Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Committee narrowly advances 0.25% retirement contribution increase after debate over timing and local impacts
Summary
The Appropriations Committee voted 3–2 to advance Senate File 0187, which would raise both employee and employer contributions to the large public-employee retirement plan by one quarter of one percent for one year. Supporters said the increase helps reduce an approximate $2.5 billion unfunded liability; the governor's office urged reliance on the
The Appropriations Committee voted to advance Senate File 0187, a measure that would increase both employer and employee contributions to the state's large public-employee retirement plan by 0.25 percentage points for one year. The committee recorded a 3–2 roll-call vote in favor of sending the bill forward.
Senator Hicks, who presented the bill, described it as the same measure the legislature considered last year and said its purpose is to "jump start" progress toward actuarial soundness for the large retirement plan, which he and the retirement system described in testimony as carrying an unfunded liability of about $2.5 billion. Hicks…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
