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Committee flags pension-language changes in HB 2, asks finance for actuarial review
Summary
Members of the Executive Departments and Administration Committee reviewed group 2 pension provisions folded into House Bill 2, raised concerns that deleted language and drafting differences could alter the fiscal note and underfund retirement liabilities, and asked finance and actuaries to verify cost estimates.
Members of the Executive Departments and Administration Committee on Monday reviewed sections of House Bill 2 that revise Group 2 retirement calculations and other pension-related provisions, and raised concerns that edits and a drafting error could change the bill—s fiscal impact.
Committee members said parts of the draft remove a cap on how extra and special-duty pay is averaged into an employee—s final compensation and that an omission in the draft used for the fiscal note may exclude a higher annuity multiplier for service beyond 15 years. Those differences, they said, could materially change the retirement system—s cost estimates.
Representative Leon, who told the panel he compared the…
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