2021 House Bill 4263 ↩

Senate Roll Call 490: Passed

To require managers of the state-run school pension system to use a “layered amortization" method for repaying the debt accumulated by failing to contribute enough to meet the system’s pension promises. This requires officials to amortize (pay back) each “layer” of underfunding accumulated in a given period over not more than 10 years or 15 years depending on the specific pension plan. The bill would also permit and require pension managers to assume 6.0% annual growth in pension fund assets when determining the amount needed to make good on future pension promises, and to assume 6.95% for retiree health benefits.