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Senate panel advances several PERS bills: deferred compensation fees, defined‑contribution cleanup and budget items
Summary
The Human Resources Appropriations Division voted to recommend due pass on multiple PERS bills, including a proposal to charge deferred compensation participants a $10 per‑quarter administrative fee for accounts over $1,000 and cleanup language related to the recent conversion to a defined‑contribution plan.
Committee members advanced a package of bills affecting the Public Employees Retirement System (PERS), including a provision to charge participant accounts in the deferred compensation (457) plan a quarterly administrative fee, a bill to change funding options for the defined‑contribution conversion, and related budget items.
Derek Holbein, Chief Operating and Financial Officer for PERS, told the division the deferred compensation bill (House Bill 11‑13) would authorize the board to charge participants to cover administrative expenses and provide a continuing appropriation. Holbein said the board recommends a flat fee of about $10 per participant per quarter, assessed only to accounts with balances of $1,000 or more, and noted the fee is intended to be…
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