2017 House Bill 5355 ↩

Senate Roll Call 364: Passed

To gradually reduce the future payroll growth assumptions in the formula used by school employee pension system managers to determine how much money must be aside amortize the system's unfunded liabilities. Under the bill the formula would no longer assume any future payroll growth starting in 2028. This would eventually result in using level-dollar amortization formula rather than a percent-of-payroll formula, which would pay-off the unfunded pension liability debt more quickly. The bill would also revise details of how "payroll" is defined for these purposes, and the method used to set a minimum annual pension contribution floor for school employers.