred TERS funds, with summary judgment motions expected to be heard May 1; Dolan v. King County was decided against the state in Pierce County Superior Court on the issue of recouping attorney’s fees from a former PERS member, though no fees were assessed against the state in that case. An actuarial update noted upcoming presentations on the agency’s work and the latest valuation report, including new contribution rates reflecting updated demographic assumptions. The committee then reviewed its draft interim work plan and correspondence items, focusing on requests related to Plan 3, Plan 1 COLAs, teacher retirement age, and a missed early retirement factor. Members discussed a possible study of Plan 3’s design and outcomes compared with Plan 2, including retirement ages and benefit adequacy, and staff was asked to work with DRS on a study outline. The committee also discussed ongoing COLA requests and the need for retiree groups to bring forward a more formal proposal for the next budget cycle, with members noting that any recommendation should likely be made by October or November. Another major topic was the study of LEOFF 1 medical/disability boards, including how many boards exist, how they operate, and what costs they incur; staff said it was still gathering basic information and would provide an overview next month. Staff also explained planned changes to how correspondence will be handled and posted online due to cybersecurity concerns. The committee approved the May agenda by voice vote and then adjourned.
AZ

Arizona 2026 Regular Session

02/24/2026 - Senate Appropriations, Transportation and Technology

Appropriations, Transportation and Technology

Transcript Highlights:
  • PSPRS did run the actuaries PSPRS did run the actuaries with our actuarial firm.
  • And then when determining the true valuation actuarial information, that is taking that behavior into
  • However, the true valuation of the actuarial liability would be $64 million, which would be a reduction
  • However, the true valuation of the actuarial liability would be $64 million, which would be a reduction
  • Well, that's just actuarial. What's the legal standpoint?