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From YouTube: Interim Joint Committee on State Government (6-20-23)
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A
Good
morning,
everyone
welcome
this
morning
to
our
first
interim
joint
committee
on
state
government
and
state
and
local
government,
and
also
elections
and
Constitutional
Amendments.
We
welcome
all
of
the
members
here
today.
We
welcome
all
of
the
guests
that
are
with
us
this
morning
and
we
certainly
appreciate
you
taking
the
time
to
be
with
us.
So
just
one
thing:
if
you
have
your
cell
phone,
please
silence
your
cell
phone
at
this
time.
A
B
C
C
B
Representative
branscome
representative
Callaway
representative
Chester
Burton
here
representative
Decker
representative
Duvall,
here
representative
gooch,
representative
Graham,
here
representative
Heath,
here,
representative
hevren,
representative
heron,
representative
Hodgson,
representative
Huff,
here
representative
Iams,
here,
representative
Johnson,
here,
representative
cook,
representative
Derrick,
Lewis,
representative
Scott,
Lewis,
representative
Maddox,
here,
representative
Moser,
representative
Rawlings,
here
representative
Raymond,
here,
representative
Tate,
representative
Tipton,
representative
Weber,
representative
Williams,
here
representative
Whitten.
Here.
D
D
A
We
do
have
a
quorum
this
morning
and
again,
I
want
to
say
to
each
and
everyone
welcome
today
we're
glad
you're
here
on
this
first
interim
meeting
of
of
our
joint
committees,
I'm,
going
to
turn
it
over
first
to
Senator,
Mills.
A
I
would
like
to
take
this
opportunity
to
introduce
Senator
Greg
Elkins
Senator
Elkins.
We
welcome
you
to
the
legislature
and
we
also
welcome
you
to
this
committee
and
I
want
to
add
a
personal
note.
Senator
Elkins
is
my
Senator
and
I'm
glad
to
have
him
as
my
new
senator
from
the
28th
district
and
Senator
Elkins.
A
D
Say
look
forward
to
working
with
this
committee,
the
Senate
and
the
house
and
I'm
excited
about
the
opportunity
and
thank
you,
Mr
Hale,
for
that
introduction.
A
That's
quite
all
right
and
again,
thank
you
for
being
with
us
today
and
I.
Look
forward
to
working
with
you
and
I
know:
you're
you're,
senate
members,
as
I
was
at
your
swearing-in
a
few
days
ago
a
couple
weeks
ago
and
I
know
they
were
very
excited
about
that
we
have
a
three
new
well,
actually,
we
only
have
one
new
representative
to
the
committee
representative.
Chad
all
is
joining
us
today
and
chat
representative.
A
All
we
welcome
you
to
this
committee
representative,
Whitten
and
representative
Williams
were
a
part
of
the
commit
state
government
committee
during
the
session,
but
they
are
joining
us
now,
as
as
their
first
times
on
the
interim
committee.
So
we
welcome
them
this
morning.
Do
does
anyone
have
any
guests
that
they
would
like
to
introduce
Senator
Thayer
go
ahead.
Thank.
E
You
Mr
chairman
over
here
to
the
far
right,
I'd
like
to
introduce
Sydney
zakich.
She
is
going
to
be
a
junior
at
Scott
County
high
school
she's
shadowing
me
today,
which
really
means
she's
shadowing
Rachel
Volk,
which
is
a
better
deal
for
her
Sydney,
is
a
part
of
our
Law
And
Justice
program
at
our
excellent
Vocational
Technical
School
Elkhorn
Crossing
in
Scott
County,
and
she
has
a
great
deal
of
interest
in
learning
about
state
government,
so
she's
here
today
to
do
just
that
in
this
committee.
Thank
you
and
welcome
Sydney.
Thank
you.
Mr
chairman.
Yes,.
A
There
being
no
other
guest
I
I,
do
need
to
back
up
and
make
an
announcement.
I
was
not
aware
of
this.
We
want
to
recognize
Representatives
in
remembrance
of
our
colleague,
representative
Swann,.
A
F
So
there's
this
is
the
look
at
the
boards
and
I'll
I'll,
take
a
step
back
and
say
that
if
you
went
back
to
April
of
November,
so
she
had
a
one-third
representation,
but
they
were
two-thirds
of
the
assets
and
two-thirds
of
the
members
and
the
solution
was
House.
