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Utah Senate advances bill to index Employers Reinsurance Fund, drawing debate over employer costs
Summary
The Utah Senate advanced Senate Bill 13 to index the Employers Reinsurance Fund's $5 million reserve to preserve purchasing power, with sponsors citing a 1989 actuarial recommendation and opponents warning of higher employer premiums; the measure passed in the Senate 25-0 with four absent.
Senators on the floor voted to advance Senate Bill 13, a measure to index the Employers Reinsurance Fund's $5,000,000 cash reserve so the fund retains its purchasing power as the economy and payrolls change. The sponsor, Senator Tempest, told colleagues that the 1989 actuarial study recommended indexing and "this would allow the fund to retain its intended financial position relative to changes in the economy."
Proponents said indexing simply preserves the fund's ability to meet obligations over time as inflation and workforce growth affect costs. Senator McAllister said lawmakers…
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