Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Public Investment topic
No spam. Unsubscribe anytime.
RSIC asks subcommittee for added authorization as portfolio grows toward $75 billion
Summary
The Retirement System Investment Commission told the subcommittee its portfolio has grown to about $53.4 billion, credited investment returns and funding reforms for improved amortization, and requested an approximately $2 million authorization increase to support staffing compensation and technology as assets scale.
The Retirement System Investment Commission told the House Constitutional Subcommittee it is seeking additional authorization to prepare for sustained portfolio growth and to retain investment talent.
Michael Hitchcock, RSIC’s chief executive, said the commission’s assets under management have grown from about $27.7 billion in 2015 to roughly $53.4 billion as of 2025. He said RSIC recorded about $21 billion in investment return over the past five years and about $30.4 billion over the past ten years.
Hitchcock said the 2017 pension-funding reforms and additional contributions have materially improved the systems’ fiscal health; he reported the state retirement system’s amortization period is about 12 years and the police officer system’s is about 11 years. RSIC asked the subcommittee for a modest increase in other-fund authorization (roughly $2 million total) to support personal services, employer contributions and other operating needs as the portfolio grows.
RSIC emphasized it is not requesting additional full-time equivalents; the commission said it needs authorization to fill existing vacancies, meet compensation objectives to retain staff competing with private-sector firms, and invest in tools and systems (including AI and productivity platforms such as Microsoft Copilot) to manage a larger portfolio. Hitchcock said RSIC is coordinating implementation with the Department of Administration.
Committee members asked about how RSIC would use the additional funds and whether it planned to add staff. Hitchcock said the allocation would primarily support compensation and technology and that the commission expects to remain lean while scaling to manage a larger portfolio.
What happens next: RSIC’s authorization request will be considered as part of the regular budget and authorization process; no formal vote was taken during this hearing.
