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Committee votes to advance measure increasing public-employee retirement contributions by 0.25%; governor urges delay
Summary
The Appropriations Committee voted to advance Senate File 0187, a measure that raises employer and employee contributions to the state's large public-employee retirement plan by 0.25 percentage points for one year.
The Appropriations Committee voted to advance Senate File 0187, a bill that raises contribution rates to the state's large public-employee retirement plan by one-quarter of a percentage point for both employers and employees.
Senator Hicks, the bill sponsor, told the committee the measure is the same policy the legislature approved last year but vetoed by the governor. “All that it does is increase the contribution rate by both the employer and the employee by 1 quarter of a percent,” he said. Hicks described the change as a way to jump-start progress toward actuarial soundness for a plan with an unfunded liability the director…
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