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PERS update on SB 1566: employer match program active, $148.9 million transferred to school UAL fund
Summary
PERS staff updated the subcommittee on SB 1566 financing reforms, saying the Employer Incentive Fund has paid $32 million in matches (about $3.8 million remains), matches are funded in part by sports-betting transfers, and the School District Unfunded Liability Fund received a $148.9 million transfer for rate relief.
At a Feb. 9 subcommittee work session, PERS actuarial staff provided an update on Senate Bill 1566 financing reforms, including the Employer Incentive Fund (EIF), the School District Unfunded Liability Fund (SDULF) and the Unfunded Actuarial Liability Resolution Program (UALRP).
Jake Winship, actuarial section manager at PERS, told the committee the EIF provides up to a 25% match for qualifying employer lump‑sum deposits. He said the program added roughly $480 million to the PERS trust in the 2019–24 period (about $380 million from employer…
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