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Committee backs reallocation of 1% premium tax to municipal pension funds; measure sent to Finance
Summary
The Senate Banking and Insurance Committee voted to report Senate Bill 878 to the full Senate with a recommendation that it pass and be referred to the Finance Committee; the bill would end the 10% allocation to the Teachers Retirement System and increase the Municipal Pension Security Fund share from 65% to 75%.
The Senate Banking and Insurance Committee on March 19, 2025 voted to report Senate Bill 878 to the full Senate with the recommendation that it do pass and be referred first to the Committee on Finance. Committee Counsel and witnesses described the bill as a reallocation of the 1% fire and casualty premium tax that would remove a current 10% allocation to the Teachers Retirement System Reserve Fund (TRS) and increase the Municipal Pension Security Fund share to 75%, while maintaining a 25% contribution to the Fire Protection Fund.
Committee Counsel explained how the existing tax is divided: 10% currently goes to TRS, 25% to the Fire Protection Fund (supporting volunteer fire departments), and 65% to the Municipal Pension Security Fund (for…
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