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Committee backs participant fee to fund deferred-comp plan administration
Summary
The State and Local Government Committee recommended a due-pass on House Bill 11‑13, allowing the Public Employees Retirement System (PERS) to charge deferred‑comp participants a nominal quarterly fee to fund administrative costs; the committee added a referral to appropriations after members flagged a fiscal note.
Chair Roars opened the hearing on House Bill 11‑13, "Relating to payment of administrative expenses for the public employee's retirement system deferred compensation plan and to provide for a continuing appropriation." Derek Holbein, chief operating and financial officer for the Public Employees Retirement System (PERS), testified for the Board in support of the bill.
Holbein told the committee that PERS administers a Section 457 deferred compensation program with more than 11,000 participants served through 13 providers. He said the agency currently funds the plan's administrative costs through a complex mix of revenues (excess FICA savings from the flex compensation program, transfers from the main…
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