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Committee approves Retirement Investment Office budget, adds internal auditor and funds for system modernization
Summary
The Appropriations Committee advanced HB 1022, increasing RIO's budget to cover added FTEs from prior session, one new internal auditor, and planning funds for a future investment/fiscal system replacement.
The House Appropriations Committee voted to advance House Bill 1022, the Retirement Investment Office (RIO) budget, approving inserted funding for staff and planning tied to system modernization and oversight.
Committee review explained RIO’s assets under management have grown substantially over two decades — testimony cited growth from about $4 billion in 2003 to roughly $23 billion today — driving a need for stronger internal controls and infrastructure. The committee added funding for cost-to-continue items and absorbed seven previously authorized internal investment staff into base salaries. Members approved one new internal auditor position to strengthen fiscal and internal controls. Committee members also discussed technology needs: the bill includes a $250,000 allocation to hire a consultant to scope a replacement for an end-of-life fiscal and investment operating system (members were told a full replacement could cost north of $2 million). The budget also contained one-time hosting and licensing costs tied to the Pension Administration Modernization Project (TFFR interface).
Representative Bosch carried the bill and moved the amendment (25.0166.01001); Representative Swantek seconded. The committee adopted the amendment and voted to advance HB 1022 as amended.
