HB467 Summary

• Amends the Teachers' Retirement System and Employees' Retirement System to specify additional information required in annual reports and actuarial valuations.

• Annual valuations must include 30-year projections of assets, liabilities, employer contributions, benefit payments, payroll, and funded ratios based on plan assumptions.

• Annual valuations must include expected employer contributions as a percentage of payroll and comparative estimates if investment returns are two percentage points above or below plan assumptions.

• Boards of Control must adopt investment reporting standards requiring disclosure of all fee expenses including management fees, carried interest, and performance fees.

• Boards of Control must make private placement and real estate valuation and return results publicly available.