Video & Transcript Research : 'pension exclusion'

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WA
WA

Washington 2025-2026 Regular Session

Senate Pro Forma Floor Session Mar 2nd, 2026 at 10:00 am

Washington Senate Floor Meeting

KY
KY

Kentucky 2026 Regular Session

House Legislative Session Day 60 (4-15-26) - Part 2

Kentucky House Floor Meeting

KY
KY

Kentucky 2026 Regular Session

House Legislative Session Day 60 (4-15-26) - Part 1

Kentucky House Floor Meeting

Transcript Highlights:
  • . >> Senate Bill 70, an act relating to the public pension oversight board, Senator Higdon.
  • It actually makes a few appointment adjustments to the public pension oversight board.
  • </c> to the public pension oversight board. to the public pension oversight board.
  • </c><00:30:45.520><c> And</c><00:30:45.920><c> that's</c> pension oversight board.
  • And that's pension oversight board.
Bills: SB141, SB124, SB56, SJR116, SB94, SB37, SB127, SB197, SB66, SB70, SB133, SB160, SB214, SB312, SB52, SJR62, SJR75
Keywords: legal advertisements, tax rates, public hearings, transparency, local government, sick leave, education, teacher retirement, benefits, employee compensation, Medicaid, nonopioid analgesics, pain management, health care regulation, utilization controls, physician shortage, health care access, medically underserved areas, medical education, workforce development
KY
KY

Kentucky 2026 Regular Session

House Legislative Session Day 59 (4-14-26) - Part 2

Kentucky House Floor Meeting

OK
OK

Oklahoma 2026 Regular Session

House of Representatives Second Regular Session of the 60th Legislature Day 42 Apr 16th, 2026 at 09:30 am

Oklahoma House Floor Meeting

Transcript Highlights:
  • Those pension systems are whole enough already.
  • an act relating to the Oklahoma Pension and Retirement System.
  • Our actuaries that are advising the pensions boards do a...
  • to award a pension.
  • to award a pension.
Bills: SB1365, SB2139, SB1595, SB1303, SB2180, SB2072, SB1772, SB1209, SB137, SB1944, SB372, SB1636, SB1256, SB1827, SB2104, SB1226, SB1876, SB1966, SB80, SB1148, SB1147, SB1149, SB1161, SB1162, SB1164, SB1159, SB1165, SB1174, SB1156, SB1158, SB1163, SB1175, SB1176, SB1166, SB1167, SB1157, SB1146, SB1481, SB1144, SB1145, SCR20
Keywords: SB1365, Oklahoma Central Purchasing Act, procurement exemption, competitive bidding, state purchasing, Oklahoma Tourism and Recreation Department, tourism department, merchandise for resale, gift shops, lodges, golf pro shops, state parks, restaurant contracting, retail outlets, public procurement, purchasing flexibility, Title 74, emergency clause, restrictive covenants, discriminatory covenants
OK
OK

Oklahoma 2026 Regular Session

House of Representatives Second Regular Session of the 60th Legislature Day 42 Apr 16th, 2026

