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Senators press administration on $29M pension loan proposal, warn of cuts if unsuccessful
Summary
Senators pressed the finance secretary on a proposed $29 million pension loan from MPLT to cover the settlement fund minimum payment, discussed required legislation for repayment via interest withholding, and warned that failing to secure the loan could force around 30-hour work-week cuts or $20M-plus budget reductions.
Senators on the Senate Fiscal Affairs Committee on Aug. 12 questioned the administration’s plan to cover next year’s settlement-fund minimum annual payment with a proposed $29 million pension loan from MPLT and pressed for details on repayment terms and fiscal risks.
Secretary of Finance Bennett told the committee the governor’s budget assumes the administration will secure a $29 million pension loan from MPLT and said the administration supports pursuing the loan. Bennett said trustees signaled they would require legislative authority to allow withholding of interest as the repayment mechanism and that the administration expects to present legislation for that purpose. “We have already discussed and finalized the terms that would might be…
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