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Committee advances overhaul of Plan 1 pension funding and governance with amendments
Summary
The committee voted to advance an engrossed second substitute (HB 2034) to terminate and restate Plan 1 with a 110% funding target and a package of amendments addressing surplus handling, local cost concerns, and governance studies.
The Ways and Means Committee moved Engrossed Second Substitute House Bill 2034, which would terminate the overfunded Plan 1 and establish a restated Plan with a 110% funding target by 06/30/2029, to the Rules Committee with a due-pass recommendation after lengthy briefing and amendment votes.
Staff summarized the bill’s core change: termination of the existing Plan 1 and creation of a restated plan with a funding target and governance structure. The briefing noted a Department of Retirement Systems fiscal…
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