Transcript Highlights:

• So between 2010 and 2022, California lost over 24,000 military retirees.
• Those second careers through second careers, a retireeers, a retireeer household can control. opportunities
• Those second careers through second careers, a retireeers, a retireeer household can control.
• retiree population has actually increased by 17%.
• I'm a 26-year military retiree.

Keywords: 987, senate, all

Transcript Highlights:

• Our retirees are probably going to be about 49,000. So we didn't anticipate any.
• Regarding our retirees, what we are adding to the retiree rolls, we hit a new high every single month
• , so that retiree growth does not stop.
• The rest are the municipalities and retirees, and we've got 31 different plans.
• Tens of millions of dollars every month to their current retirees.

Transcript Highlights:

• Also a health insurance fund for retirees. Thank you. Members, any questions? Mr.
• Gillette, it sounds reasonable as an ASRS retiree.
• Chair, just a question: this would apply to all retirees, yeah, not just law enforcement, correct?
• Gillette, it sounds reasonable as an ASRS retiree.
• I mean, this benefits all retirees, just not DPS employees, for all retirees, as the other representative

Keywords: 1182, all

Summary: The committee heard HB 2842, a deed-fraud prevention bill that would create an early alert system for property owners when escrow is opened on their property. The sponsor and several witnesses, including a victim, an Attorney General investigator, and the Department of Real Estate commissioner, described widespread deed fraud and said the bill would provide proactive notice before a fraudulent transfer is completed. The committee adopted the Blackman amendment shifting the reporting entity from DIFI to the State Real Estate Department, then passed the bill with a due pass recommendation by a 7-0 vote. Members then considered HB 2667, which would require recipients of state first-time homebuyer or down payment assistance programs to be Arizona residents for two years and to occupy the home as a primary residence for two years, while barring out-of-state investors from using the homes as rentals. The sponsor said the bill was intended to help younger Arizonans and keep assistance focused on residents invested in the state. Opponents and other members raised concerns that the bill could conflict with existing federal and lender requirements and could reduce participation in local down payment programs; after discussion, the committee passed the bill 4-3. HB 2020 was heard next and would reduce certain school-disruption offenses to a class 1 misdemeanor for minors and narrow the definition of interference with an educational institution. The sponsor and a parent described a case in which a student was charged too harshly after a school altercation, while a public commenter urged case-by-case discretion and warned against saddling children with felonies. The committee passed the bill 4-3. The committee also advanced HB 2793, which streamlines annexation procedures for single-owner annexations and updates notice rules, including electronic newspaper publication. After adopting two amendments, members passed it 4-3. HB 2327, which allows eligible individuals to restrict public access to certain identifying information held by county recorders, assessors, and treasurers, passed unanimously. HB 2858, creating a 1% Arizona-bidder preference in certain state procurement ties, also passed unanimously after amendment. HB 2660, which adds procedural protections and oversight for health profession licensing board actions, passed 4-2 after testimony from the sponsor and a physician who said board actions had chilled speech and due process. Finally, HB 2063, appropriating $1.5 million for the Independent Correctional Oversight Office, passed unanimously after strong support from oversight advocates and former corrections stakeholders, and HB 2681, extending civil-service appeal deadlines from 10 calendar days to 10 business days, also passed unanimously. The committee then discussed HB 2812, which would raise the sick-leave payout cap for retiring state employees from $30,000 to $57,000; witnesses supported the increase and members began discussing a possible amendment to allow retirees to transfer the payout into a health savings arrangement, but the transcript ends before final action on that bill.

Transcript Highlights:

• Russell Goff, who represents the New Mexico Association of Educational Retirees; Ms.
• The number of retirees and beneficiaries also increased by nearly 1,000 members.
• So it created that safe harbor for those retirees who had returned to work without approval.
• So we have a number of retirees in the program, and that'll be a part of the next slide.
• As retirees, we're always getting individuals at their high point.

