Bill Analysis
HB 2459 would change the dates regarding: the sunset review date for the Employees Retirement System to 2029; the actuary’s investigation and valuation of the system to once every four years; and the adoption of tables to once every four years.
Along with this, the board would be required to: complete a training program designed by the executive director; develop policy to encourage the use of negotiated rulemaking and appropriate alternative dispute resolution procedures; develop a method to calculate, track, and report profit share data in connection with alternative investments; create a precedent manual; and include more informational items in their annual report.
The executive director, a private professional investment manager, or any other person delegated authority to invest assets may not invest retirement system assets in a single alternative investment that exceeds one percent of the total market value of the trust fund unless the board votes for its approval. Additionally, the cost-of-living adjustment would be repealed.