Bill
484,
which
created
this
structure
representative
Weber
sitting
over
here,
was
the
architect
of
that.
We
worked
closely
with
him
on
getting
it
put
together.
It
was
extremely
complex,
but
we
resulted
in
having
a
the
cerbs
board.
C
F
And
on
the
right
side,
we
also
have
nine
three
elected
and
six
appointed
by
the
governor
and
four
of
those
on
each
of
those
boards
form.
Our
board
are
eight
person
board,
so
it's
the
cers
and
it's
the
two
board
shares
it's
the
two
investment
chairs.
It's
two
trustees,
one
elected
and
one
appointed,
and
they
form
the
eight.
So
there's
a
lot
of
moving
parts.
Let's
see
we
had
83
meetings
last
year
between
boards
and
committees,
so
the
administration
of
what
was
formerly
KRS,
moving
into
kppa
and
the
cers
and
KRS
much
more
complex.
F
There
are
people
that
are
double
counted,
so
the
thirty
three
thousands
and
33
000
heads,
but
if
somebody
is
in
a
P1
agency
and
also
in
a
health
department,
they're
counted
in
both
so
there's
some
duplication,
but
top
five
are
P1
state
agencies,
Health
departments,
Regional
Mental,
Health,
universities
and
non-b1,
and
that
would
tend
to
be
right:
Rape,
Crisis,
centers
and
and
domestic
violence,
and
so
there's
237
that
fall
in
that
kinetic
category
and
99
of
the
members,
32
920
and
then
finally,
a
number
of
much
smaller
agencies,
sometimes
one
or
two
employees.
F
Cers
we
have
1122
agencies,
they
have
89
000
again,
counting
double
Counting
Boards
of
Education
are
number
one
that
would
be
largely
non-teaching
positions,
bus
drivers,
cafeteria
workers
and
so
forth,
and
then
on
through
Fiscal
Court
cities,
the
Two
Urban
governments,
Lexington
and
Louisville,
and
so
our
we
are
collecting
money
from
1500
agencies
and
we
have
1500
reporting
officials
who
have
to
do
the
calculations
and
get
us
the
numbers
and
it's
a
job
that
turns
over
rapidly
and
it's
so
people
talk
about
Dave
Ramsey's
principle.
Take
care
of
your
small
debts.
F
First,
that's
what
this
is.
This
is
a
Dave,
Ramsey
move
to
say:
State
Police
is
small
in
dollars
a
limited
amount
of
dollar
is
going
to
have
a
huge
impact,
yes
and
then
finally,
23
and
24
we're
going
to
get
240
million
dollars
additional
Appropriations
each
year
and
that's
going
to
be
a
great
impact.
A
A
few
weeks
ago,
when
myself
and
Senator
Mills
was
was
talking
about
our
first
meeting.
We
thought
it
would
be
good
to
have
you
come
and
just
share
with
us
where
we're
at
and
where
we
have
been,
and
hopefully
where
we're
going
to
get
to
on
this
I
know.
We
do
have
some
questions.
Maybe
I
have
a
couple
questions,
but
I
will
go
ahead
and
first
I'm
going
to
go
to
Senator
Thayer.
Who
has
the
first
question
or
comment
Senator
there
you
proceeds
there.
E
E
E
E
There
were
three
things
of
significance
that
came
out
of
Senate
bill.
2.
number
one:
we
removed
the
taxpayers
from
the
liability
of
paying
for
Public
Employee
pensions
while
creating
the
new
hybrid
cash
balance
plan
that
David
mentioned,
and
it
is
called
a
hybrid
cash
balance
plan
because
it
is
a
hybrid.
It
has
elements
of
both
a
defined
benefit
plan
and
a
defined
contribution
plan,
while
again
taking
the
taxpayers
off
the
hook
for
the
liability
that
David
mentioned
also
in
the
bill,
and
this
is
significant.
E
It
became
law
that
the
general
assembly
is
required
to
fully
fund
the
actuarily
recommended
contribution
to
KRS
and
now
I
guess
you
could
call
it.
The
actuarily
required
contribution
instead
of
recommended,
because
we
are
by
law
required
to
make
that
contribution,
because
there
had
been
times
throughout
history
that
we
didn't
the
general
assembly
at
the
time
didn't
make
that
contribution,
and
there
were
also
some
games
being
played
with
the
amount
of
money
that
needed
to
be
contributed.
