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Regents task force recommends pursuing employer ORP contribution increase; eyes $81M UAL retention as potential funding source
Summary
The task force discussed raising the employer contribution rate for optional retirement plan participants from 6.2% to 8% and debated funding options, including retaining about $81 million from a proposed constitutional amendment sweep; members discussed phased implementation, guardrails and cost-share tradeoffs.
Staff presented a recommendation to increase the employer contribution rate for optional retirement plan (ORP) participants from 6.2% to 8%, citing recruitment and retention goals and parity concerns with pension-plan participants.
Elizabeth (staff) summarized the task force’s earlier recommendation and said one funding option would be to request that proceeds from a proposed constitutional amendment (Act 1 of the 2024 third extraordinary session) be retained for higher education rather…
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