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Sponsors seek expanded correction, buyout and political-expenditure limits for public pensions
Summary
House Bills 686 and 735 would expand correction-of-error options, reinstate annuity buyouts and ban pension funds' use of plan assets for political advocacy; sponsors said the changes offer member flexibility and protect plan assets.
House Bills 686 and 735 were presented jointly to the House Pensions Committee on Oct. 12, 2025. Sponsors said the measures would (1) expand how systems correct benefit calculation errors, (2) allow certain boards to offer one-time annuity buyouts for vested, deferred members, and (3) prohibit pension plans from using plan funds to advocate for or against ballot measures or candidates.
Representative Deaton (sponsor) told the committee the correction-of-error changes (cited in testimony as sections 100.4-4490 and 100.4-1060) would give members and plans additional, federally compliant options — including lump-sum or installment repayment — rather than only an actuarial reduction spread over remaining life expectancy. "It would provide more flexibility for the members," the sponsor said, noting the options could reduce administrative complexity and, in some cases, members’ interest charges.
The bills would also restore statutory authority for trustees at MOSERS and MPERS to offer a one-time…
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