Video & Transcript : 'educational credits' :

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MA

Massachusetts 2025-2026 Regular Session

Joint Committee on Revenue Jun 21st, 2026 at 10:00 am

Joint Committee on Revenue

Transcript Highlights:
  • In fact, the state actually gets about 10% of whatever the credit is that's paid to the Department of
  • I am at the National Education Association meeting, so I apologize, but now I'm here. Thank you.
  • As you know, we represent about 117,000 educators across the Commonwealth, pre-K through higher ed.
  • As you know, we represent about 117,000 educators across the Commonwealth, pre-K through higher ed.
  • The source of our prosperity, he said, and I would argue, is an educated population.
Summary: The Joint Committee on Revenue held a public hearing on H. 4975, Governor Healey’s bill to manage the impact of the federal “One Big Beautiful Bill” (OB3) on Massachusetts tax law and state revenues. Administration officials, led by Secretary of Administration and Finance Matt Gorowitz, said OB3 would otherwise reduce FY26 revenue by about $442 million and argued for a phased-in conformity approach that would preserve the current-year budget while still adopting selected federal business tax provisions over time. The proposal would phase in the research and experimental expenditure deduction first, delay other major corporate provisions for two years, extend the pass-through entity excise to income subject to the 4% surtax, add a one-year delay mechanism for future federal tax changes over $20 million, limit opportunity zone benefits to Massachusetts investments, and make smaller technical changes to DFML contributions and casino reporting thresholds. Committee members questioned the rationale for phasing in rather than fully decoupling, the effect on the budget if the bill did not pass, and the treatment of opportunity zones, the surtax, and future federal tax changes. Public testimony was split. MassBudget, Progressive Massachusetts, and several labor and public-sector groups urged the committee to permanently decouple from the federal corporate tax changes rather than delay them, arguing that the bill would still send state revenue to corporate tax breaks, often for investments outside Massachusetts, and that the state should protect funding for schools, health care, human services, and other public services. The Massachusetts Society of CPAs supported the administration’s timing and the research-and-development provisions, citing filing deadlines and the importance of certainty for businesses and startups. Business and tax experts also testified that rushed conformity can create revenue losses and that the governor’s review-and-delay framework was a prudent improvement, though some said decoupling should be the default if the Legislature does not act. Unite Here Local 26 testified against sections 3 and 4, which would raise the slot-machine jackpot reporting threshold from $1,200 to $2,000, arguing the current threshold helps with problem-gambling intervention, preserves slot attendant jobs, and generates revenue. Several union leaders, including the Massachusetts Teachers Association, AFT Massachusetts, SEIU 509, the Massachusetts Building Trades, the AFL-CIO, and 1199 SEIU, urged permanent decoupling, warning that OB3’s federal tax cuts and related spending reductions would worsen budget pressures, harm public services, and shift costs onto workers, patients, and schools. No votes were taken at the hearing.
NM

New Mexico 2025 Regular Session

IC - Legislative Health and Human Services Jul 21st, 2025

Legislative Health & Human Services Committee

Transcript Highlights:
  • credits.
  • credits for our partners statewide.
  • I'm here to also represent the College of Education, the School of Education, and the College of Arts
  • so front and center, okay, take credit.
  • as you can as an educator.
TX

Texas 89th Regular

Pensions, Investments & Financial Services May 5th, 2025

Pensions, Investments & Financial Services

Transcript Highlights:
  • Educate me here in the formula that I'm reading in the bill, and this is pre-existing laws.
  • Education members play a significant role in overseeing our state's public education system.
  • I was elected in 2020 to the State Board of Education and served 12 years there.
  • Many people credited all the standards in our home equity law.
  • So we're trying to create some kind of credit with any bank that's available.
Bills: HB1342 , HB2889 , HB3002 , HB3254 , HB4820 , HJR40 , HJR40
LA

