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Senate advances retirement-plan study bill; substitute SB201 sent to third reading
Summary
The Senate approved a substitute to SB201 directing the state retirement board to study consolidation and crossover among public retirement plans this summer and report back to the Legislature in November; the substitute was placed on the third-reading calendar by recorded vote.
The Utah Senate on Feb. 25 advanced a substitute to Senate Bill 201, directing the state retirement board to study options for combining or allowing crossover among several public retirement plans and to report recommendations to the Legislature in November.
Sponsor Sandra Wadhams told senators the substitute narrows an earlier, broader merger proposal and asks the retirement board to analyze technical and fiscal issues this summer so lawmakers have information before considering statutory changes. "It gives them the mandate to look at it through this summer and to report back to the legislature this November," Wadhams said.
Senators indicated broad agreement that the issue merits study, noting the original bill had produced a large fiscal note and implementation concerns. With no further questions from the floor, the Senate called the question and read the substitute for a third time. The clerk recorded the result as a formal placement on the third-reading calendar (22 yeas, 0 nays, 7 absent).
Next steps: SB201 will appear on the third-reading calendar in the Senate; the retirement board is expected to return a report to the Legislature in November as directed by the substitute.