Transcript Highlights:

• first responders on their retirement income, similar to the benefit that we now offer to military retirees
• Many of these retirees aren't like the rest of us that like to sit back and enjoy retirement.
• We, anything that we can do to help our retirees, we want to support.
• And you're correct, we want to support all that we can and for all our retirees, but there also is some
• Tax and Rev indicates, and I'll quote, 'will provide some tax relief, but is unlikely to attract retirees

Keywords: 996, all

Summary: The House Labor, Veterans, and Military Affairs Committee met with a quorum and heard two bills from Representative Martinez. House Bill 56 would appropriate $1 million to the Department of Veterans Services to expand behavioral health and suicide prevention efforts for veterans. Supporters, including the Greater Albuquerque Chamber of Commerce, the Department of Veterans Services, the Disability Coalition, New Mexico Professional Firefighters, the New Mexico Veterans and Military Families Caucus, and NAMI New Mexico, said the funding would help veterans navigate a difficult system, improve outreach in rural areas, and address New Mexico’s high veteran suicide rate and related alcohol and drug deaths. Committee members asked about whether the program was new or an expansion of an existing effort, how services would be delivered, and whether outreach would reach homeless and rural veterans. The secretary explained that the bill would augment an existing Suicide Prevention Act program, use contracts with outside providers rather than direct services, and require two term employees for contract management and outreach. The committee voted 7-1 to give HB 56 a due pass and send it to the next committee. The committee then heard House Bill 55, which would create an income tax deduction for retirement income earned by first responders, similar to an existing benefit for military retirees. Supporters argued it would help recruit and retain firefighters, law enforcement, and other first responders, and could encourage retirees to move to New Mexico and contribute economically. Several members raised concerns about the fiscal impact, the lack of a sunset, the narrow definition of first responder, and Taxation and Revenue Department concerns that the bill could reduce general fund revenue by about $6.1 million in the first year and might not attract retirees on its own. The sponsor said he had not yet met with Tax and Rev but would do so, and noted he was open to a sunset if it helped the bill move forward. Despite concerns, the committee voted 7-1 to pass HB 55 to the next committee, with members explaining their votes and emphasizing that the bill would receive further vetting in Tax and Revenue.

Transcript Highlights:

• plan coverage of certain in vitro fertilization procedures for certain governmental employees and retirees
• It simplifies post-retirement contributions by allowing retirees to pay the fund directly rather than
• I hope I'm pronouncing that correct, on behalf of the San Antonio Fire and Police Retiree Health Care
• Upon qualifying for retirement pension from the San Antonio Fire and Police Fund, retirees and their
• dependents are entitled to healthcare benefits under the provision of the retiree healthcare plan in

Transcript Highlights:

• They also determine the long-term health of our retiree pensions, and I want to say as the member of
• Now, does that affect how much the retirees receive as well? No, no, it stays the same.
• The CPI plays a part because most retirees get a 2% COLA.
• If we do our job well, retirees And long-term stewardship.
• If we do our job well, retirees can live with dignity and security.

Keywords: 987, senate, all

Transcript Highlights:

• They also determine the long-term health of our retiree pensions, and I want to say as the member of
• Now, does that affect how much the retirees receive as well? No, no, it stays the same.
• The CPI plays a part because most retirees get a 2% COLA.
• If we do our job well, retirees. And long-term stewardship.
• If we do our job well, retirees can live with dignity and security.

Keywords: 988, house, all

Transcript Highlights:

• and the retirees and those that<00:15:39.040><c> want</c><00:15:39.120><c> to</c><00:15:39.279><c> be
• </c><00:40:39.920><c> in</c> postretirement increases for retirees in postretirement increases for retirees
• So the postretirement increase for the general plan members, which applies to retirees, current retirees
• , and future retirees, slows the pace of full funding by two years.
• > future</c> retirees, current retirees and future retirees, current retirees and future retirees<00:

Keywords: 1187, senate, all

Transcript Highlights:

