Bill > SB028

This bill requires the Public Employees' Retirement Association (PERA) board to implement several risk-reduction measures related to financial oversight and review. Beginning in 2024, the board must conduct an actuarial experience study every four years, which involves a comprehensive analysis of the retirement association's financial performance and demographic trends. Additionally, starting in 2026 and continuing every four years thereafter, the board must conduct a periodic actuarial audit, which will examine the association's financial and actuarial assumptions. The bill also modifies the Pension Review Commission's responsibilities, requiring them to commission an independent review of economic and investment assumptions every four years, with the review taking place within three months of the periodic actuarial audit. These changes are designed to enhance financial transparency, improve risk management, and ensure more rigorous and frequent assessment of PERA's financial health and projections. The bill emphasizes the importance of using independent experts and ensuring that each review builds upon the findings of the most recent actuarial studies.