Oklahoma House Floor Meeting

Transcript Highlights:
  • Police Pension and Retirement System.
  • We want to see the pensions fully funded. So you hit 100% target.
  • Put it in the pension to pay for it.
  • to award a pension.
  • and such. ...regarding pensions and such.
Bills: SB1365, SB2139, SB1595, SB1303, SB2180, SB2072, SB1772, SB1209, SB137, SB1944, SB372, SB1636, SB1256, SB1827, SB2104, SB1226, SB1876, SB1966, SB80, SB1148, SB1147, SB1149, SB1161, SB1162, SB1164, SB1159, SB1165, SB1174, SB1156, SB1158, SB1163, SB1175, SB1176, SB1166, SB1167, SB1157, SB1146, SB1481, SB1144, SB1145, SCR20
Keywords: SB1365, Oklahoma Central Purchasing Act, procurement exemption, competitive bidding, state purchasing, Oklahoma Tourism and Recreation Department, tourism department, merchandise for resale, gift shops, lodges, golf pro shops, state parks, restaurant contracting, retail outlets, public procurement, purchasing flexibility, Title 74, emergency clause, restrictive covenants, discriminatory covenants
Summary: The House opened with prayer, the Pledge of Allegiance, and several gallery introductions, including the Oklahoma Elks Lodge Association, Guthrie Day visitors, students from Sanger Ridge Elementary and Stillwater, and multiple honored guests and athletic teams. The chamber also heard a farewell speech from Representative Dale Kerbs reflecting on his 10 years in the House, his committee work, staff, family, and major policy changes during his tenure. A concurrent resolution recognizing the YMCA on its 175th anniversary was also adopted. The bulk of the meeting focused on a series of Senate bills carrying joint committee reports, many of them appropriations or retirement-related measures. The House passed bills providing COLAs or related benefit changes for judicial retirees (SB 1148), firefighters (SB 1147), police retirees (SB 1146), public employees (SB 1145), and teachers (SB 1144), along with a one-time stipend for a small group of retired police and firefighters who missed prior increases (SB 1149). Members asked questions about pension solvency, tiered COLA structures, and whether any bills reduced state contributions; the sponsors generally said the systems were stable or that future legislatures would retain oversight. The House also passed limits bills for the Health Care Authority (SB 1161), State Department of Health (SB 1162), Department of Mental Health and Substance Abuse Services (SB 1164), Department of Human Services (SB 1163), Public Safety (SB 1165), Agriculture (SB 1166), and the Oklahoma Water Resources Board (SB 1175 and SB 1176). Several other measures were approved with little or no debate, including appropriations for remediation assistance (SB 1159), a Pardon and Parole Board pay increase (SB 1156), funding for the Office of Juvenile Affairs to ensure juveniles receive prescribed medication (SB 1158), a new OSBI cybercrimes and fraud unit (SB 1157), and OMES provisions for Pay for Success and a public contract-spending database (SB 1167). The House also passed a school bill adding 20 minutes of recess for K-5 students, with members joking about recess for legislators as well. Most bills passed with strong bipartisan margins, and several emergency clauses were adopted by the required two-thirds vote. The House then recalled HB 1933 from engrossing and enrolling and adjourned until Monday, April 20, 2026.
MN
MN

Minnesota 2025-2026 Regular Session

Committee on Taxes - 01/23/25

Taxes

Transcript Highlights:
  • for their pension income.
  • for their pension income.
  • for their pension income.
  • for their pension income.
  • for their pension income.
Keywords: 1187, senate, all
LA
LA

Louisiana 2026 Regular Session

Health and Welfare Apr 23rd, 2026

Health and Welfare

Transcript Highlights:
  • It's my intent to, as I mentioned a moment ago, include under government entity exclusions licensed health
  • Now, the way the bill was, we strike out the business entity section, and we create exclusions for medical
  • have, with that amendment that was just adopted, say medical masks or something that would be an exclusion
  • That's why I have the mask exclusion. Mike, I still have some worries about it.
Bills: HB689, HB742, HB926, HB946, HB948, HB1028, HB1095, HB1114, HB1121, HB1155, HB1185, HB1217, HB1220, HB1227, HCR76
Keywords: public assistance, child welfare, benefit adjustment, DCFS, LDH, fraud detection, household reporting, Medicaid, immunization, healthcare eligibility, Family Independence Temporary Assistance Program, health policy, vaccination requirements, vaccination status, vaccine mandate, medical freedom, medical autonomy, public buildings, public access, government services
WA
WA