• We have 10,906 Medicare retirees, and we also have retirees who aren't eligible for Medicare, early retirees
• We have 10,906 Medicare retirees, and we also have retirees who aren't eligible for Medicare, early retirees
• We have 10,906 Medicare retirees, and we also have retirees who aren't eligible for Medicare, early retirees
• :26.719><c> early</c><01:42:27.040><c> retirees</c> for Medicare early retirees for Medicare early retirees
• </c> 4759 retirees who are Medicare retirees 4759 retirees who are Medicare retirees who<01:43:59.080

Keywords: 928, house, all

Summary: The committee held a work session on the Department of Business and Economic Affairs budget, with testimony from Chase Hegman and Kathy Frederickson. Early discussion focused on staffing and vacancies, including a senior planner position tied to FEMA requirements, a program assistant funded by federal ORID dollars, a program specialist being considered for reclassification, two Housing Champions positions to be funded in the next biennium, and temporary welcome center positions. Members also reviewed the commissioner’s office, indirect cost recoveries tied to federal program administration, and the structure and staffing of rest areas and welcome centers, including the Turnpike-funded locations and seasonal staffing patterns. Members then moved through economic development and federal grant-related accounts. Hegman explained that a large share of the agency’s funding is federal, with some programs requiring state match, including the Apex Accelerator, which supports government contracting assistance for businesses. He described Apex as a small team that helps businesses with DOD and other contracting opportunities through webinars, matchmaking, and one-on-one support. The Office of Workforce Opportunity was described as largely federally funded through Commerce-related workforce programs and subrecipients, with some general fund support for agency-wide needs. The Northern Borders Regional Commission dues and capacity grant were also discussed, with officials explaining the state’s required contribution and the federal funds used to administer the program. A major point of discussion was the proposed reduction to the Small Business Development Center, which officials said provides one-on-one technical assistance to new and small businesses and has a strong return on investment. Members questioned the cut, the federal funding sources, and whether there was a waiting list for services; officials said they would provide more detail on matching requirements and funding. The committee also reviewed travel and tourism accounts, including the joint promotional grant program and tourism advertising funds, both of which are proposed to increase. Officials said the tourism marketing formula is based on a percentage of meals and rooms tax revenue and argued that the spending generates significant visitor spending and tax revenue, citing an outside ROI study and examples of advertising in test markets. No votes were taken during the work session.

Transcript Highlights:

• The bill addresses how many hours police retirees are able to work after retirement.
• Our retirees, some of them, find themselves going out of state, leaving New Hampshire.
• Our retirees, some of them, find themselves going out of state, leaving New Hampshire.
• Our retirees, some of them, find themselves going out of state, leaving New Hampshire.
• </c><03:31:52.920><c> who</c> B retirees who B retirees who are<03:31:54.840><c> whose</c><03:31:55.239

Keywords: 1189, house, all

Summary: The committee first heard House Bill 180, which concerns critical incident stress management teams. Representative Mark PR, the bill sponsor, proposed an amendment to add a definition of “team leader” and to clarify that teams may or may not be affiliated with a municipality. He argued that a certification test offered by the International Critical Incident Stress Foundation is unnecessary and too expensive at $400, since team members are volunteers who already receive training and continuing education. Committee members asked about the training structure and certification language, and the sponsor explained that the teams are self-certified and that the amendment was intended to clean up the bill’s language. The committee then voted on HB 180 in executive session. Amendment 0261H was adopted 11-0, and the bill was then moved as amended and passed 11-0. The committee placed the bill on consent. Later, the committee heard House Bill 438, sponsored by Representative Timothy Horan, dealing with immigration detention and related state policy. Horan described the bill as an update to earlier legislation and said it would codify best practices, prohibit state cooperation with mass deportation efforts, bar for-profit operation of immigration detention facilities, and require Executive Council approval before the governor could deploy the National Guard for immigration deportation activities. Committee members questioned whether the bill could be read as authorizing detention facilities and discussed the relationship between the state and Strafford County Jail. An amendment presented on behalf of Representative Patrick Long was described as a technical rewrite that removed several sections and changed language, but the hearing ended before any vote was taken on HB 438.

