Joint Budget Committee. The state auditor, in cooperation with
the public employees' retirement association (PERA), is required to contract with a nationally recognized and enrolled actuarial firm to conduct the following analyses of PERA:
•
A comprehensive study (comprehensive study) comparing the cost and effectiveness of the current hybrid defined benefit plan design currently administered by PERA to alternative plan designs in both the public and private sector; and
•
As part of the comprehensive study, an analysis regarding specified aspects of the defined benefit plan and the defined contribution plan currently administered by PERA.
PERA and the state auditor are required to confer with the office
of state planning and budgeting regarding the scope of the analyses and are required to provide a report detailing the findings of the comprehensive study to the governor, the joint budget committee, the legislative audit committee, and the finance committees of the senate and the house of representatives, or any successor committees. PERA is required to provide access to official member information and data under a confidentiality agreement with the retained firm for the comprehensive study.