Louisiana 2026 Regular Session

Judiciary B May 21st, 2026

Judiciary B

Transcript Highlights:
  • Nurses frequently had to pay for their SANE education and continuing education at their own cost and
  • Do we— is medical debt reported to credit, to creditors? It is. It is? Yeah. That's interesting.
  • I mean, we have, you know, medical debt from life-saving procedures that gets reported to credit.
  • But, but— Medical debt from life-saving procedures that gets reported to credit.
  • But if someone has a criminal fine, we're not going to report that to the credit company.
Committee: Senate Judiciary B
Summary: The Senate Committee on Judiciary B met on May 21 with a quorum present, approved the May 14 minutes, and then took up a long agenda of bills and resolutions. It first reported Senate Resolution 125 favorably, which urged the Navy to expedite funding and implementation of medium-unmanned surface vessels, citing jobs and private investment tied to Conrad Shipyard in Morgan City. The committee then heard House Bill 1253, the Gracie Claire Rushing Act, from Chairwoman Butler and Crystal Romero, who described the painful history of Gracie’s death, exhumation, and discovery that her heart had not been returned after autopsy; the bill was reported favorably without objection. The committee also reported favorably House Bill 89, a local retirement health insurance measure for the Third and 30th Judicial Districts; House Bill 1257, barring elected officials and immediate family members from owning interests in electronic monitoring companies; House Bill 1029, as amended, creating a moratorium on alcohol beverage licenses in House District 3 until 2027; House Bill 1011, making a juror-per-diem donation program for CASA permissive statewide; House Bill 1064, creating a domestic violence intervention court pilot in East Baton Rouge Parish with support from the Criminal Justice Coordinating Council and YWCA; House Bill 816, prohibiting foreign adversaries from buying land near military installations; and House Bill 940, creating a counter-unmanned aircraft system task force to coordinate law enforcement response to drone threats. The committee then heard House Bill 1247, which addresses the shortage of sexual assault nurse examiners by creating a statewide SANE coordinator in the Attorney General’s office and a response standards subcommittee; after adopting a technical amendment set, it was reported favorably with amendments. House Bill 335, expanding public-benefit eligibility verification to entities administering benefits and adding legislative auditor oversight, was also amended after concerns from food banks and disaster-response nonprofits, with members agreeing to work on additional floor amendments to protect essential services during emergencies. House Bill 623, a tobacco-related deadline fix, was voluntarily deferred to allow more time for drafting. The committee also reported favorably HCR 64, extending a report deadline for the Supreme Court drug and specialty court office. Later, the committee reported favorably House Bill 243, changing recusal procedures so cases go first to the Attorney General rather than a private lawyer; House Bill 451, allowing hearing notices to be sent more than 30 days in advance and electronically; House Bill 1251, reducing permit costs for very small in-state distillers; House Bill 1053, allowing salons, barbers, and boutiques to offer limited complimentary wine or champagne without a permit; House Bill 153, barring criminal-justice debt from being reported to credit agencies; House Bill 59, authorizing East Baton Rouge Parish to transfer funds to the public defender’s office; HCR 50, a task force request; HCR 102, continuing the Senior Task Force on Fraud Prevention; and House Bill 1098, part of the aerospace package addressing liability related to sonic booms. The meeting ended with adjournment after a brief exchange about LSU and McNeese football.
MN
Transcript Highlights:
  • </c> credits would be available statewide. credits would be available statewide.
  • . modify the Minnesota Housing Tax Credit modify the Minnesota Housing Tax Credit Contribution<00:15:
  • . credits. credits.
  • </c> updates to the state housing tax credit updates to the state housing tax credit in<00:27:11.000>
  • In a to the state housing tax credit.
Summary: The conference committee on the housing omnibus bill began with member introductions and a staff walk-through comparing House and Senate provisions. House Research staff reviewed major policy differences affecting Minnesota Housing Finance Agency operations, including limits on how much the agency may retain from state appropriations for administrative costs, new reporting requirements, restrictions on transfers between appropriated accounts, and House-only language requiring annual expenditure of investment income from state appropriations. Senate provisions were also summarized, including tighter rules on when appropriations may be placed into Housing Development Fund bookkeeping accounts, updated operating-cost reporting, and Senate-only changes to how investment earnings may be used. Staff also described shared and differing provisions on program-money transfers, a lived-experience earnings exemption, and a long list of Senate-only policy changes, including manufactured home park tenant protections, low-income housing tax credit and bond-related changes, a task force on housing taxes and fees, and repealers affecting Housing Development Fund authority and certain older programs. Fiscal staff then reviewed the budget impacts. The House side included one-time appropriations for workforce housing development, family homeless prevention and assistance, a Minnesota Nice Home Share pilot, and homebuyer education, along with debt service for $100 million in housing infrastructure bonds and transfers/cancellations that produced a net zero general fund impact across the budget window. The Senate side noted a fiscal note for the housing taxes and fees task force and a smaller housing infrastructure bond authorization, with corresponding debt service costs and a total Senate budget-window impact of about $1 million in general fund debt service. After the staff presentations, the committee moved to public testimony. Commissioner Jennifer Ho of Minnesota Housing said the bill’s housing infrastructure bonds and continued support for family homeless prevention were important, and she supported the lived-experience earnings exemption, while noting concerns about the interest-earnings provisions. Testifiers from Greater Minnesota groups praised the workforce housing investments and Senate updates to the state housing tax credit and infrastructure grant program, though they suggested changes to the geographic distribution language. HOME Line urged funding for statewide tenant hotline services, citing rising demand and asking for $1 million if additional money becomes available. The Minnesota Consortium of Community Developers supported the bill’s investments and emphasized the need to pair housing development with supportive services. Housing First Minnesota praised housing infrastructure bonds and other investments but criticized the omission of the Minnesota Starter Homes Act. The Minnesota Multi Housing Association began testimony opposing certain rent-control-related provisions in the House bill. No votes or final actions were taken during the portion of the meeting provided.
LA