Transcript Highlights:

• They also determine the long-term health of our retiree pensions, and I want to say as the member of
• Now, does that affect how much the retirees receive as well? No, no, it stays the same.
• The CPI plays a part because most retirees get a 2% COLA.
• If we do our job well, retirees can live with dignity and security.
• If we do our job well, retirees can live with dignity and security.

Summary: The Assembly Committee on Public Employment and Retirement and the Senate Committee on Labor, Public Employment, and Retirement held a joint hearing required by law to receive an independent report from the California Actuarial Advisory Panel on CalPERS. Opening remarks emphasized CalPERS’ role in providing retirement security for about two million members and the importance of pension funding to the state budget, especially amid economic uncertainty, market volatility, federal policy changes, and concerns about future fiscal pressure. Scott Tarando, CalPERS chief actuary and a CAP member, presented on the statutory disclosure requirements in Government Code Section 2029. He explained that CalPERS’ current discount rate is 6.8%, that lower investment returns increase contribution rates and unfunded liabilities, and that the plan uses a 20-year amortization period for new unfunded liabilities. He said CAP has recommended a reasonable amortization range of 15 to 20 years and that CalPERS’ longer smoothing period helps reduce volatility in employer contributions. He also explained the timing of actuarial data: the valuation used for current contribution rates is based on the prior fiscal year’s audited data, with the next year’s rates developed later in the annual cycle. Members asked about the relationship between average employee service life and amortization, whether current market and AI-related changes could justify using more current data, whether pension benefits change when valuations are updated, and how CalPERS’ funded status has changed over time. Tarando said retiree benefits do not change based on annual valuations, that the system’s funded status has improved from roughly the mid-60% range about a decade ago to around 80% or higher more recently, and that CalPERS is monitoring possible long-term workforce effects from AI but sees no immediate need to change assumptions. Michael Cohen of CalPERS said the system complies with information requests and is independently audited annually, but there has been no formal federal review released. In public comment, a representative of county governments praised the improved funded status and PEPRA reforms. The hearing concluded with remarks reaffirming fiduciary responsibility and the importance of protecting CalPERS beneficiaries.

Transcript Highlights:

• </c> and non-Medare retiree hospital medical. and non-Medare retiree hospital medical.
• You look at retirees, and we gave them a 4% retiree cola.
• :59.039><c> them</c><00:29:59.600><c> a</c><00:29:59.840><c> 4%</c><00:30:00.399><c> retiree</c> retirees
• and we gave them a 4% retiree retirees and we gave them a 4% retiree cola.<00:30:01.760><c> Then</c>
• <c> colas,</c><00:31:03.919><c> in</c> But doing colas, retiree colas, in But doing colas, retiree colas

Keywords: 924, joint, all

Transcript Highlights:

• There are basically 67, a little over, almost 68,000 retirees in both PERS and TERS 1 plans that, retirees
• I can't believe you need $1.5 billion to serve 6,154 retirees.
• I'm a LEOFF 1 retiree from the King County Sheriff's Office.
• That's why we are fighting for a decent and fair COLA for PERS 1 retirees.
• It's also represented by active members and retirees.

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

Transcript Highlights:

• I'm a TRS 1 retiree.
• We TRS 1 and PERS 1 retirees desperately need relief.
• TRS 1 and PERS 1 retirees desperately need relief.
• So two-thirds of Plan 1 retirees receive under $30,000 per year.
• So two-thirds of Plan 1 retirees receive under $30,000 per year.

Bills: HB2689, SB5832, SB5922, SB5944, SB5988, SB6151

Keywords: Working Connections Child Care, child care subsidy, subsidized child care, Washington DCYF, Department of Children, Youth, and Families, low-income families, child care providers, licensed child care centers, family child care, market rate survey, subsidy rates, income eligibility, state median income, SNAP, Basic Food, collective bargaining, provider reimbursement, daily payment, half-day care, partial-day care

Transcript Highlights:

• Our retirees deserve to permanently.
• </c> to receive health benefits as a retiree to receive health benefits as a retiree from<01:16:36.560
• </c> reasonable cola for group two retirees reasonable cola for group two retirees will<01:41:05.840>
• > under</c><01:46:54.159><c> that</c> a year. most retirees are under that a year. most retirees are
• </c> change for a retiree. change for a retiree.

