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PERS says major 2019 pension reforms implemented; agency outlines costs and effects
Summary
The Public Employees Retirement System told the General Government Subcommittee that implementation of Senate Bill 1049 (2019) is complete and summarized the program elements, costs (about $77.8 million total), and how the changes affected employer contribution rates.
The Public Employees Retirement System told the General Government Subcommittee of Ways and Means on April 22 that implementation of the package of changes enacted in Senate Bill 1049 (2019) is complete and described how the work was organized and funded.
PERS Director Kevin Olynyk said the agency divided SB 1049 into multiple concurrent projects — including employer incentives, salary caps for benefit calculations, changes to work-after-retirement rules, member redirects to fund defined benefits, and the creation of individual account program (IAP) target-date funds — and ran them as parallel work streams with project- and program-level oversight. "As of last Thursday night, we did our final implementation. So all the implementations with respect to Senate Bill 10 49 are complete," he said.
The agency…
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