Washington 2025-2026 Regular Session

House Appropriations Mar 2nd, 2026 at 10:30 am

Appropriations

WA
WA

Washington 2025-2026 Regular Session

House Floor Session Jan 19th, 2026 at 10:30 am

Washington House Floor Meeting

Transcript Highlights:
  • Clerk will read: House Bill 1160, Local Government Design Review; House Bill 1798, Firefighters' Pension
Bills: HB1160, HB1187, HB1289, HB1339, HB1345, HB1501, HB1604, HB1798, HB1069, HB1347
Keywords: design review, local government, land use, zoning, project permits, housing density, middle housing, affordable housing, parking minimums, single-family zoning, infill development, growth management, comprehensive plan, permit streamlining, objective development regulations, architectural review, administrative review, transit-oriented development, accessory dwelling units, ADU
Summary: The House convened with a quorum, the Pledge of Allegiance, a National Anthem performance by Pastor Pamela Bowman, and a prayer by Senior Pastor Joseph Bowman of Integrity Life Church in Federal Way. The prayer and musical selections focused on Martin Luther King Jr. Day themes of justice, unity, service, and hope. The House then approved the previous day’s minutes without objection. House Resolution 4672, honoring Dr. Martin Luther King Jr., was read and adopted. Representative Penner moved adoption and spoke about remembering both the promise and the struggle of the civil rights movement, while Representatives Reeves, Lowe, and Thomas also offered remarks emphasizing King’s legacy, the ongoing work of justice, the importance of nonviolence, and the need for public service and respectful disagreement. Representative Thomas also described personal experiences with racism and called for continued action rather than platitudes. After the resolution passed by voice vote, the House handled routine business: introduction-sheet items and committee reports were referred as designated, and the Rules Committee was relieved of several bills, moving House Bill 1160 and House Bill 1798 to second reading and Substitute House Bill 1066 and Engrossed House Bill 1574 to third reading. Democrats and Republicans announced caucuses after adjournment, and the House adjourned until 9:55 a.m. Tuesday, January 20.
TX
TX

Texas 89th Regular

State Affairs (Part II) Mar 17th, 2025

State Affairs

Bills: SB8, SB650, SB667, SB779, SB1349, SB1355, SB1378, SB1585, SB1721, SB2312
Keywords: immigration enforcement, ICE agreements, sheriff grants, law enforcement, county jail, federal immigration law, China, Chinese-affiliated entities, Chinese military companies, People's Republic of China, Chinese Communist Party, divestment, state pension funds, public retirement systems, Teacher Retirement System, Employees Retirement System, Permanent School Fund, Texas Comptroller, foreign investment, national security
Summary: The Senate Committee on State Affairs resumed consideration of several pending bills, first taking up Senate Bills 667, 1349, 1585, and 2312. After inviting testimony had already been heard, no members of the public came forward to testify on any of those measures, and the committee closed public testimony and left all four bills pending. The committee then heard Senate Bill 1355, which Senator Parker explained as a committee substitute aimed at helping Texas distillers recover unpaid invoices from wholesalers. The substitute would require distillers to invoice at the time of purchase, send a demand letter if payment terms are violated, and allow complaints to be filed with the Texas Alcoholic Beverage Commission, which could determine an appropriate penalty based on the facts. Natasha Dehart of Bent Distilling Company testified in support, describing serious cash-flow problems and unpaid invoices from a Texas wholesaler that had forced layoffs, late vendor payments, and operational strain. No one testified against the bill, and it was left pending. The committee also heard Senate Bill 1378, a narrowly tailored local bill for a Carrollton facility recently acquired by Sazerac that employs more than 1,000 Texans. Senator Parker said the bill would create a limited exemption to avoid forcing the company to shut down or move because of current permit restrictions, while preserving the three-tier system and preventing the company from selling wine to itself. A Texas Alcoholic Beverage Commission resource witness said the bill was drafted so it would not open the door to broader industry changes. Mason Moreland testified against the bill as filed, arguing it gave special treatment to one company and failed to address broader problems in the wine industry, including direct-to-consumer sales and permit issues. After questions from senators, public testimony closed and SB 1378 was left pending. The committee then recessed subject to the call of the chair.
AL
AL

Alabama 2025 Regular Session

Alabama House State Government Committee Feb 5th, 2025

State Government

KY
KY

Kentucky 2025 Regular Session

Administrative Regulation Review Subcommittee (1-13-25)