Keywords: 1189, house, all

Transcript Highlights:

• I had one last year on an increase for retirees of the public school retirement system.
• And after understanding a little more about it, I just wanted to do something to get our retirees who
• So with recent increases in COLAs for active retirees, maybe I'll say inactive employees that are retired
• I think there are 3,400 PSRS retirees that are COLA capped, 800 PEERS retirees that are COLA capped right
• PSRS retirees that are COLA capped, 800 peers retirees that are COLA capped right now.

Summary: The Committee on Pensions met without a quorum at first, then later returned to executive session and held several bill hearings. Representative Haley presented House Bill 295, which would allow PSRS retirees who have reached the 80% COLA cap to receive an additional 2% COLA in years when investment returns exceed the system’s assumed rate and CPI conditions are met. Haley and supporters from the Missouri Retired Teachers Association said the bill was narrowly targeted, non-cumulative, and protected by guardrails; committee members questioned whether it could affect funding stability. PSRS/PEERS counsel testified informally that the proposal would function like a one-time “13th paycheck,” would affect about 3,400 PSRS and 800 PEERS retirees, and would cost roughly $32 million for PSRS and under $1 million for PEERS, while emphasizing the systems’ smoothing policy and funded status. The committee then adopted a substitute and passed House Committee Substitute for House Bills 2884 and 1655 by a 12-0 vote. The substitute combined language dealing with St. Louis police retirement board quorum/appointment timing, public employee retirement system provisions, and public school retirement system board quorum/vote requirements, and it also added clarifying language so retirement systems could continue routine informational communications without using funds to support ballot measures. The committee next took up House Committee Substitute for House Bills 1762 and 2059, which would increase the income tax deduction for private retirement income and raise the income threshold for eligibility. Supporters argued it would provide parity with the earlier public-pension tax break and help retirees and self-employed taxpayers; opponents raised concerns about the fiscal impact and timing. The substitute passed 8-4. Representative Bromley then presented House Bill 2144, which would increase the PSRS death benefit from $5,000 to $10,000. He said the current amount no longer covers funeral costs and that the change would help older retirees’ families. MRTA supported the concept but urged caution about system solvency and suggested looking at PEERS as well; PSRS/PEERS counsel testified that the benefit applies to all vested PSRS members, would cost about $137.8 million in actuarial liability, and would reduce the trust fund by about 0.19%. An EMPERS representative confirmed that system also has a $5,000 death benefit and uses similar third-party death-notification services. Finally, Representative Mayhew briefly presented House Bill 2205, which would exempt all public and private retirement income from Missouri income tax; no one testified in support or opposition, and the hearing adjourned after no further discussion.

Transcript Highlights:

• little bit more padding, a little more cushion, and we provide a little more assurance for these retirees
• little bit more padding, a little more cushion, and we provide a little more assurance for these retirees
• And these are the ones that are going to get stuck with taking care of these Left One retirees.
• down. taking care of these left one retirees.
• The only way these retirees will be able to...

Bills: SB6061, SB6234, SB6176, SB6335, SB6047, HB2235, HB2464, HB2619, HB1376, SB5808, SB5949, HB1347, HB1759, HB1983, HB2120, HB2264, HB2338, HB2385, HB2495, HB2521, HB2604, HB2610, HB2675, HB2426, SB6061, SB6234, SB6176, SB6335, SB6047, HB2235, HB2464, HB2619, HB1376, HB1796, HB2091, HB2249, HB2353, HB2431, SB5808, SB5949, HB2124, HB2104, HB2624, HB2510, HB1347, HB1759, HB1983, HB2120, HB2264, HB2338, HB2385, HB2436, HB2495, HB2521, HB2604, HB2610, HB2675

