January 5, 2022, Pension Commission Meeting

Agenda

1. Approval of May 4, 2021, meeting minutes. - Approved


2. State Board of Investment Annual Update
   • Mansco Perry III, Executive Director and Chief Investment Officer
   • Callan Institute Article: Understanding Return Assumption 2021-Sept (provided by M. Perry)


3. Pension Funds Annual Update and Legislative Proposals, Including proposals to reduce the investment rate of return assumption (currently 7.5%)
   • Joint Plan Funding Update Presentation
   • Doug Anderson, Executive Director, Public Employees Retirement Association (PERA)
   • Erin Leonard, Executive Director, Minnesota State Retirement System (MSRS)
   • Jay Stoffel, Executive Director, Teachers Retirement Association (TRA)
   • Jill Schurtz, Executive Director, St. Paul Teachers Retirement Fund Association (SPTRFA)


4. Guidance from the Commission's Actuary on the Investment Rate of Return Assumption
   • Van Iwaarden Investment Return Presentation
     • Mark Schulte, Van Iwaarden Associates
     • Emily Knutson, Van Iwaarden Associates

ADDITIONAL MEETING DOCUMENTS:
- Public Employee Pension Coalition (PEPC) Letter re Changes to Assumed Rate of Return
- LCPR comments on the Public Employee Pension Coalition (PEPC) Letter

TESTIFYING: There will be no public testimony at this meeting, but there will be an opportunity to testify on the agenda topics at the Pension Commission meeting on January 26.

PUBLIC VIEWING INFORMATION: The remote meeting may be viewed live on the LCPR YouTube Channel. Note that the meeting will not appear on the page until the streaming begins.

NOTE: Future meetings will be held in a hybrid format, meeting in person with remote participation available for members and others via Zoom and streamed live on YouTube.

ACCESSIBILITY: To provide feedback on digital accessibility of meeting information, please submit comments through the Minnesota Legislature Accessibility & Usability Comment Form. To learn more about requesting an accommodation, please visit the FAQs for Disability Access or contact the Coordinating Commission at lcc@lcc.mn.gov.

This meeting is being held in accordance with Minnesota Statutes, Section 13D.021, and Legislative Coordinating Commission guidelines.