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Committee advances bill to keep legislative retirement fund overfunded at 120%
Summary
Senate Bill 198 would allow retirement system managers to target a 120% funding level for the legislative retirement fund, keeping the legislature from routinely intervening; committee passed the bill by voice vote after sponsor testimony that no state tax dollars would be required.
Senator Albers presented Senate Bill 198 to the committee, saying the measure would permit the managers of the legislative retirement fund to maintain the fund at approximately 120% funded. The sponsor said that keeping the fund overfunded would allow administrators to adjust benefits and reduce the need for periodic legislative review.
"This revolves around our legislative…
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