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Committee approves decade-long employer contribution increase for four public retirement systems
Summary
Senate Bill 56, supported by the Public Employee Retirement Administration and unions, raises employer contribution rates for four retirement systems over a ten-year period to shorten amortization and improve actuarial soundness. The committee passed SB 56 after roll-call (14–8).
Senator Cuff presented Senate Bill 56, a measure from the interim State Administration and Veterans' Affairs Committee to incrementally raise employer contribution rates for four retirement systems (public employees, game wardens & peace officers, highway patrol, and sheriffs’ retirement systems). William Hollahan, executive director of the…
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