E
And
so
we
thought
we
were
contributing
the
right
amount,
but
we
actually
weren't
and
then
the
third
thing
and
I
negotiated
this
with
Governor
Steve
beshear
in
his
office.
Just
him
and
me
was
the
creation
of
the
public
pension
oversight
board,
which
many
of
you
are
members
of
which
gives
the
general
assembly
monthly
updates
on
all
of
our
pension
systems
and
I
think
has
allowed
and
and
required
that
the
general
assembly
be
more
involved
on
a
monthly
basis.
E
So
you
can
see
we're
10
years
in
almost
it's
been
10
years
since
the
bill
passed
nine
years
since
it
went
into
effect
and
tier
three
was
created,
and
we
said
then
that
it
wouldn't
happen
overnight,
that
it
would
be
30
years
to
get
us
out
of
the
very
bad
under
unfunded
liability
situation
that
we
were
in,
but
we
had
predicted
when
we
collectively
I
mean
lrc
staff
economists,
the
pension
boards,
this
committee,
members
of
the
legislature,
the
governor.
E
At
the
time
we
had
predicted
that
we
would
be
on
a
good
trajectory,
and
here
we
are
10
years
in
and
we
are
on
a
very
good
trajectory
and
it
was.
It
was
a
major
accomplishment
for
the
general
assembly.
I
want
to
complement
former
Governor
Steve
beshear
for
working
with
us
in
a
collaborative
fashion
and
for
actually
getting
involved.
We
needed.
E
We
need
a
Democrat
and
Republican
votes
to
pass
the
bill
and
he
got
very
involved
and
used
the
power
of
the
governor's
office
to
convince
a
number
of
Democrats
to
vote
for
the
bill
so
that
we
could
achieve
passage
and
then,
of
course,
he
signed
the
bill.
It
was
a
real
Shining,
Moment
In,
the
general
assembly
and
I'm
happy
that
David
is
here
today
to
to
give
us
this
update.
E
It
is
sort
of
like
Groundhog
Day
for
those
of
us
who
have
been
around
in
a
while,
because
you
know
we
we
get
these
reports
every
year,
but
the
news
is
good.
We
are
headed
in
the
right
direction.
I'm
going
to
defer
to
my
colleague,
chairman
McDaniel.
Hopefully,
he'll
talk
a
little
bit
about
the
specifics
as
a
r
committee
chairman
about
the
dollars
that
have
actually
been
appropriated
because
he,
along
with
chairman
Petrie,
are
the
first
line
of
defense
to
make
sure
that
we
are
making
those
those
contributions.
E
But
you
know:
there's
there's
there
used
to
be
a
narrative
out
there
that
the
general
assembly
in
general
and
Republicans
in
particular,
were
not
strongly
in
favor
of
of
state
employees
and
I
would
say
that
that
is
in
fact
incorrect.
E
So
I
just
wanted
to
give
a
little
history
lesson
here
as
someone
who's
used
to
chair
this
committee
and
has
been
on
it
for
a
long
long
time,
nearly
20
years.
This.
This
is
a
very
positive
story.
If
you
have
state
employees
in
your
District,
it's
a
positive
story
to
tell
them
and
to
the
taxpayers
who
fund
the
majority
of
the
Public
Employee
pensions.
E
It's
a
good
story
to
that
to
tell
them
as
well,
because
it
is
fiscally
responsible,
the
steps
that
we
took
and
continue
to
take
so
I
I
hope
that
chairman
McDaniel
is
on
the
list.
He
can
provide
much
more
detail
on
the
money,
but
the
way
we
spend
money
is
policy
for
those
of
you
who
are
new.
The
budget
is
the
biggest
policy
document
we
ever
spend
and
the
policies
when
it
comes
to
State,
Employees
and
their
retirement
have
been
very,
very
good
for
the
last
10
years.
E
A
You
Senator,
we
will
go
ahead
and
defer
to
Senator
McDaniel
at
this
time.
If
you'd
like
to
go
ahead,
sir.
G
Thank
you.
Thank
you,
Mr
chairman
and
the
leader
Thayer
for
his
comments.
There
Dave,
for
you
I,
think
I
think
when
you
took
the
job
as
directory.
I
was
one
of
the
first
meetings
that
you
had
in
the
general
assembly
and
I
said.
