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JBC asks staff to draft bill to explore Pinnacle conversion, proceeds to fund PERA; committee seeks valuations and guardrails
Summary
The Joint Budget Committee directed staff to draft legislation authorizing negotiations to convert Pinnacle Assurance into a fully private mutual and to transfer proceeds into PERA; the committee asked for outside valuations, clarified possible discount‑rate impacts on PERA disaffiliation costs, and voted 6–0 to proceed with drafting.
The Joint Budget Committee held an extended discussion with Pinnacle Assurance, the governor’s office and the Public Employees’ Retirement Association (PERA) about a proposed conversion of Pinnacle from a state‑affiliated mutual to a fully independent mutual insurer and the treatment of proceeds.
Mark Ferrendino (Office of State Planning and Budgeting) framed the administration’s proposal: seek a conversion that would produce a one‑time proceeds payment to the state, place funds into PERA to bolster pension funding, and provide…
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