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Staff brief committee on state benefits, PERSI employer costs and treasurer—s investment pools; treasurer reports about $249 million earned from cash management
Summary
Budget analysts briefed the Joint Finance‑Appropriations Committee on personnel benefits and state investment programs; staff said benefits represent roughly one quarter of personnel costs and the state—s idle cash pool earned about $249 million in FY2024.
Legislative staff presented two related briefings: Frances Lippitt of the Legislative Services Office summarized how employee benefits are budgeted, and Christopher Lahoset summarized investment and cash‑management programs run by the State Treasurer—s Office.
Why it matters: benefits and earned interest materially affect agency budgets. Health insurance, retirement and other variable benefits can add roughly 23–26% on top of salary costs and interest earnings on state cash affect available resources and the timing of borrowing.
Health, pension and benefits overview: Frances Lippitt told the committee that benefits accounted for about 26.6% of personnel cost expenditures in FY2024 and that health insurance is the largest single component of benefits. Lippitt explained the state budgets health insurance as a per‑full‑time‑position (FTP) appropriation. Using staff calculations, a prudent appropriation target would be $13,960 per…
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