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Committee hears bill requiring employers to settle PERS net pension liability if they leave the system; members add condition to secure PERS board approval
Summary
The Rules Committee considered Senate Bill 2794, which would require participating employers that choose to leave PERS to settle their pro rata share of the system’s net pension liability, and the committee added a condition requiring PERS board confirmation of requested language.
Senator Sparks told the Rules Committee that Senate Bill 2794 addresses how an employer’s pro rata share of PERS’ net pension liability would be handled if that employer elects to leave the Public Employees’ Retirement System (PERS).
"This bill would say if any employer who's a participant in the PERS system elects to leave the PERS system, they simply have to settle up the liability that is on the books, relative to their employees," Sparks said as he explained the committee substitute.
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