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Senate requires retirement fiscal notes to show unfunded-liability impacts; rule change extends actuary deadline
Summary
The Utah Senate passed SB11 to require retirement fiscal notes to include effects on unfunded liability, employee wages and amortization timelines, and adopted SJR4 to extend the actuarial deadline from three to seven days. Sponsors said the measures improve transparency; both passed under suspension of the rules.
The Utah Senate on the floor passed Senate Bill 11 on a roll-call vote, directing fiscal notes for retirement-related legislation to include analysis of impacts on the unfunded liability, employee wages and the time the state would need to address that liability.
Senator Evan Fillmore, sponsor of SB11, told colleagues the interim Retirement and Independent Entities Committee reviewed actuarial data and found the current fiscal notes did not show the full liabilities. "This is what you're going to need to budget to cover the cost if this law passes for the next two years," Fillmore said, describing the additional fields the bill would require.
A companion rules change, Senate Joint Resolution 4, also passed. Fillmore said SJR4 amends chamber rules — not statute — to give URS actuaries seven days rather than three to prepare the supplemental fiscal information contemplated by SB11.
Both measures were considered under suspension of the rules. The roll-call for SB11 recorded 25 yea, 0 nay, 4 absent; SJR4 recorded 24 yea, 0 nay, 5 absent. Both measures will be transmitted to the House for its consideration.
Supporters argued the changes add transparency and allow legislators better information when considering benefit changes. The bills were described as products of interim committee work and actuarial review; no amendments were offered on the floor and no substantive opposition was recorded during the floor debate.
The next step is transmittal to the Utah House of Representatives, where the bills will be scheduled and considered according to that chamber’s process.