Transcript Highlights:
  • c><00:26:51.159><c> thank</c><00:26:51.320><c> you</c><00:26:51.799><c> thank</c> Kentucky Public Pension
  • casting electronic, telephonic, and paper ballots and the tabulation of ballots for Kentucky Public Pension
  • casting electronic, telephonic, and paper ballots and the tabulation of ballots for Kentucky Public Pension
  • Nathan Good, staff attorney supervisor for the Kentucky Public Pensions Authority, identified himself
  • Any questions from members on these regulations coming from the Kentucky Public Pensions Authority?
Keywords: 0:01– Meeting start/roll call 0:34 – Approval of minutes 0:48 – Welcome of new committee members 1:34 – Council on Postsecondary Education 25:17 – Teachers’ Retirement System 27:00 – Kentucky Public Pension Authority 29:04 – Board of Veterinary Examiners 31:40 – Board of Nursing 34:01 – Board of Emergency Medical Services 36:15 – Fish & Wildlife Resources 40:34 – Department of Corrections 56:00 – Department of State Police 58:05 – Department of Criminal Justice Training 59:22 – Transportation Cabinet 1:00:18 – Department of Education 1:01:23 – Department of Employment Services 1:04:17 – Department of Workplace Standards 1:05:25 – Department of Housing, Buildings & Construction 1:06:59 – Cabinet for Health & Family Services, Dept. for Public Health (Sanitation) 1:13:50 – Cabinet for Health & Family Services, Dept. for Public Health (Trauma System) 1:17:46 – Cabinet for Health & Family Services, Dept. for Public Health (Radon) 1:18:30 – Cabinet for Health & Family Services, Dept. for Medicaid Services 1:19:15 – Cabinet for Health & Family Services, Dept. of Aging Services 1:20:36 – Other Business/Adjournment, 958, all
Summary: The subcommittee met with a quorum, approved the minutes, and welcomed new members before taking up Council on Postsecondary Education regulations 13 KAR 2:120 and 13 KAR 2:130. The regulations, as amended by staff and agency amendments, update public university and KCTCS performance funding models to conform to 2024 Senate Bill 191 and the performance funding work group’s recommendations. Changes discussed included replacing the underrepresented minority metric with an underrepresented students metric defined as first-generation students, adding an adult learner metric, increasing the low-income degree premium, adjusting small-school and nonresident credit-hour weights, revising data aging and progression metrics, and adding STEM+H criteria in 13 KAR 2:120. Travis Pal of the Council on Postsecondary Education explained that the changes reflect the work group’s three-year review process and that the work group ultimately voted to define underrepresented students as first-generation students and to apply half-weighting between research and comprehensive universities for the new metric. Michael Frasier of the Kentucky Student Rights Coalition and Eastern Kentucky University student government opposed 13 KAR 2:120, arguing that the regulation improperly applies weights where the statute does not clearly authorize them and that the funding changes disadvantage comprehensive universities and vulnerable students. He asked the committee to find the regulation deficient or, alternatively, recommend legislative clarification and a revised fiscal analysis. Pal responded that weighting has been part of the model since 2017, that CPE was following the statute and work group recommendations, and that the model could be changed by future legislation. Members asked about the timing of the broader performance funding review, and Pal said the full model is reviewed every three years, with the next work group cycle beginning in 2026. No motion to find the regulation deficient was made, and the committee allowed the regulations to proceed to the committee of jurisdiction. The committee then approved a staff amendment to Teachers’ Retirement System regulations 102 KAR 1:195 and 102 KAR 1:340, which require annual reporting of accumulated sick leave, leave policies, and salary schedules to TRS and make technical changes to the final average salary calculation and related definitions.
WA
WA