I
commend
you
for
accepting
the
job
of
the
captain
of
the
Titanic
and
you
you
did
a
much
better
job
through
the
icebergs
and
director
Chilton
I
think
that
in
one
of
our
first
meetings,
I
think
it
might
have
been
with
you
and
me
and
Governor
Bevin.
G
That
I
think
my
only
request
of
the
administration
was
please
be
honest
about
what's
actually
happening
over
at
the
pension
systems,
because
we
already
knew
that
we
had
a
problem.
But
unfortunately,
at
that
time
we
didn't
realize
how
bad
it
was
because
we
were
simply
not
getting
good
numbers
out
of
the
pension
system
and
you'll
recall
that
one
of
the
folks
who
was
on
the
board
at
the
time
I
had
been
the
Personnel
secretary
for
the
previous
governor
Bashir
when
they
were
deliberately
misstating.
G
Payroll
growth
ultimately
ended
up
as
the
deputy
attorney
general
for
the
current
governor
and
is
currently
residing
the
federal
penitentiary
for
bribery,
but
he
had
been
on
there
and
helped
cook
those
books
for
many
years
and
what
we
found
when
we
got
underneath
the
hood
was
that
the
payroll
growth
assumptions
were
wrong.
The
assumed
rate
of
return
was
wrong.
G
The
additional
contributions
to
sprs
I
mean
at
this
point
to
the
2
of
billions
of
dollars
of
of
additional
monies
on
top
of
a
redefined,
actuarily
required
or
I.
Guess
we
call
it
a
deck
now
I
even
use
old
acronyms
at
this
point.
So
whoever
thought
that
I'd
get
to
be
one
of
the
older
people
around
this
place,
but
I
am
but
I
do.
Thank
you
both
and
commend
you
both
for
your
work,
because
there
was
a
lot.
G
There
were
a
lot
of
difficult
meetings,
difficult
moments
difficult
times
in
these
hallways,
as
we
got
from
A
to
Z,
but
Dave
you'll,
recall
too
I
think
we
one
of
the
conversations
we
had
is
that
we
were
one
blip
in
the
stock
market,
away
from
total
insolvency
of
the
Pension
funds
and-
and
the
conversations
were
very
serious
at
that
point
about
if
this
goes
into
the
courts,
what
actually
is
the
inviolable
contract?
What
does
that
mean?
What
benefits
are
and
aren't
guaranteed,
and
what
does
this
mean
for
cuts
elsewhere?
G
Tax
increases
I
mean
those
were
serious
conversations
you'll
also
recall.
At
that
time
we
did
not
have
a
budget
Reserve
trust
fund,
literally,
when
director
Chilton
took
over
I
believe
that
the
dollars
in
the
account
were
somewhere
barely
north
of
zero.
We've
come
a
long
way,
but
we
come
to
a
point
where
there
might
be
some
positive
decisions
to
be
made
and
I
want
to
ask
your
opinion.
G
Obviously,
insurance
is
north
of
70
percent
funded
at
this
point,
while
the
the
indemnity
side
is,
is
certainly
found
in
the
teens
still.
Would
it
give
you
more
flexibility
with
the
Investments
on
that
side?
If
we
allowed
the
trajectory
to
continue
in
health
and
try
to
apply
all
new
dollars
to
the
payroll
side
until
that
balance
gets
healthier
or
what
would
the
mechanics
of
that
look
like
or
the
decisions
there
I.
F
F
Yeah
I
think
that's
a
good
question
for
GRS
and
if
you
we
can
post
some
scenarios,
it's
probably
more
complicated
than
it
sounds.
F
The
world
and
based
on
the
last
valuation,
where
we
got
a
huge
bump,
huge
bump,
based
on
medicare
premiums
and
experience
and
so
on,
it
could
go
the
other
way
as
well.
So
that's
what
we're
cautious
about,
but
I'll,
be
entertain
a
conversation
with
you
and
pull
in
GRS
and
see
what
they
can
do
to
help
us
at
your
leisure.
We
certainly
appreciate
all
you
do.
Thank
you.
Thank
you.
Mr
chairman
Mr,
chairman,
could
I
say
a
couple
of
things.
F
First
of
all,
I
didn't
recognize
representative
Tipton
I,
don't
think
if
I
did
I've
kind
of
let's.
F
He's
he
is
one
of
the
six
who
really
worked
on
Hospital
eight.
