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Committee amends retirement/legacy funding and expands infrastructure loan access
Summary
The Appropriations Committee adopted amendments to House Bill 12 34 and related language that adjust lump-sum deposits to the Public Employees Retirement System (PERS), clarify intent on avoiding actuarially determined employer charges, and expand the Legacy Fund loan access for infrastructure projects by $50 million.
The Appropriations Committee adopted multiple amendments affecting the state’s retirement funding plan and the Legacy Fund’s in-state investment flexibility.
Senator Davidson moved an amendment that adjusts how the Strategic Investment Fund and an existing $65 million oil-stream appropriation will be used to provide a $90 million cash step-down to the Public Employees Retirement System. Derek Holbein, chief operating and financial officer of PERS, told the committee the $90 million in combined deposits would meet the minimum needed for the next biennium to avoid charging employers the additional actuarially determined employer contribution (ADEC) percentage that would otherwise increase agency payroll…
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