Louisiana 2026 Regular Session

Senate May 28th, 2026

Louisiana Senate Floor Meeting

Transcript Highlights:
  • This is a resolution to put together a panel to study the higher education funding formula.
  • This panel will include the Commissioner of Higher Education, one of the two-year LCTC chancellors.
  • This is a resolution to put together a panel to study the higher education funding formula.
  • This is a resolution to put together a panel to study the higher education funding formula.
  • credits to count toward their TOPS Tech eligibility.
LA

Louisiana 2026 Regular Session

House of Representatives Mar 18th, 2026

Louisiana House Floor Meeting

Transcript Highlights:
  • Department of Education TRIO programs.
  • , to define educator.
  • Education.
  • On behalf of the Through participation, education, and engagement.
  • education program, ability to pay, and repayment, reported from Commerce with amendments.
NM

New Mexico 2026 Regular Session

House - Appropriations and Finance Jan 15th, 2026 at 01:32 pm

House Appropriations & Finance

Transcript Highlights:
  • So this is becoming an increasing part of how you fund education as you can see, K-12, higher education
  • , and 18 other educational entities.
  • Turning to page seven, a risk premium credit questionnaire has been sent out to all NMSEA educational
  • The premium credit will be reflected on an entity's FY27 risk invoice.
  • The credit will be effective in FY27, which is July 3rd. Excellent.
CA
Transcript Highlights:
  • They meet our education requirements.
  • That qualification is based on experiential credit to meet the educational standards.
  • So they look at experiential credit, they look at transfer credit, they look at club credit.
  • They are highly educated, master’s, doctoral, or postgraduate certificate level education.
  • certificate level education.
Summary: The joint Assembly and Senate Business and Professions sunset oversight hearing focused first on the Board of Registered Nursing (BRN), with chairs emphasizing oversight, consumer protection, workforce access, and the need to evaluate whether licensing boards are functioning efficiently. BRN leadership reported major process improvements since the last sunset review, including faster license processing, streamlined enforcement, improved consumer satisfaction, and growth in nursing education enrollment. Members questioned the board extensively about nurse practitioner scope and supervision, international licensure, online nursing programs and clinical placements, military pathways, the 30-unit LVN-to-RN option, workforce shortages, diversity in nursing, and retention of new graduates. The board explained California’s tiered APRN system, the NCLEX and national certification requirements, clinical hour standards, and its role in approving programs and assigning nursing education consultants. Public testimony on the BRN was mixed: nurse practitioner, nurse midwife, and nurse anesthetist groups largely supported the sunset report and especially the proposed APRN-to-RN delegation language, while physician and hospital stakeholders raised concerns about out-of-state NP practice, specialty delegation, ratios, and the need for regulatory parity and clearer standards. Higher education representatives urged reduced duplication in documentation, more flexible clinical placement rules, and better coordination to address bottlenecks in placements and faculty hiring. The committee did not take a vote during the excerpted BRN discussion. The hearing then moved to the Physical Therapy Board of California, where the board’s president began an overview of the board’s mission, structure, vacancies, and public-protection role under the Physical Therapy Practice Act. The transcript excerpt ends before substantive questioning, testimony, or any action on the physical therapy item is shown.
