Introduced
by
To require managers of the state-run school pension system to use a “layered amortization" method for repaying the debt accumulated by failing to contribute enough to meet the system’s pension promises. This requires officials to amortize (pay back) each “layer” of underfunding accumulated in a given period over not more than 10 years. The bill would also permit and require pension managers to assume 6.8% annual growth in pension fund assets when determining the amount needed to make good on future pension promises.
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the substitute (H-5) be adopted and that the bill then pass.
Passed in the House 108 to 0 (details)
To require managers of the state-run school pension system to use a “layered amortization" method for repaying the debt accumulated by failing to contribute enough to meet the system’s pension promises. This requires officials to amortize (pay back) each “layer” of underfunding accumulated in a given period over not more than 10 years or 15 years depending on the specific pension plan. The bill would also permit and require pension managers to assume 6.8% annual growth in pension fund assets when determining the amount needed to make good on future pension promises, and to assume 6.95% for retiree health benefits.
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
by
The substitute passed by voice vote
Passed in the Senate 36 to 1 (details)
To require managers of the state-run school pension system to use a “layered amortization" method for repaying the debt accumulated by failing to contribute enough to meet the system’s pension promises. This requires officials to amortize (pay back) each “layer” of underfunding accumulated in a given period over not more than 10 years or 15 years depending on the specific pension plan. The bill would also permit and require pension managers to assume 6.0% annual growth in pension fund assets when determining the amount needed to make good on future pension promises, and to assume 6.95% for retiree health benefits.
Passed in the House 102 to 0 (details)
