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Senate approves plan allowing Valley Mental Health to leave Utah Retirement System after actuarial buyout
Summary
The Utah Senate passed first substitute Senate Bill 239 to allow Valley Mental Health to withdraw from the Utah Retirement System (URS) with Valley bearing the full buyout cost; updated actuarial work lowered the buyout to about $1.6 million and the measure passed the Senate 23–1 with five absent.
The Utah Senate on the floor passed first substitute Senate Bill 239 to permit Valley Mental Health to withdraw from the Utah Retirement System, after revised actuarial figures reduced the estimated buyout to roughly $1,600,000 and the sponsor said the agency will pay the cost.
Senator Gregg Weiler, the bill sponsor, told colleagues that new actuarial numbers delivered late in the week reduced earlier, higher estimates and removed any need for state participation. "There’s no ask from the state to help bail out Valley Mental Health," Weiler said, and added that "they will pay their way out." The…
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