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OFM bill would change amortization assumptions and lower 2025 rates short term; actuarial costs rise over 25 years
Summary
Senate Bill 5357, requested by the Office of Financial Management, would reamortize prior benefit improvements over 15 years and reduce certain base pension rates for the 2025‑27 biennium, producing short‑term savings but projecting longer‑term costs.
Senate Bill 5357, presented to the committee at OFM’s request, would modify actuarial funding rules and the timing of rates adopted by the Pension Funding Council.
Sherri Sawyer, legislative affairs director at the Office of Financial Management (OFM), introduced the bill and said the substitute aligns with the governor’s budget. Marcus Erlander, OFM budget advisor, explained the bill reduces certain base rates for the 2025‑27 biennium (staff cited a…
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