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Senate committee hears bill to seed pension reserve with $300 million, boost employer contributions
Summary
Senate Bill 287 would deposit $300 million into a newly funded pension reserve, change distribution of treasurer's interest earnings, and authorize phased 0.2% employer contribution increases for teachers and public employees to reduce unfunded liabilities. Proponents said the move shortens amortization schedules; no committee vote was recorded.
Senate Bill 287, sponsored by Senator Wendy McCamey, would deposit $300 million from the general fund into a pension state special revenue account, change how treasurer's fund interest earnings are distributed, and authorize phased employer-contribution increases to both the Teachers' Retirement System (TRS) and Public Employees' Retirement System (PERS).
“First, there would be a $300,000,000 deposit from the general fund into the pension reserve fund,” said Ryan Evans, assistant budget director in the governor’s budget office, explaining the bill’s mechanics. The bill would allow the pension reserve to…
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