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PERS director tells Senate committee funding remains top priority as legislators press on assumptions and amortization
Summary
PERS Director Greg Higgins told a Senate committee the system holds about $38 billion, posted roughly an 11.7% return last year and has an approximate 57% funded ratio; lawmakers pressed him on the assumed return, the closed 30-year amortization (to 2047) and the effect of lowering the assumption on reported liabilities.
Greg Higgins, director of the Public Employees' Retirement System (PERS), told a Senate committee that the retirement system controls roughly $38,000,000,000 in assets and posted an investment return of about 11.7% last fiscal year.
"As far as PERS, we have about 38,000,000,000 in the portfolio as of now, as of this morning," Higgins said, and he urged legislators to review the fund's blue packet for details on valuations and assumptions. Higgins told the committee the system's funded ratio is currently about 57%.
Lawmakers focused heavily on how actuarial assumptions and amortization periods affect the system's measured liabilities. Senator Sparks pressed Higgins on the decision to lower…
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