The Joint Finance Committee held a full-day SMART Act hearing featuring the Governor's budget overview, presentations from OSPB, the Department of Treasury, PERA, and the Department of Revenue, with no votes taken; the most consequential debates centered on the proposed $400 million Pinnacle workers' compensation privatization, the legal exposure from nearly $900 million in legislative transfers out of the unclaimed property trust fund, and PERA's opposition to the governor's proposed 1% contribution rate reduction that could push the fund toward its auto-adjust trigger.
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Senator Snyder objected to the framing that Pinnacle must be sold to fund the senior homestead exemption, calling it 'a little more than irksome that every time we talk about Pinnacle, we talk about the senior homestead exemption' and insisting 'these are two separate discussions.' Ferrandino confirmed they are not legally tied but explained the budget rationale as pairing an optional revenue item with a policy the governor supports.
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“I'm monopolizing time. If anyone else has questions, Senator Snyder does have a question, but please go ahead. Okay, so, so final question for me. So the state's interest, would that increase the. The equity held by the policyholders themselves or would there be another group that essentially becomes a major shareholder apart from the policyholders and are they using the company's reserves to purchase that equity? Executive Director Ferrandino. Thank you, Madam Chair. Mr. Vice Chair. So if you were to go down the road of justice selling it, then someone would buy it and they would own the equity of that. If you went down to the conversion, Pinnacle would basically be buying out the state's interest with its reserve”
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Sign in to subscribeGot it. Senate Finance Smart act hearing will come to order. Welcome everybody to Joint Senate Finance. We are excited to be here today. And Ms. Colbert, will you please call the road roll? Representatives and Senators Bright. Here. Brooks. Brooks. Excused. Camacho. Here. Frizzell. Present. Oh, oh, no, she's here. Sorry. Please go ahead. Garcia. Excused. Senator gonzalez. Good morning. Representative gonzalez. Buenos dias. Hertzog. Here. Kolker. Here. Marchman. Excused. Marshall. Here. Mullica. Excused. Richardson. Here. Simpson. Excused. Representative Garcia. Snyder. Ever present. Stuart. Here. Tatone. Here. Zo. Kai. Excused. Woodrow. Here. And Madam Chair here. Thank you everybody for joining us for Senate Finance. I know there's a lot of stuff going on and I know some of our colleagues will be joining us shortly, but we want to get started and be respectful of everybody's time. First up today we have Mark Ferrandino, the executive director of the Office of State Planning and Budgeting. And he is here. I was thinking maybe you were going to come and present the governor's budget instead of making the JVC do it, but we'll have to save that for another day, I think. Madam Chair, for the record, Mark Ferrandino,…
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