David Schumacher — David Schumacher is introduced and then opens his presentation on the State Investment Board, explaining that he will focus not only on returns but also on the board’s structure and operations. He notes that the agency’s success builds on prior staff work and describes the State Investment Board as a state agency that reports to an independent board rather than to the governor.
June Robinson — Identified as the current Senate member on the State Investment Board.
June Robinson — Referenced as chair of Ways and Means who will have to work through the issues next session.
June Robinson — Recorded vote of aye.
June Robinson — Asks for clarification of the motion regarding disaggregating policy choices.
June Robinson — Senator June Robinson voted aye during the vote.
June Robinson — Recorded as voting aye.
Cyndy Jacobsen — The discussion centers on Representative Jacobsen’s interest in how the system ranks in terms of return. The speaker repeatedly references rankings and returns, then broadens the exchange by asking Senator Connolly about pension investment conferences and whether he has observed how other states handle state investment boards, keeping the focus on comparative investment performance and practices.
Cyndy Jacobsen — Asked whether employers are required to deposit funds into unclaimed property if the system cannot locate account holders.
Cyndy Jacobsen — Representative Cyndy Jacobsen first records a nay vote, then states hope that the report will be submitted, and further suggests bifurcating 5085 so the committee can still submit a recommendation on the COLA.
Cyndy Jacobsen — Likely the intended member for 'Representative Jacobson'; voted aye.
Cyndy Jacobsen — Cyndy Jacobsen stated that she would support an ad hoc COLA, but emphasized that the broader inequity should ultimately be addressed by creating a permanent COLA in the next legislative session. Her remarks were then referenced in support by another member.
Cyndy Jacobsen — Representative Jacobsen said she was torn about the proposal but ultimately supported it, expressing concern that HB 1474 did not go far enough and that more action was needed. She was later recorded as voting aye.
Brea Stramski — Introduces herself and asks about divestment, ESG, geopolitical risk, and how financial thresholds are weighed.
Catherine Leathers — Director of the Department of Retirement Systems, introducing the annual report and her role.
Steve Conway — Senator Conway asks how the project is paid for and whether it comes from the pension account.
Steve Conway — He asks whether the project cost is borne by the pension account.
Steve Conway — Senator Conway asks about inactive accounts and how the pension system manages them.
Steve Conway — Argues the item could remain alive for a December meeting and expresses concern about absent members.
Steve Conway — Senator Conway discusses parliamentary procedure, first explaining Robert's Rules and reconsideration after voting on the prevailing side, then clarifying that the legislature actually follows Reed's Rules rather than Robert's Rules. A subsequent speaker refers back to what Senator Conway said, keeping the exchange focused on the same procedural point.
Steve Conway — Voted aye.
Steve Conway — Referenced as having mentioned the two bills earlier.
Steve Conway — Argued that affordability is a major issue and that the legislature should have a conversation about COLAs.
Steve Conway — Continued emphasizing affordability, Plan 1 retirees, and the need for legislative discussion.
Steve Conway — Named during the roll call as present for voting.
Steve Conway — Senator Conway is referenced as having earlier mentioned other bills or ideas during the day, with both mentions reinforcing the same point.
Steve Conway — Referenced as the senator who sponsored the bill suspending the surcharge.
Aaron — Introduced as committee staff who will present the study closeout options.
Aaron Gutierrez — Aaron Gutierrez, committee staff, introduced the final report for the study closeout, presented the committee’s options, and then concluded his prepared remarks by inviting questions before stepping aside for the committee’s assessment.
Joe Fitzgibbon — Joe Fitzgibbon moved that the committee make no recommendation and later explained that, after learning from the Select Committee's work, he believed no recommendation was the most prudent course. He was briefly called on again, and later mentioned in passing as a fellow member serving on House Appropriations.
Joe Fitzgibbon — Recorded vote of aye.
Joe Fitzgibbon — Representative Joe Fitzgibbon voted aye during the roll-call vote.
Joe Fitzgibbon — Representative Fitzgibbon votes yes and then immediately asks for the updated tally, continuing the same voting procedure.
SB5085 — Recommended as the bill the committee should support.
SB5085 — The witness criticized the committee's decision not to recommend it and urged restoration of an ongoing COLA.
SB5085 — Referenced as a bill the speaker appreciates, but one that contains two distinct policy choices.
SB5085 — Karen Keller urged the committee to endorse Senate Bill 5085, arguing that it would respect the dignity and needs of TIRS 1 and Pers 1 retirees and help retirees like her.
SB5085 — Supported as a bill to bring equity to retirement plans.
Matt Boehnke — During the quorum check, the chair notes that Senator Boehnke appears to be absent, then adds that he was lost from the call at some point, and references that loss again while discussing the quorum.
Travis Couture — Recorded vote of aye.
Travis Couture — Recorded as voting aye.
Travis Couture — Addressed as Chair Couture by the witness.
Travis Couture — Addressed as Chair Couture.
Drew MacEwen — Marked excused.
Drew MacEwen — Recorded as excused, though the title is transcribed as Senator McEwen.
Drew MacEwen — Recorded as excused.
Nicole Macri — Marked excused.
Nicole Macri — Recorded as excused.
Michael Harbor, Actuary for OSA — Michael Harbor, Actuary for OSA, explained that the merger fiscal note showed COLAs increasing obligations by about $2 billion and referenced updated actuarial fiscal notes. He added that staff could perform cost or cost-risk analysis, including a comparison of the merger with and without additional COLAs, but that such a comparison had not yet been done.