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LEFT‑1 study continues; agencies provide mixed responses on merger and asset‑reversion bills
Summary
Committee staff reported a working draft of the LEFT‑1 study and summarized agency responses: Department of Retirement Systems, State Treasurer and State Investment Board submitted final comments; OAG/Ice Miller and OSA responses are pending. Agencies warned of administrative and legal complexities for bills to merge or restate LEFT‑1 assets.
Committee staff summarized progress on the ongoing study of the Law Enforcement and Fire Fighters Plan 1 (LE F‑1). Staff said a working draft of the study is available to members but that the office is waiting for additional agency analysis before issuing a final draft.
Staff reported that the Department of Retirement Systems (DRS) said both bills under consideration could be administered but that the merger bill (Senate Bill 50‑85) presents the largest operational challenge, especially the COLA “banking” provision and legacy data requiring programming changes. DRS requested flexibility—one‑time COLAs administered until a new computer release in 2027 would allow full programming of…
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