2017 Senate Bill 686 ↩

Senate Roll Call 490: Passed

To establish a new state disclosure and oversight regime for pensions and other post-retirement benefits (OPEBs) offered by local governments to their employees, including retiree health insurance benefits. Local governments would have file annual reports on the extent to which the future benefits they have promised are underfunded, using standards the state Department of Treasury would be required to establish. Locals that fail to meet certain funding levels, or that spend more than 12 percent of their budget to prefund benefits (or catch up on past underfunding) would be required to submit a corrective action plan. Provisions authorizing “emergency manager”-type receivership provisions for local governments that fail to meet the standards by specified deadlines were not included in the final version of the bill.