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Retirement and Independent Entities Interim Committee - May 18, 2026

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Recording 1 Chair Harper called the meeting to order at 3:01 p.m. Committee Business Rep. Acton moved to approve the minutes of the October 27, 2025, meeting. Adoption of Study Items 2 - 2026 Proposed Study Items Adam Sweet presented the proposed 2026 interim study items and answered questions from the committee. Rep. Thurston moved to add the implementation of 2026 General Session S.B. 229 to the 2026 interim study item list. Rep. Thurston moved to adopt the list of 2026 interim study items, as amended. Tier 2 Retirement Systems and Benefits 3 - Employee Retirement Plans Overview Adam Sweet provided an overview of current Utah Retirement Systems (URS) benefits available to Tier 2 members under the Hybrid and 401(k) retirement options. 3 - URS Overview and Update Dan Andersen, executive director, URS, provided an overview and update on URS. Dan Andersen and Dee Larsen, general counsel, URS, answered questions from the committee. 3 - Reviewing Tier 2 Plans and Benefits Dee Larsen and Kory Cox, Director of Legislative and Government Affairs, URS, presented potential modifications to Tier 2 plans and answered questions from the committee. The committee discussed potential options for additional study items. Rep. Thurston moved to ask URS to analyze flexible benefit options for Tier 1 and Tier 2 employees. Legislative Oversight of Independent Entities 4 - Legislative Oversight of Independent Entities RuthAnne Oakey-Frost presented information on definitions of independent entities in Utah Code. Adam Sweet presented information on legislative oversight of independent entities. The committee discussed independent entities. Rep. Shipp moved to open two committee bill files. Rep. Christofferson moved to authorize the chairs to open additional committee bill files, as needed. The committee discussed the possibility of receiving a reports from the Military Installation Development Authority, the Inland Port Authority, and the Capitol Preservation Board. 2 - Past Reviews of Independent Entities Other Items/Adjourn Rep. Shipp moved to adjourn. Chair Harper adjourned the meeting at 5:02 p.m.

• Committee Business
• Adoption of Study Items
• Tier 2 Retirement Systems and Benefits
• Legislative Oversight of Independent Entities
• Other Items/Adjourn

• NOTICE NOTICE
• AGENDA AGENDA
• MINUTES MINUTES
• 2 - 2026 Proposed Study Items 2 - 2026 Proposed Study Items
• 2 - Past Reviews of Independent Entities 2 - Past Reviews of Independent Entities
• 4 - Legislative Oversight of Independent Entities 4 - Legislative Oversight of Independent Entities
• 3 - URS Overview and Update 3 - URS Overview and Update
• 3 - Reviewing Tier 2 Plans and Benefits 3 - Reviewing Tier 2 Plans and Benefits
• 3 - Employee Retirement Plans Overview 3 - Employee Retirement Plans Overview
• 2 - Approved Study Items 2 - Approved Study Items

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