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House narrowly approves measure to create invested account using pension surplus language
Summary
Lawmakers approved a Senate amendment establishing an account to be invested by the State Investment Board tied to an overfunded pension plan. Supporters said it prudently uses resources to address future budget pressures; opponents warned it sets a dangerous precedent and could prompt lawsuits and harm retirees.
On final passage the House approved the Senate amendment to Engrossed Second Substitute House Bill 20-34, a measure that includes language establishing an account to be invested by the State Investment Board and discussed potential transfers from an overfunded pension plan.
Representative Ormsby urged concurrence…
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