Keywords: tourism, self-supported assessment, funding, statewide promotion, economic development, sewage, grinder pumps, residential buildings, regulation, construction, vehicle registration, enforcement, renewal, transportation, state law, state commission, infrastructure, traffic safety, responsibilities, state capital projects

Transcript Highlights:

• Senate Bill 134 allows retirees to return to work that are part of the Oper system in six months instead
• Is it correct under this bill that a retiree could begin receiving retirement benefits and then return
• A retiree could begin receiving retirement benefits, then they can return to public employment only after
• You know, in this bill Or training new employees rather than rehiring retirees, or is it better since
• What we see is that as retirees retire, they have a lot of wealth of knowledge.

Bills: SB1778, SB1570, SB134, SB1966, SB1636, SB1725, SB1726, SB259, SB504, SB592, SB2030, SB1572, SB843, SB1242, SB1255, SB1262, SB1264, SB1286, SB1581, SB1290, SB1316, SB1319, SB1369, SB1379, SB1381, SB1400, SB1427, SB1436, SB1461, SB1496, SB1509, SB1534, SB1553, SB904, SB1592, SB1645, SB1684, SB1767, SB1772, SB1813, SB1894, SB1928, SB1946, SB1980, SB2040, SB2060, SB2061

Keywords: reading instruction, literacy, educational equity, intervention services, third grade retention, Strong Readers Act, child welfare, child safety, administrative transition, Department of Child Safety and Well-being, Oklahoma Commission on Children and Youth, juvenile justice, foster care, retirement, public employees, reemployment, benefit adjustment, Oklahoma Public Employees Retirement System, memorial highways, bridge designations

Transcript Highlights:

• , um, but nothing a couple new retirees, um, but nothing really<00:10:52.399><c> dramatic,</c><00:10:
• </c> to hire a limited number of retirees to hire a limited number of retirees into<00:58:06.079><c>
• </c><00:58:25.359><c> So</c> retirees per school district to 10.
• Uh and then lastly, uh House retiree.
• </c><00:59:14.960><c> under</c> earn as a as a returning retiree under earn as a as a returning retiree

Keywords: Meeting Start: 00:00:01 Attendance Roll Call: 00:01:26 Approval of Minutes: 00:02:27 Investment, Cash Flow, and Legislative Update: Bo Cracraft – Judicial Form Retirement System: 00:03:12 Ryan Barrow – Kentucky Public Pensions Authority: 00:21:52 Beau Barnes – Teachers’ Retirement System: 00:34:31 Adjournment: 01:07:25, 958, all

Summary: The meeting opened with the Pledge of Allegiance and prayer, followed by a roll call confirming a quorum and approval of the prior minutes. A special guest, Dave Eager, was welcomed before the committee moved to presentations from retirement system officials. Bo Craycraft, executive director of the Judicial Form Retirement System, gave a quarterly update on investment performance, asset allocation, and cash flow. He said the plans had held up well amid market volatility, with fiscal year-to-date returns above benchmark and long-term returns remaining strong. He explained that the plans are targeted to a 70% equity/30% fixed-income allocation, that some cash is being held for cash-flow management, and that negative cash flow is expected because of funding and contribution levels. He also said Senate Bill 183, dealing with proxy voting and economic analysis for certain votes, was not expected to materially affect the plans because of their small number of holdings and Bear Trust’s long-term investment approach. Ryan Barrow and Erin Surrod then presented for the Kentucky Pension Authority. They reported positive quarterly performance across the retirement and insurance funds, though results varied by period and remained tied to broader market conditions. They said recent asset-allocation changes had been completed and the funds were now within target ranges. On cash flow, they noted some plans remained negative or near zero, with one plan benefiting from a large appropriation. In the legislative update, they described House Bill 30 as codifying an exclusion from pension-spiking calculations for across-the-board raises, and Senate Bill 10 as increasing retiree health insurance subsidies and changing employee health insurance contribution rules for certain CERS members beginning in 2026. They also said Senate Bill 183 would likely have limited impact, though the agency would review voting policies and incorporate any required economic-analysis procedures.