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Committee hears support for $300M pension reserve, debate over contribution schedule
Summary
Senate Bill 287 would create a pension state special revenue account seeded with $300 million, change interest distribution rules, and provide incremental employer contribution increases; proponents said it reduces unfunded liabilities while some stakeholders prefer a slower contribution schedule.
Senate Bill 287 (sponsor: Sen. Wendy McKamey) would create a pension state special revenue account to support the Public Employees' Retirement System (PERS) and Teachers' Retirement System (TRS). The bill proposes a one‑time $300 million general fund transfer into a pension reserve account, a cap of $150 million on the debt-and-liability-free fund (with excess flowing to the pension reserve), and a revision to treasurer’s fund investment earnings distribution (50/50 split between general fund and the…
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