COMMITTEE ON JOINT EDUCATION
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08:38 AM -- PERA
Meredith Williams, Executive Director of PERA, came to the table to address the committee. Mr. Williams said he has read Dr. Mannino's paper several times, and he commented on it. He said PERA's pension economist would review the paper and provide written comments to the committee. He said the vast majority of public employees do not have Social Security benefits. Mr. Williams talked about the measures used by Dr. Mannino in his study, commenting that he had not heard of a number of the measures.
Mr. Williams talked about single premium annuities and the risks to investors. He noted that some higher education faculty and administrators do receive Social Security benefits. He discussed difficulties around comparing public and private sector retirement plans. Mr. Williams commented on the salary spiking issues raised by Dr. Mannino. He said risk is one of the factors that will be on the table as changes to PERA are considered.
Mr. Williams responded to committee comments.
The committee adjourned.