Pension Review Commission. In order to fully recompense the public employees' retirement association (PERA) for the cancellation of
a previously scheduled July 1, 2020, direct distribution of $225 million, the bill requires an additional direct distribution to PERA of $303.57 million to be made on July 1, 2022. $303.57 million is the sum of $225 million plus an estimate of investment gains that would have accrued on that amount from July 1, 2020, through June 30, 2022, based on PERA's actual one-year total fund policy benchmark return from July 1, 2020, through June 30, 2021, plus PERA's assumed one-year rate of return of 7.25% from July 1, 2021, through June 30, 2022.
