Introduced
by
To authorize a state takeover of a municipal pension fund if one of several “triggering” conditions specified in the bill indicate that it is “distressed.” These include criminal convictions of trustees for abusing the fund, chronic contributions below actuarial sound levels, chronic contributions that exceed 15 percent of a municipality’s revenue or 30 percent of its payroll, and more. The system’s employee benefits would not be changed under the bill.
Referred to the Committee on Appropriations
