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Utah Senate advances broad pension reform package after hours of debate
Summary
The Utah Senate moved first substitute SB43 and SB63 forward and placed SB94 on the third‑reading calendar after an extended debate over a roughly $6.5 billion unfunded pension liability. Lawmakers disputed speed, impact on public employees and actuarial assumptions; SB63 recorded 20–8 on the roll call.
Salt Lake City — After several hours of debate, the Utah Senate advanced a three‑bill pension package aimed at reducing the state’s long‑term exposure to retirement liabilities.
Senator Lilienquist, sponsor of the measures, framed the package as a response to a market collapse that produced a roughly $6.5 billion unfunded liability. "The number one goal ... is to ensure that the state can meet 100% of the pension obligations it has made to its current employees," he said during his presentation.
The package discussed in the time‑certain session includes first substitute Senate Bill 43 (limitations on post‑retirement reemployment benefits), first substitute Senate Bill 63 (a Tier‑2 hybrid contributory plan for employees hired after July 1, 2011) and Senate Bill 94 (a financing option that would suspend a 1.5 percent 401 contribution to free funds). Sponsors said the bills aim to reduce future employer risk and free funds to pay down the…
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