Washington 2025-2026 Regular Session

Senate Ways & Means Feb 3rd, 2026 at 04:00 pm

Ways & Means

Transcript Highlights:
  • Senate Bill 5834 makes a temporary expansion of the uses of the interest income in the pension trust
  • Senate Bill 5835 increases the threshold of a monthly pension benefit that would be paid out as a lump
Bills: SB6194, SB5963, SB5909, SB5826, SB5988, SB5872, SB5879, SB5834, SB5835, SB5905, SB5832, SB6177, SB5970, SB5994, SB6047, SB5647
Keywords: SB 6194, Washington Medicaid, medical assistance, fee-for-service, managed care, rural hospital, Indian reservation, tribal hospital, federally recognized Indian reservation, Indian Health, hospital reimbursement, Medicaid payments, inpatient services, outpatient services, psychiatric unit, health care access, rural health, tribal health, safety-net hospital, RCW 74.09
Summary: The Ways and Means Committee held public hearings on several bills before moving into executive session. Substitute Senate Bill 6037 would change how city-created fire protection districts affect city property tax levies, replacing the current dollar-for-dollar reduction in a city’s actual levy with a reduction in the city’s statutory maximum rate; testimony was largely supportive from the Association of Washington Cities, fire officials, and the City of Everett, while the Association of Washington Public Hospital Districts opposed it over prorationing concerns. Senate Bill 6194 would extend cost-based Medicaid reimbursement to a rural hospital on a federally recognized Indian reservation, specifically Toppenish Hospital; hospital and community representatives supported the bill as a health equity measure, citing financial losses and service cuts, while no opposition was heard. Senate Bill 5963 would automatically make Passport to Careers students income-eligible for the Washington College Grant and route Passport funds into the state financial aid account; student advocates supported it as a way to improve access for former foster and homeless youth. Senate Bill 5909 would require public baccalaureate institutions to review and report low-enrollment undergraduate programs and consider discontinuing programs with fewer than 10 graduates on average over five years; Eastern Washington University supported the bill as accountability and efficiency reform, while faculty and student representatives from other universities opposed it as unnecessary, costly, and potentially politicized. Senate Bill 5826 would require public college student health centers to provide access to medication abortion or referrals and related web information; testimony was sharply divided between supporters framing it as essential student health access and opponents raising moral, safety, and budget objections. In executive session, the committee received staff briefings on a number of bills and then took action on most of them. It advanced Senate Bills 5872, 5879, 5834 (with a substitute amendment adopted), 5835, 5905 (with a substitute adopted), 5832, 6177, 5496, 5970, 5994, 6047 (with a Trudeau amendment adopted and rolled into a substitute), and 5647 (with a substitute adopted) to the Rules Committee with due pass recommendations, generally subject to signatures. The committee also heard briefings on other measures, including fee authority for opioid treatment accreditation, pension trust fund expense authority, LEAP website changes, restrictions on single-family home ownership by certain entities, a permanent senior center property tax exemption, timber tax distribution changes, capital project administration guidelines, and a real estate excise tax exemption for affordable housing. The meeting ended after caucus and adjournment.
LA
LA

Louisiana 2026 Regular Session

Administration of Criminal Justice May 12th, 2026

Administration of Criminal Justice

Transcript Highlights:
  • What this bill does is just fill a deficiency in the current law regarding the board exclusion list.
  • Or does it have exclusions on crimes? And does it require them?
Bills: HB75, SB134, SB201, SB258, SB288, SB313, SB320, SB321, SB325, SB339, SB345, SB393, SB422, SB440, SB470, SB487, SB523
Keywords: HB75, Act 963, gaming, casino gaming, promotional play, promotional wagers, slot machine proceeds, net gaming proceeds, gross revenue, taxable revenue, gaming operators, gaming tax, Louisiana gaming, gaming revenue deduction, casino tax, gaming promotion, revenue cap, pilot program, child sexual abuse materials, sexting
MA
MA