NM

New Mexico 2026 Regular Session

House - Health and Human Services Jan 26th, 2026 at 09:05 am

House Health & Human Services

Transcript Highlights:
  • We see that across the board, education, never spent more on education, and the numbers don't reflect
  • , the enhanced premium tax credits, have expired.
  • Of higher education to help us accumulate those numbers.
  • preceptor tax credit.
  • This preceptor tax credit does give a $1,000 tax credit for a defined preceptor.
FL

Florida 2026 Regular Session

FL House Floor Session - 2026-05-29 (10:00AM Session)

Florida House Floor Meeting

Transcript Highlights:
  • We did not see universal early childhood education.
  • So I want to first talk about the education budget.
  • So I want to first talk about the education budget.
  • We're not educating people like they should be.
  • Authorizes the State Board of Education and Board of Governors to amend the list of general education
AL

Alabama 2026 Regular Session

Alabama Senate Finance and Taxation Education Committee Mar 4th, 2026

Finance and Taxation Education

Transcript Highlights:
  • Let's educate for<00:04:44.080><c> that</c><00:04:44.479><c> automatic.
  • </c> the education trust fund. the education trust fund.
  • </c><00:16:39.440><c> program</c> completion of the EMS education program completion of the EMS education
  • , some further education for our volunteer firefighters up there.
  • It's passed out of the education years.
Bills: HB125 , HB116 , HB183 , HB342 , HB341 , SB280 , SB245 , SB159 , HB125 , HB116 , HB183 , HB342 , HB341 , SB280 , SB245 , SB159
ND

North Dakota 2026 1st Special Session

House Floor Session Jan 22nd, 2026 at 08:30 am

North Dakota House Floor Meeting

Transcript Highlights:
  • We have an education problem about the student lunches.
  • I've heard from educators.
  • We're not asking it for their dual credit.
  • That the state of North Dakota will provide public education.
  • This is a component of public education. This is a cost of public education.
Summary: The House convened in special session, opened with prayer and the Pledge, confirmed a quorum, and recognized visiting students from Shiloh High School. Members also observed a moment of silence for former Representative Cindy Shriver Beck, and the House adopted the Employment Committee report approving special-session staff appointments. The chamber then considered House Bill 1621, which would require the presidential physical fitness test in K-12 physical education courses with exemptions for students with disabilities and an effective date of August 1, 2027. Supporters framed it as a return to a historic fitness standard and a response to federal direction; the bill passed 90-0. The House next took up House Bill 1624, a universal school meals bill that would place the program in statute rather than the Constitution, start it a year earlier than the initiated measure, and appropriate $65 million for the first year. Debate centered on whether universal meals were needed, whether the bill would preserve legislative flexibility and property-tax relief, and whether it would help families or subsidize those who could pay. The bill passed 55-38. Finally, the House began debate on House Bill 1623, the rural health transformation package tied to federal grant funds and a Bank of North Dakota loan program to support rural health projects, EMS, behavioral health, and related infrastructure. The sponsor and supporters emphasized North Dakota’s strong grant award, the need to move quickly, and the bill’s role in filling rural health gaps statewide. Some members raised concerns about federal spending, inflation, and telehealth, while others stressed the need to address EMS and workforce shortages. The transcript ends during debate on HB 1623, before any final vote is shown.
MN

