Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
LEFT 2 board objects to amendment transferring LEFT 1 oversight, votes to register concerns
Summary
The Law Enforcement Officers' and Fire Fighters' Plan 2 Retirement Board debated a late House-floor amendment that would shift oversight of the closed LEFT 1 plan to the LEFT 2 board and move hundreds of millions in surplus funds; the board voted to register 'other with concerns' ahead of a Senate Ways and Means hearing.
The Law Enforcement Officers' and Fire Fighters' Plan 2 Retirement Board spent most of its Feb. 25 meeting debating a late House-floor amendment to the LEFT 1 termination bill that would move responsibility for overseeing and recommending policy and funding for the closed LEFT 1 plan to the LEFT 2 board, and would transfer large surplus amounts to state accounts.
Board staff told members the amendment would set LEFT 1 funding at 110 percent, move $569,000,000 of LEFT 1 assets into the state's Climate Commitment Account, and place the remainder into a Pension Funding Stabilization Account that could be transferred to the state general fund; the House budget also includes an $880 million transfer over two…
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
