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Committee advances bill to update Teachers' Retirement System for IRS changes
Summary
The Retirement Committee reported HB 25 as amended to bring the Teachers' Retirement System plan language into compliance with recent Internal Revenue Code changes, with staff and TRSL director Catherine Whitney describing the bill as technical; an amendment moved the effective date to July 1, 2026.
Representative Carlson presented House Bill 25 to update the Teachers' Retirement System plan document so it remains compliant with amendments to the Internal Revenue Code. He described the measure as straightforward; Catherine Whitney, director of the Teachers' Retirement System, told the committee the system's tax attorney reviews plan language periodically and that the bill makes needed technical adjustments.
Committee staff offered an amendment that moves the bill’s effective date from July 1, 2027, to July 1, 2026; the amendment was in the committee packet and moved without objection. Representative Taylor moved to report HB 25 as amended and the committee reported the bill forward as amended with no recorded objections.