Massachusetts 2025-2026 Regular Session

Joint Committee on Public Service Jun 21st, 2026 at 01:00 pm

Joint Committee on Public Service

Transcript Highlights:
  • required to establish funding schedules and properly fund their respective shares of pension costs.
  • Before 1988, cities and towns and the state did not properly fund their share of public pension costs
  • income cap of $15,000 above my pension.
  • increasing the cap on outside income for public pension recipients.
  • Senate Bill 1908, an act increasing the cap on outside income for public pension recipients.
Keywords: 995, all
Summary: The committee heard testimony on a range of public retirement and municipal health insurance bills. Mass Retirees and the American Federation of Teachers supported House 2890/Senate 1848 on transparency in municipal health insurance, arguing that broker and consultant roles should be clearly defined, commissions disclosed, and dual roles prohibited to reduce conflicts of interest and costs. They also supported House 2799/Senate 1848 on protecting municipal retirees from future premium contribution increases, House 2854 on voting rights for surviving spouses in retirement board elections, and Senate 1917 on updating the definition of veteran for retirement purposes. Committee members discussed whether the veteran definition should simply conform to the federal definition going forward. Educators testified in support of House 2769/Senate 1921, which would allow teachers with at least 20 years of service to buy back creditable service for periods when they worked part-time while raising children. Multiple teachers described the financial and retirement penalties they experienced after stepping down to part-time work for child care, calling the current system inequitable and a “mom tax.” Sponsors and supporters said the bill is intended to correct that disparity and help retain teachers, while one committee member noted it appeared neutral on an actuarial basis. The committee also heard strong support for Senate 1908, which would raise the cap on outside income for public pension recipients, from retired State Police troopers who said the current limit is outdated and unfair to those forced into disability retirement after line-of-duty injuries. Another State Police representative supported House 2910 on state police pensions, citing recruitment and retention problems under current pension rules. In contrast, Hampden County Regional Retirement System officials and the Massachusetts Association of Contributory Retirement Systems opposed House 2745, a bill to restructure the Hampden County system’s governance, arguing it would weaken PERAC oversight and create an unworkable local system. They instead supported House 2813, which would extend the time to fill a vacant fifth member seat on retirement boards. At the end of the hearing, the committee voted to adjourn the hearing.
CA
CA

California 2025-2026 Regular Session

Assembly Public Employment and Retirement Committee Jun 25th, 2025

Transcript Highlights:
  • that year, the city petitioned CalPERS to amend its contract to exclude all new firefighters from pension
  • As a result, firefighters in the newly formed department were denied access to CalPERS pension benefits
  • So SB 301 addresses this issue by prohibiting selective exclusion of employee groups under CERL contracts
  • As a result, firefighters in the newly formed department were denied access to CalPERS pension benefits
  • So one of the things we can offer is an enhanced pension opportunity.
Summary: The Assembly Committee on Public Employment and Retirement heard several retirement and school employment measures. SB 301 by Sen. Grayson would prevent CERL-covered cities and districts from amending retirement contracts to exclude certain employee groups, closing a loophole similar to one previously addressed for CalPERS. The bill was supported by California Professional Firefighters and received no opposition. SB 443 by Sen. Rubio would clarify that employees transferring into a joint powers authority can retain CalPERS classic status even when the JPA expands later; the city of La Verne, a flood management agency, and AFSCME supported the bill, and it also drew no opposition. Both bills were moved out of committee on unanimous votes and sent to Appropriations, with the consent calendar items SB 521, SB 581, and SB 853 also approved. The committee then heard SB 494 by Sen. Cortese, which would give classified school employees the right to have disciplinary appeals heard by an administrative law judge rather than by the school board. Supporters, including CSEA, AFSCME, and CFT, argued the bill would create parity with teachers and community college faculty and provide a fairer appeal process. Opponents, including the California School Boards Association, county superintendents, school business officials, and community college groups, argued it would remove local control, impose a one-size-fits-all process, and shift costs to districts. The bill was passed out of committee and referred to the Committee on Higher Education. The committee also considered SJR 2 by Sen. Cortese, a resolution urging Congress and the President to enact federal protections for classified school employees, including better wages, benefits, safety, and workplace rights. Support came from CFT, CSEA, and other labor groups, with no opposition. The resolution was adopted and moved forward. At the end of the hearing, the committee reopened the roll to add votes, and all listed measures ultimately passed unanimously or near-unanimously before the meeting adjourned.
TX
TX

