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Law-enforcement groups and pension administrators urge repeal of layered amortization policy; bill would restore employer rates and statutory appropriations
Summary
House Bill 85 would repeal last session's layered amortization policy for three law-enforcement pension systems, restoring higher employer contribution rates that retirement administrators and law-enforcement leaders say are needed to preserve funding stability.
Representative Marta Bertoglio opened the hearing on House Bill 85, which would repeal the modified layered amortization funding policy enacted in last session's House Bill 569 and restore employer contribution rates for three law-enforcement retirement systems: the Highway Patrol, Sheriffs, and the Game Warden and Peace Officers retirement systems.
The Public Employees' Retirement Administration (MPERA) executive director William Hollahan testified the layered amortization policy created funding shortfalls because the law places a 0.5% cap on annual increases to employer contribution rates but does not create a floor on how low rates can fall. Hollahan presented a table (provided as a…
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