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Senate adopts overhaul of Lehi 1 pension plan, frees surplus for other uses
Summary
The state Senate passed Engrossed Second Substitute House Bill 2034 to terminate and reconstitute the Lehi 1 pension plan and allow some surplus funding to be redirected after rejecting several member-protection amendments. Lawmakers debated funding targets, local government costs and legal constraints before final passage.
The Senate on the floor adopted Engrossed Second Substitute House Bill 2,034, a measure that will terminate and reconstitute the Lehi 1 pension plan and allow limited use of excess plan funding for other state needs after review and amendment.
Senator Robinson, who led floor action, said the bill had been “studied and analyzed” by attorneys, actuaries, the State Investment Board and the Department of Retirement Systems and characterized the plan as “actuarially sound” and likely to secure IRS approval. He asked colleagues to advance the bill to third reading and final passage.
Opponents pressed for stronger protections for…
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