Minnesota 2025-2026 Regular Session

House Education Finance Committee 3/13/25

Education Finance

Transcript Highlights:
  • </c><00:03:57.560><c> teaching</c> shortage and special education teaching shortage and special education
  • </c><00:20:57.480><c> dollars</c> local funds special education dollars local funds special education
  • </c> Bachelor's in special education Bachelor's in special education programming<00:25:55.960><c> it<
  • our students in special education our students in special<00:27:57.720><c> education</c> special education
  • Special education in particular.
Bills: HF846 , HF1538 , HF1959
AL

Alabama 2025 Regular Session

Alabama House May 6th, 2025

Alabama House Floor Meeting

Transcript Highlights:
  • grant academic local board of education grant academic local board of education grant academic credits
  • The education where the education folks The education where the education folks The education where the
  • back for high school credits for credit back for high school credits for credit back for high school
  • But now we going to force educ But now we going to force educ But now we going to force educ education
  • I see education. That was honey? I see education. That was honey? I see education.
Bills: HB 1535 , HB 123 , HB 111 , HB 180 , HB 342 , HB 1027 , HB 1178 , HB 610 , HB 1277 , HB 1615 , HB 1620 , HB 5342 , HB 4885 , HB 4751 , HB 4689 , HB 4530 , HB 4488 , HB 2149 , HB 2041 , HB 2071 , HB 1813 , HB 2282 , HB 2248 , HB 2243 , HB 2522 , HB 2310 , HB 2513 , HB 2300 , HB 1902 , HB 3719 , HB 4284 , HB 4327 , HB 3743 , HB 3778 , HB 3801 , HB 5153 , HB 5147 , HB 4877 , HB 4850 , HB 3158 , HB 3261 , HB 3005 , HB 3033 , HB 3138 , HB 3099 , HB 2849 , HB 2967 , HB 3488 , HB 3477 , HB 3466 , HB 3396 , HB 3469 , HB 2594 , HB 2776 , HB 2564 , HB 2298 , HB 5331 , HB 5646 , HB 5247 , HB 5323 , HB 2015 , HB 4384 , HB 3896 , HB 4014 , HB 3627 , HB 3594 , HB 2524 , HB 510 , HB 561 , HB 5111 , HB 5446 , HB 1181 , HB 3963 , HB 2785 , HB 1661 , HB 2460 , HB 24 , HJR 138 , HB 3800 , HB 42 , HB 129 , HB 677 , HB 668 , HB 2128 , HB 2038 , HB 2316 , HB 3686 , HB 2563 , HB 1160 , HB 3883 , HB 2788 , HB 2663 , HB 3305 , HB 3474 , HB 1105 , HB 3490 , HB 3597 , HB 1295 , HB 3512 , HB 3783 , HB 2017 , HB 3010 , HB 3112 , HB 4215 , HB 3223 , HB 3464 , HB 3120 , HB 4214 , HB 4081 , HB 4783 , HB 4063 , HB 2783 , HB 5085 , HB 2510 , HB 3426 , HB 4361 , HB 1169 , HB 2516 , HB 4700 , HB 3560 , HB 3860 , HB 3146 , HB 184 , HB 198 , HB 247 , HB 367 , HB 449 , HB 1778 , HB 514 , HB 632 , HB 2582 , HB 766 , HB 2715 , HB 2712 , HB 3069 , HB 3505 , HB 1269 , HB 4224 , HB 5032 , HB 2240 , HB 5180 , HB 3348 , HB 4668 , HB 4665 , HB 3395 , HB 3157 , HB 4395 , HB 4325 , HB 4386 , HB 4273 , HB 2760 , HB 2820 , HB 1828 , HB 1579 , SB 2349 , SB 1268 , SB 610 , SB 1577 , SB 1369 , SB 2032 , SB 2034 , SB 1057 , SB 1044 , SB 922 , SB 1759 , SB 1143 , SB 1506 , SB 1403 , SB 2361 , SB 870 , SB 372 , SB 72 , SB 1583 , SB 2314 , SB 1267 , SB 1273 , SB 765 , SB 552 , HB 2145 , HJR 112 , HB 1804 , HJR 110 , HB 1194 , HB 1531 , HB 5008 , HB 3421 , SCR 27 , HB 5398 , HB 1407 , HB 426 , HB 1535 , HB 123 , HB 1773 , HB 1871 , HB 2035 , HB 2448 , HB 2492 , HB 1411 , HB 4753 , HB 4666 , HB 4529 , HB 1499 , HB 1610 , HB 2028 , HB 1506 , HB 886 , HB 3546 , HB 796 , HB 223 , HB 1475 , HB 3556 , HB 4638 , HB 111 , HB 180 , HB 342 , HB 1027 , HB 1178 , HB 610 , HB 1277 , HB 1615 , HB 1620 , HB 5342 , HB 4885 , HB 4751 , HB 4689 , HB 4530 , HB 4488 , HB 2149 , HB 2041 , HB 2071 , HB 1813 , HB 2282 , HB 2248 , HB 2243 , HB 2522 , HB 2310 , HB 2513 , HB 2300 , HB 1902 , HB 3719 , HB 4284 , HB 4327 , HB 3743 , HB 3778 , HB 3801 , HB 5153 , HB 5147 , HB 4877 , HB 4850 , HB 3158 , HB 3261 , HB 3005 , HB 3033 , HB 3138 , HB 3099 , HB 2849 , HB 2967 , HB 3488 , HB 3477 , HB 3466 , HB 3396 , HB 3469 , HB 2594 , HB 2776 , HB 2564 , HB 2298 , HB 5331 , HB 5646 , HB 5247 , HB 5323 , HB 2015 , HB 4384 , HB 3896 , HB 4014 , HB 3627 , HB 3594 , HB 2524 , HB 510 , HB 561 , HB 5111 , HB 5446 , HB 1181 , HB 3963 , HB 2785 , HB 1661 , HB 2460 , HCR 98 , HCR 92 , HCR 126
