Introduced
by
To authorize state matching grants for county road commissions with grossly underfunded employee retirement benefit systems, subject to the commission closing enrollment of new employees into traditional defined benefit pension and retiree health insurance systems, and adopting other specified reforms. The matching grants would be equal to 50 percent of the amounts that generally accepted accounting principles require be annually contributed to cover future pension and retirement health insurance promises, and to amortize the debt accrued by underfunding these plans in the past.
Referred to the Committee on Local Government and Municipal Finance
Reported without amendment
Refer to the Committee on Ways and Means with the recommendation that the substitute (H-3) be adopted.
Referred to the Committee on Ways and Means
