Introduced
by
To extend to public employee pensions the same protection against being alienated (taken) in a bankruptcy procedures as that afforded under current law to private sector pensions. The bill is part of a legislative package which includes House Bills 5108-5114. House Bill 5110 amends the public school employees retirement act.
Referred to the Committee on Appropriations
Passed in the House 101 to 0 (details)
Substitute offered
To replace the previous version of the bill with one which also provides for a new pension fund retirement health care sub-account, which would pay for future state retiree health care benefits. This sub-fund would receive from the regular pension fund any contributions in excess of the amount deemed sufficient under actuarial and accounting standards to cover future pension expenses. In years when employee pension contributions were less than this amount, money could be transferred from the health care sub-fund to the pension fund, subject to approval by legislative appropriations committees.
The substitute passed by voice vote
Passed in the Senate 37 to 0 (details)
To extend to public school employee pensions the same protection against being alienated (taken) in a bankruptcy procedures as that afforded under current law to private sector pensions. The bill also provides for a new pension fund retirement health care sub-account, which would pay for future state retiree health care benefits. This sub-fund would receive from the regular pension fund any contributions in excess of the amount deemed sufficient under actuarial and accounting standards to cover future pension expenses. In years when employee pension contributions were less than this amount, money could be transferred from the health care sub-fund to the pension fund, subject to approval by legislative appropriations committees. The bill is part of a legislative package which includes House Bills 5108-5114.
Passed in the House 104 to 0 (details)
To concur with the Senate-passed version of the bill.
