ELECTRONIC MEETING AGENDA

RETIREMENT AND INDEPENDENT ENTITIES INTERIM COMMITTEE

Tuesday, September 14, 2021 | 4:00PM | Room 210 Senate Building

As authorized by Utah Code, Title 52, Chapter 4, Open and Public Meetings Act, and in accordance with Joint Rule 1-4402, this meeting will be conducted electronically to limit the spread of the novel coronavirus disease 2019 (COVID-19).

This electronic meeting may be held without an anchor location if the chair determines that:

▪ conducting the meeting with an anchor location presents a substantial risk to the health or safety of those who may be present at the anchor location; or

▪ the location where the public body would meet is ordered closed to the public for health or safety reasons.

Whether the meeting is conducted with or without an anchor location, members of the public may participate remotely in the meeting. To participate remotely in the electronic meeting, please visit the committee’s webpage to access the live streaming options: https://le.utah.gov/committee/committee.jsp?year=2021&com=INTRIE

1. Committee Business

• Call to order

• Approval of the minutes of the June 15, 2021, meeting

2. Draft Legislation: Concurrent Resolution Authorizing State Pick Up of Public Safety and Firefighter Employee Retirement Contributions

Approximate timeframe: 4:05pm – 4:20pm

The committee will consider draft legislation to increase the employer pick up of certain employee contributions required for state employees who are eligible for and participate as members in the New Public Safety and Firefighter Tier II Contributory Retirement System.

• Sen. Wayne A. Harper

• Clarifying questions from the committee

• Public comment

• Committee discussion/action

3. Sunset Review: Provision Relating to the Utah Statewide Radio System Restricted Account

Approximate timeframe: 4:20pm – 4:40pm

Per 63J-1-602.1(61), appropriations from the Utah Statewide Radio System Restricted Account are nonlapsing, but this provision is scheduled to repeal on July 1, 2022. The Utah Communications Authority receives appropriations from this restricted account.

• Utah Communications Authority

• Public comment

• Committee discussion/action

4. Independent Entity Review: Utah Dairy Commission

Approximate timeframe: 4:40pm – 5:05pm

The committee will discuss the role of the Utah Dairy Commission and its status as an independent entity.

• Utah Dairy Commission

RETIREMENT AND INDEPENDENT ENTITIES INTERIM COMMITTEE AGENDASEPTEMBER 14, 2021

• Public comment

• Committee discussion/action

5. Overview of the Utah Retirement System (URS)

Approximate timeframe: 5:05pm – 5:15pm

The committee will receive a presentation on key indicators for the retirement system and prior legislative actions.

● Sarah Flanigan, Policy Analyst, Office of Legislative Research and General Counsel

● Public comment

● Committee discussion

6. URS Funding Updates

Approximate timeframe: 5:15pm – 5:30pm

The committee will receive an update URS on funding and contribution rate matters for its systems and plans.

● URS

● Public comment

● Committee discussion

7. Federal Relief Funds: Policy Implications for Retirement

Approximate timeframe: 5:30pm – 5:40pm

The committee will receive an update from URS on allowed uses for federal relief funds.

● URS

● Public comment

● Committee discussion

8. Impact of Changing Life Expectancies for URS

Approximate timeframe: 5:40pm – 5:50pm

The committee will receive a presentation on data sources for life expectancy, recent trends, and how these trends affect the state’s retirement systems.

● URS

● Public comment

● Committee discussion

9. Draft Legislation: Postretirement Reemployment Amendments

Approximate timeframe: 5:50pm – 6:00pm

The committee will consider draft legislation to modify the postretirement reemployment restrictions for a retiree who was a public safety service employee or a teacher.

● Rep. Kera Birkeland

● Clarifying questions from the committee

● Public comment

● Committee discussion/action

10.

Other Items/Adjourn