Introduced
by
To require the twice-a-year state “revenue estimating conferences” at which state officials and academic economists estimate how much tax and fee revenue the state can expect to collect (and spend) in the coming year, to also estimate the state’s unfunded liabilities. These are primarily the product of “defined benefit” government and school employee pension plans for which the legislature has failed to set aside sufficient money to pay promised future benefits. State employees hired since 1997 receive 401(k) “defined contribution” benefits that create no new taxpayer liabilities, but new school employees continue to be enrolled in these underfunded pension plans and create new taxpayer liabilities.
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the substitute (S-2) be adopted and that the bill then pass.