CA
Transcript Highlights:
  • Because as you all and as government looks to help subsidize through tax credits, whatever the way it
  • Yeah, so there were changes to the federal tax credit 45E that would provide a tax credit for hydrogen
  • There were changes to the federal tax credit 45E that would provide a tax credit for hydrogen production
  • It takes a lot of education to get there.
  • Another thing that we're also very involved with is our community education and outreach.
Summary: The Senate Select Committee on Hydrogen Energy held an informational hearing on California’s hydrogen leadership, with the chair framing hydrogen as a complementary clean-energy pathway for hard-to-electrify sectors such as heavy-duty trucking, transit, rail, ports, industrial uses, and backup power. The first panel of private-sector witnesses from the California Hydrogen Business Council, Bosch, Hyundai, and Sierra Northern Railway described existing deployments in California, including hydrogen buses, trucks, fueling infrastructure, and the nation’s first hydrogen fuel cell switcher locomotive. They emphasized that the technology is commercially ready but scaling is constrained by permitting delays, high fuel and equipment costs, infrastructure gaps, and uncertainty around federal support and incentives. Witnesses urged stable state policy, targeted investment, and concentrated deployment in high-impact corridors such as ports and freight hubs. Committee members also asked about labor standards, community engagement, and the current size of the hydrogen vehicle fleet in California and abroad. The second panel focused on air quality, climate, safety, and public health. Testimony from CAPCOA, the Coalition for Clean Air, the California State Building and Construction Trades Council, and a UC Berkeley researcher argued that hydrogen fuel cells can reduce diesel-related pollution and health harms when used in the right applications, especially in ports, rail yards, warehouse corridors, transit depots, and backup power for facilities like data centers. Witnesses cautioned that hydrogen should be used selectively, produced as cleanly as possible, and paired with early community engagement, safety planning, and environmental justice protections. The researcher cited projected reductions in NOx, particulate exposure, premature deaths, and health costs under broader hydrogen adoption. Committee members discussed workforce training, apprenticeship programs, and how to balance near-term costs with long-term infrastructure value. The final panel provided public-sector updates from SamTrans, the Governor’s Office of Business and Economic Development, the Port of Long Beach, and First Public Hydrogen Authority. SamTrans described its transition to a large hydrogen bus fleet and said the loss of expected ARCHES funding created a major infrastructure gap; it asked the state to protect transit funding, restore a sales tax exemption for zero-emission buses, and address axle-weight rules. GoBiz said the state should focus on creating demand, reducing costs, and streamlining permitting, while acknowledging the disruption caused by the federal cancellation of ARCHES funding. The Port of Long Beach reported hydrogen truck deployments, port incentives, and a planned public fueling station, but said high costs, fuel shortages, and uncertainty have slowed momentum. First Public Hydrogen Authority described efforts to aggregate municipal demand and support new green hydrogen production projects, stressing the need for long-term market signals and financing. Committee members repeatedly emphasized the need for state support, infrastructure investment, and a diversified fuel strategy to keep hydrogen deployment moving forward.
FL

