February 13, 2023, Pension Commission Meeting

Agenda

1. Approval of February 6, 2023, meeting minutes. - Approved


2. Presentation on investment portfolio and historic rates of return for the public pension funds at the State Board of Investment.
   • Jill E. Schurtz, Executive Director and Chief Investment Officer
   • Presentation


3. HF 1468 (Nelson, M.); SF 1377 (Rasmusson): Reducing the assumed rate of return to 7% for the Minnesota State Retirement System, Public Employees Retirement Association, Teachers Retirement Association, and St. Paul Teachers Retirement Fund Association. - Amended, laid over
   • H1468-S1377 Staff summary
   • Amendment H1468-1A - Adopted
   Testifiers:
   • Doug Anderson, Executive Director, Public Employees Retirement Association
   • Erin Leonard, Executive Director, Minnesota State Retirement System
   • Jay Stoffel, Executive Director, Teachers Retirement Association
   • Phillip Tencick, Executive Director, St. Paul Teachers' Retirement Fund Association
   • Brian Rice, Minnesota Professional Fire Fighters and Minnesota Police Fraternal Association (handouts)
   • KateLynne Snyder, Lobbyist, Education Minnesota
   • Ethan Vogel, Legislative Director, AFSCME Council 5, and Public Employees Pension Coalition
   • Edward Reynoso, Director of Political and Legislative Affairs, Teamsters Local 320
   • Dr. Michael J. Landers, Minnesota Retired State Employee Association
   • Mark Haveman, Executive Director, Minnesota Center for Fiscal Excellence


4. Presentation on the Department of Labor & Industry report: "Adequacy of Disability Benefits for Minnesota Police Officers."
   • Report: "Adequacy of Disability Benefits for Minnesota Police Officers"
   Presenters:
   • Assistant Commissioner Kate Daly, Minnesota Department of Labor and Industry
   • Camila Fonseca, Director of Fiscal Research, Institute for Urban and Regional Infrastructure Finance, Humphrey School of Public Affairs, University of Minnesota
   • Presentation
   Testifiers:
   • Doug Anderson, Executive Director, Public Employees Retirement Association
   • League of Minnesota Cities and Minnesota Counties (handout):
     • Dan Greensweig, League of Minnesota Cities Insurance Trust Administrator
     • Gerd Clabaugh, Minnesota Counties Insurance Trust Executive Director

PUBLIC VIEWING INFORMATION: Meeting will be livestreamed by the House on HTV2: www.house.mn.gov/live/2

TESTIFYING: To testify or submit written testimony on an agenda item, please contact the Commission staff at lisa.diesslin@lcpr.mn.gov by 5:00 PM on Friday, February 10, identifying the specific agenda item on which you would like to testify. Testimony is limited to the items on the agenda.

ACCESSIBILITY/ACCOMMODATION: To comment on digital accessibility to meeting information, please submit comments using the Minnesota Legislature Accessibility & Usability Comment Form. To request an accommodation, please visit FAQs for Disability Access or contact the Legislative Coordinating Commission at lcc@lcc.mn.gov.

MEETING DOCUMENTS: As soon as they become available, meeting documents will be posted both here and on the legislative calendars.