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House panel reviews RIO budget, including hosting fees for new pension system and funding for investment staff
Summary
The Government Operations section of the House Appropriations committee reviewed House Bill 1022, the budget for the Retirement and Investment Office (RIO), concentrating on hosting fees for a new cloud pension system, consultant support for accounting modernization and funding for several investment staff positions.
The Government Operations section of the House Appropriations committee reviewed House Bill 1022, the budget for the Retirement and Investment Office (RIO). Committee members focused on recurring hosting costs for a new pension administration system, one-time consultant funding to plan an accounting upgrade, staffing and the agency’s incentive-compensation arrangements.
Chairman Munson and Representative Bosch led a line-by-line review of the RIO long sheet. Jody Smith, interim executive director for the Retirement and Investment Office, confirmed the agency manages special funds and that unspent special-fund balances remain in those funds rather than being carried forward into operating appropriations.
On the pension software, Chad Roberts, deputy director of RIO, described the new system and hosting costs: “The hosting fee is for the new pension administration system. Our existing system, which is 20 to 30 years old, is an on-site database, a very antiquated database. The new system is hosted through the web.” Committee…
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