HB1474 — The speaker references the prior ad hoc COLA bill as the model for a future recommendation, though the chamber reference is uncertain.
Michael Harbor, actuary for OSA — Michael Harbor is referenced as the actuary who may provide a preliminary fiscal note and later a full analysis.
HB1474 — The speaker says the proposal may be a companion to House Bill 1474 and asks for room to account for implementation details.
Melinda — Melinda is addressed during agenda planning and explains that the agenda is full but manageable, noting there is only one item in December and suggesting the committee could move it earlier or consider canceling December later if desired.
Jacob White — Jacob White, associated with the Left 2/PERS 2 board, joins the discussion to provide a board update. He explains that the board’s upcoming informational briefing will focus on overtime and excess compensation, similar to a high-level Select Committee briefing, and notes that he will update the board if the Select Committee acts on the issue this year.
Erin — Reported on constituent correspondence received since the July meeting, including emails about PERS 1 and TERS 1 COLAs.
Jesse Yoder — Provides an AIG update and says he has no prepared litigation updates, but is available for questions.
Michael Harbor — Introduced as the actuary for OSA and begins the actuarial update.
Michael Harbor — Michael Harbor, actuary for OSA, presents the fiscal note for bill 1474 and explains its cost impact, stating that he has the 10-year fiscal note in front of him and answering questions about the annual cost, which starts at about $33 million, including clarification that this is general fund spending.
Michael Harbour — Provides context on actuarial evaluation results and notes related numbers will be published in the DRS Annual Comprehensive Financial Report.
Steve Conway — Steve Conway comments that the pension plans appear strongly funded and asks whether the improvement was achieved through suspending unfunded liability contributions for four years along with changing the investment assumption to 2.25%. The discussion continues as Harbour responds directly to Conway while explaining the impact of the bill and the investment assumption change.
Steve Conway — The speaker expresses support for Senator Steve Conway’s remarks, reiterating agreement with what he just said.
Steve Conway — Jacob White addressed Senator Conway's question as part of the board update, continuing the same response across the overlapping transcript segments.
Luke — Referenced as having presented on the report on financial condition.
Jesse — Referenced as having been consulted before the meeting; a memo from 'them' is expected by the end of the month.
Director Lathers — Suggested as someone the committee may need to hear from regarding implementation timing and funding policy impacts.
Aaron — Will provide a policy briefing update.
Bev — The speaker says they introduced the idea with Bev present.