Florida 2025 Regular Session

October 8, 2025 - 10:30 AM

Transcript Highlights:
  • I have no educational background.
  • credit or an 18 credit excelled in Houma as well as a career and technical education, pathway and to
  • Institute and Inclusive Education Services.
  • or 24 credit option.
  • So what steps are we taking to educate?
KY
Transcript Highlights:
  • Historically, it had interest credit.
  • </c><01:39:20.480><c> It's</c> Education statute. It's KRS 1615. It's Education statute.
  • </c> but under this Department of Education but under this Department of Education leave<01:39:25.199
  • > TRS4,</c> credit.
  • So for TRS4, credit.
Summary: The meeting opened with a quorum call, the Pledge of Allegiance, a prayer, and approval of the prior meeting minutes. The first presentation was from Bo Craycraft of the Judicial Form Retirement System, who gave an update on investment performance, asset allocation, cash flow, and projected employer costs. He reported strong fiscal year 2025 investment results, with both the legislative and judicial retirement plans outperforming their actuarial assumed rates of return and benchmarks, driven largely by U.S. equity performance. He also noted the plans remained near their target asset allocation and continued to experience negative cash flow, though he said that was manageable in context of strong asset growth. Craycraft then discussed a recent experience study and actuarial assumption changes, especially a revised salary growth assumption and a higher cash balance interest credit rate. He said these changes increased projected employer costs, with contributions rising from about $700,000 to a projected $2 million in later years, though he expected the eventual 2025 valuation and investment gains to reduce that estimate. Members asked about mortality assumptions, the impact of the experience study on liabilities, and the sharp increase in the judicial plan’s projected employer cost. Craycraft explained that the increase was driven mainly by the updated assumptions and that no other major plan changes were involved. At the chair’s request, Craycraft also addressed the recent rise in Medicare Advantage premiums for the plan’s health coverage, saying the 2025 increase was largely tied to Part D changes and the Inflation Reduction Act and had been about 45%, but that future growth was expected to be under 5%. After his presentation, the committee moved to the Kentucky Public Pensions Authority update, where the next speaker began by saying the funds had exceeded actuarial assumed returns for the fiscal year.