Committee advances bill to keep legislative retirement fund overfunded at 120%

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 retirement system ... it allows the folks, like Mr. Potvin behind me and that to manage that and keep the fund always at a 120% funded," Senator Albers told the committee, describing the goal of avoiding future legislative micromanagement of fund decisions.

Senator Albers emphasized that the change would keep state tax dollars out of the fund and that members would continue to pay their share: "it keeps the legislature out of having to look at that and review that every few years, and assures there'll never be any state tax dollars...and it will always stay that way."

Committee members offered no substantive opposition on the floor. Senator Huddleston moved a 'do pass' and Senator McLaren seconded; the committee approved SB 198 by voice vote. The hearing record shows the motion and the chair's announcement that the measure "carries," but no roll-call tally appears in the transcript.

Supporters said the proposal provides administrative stability and shields taxpayers from new general-fund obligations; sponsors and staff did not indicate new immediate budgetary costs to the state during the hearing. The measure now advances under committee procedure.