We
had
a
committee
of
six,
unfortunately
he's
the
only
one
that
remains
Joe,
gravis
and
and
Jerry,
Miller
and
and
so
forth,
and
it
was
a
bipartisan
committee
and
it
would
you
wouldn't
have
known
when
you
walked
in
the
room
you
wouldn't
have
known.
They
were
focusing
on
us
figure
out
how
to
solve
this
problem.
I,
like
it
I,
also
like
to
say,
I
got
a
quote
from
Warren
Buffett,
maybe
seven
or
eight
years
ago.
F
In
a
paper
he
said
if
I
were
a
CEO
running
a
company
I
would
not
build
anything
or
look
to
buy
anything
in
Kentucky
and
other
states
that
are
similarly
have
severe
liability
issues
in
their
retirement
plans.
I,
don't
think
he'd
say
that
today
and
I
think
as
proof
of
that
when
I
first
came
when
I
first
took
the
job,
I
got
a
call
from
Ryan
Barrow
within
a
couple
of
months.
He
said:
can
you
come
down
and
sit
in
on
a
on
a
conference
call
with
standard
poor
who's
doing
our
ratings?
F
They
want
an
update
and
we
had
a
number
of
those
after
that
in
May
of
this
year,
fitches
improved
the
rating
from
double
A
minus
to
double
a
on
certain
bonds
here
and
also
a
similar
move
on
other
bonds.
It's
probably
the
first
time
there's
been
a
rating
increase
in
I,
don't
know
how
long
and
it's
a
result
of
the
kinds
of
things
you
saw
on
the
2013
14
15
16,
that
I
think
they're,
they're
being
convinced
that
we're
on
the
right
track
and
there's
less
liability
today
than
there
was
before.
A
We
have
three
more
people
in
the
in
for
questions
in
this
queue
and
we
want
to.
We
need
to
be
concluded
by
around
12
30
if
possible,
so
we
want
to
give
Mr
Barnes
plenty
of
time.
Our
representative
bratcher,
you
May
proceed,
sir.
Okay,.
I
I
just
have
two
short
questions
on
the
universities.
You
have
seven
universities,
I,
guess,
that's
all
the
state
universities
on
this
as
far
as
employers
and
you
have
participating
employees
15.99-
and
this
is
the
kers
non-hazardous
I-
take
it.
I
That
be
the
total
total
participating
employees.
Let
me
go
back
to
that.
That's
page
four,
just
wondering
if
you
can
break
that
down
a
little
bit.
I,
don't
think
U
of
L,
for
example,
has
that
many
nkers
and
I
know
that
we
had
some
interesting
times
a
few
years
ago
about
some
of
the
other
Regional
universities
trying
to
work
with
them.
F
F
I
I
Anybody
new
and
being
hired
in
the
universities
are
they
going
to
be
in
the
tier
three
system?
Yes,
okay
and
just
the
last
thing
you
said,
20
2049
we
will
be
down
to
where
we
don't
have
any
debt
whatnot
is
that
when
everybody
will
be
T3?
Is
that
pretty
much
at
that
point.
I
I
mean
well
tier
one
and
two
filter
out.
F
We'll
be
in
pretty
good
shape,
yes,
we
will
and
and
that's
all
being
paid
for
over
the
next
25
26
years.
Okay,.
F
A
F
I
The
so
you
say
that
kers
non-hazardous
is
at
18.5
percent
funded
and
what
was
the
low
point?
Do
you
know
12.9.
J
I
just
want
to
follow
up
a
little
bit
to
what
my
colleague
just
asked
for
you
you
in
your
early
beginning.
You
talked
about
the
tears
and
you
also
talked
about
the
retirees
and
you
kind
of
had
a
comment
like
the
retirees
are
are
leaving
well,
I
guess
my
question
to
you
is:
what's
the
average
age
of
the
retirees
who
are
in
the
tide,
I.
F
Would
have
to
get
back
to
you
it's
lower
than
you
would
expect.
I'll
tell
you
that
I
think
one
of
the
sea
planes.
K
F
J
Remind
you,
I'm,
a
history
teacher
and
not
a
mathematician
or
an
analyst
in
the
area,
but
when
they
retire
early,
obviously
that's
hurting
the
system,
especially
within
the
tier
one
area,
we're
correct
by
them
or
because,
obviously,
if
they
start
retiring
at
48,
you've
got
a
longer
period
of
time
of
which
you're
paying
out
to
those
retirees.
