| Members Present: Sen. Wayne A. Harper, Chair Rep. Craig Hall, Chair Sen. Lincoln Fillmore Sen. Keith Grover Sen. Karen Mayne Rep. Susan Duckworth Rep. Marie H. Poulson Rep. Lawanna Shurtliff Rep. Logan Wilde Members Absent: | Sen. Gene Davis Sen. Daniel Hemmert Sen. Todd Weiler Rep. Jefferson Moss Rep. Lee B. Perry Rep. Adam Robertson Staff Present: Ms. Sarah J. Balland, Policy Analyst Mr. Peter Asplund, Associate General Counsel Ms. Shannon C. Halverson, Associate General Counsel Ms. Sidnee Bailey, Administrative Assistant |
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Note: A copy of related materials and an audio recording of the
meeting can be found at www.le.utah.gov.
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| 1. Committee Business |
| Chair Hall called the meeting to order at 8:21 a.m.. |
| Chair Hall announced that the committee would start the meeting by hearing non-voting items on the agenda first. |
| 2. URS Update and Retirement Contribution Rates |
| Dan Anderson, Executive Director, Utah Retirement Systems, provided an update on Utah Retirement Systems, presented fiscal year 2020-2021 preliminary retirement contribution rates, and responded to questions and comments from the committee. |
| 5A - URS Update and Retirement Contribution Rates |
| Danny White, FSA, EA, MAAA, Gabriel Roeder Smith & Company, responded to questions and comments from the committee. |
| MOTION: Rep. Poulson moved to approve the minutes of the September 19, 2019, meeting. The motion passed with a vote of 9-0-6. | |||
| Yeas - 9 | Nays-0 | Abs-6 | |
| Rep. S. Duckworth Sen. L. Fillmore Sen. K. Grover Rep. C. Hall Sen. W. Harper Sen. K. Mayne Rep. M. Poulson Rep. L. Shurtliff Rep. L. Wilde | Sen. G. Davis Sen. D. Hemmert Rep. J. Moss Rep. L. Perry Rep. A. Robertson Sen. T. Weiler |
| 3. Draft Legislation: FL0759, Heber Valley Historic Railroad Authority Sunset Date Extension |
| Peter Asplund, Associate General Counsel, Office of Legislative Research and General Counsel, presented the draft legislation: "Heber Valley Historic Railroad Authority Sunset Date Extension" (2020FL0759). |
| 2A - Draft Legislation "Heber Valley Historic Railroad Authority Sunset Date Extension" |
| MOTION: Rep. Poulson moved to adopt "Heber Valley Historic Railroad Authority Sunset Date Extension" as a committee bill. The motion passed with a vote of 8-1-6. | |||
| Yeas - 8 | Nays-1 | Abs-6 | |
| Rep. S. Duckworth Sen. K. Grover Rep. C. Hall Sen. W. Harper Sen. K. Mayne Rep. M. Poulson Rep. L. Shurtliff Rep. L. Wilde | Sen. L. Fillmore | Sen. G. Davis Sen. D. Hemmert Rep. J. Moss Rep. L. Perry Rep. A. Robertson Sen. T. Weiler |
| 4. Draft Legislation: FL0216, Public Safety and Firefighter Tier II Retirement Enhancements |
| Sen. Harper presented the draft legislation: "Public Safety and Firefighter Tier II Retirement Enhancements" (2020FL0216), and explained key provisions of the draft, inviting questions from stakeholders and the public while the bill is still in development. |
| 3A - Draft Legislation "Public Safety and Firefighter Tier II Retirement Enhancements" |
| Cory Holdway, Utah Public Employees Association, spoke in favor of the bill and responded to questions and comments from the committee. |
| 5. Draft Legislation: FL0524, Utah Retirement Systems Amendments |
| Dee Larsen, General Counsel, Utah Retirement Systems, presented draft legislation: "Utah Retirement Systems Amendments" (2020FL0524), and responded to questions and comments from the committee. |
| 4A - Draft Legislation "Utah Retirement Systems Amendments" |
| 4B - Summary of Items in URS Amendments Bill |
| MOTION: Sen. Harper moved to adopt "Utah Retirement Systems Amendments" as a committee bill. The motion passed with a vote of 9-0-6. | |||
| Yeas - 9 | Nays-0 | Abs-6 | |
| Rep. S. Duckworth Sen. L. Fillmore Sen. K. Grover Rep. C. Hall Sen. W. Harper Sen. K. Mayne Rep. M. Poulson Rep. L. Shurtliff Rep. L. Wilde | Sen. G. Davis Sen. D. Hemmert Rep. J. Moss Rep. L. Perry Rep. A. Robertson Sen. T. Weiler |
| 6. Utah Retirement Systems Actuary Update |
| Danny White provided information about the systems' current actuarial condition. |
| 6A - URS Actuary Update |
| 7. Utah Retirement Systems Operating Budget |
| Robert Dolphin, Chief Financial Officer, Utah Retirement Systems, presented an overview of the Utah Retirement Systems' operating budget. |
| 7A - URS Operating Budget |
| 8. Other Items/Adjourn |
| MOTION: Rep. Duckworth moved to adjourn. The motion passed with a vote of 7-0-8. | |||
| Yeas - 7 | Nays-0 | Abs-8 | |
| Rep. S. Duckworth Sen. L. Fillmore Rep. C. Hall Sen. W. Harper Sen. K. Mayne Rep. L. Shurtliff Rep. L. Wilde | Sen. G. Davis Sen. K. Grover Sen. D. Hemmert Rep. J. Moss Rep. L. Perry Rep. M. Poulson Rep. A. Robertson Sen. T. Weiler |
| Chair Hall adjourned the meeting at 9:42 a.m.. |