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Select Committee discusses Lehi 1 merger/termination options, unfunded-liability pause and schedules legal, actuarial briefings
Summary
The Select Committee on Pension Policy spent its meeting reviewing options for the overfunded Lehi 1 plan — including termination, restatement or merger — asked staff for fiscal and actuarial materials, flagged IRS and ERISA issues for legal review, and penciled a September discussion on cost-of-living adjustments (COLA).
The Select Committee on Pension Policy on June 1 discussed options for the Lehi 1 retirement plan — including merger, termination and a “termination and restatement” approach — and asked staff to gather actuarial and legal analysis before making recommendations.
The committee focused on three near-term items: obtaining actuarial work products and fiscal notes for pending bills, clarifying the legal and federal tax implications of any plan change, and scheduling educational briefings, including a high-level July overview and a deeper review with outside counsel later in the interim.
Luke Masling, senior actuary with the Office of the State Actuary, told the committee the actuarial team is “kind of at capacity right now” because of annual valuations, a biannual economic experience study and a once-every-six-years demographic review. “All that is to say the actuarial team is kind of at capacity right now,” Masling said, and staff indicated they would provide relevant…
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