SB376 Summary

• Amends Section 16-25-19 (Teachers' Retirement System) and Section 36-27-23 (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 ratio based on plan assumptions.

• Annual valuations must include employer contribution percentages, benefit payment ratios, funding liability ratios, and market value asset ratios, plus estimates showing impacts of investment returns two percentage points above and below plan assumptions.

• Both Boards of Control must adopt investment reporting standards requiring disclosure of all investment fees (management fees, carried interest, performance fees, and other fees) and make private placement and real estate valuation results publicly available.

• Effective October 1, 2016 following passage and Governor approval.