Whereas.
K
J
You
would
keep
them
in
the
system,
wouldn't
it
help
to
build
up
somewhat
what
we
need
in
terms
of
having
more,
who
are
still
working
rather
than
more,
who
are
retired.
J
J
Okay,
is
there
something
that
we
could
also
do
as
a
legislature
to
encourage
our
state
employees
to
stay
longer,
and
even
though
you
said
it
evens
out,
but
you
also
are
losing
obviously
institutional
knowledge
when
these
people
are
leaving,
and
so
from
that
standpoint,
I'm
also
looking
at
not
only
if
it
if
it
doesn't
impact
as
well,
but
we're
still
losing
some
form
of
institutional
knowledge
to
encourage
them
to
stay
in
the
system.
F
I
think,
as
it
relates
to
the
retirement
system,
I
don't
have
an
answer
to
that.
I
think
the
Personnel
cabinet
is
the.
J
F
Well,
they'd
be
getting
a
larger
benefit,
they'll
be
contributing
with
it,
they'll
be
getting
a
larger
benefit.
I
will
tell
you
that
we
saw
in
July
of
2022
a
significant
decline
in
the
number
of
retirees,
and
we
believe
it's
because
eight
percent.
J
F
J
C
Thank
you,
Mr
chairman
30
seconds
back
on
slide
six.
This
is
a
pretty
trivial
question
for
you,
but
there
are
three
categories
of
members
in
the
program:
I
think
it
was
slide.
Six
yeah
you
mentioned
I,
believe
active
and
active
and
retired
I.
Don't
think
you
mentioned
inactive.
Can
you
define
what
an
inactive
member
is
for
us.
C
F
F
K
Thank
you
Mr
chairman,
and
this
is
my
honestly
my
first
day
on
the
committee
so
I'm
going
to
ask
some
really
basic
questions
and
I'm.
Sorry
about
that.
What
is
our
average
annual
rate
of
return?
I
saw
it
broken
down
by
category
overall
average
annual
rate
of
return
for
the
last
10
years.
Where
are
we.
F
K
Five
and
a
quarter
six
and
a
half
and
we're
averaging
seven
to
eight.
Historically,
it's
a
fairly
close
margins
there,
a
little,
maybe
too
close
if
you,
if
you
don't
ever,
want
to
go
under
second
question
and
I'm.
Sorry,
because
I
should
know
the
answer
to
this,
but
I
have
never
honestly
been
able
to
figure
it
out
and
I
have
tried
over
and
over
again.
K
L
I'll
make
a
brief
so
we're
seeing
a
change
in
our
Workforce,
my
grandfather's
generation,
my
father's
generation.
They
had
one
career,
one
company,
they
may
work
from
graduation
to
retirement
at
one
place,
but
in
the
technical
field
that
I
come
from
for
a
number
of
years,
I
mean
you
work
five
to
ten
years
at
a
company
and
now
we're
seeing
this
new
generation
likes
to
move
around
their
careers.
L
They
might
work
10
to
20
years
in
one
career
field
and
change
their
entire
career
field,
because
they're
more
motivated
with
the
pension
system
we
have
now
and
as
these
demographics
change,
what
people
want
out
of
life
will
we
have
when
we
have
employees
that
aren't
here
for
their
lifetime
careers,
but
instead
of
moving
out
every
10
to
20
years?
Will
the
pension
system
accommodate
that
and
be
solvent?
There.
F
L
A
Mr
Jager,
thank
you
so
much
for
answering
all
of
our
questions.
We
appreciate
you
being
with
us
today
and
thank
you
so
much.
A
Very
welcome.
We
will
move
forward
to
Mr
Beau
Barnes
Mr
Barnes
if
you'll
come
forward
at
this
time.
H
Good
afternoon
Beau
Barnes
I
serve
as
a
deputy
executive
secretary
and
as
general
counsel
for
the
teachers
retirement
system.
H
Sorry
didn't
have
my
mic
on
good
afternoon.
Members
of
the
committee
I've
been
asked
to
give
largely
the
same
presentation
that
you
just
heard
from
kppa,
with
a
few
differences,
I've
been
asked
to
make
it
sort
of
a
higher
level
overview
of
the
retirement
system.
So
with
that,
we
will
begin
with
one
of
the
most
important
pages
of
the
entire.