Texas 89th Regular

Senate Committee on State Affairs (Part II) Mar 17th, 2025

State Affairs

KY
KY

Kentucky 2026 Regular Session

Administrative Regulation Review Subcommittee (7-9-24) - Reupload

Keywords: KY LRC YouTube, https://www.youtube.com/watch?v=znJMQmmrdmY, 2026-06-21T07:17:07+00:00, 2.2.24, Data collected via generic collector engine, Reupload to restore meeting parts lost due to technical issues 0:00 – Meeting start/roll call 0:29 – Approval of minutes 0:45 – Council on Postsecondary Education 2:31 – Board of Elections 56:16 – Office of the Attorney General 58:54 – Kentucky Public Pension Authority 1:01:07 – Board of Licensure for Occupational Therapy 1:02:01 – Office of Homeland Security 1:04:35 – Tourism, Arts and Heritage Cabinet: Department of Fish & Wildlife Resources 1:08:06 – Justice and Public Safety Cabinet: Department of Corrections 1:09:55 – Education and Labor Cabinet: Board of Education & Department for Technical Education 1:12:20 – Education and Labor Cabinet: Department of Workers’ Claims 1:13:05 – Public Protection Cabinet: Department of Financial Institutions 1:15:38 – Cabinet for Health & Family Services: Department for Aging and Independent Living 1:17:26 – Cabinet for Health & Family Services: Office of the Secretary, Medical Cannabis Program 1:29:00 – Announcement of August meeting and adjournment, 958, all, 2.2.42, 2.1.47
FL
FL

Florida 2025 Regular Session

January 15, 2025 - 09:00 AM

Transcript Highlights:
  • The FRS pension fund is the fifth largest public pension fund in the United States, with a current funded
  • ratio of 80.7 percent, which is considered a healthy funded status for public pension funds.
  • For us, you know, 80% would be definitely in the higher tier of our peer public pension funds.
  • But we have to balance both the fact that for every $3 of pension payments that are made to a pensioner
  • They actually administer the pension. We just handle the investments.
Summary: The Government Operations Subcommittee met with a quorum and began with member introductions and remarks from the chair emphasizing the committee’s focus on government efficiency, accountability, and oversight of executive branch agencies. Members shared their districts and backgrounds, with several noting hurricane recovery in their communities and a shared interest in reducing bureaucracy and improving service to Floridians. The committee’s only presentation was from Chris Spencer, Executive Director of the State Board of Administration, who gave an overview of the SBA’s governance structure, investment responsibilities, and divestment policies. He explained the SBA’s management of more than $257 billion in assets, including the Florida Retirement System, the Florida Hurricane Catastrophe Fund, and Florida PRIME, and reviewed the Protecting Florida’s Investments Act restrictions covering Northern Ireland, Cuba, Venezuela, Israel, Sudan, Iran, and China. He also described the implementation of HB 7071, including the required divestment from direct holdings in Chinese companies, and said the SBA had reduced its direct Chinese holdings from 33 companies totaling over $172 million to 13 companies totaling about $64 million, with completion expected ahead of the September 1, 2025 deadline. Members asked detailed questions about the Israel boycott list, Morningstar and MSCI, how the SBA gathers information, whether Cuba’s federal designation changes affect Florida law, how companies are removed from scrutinized lists, and whether divestment timing could affect returns. Spencer said the SBA uses public and paid research sources, gives companies a 90-day cure period in some cases, and brings list changes to the trustees for approval. He also explained that the China benchmark change is intended to reduce passive exposure while still allowing active investment decisions, and said the PFIA restrictions have had a modestly positive overall effect on pension performance. The chair also asked about the Florida Retirement System funded ratio and the CAT Fund’s capacity; Spencer said the pension fund is at 80.7% funded, that actuarial assumptions are reviewed regularly, and that the CAT Fund currently has more than $10.5 billion in liquid claims-paying capacity and is expected to remain well positioned for hurricane losses. No votes were taken, and the meeting adjourned after the presentation and questions.