Introduced
by
To limit a law that allows local governments to borrow money to cover unfunded employee pension liabilities, so that it only applies to locals whose credit is rated ‘A’ or better. This pension debt window is supposedly only in effect through 2018 (it has already been extended once), and only if the local government has closed its traditional “defined benefit” pension system to new employees. It also allows locals to borrow for future retiree health insurance costs, which unlike pensions are not legally enforceable obligations and may be trimmed or eliminated.
Referred to the Committee on Local Government
