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Panel reviews HB 694 to redirect TRS health-plan surplus into pensions if health trust hits 100%
Summary
Lawmakers discussed House Bill 694, which would establish a default “pour-over” of certain state and employer health contributions into the Teachers’ Retirement System pension once the TRS health insurance trust reaches full funding; sponsors and members debated which payments would move, timing and potential impacts on teachers.
At a meeting of the Pension Oversight Board, lawmakers discussed House Bill 694, which would set a default process to redirect specified contributions from the TRS health insurance trust into the Teachers’ Retirement System (TRS) pension benefits once the health trust reaches full funding.
The bill’s sponsor, Representative Petrie, told the committee the measure would pass two specific components of the health plan’s incoming funding into the TRS pension when the health trust becomes 100% funded. "The only 2 payments that are being moved over would be the state payments on behalf of local districts and other employer contributions," Petrie said, adding that employee contributions and other health-plan receipts would remain in the health trust.
Supporters and several teacher members questioned how the…
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