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Panel supports moving joint‑and‑survivor actuarial assumption to appendix for flexibility
Summary
The commission voted to recommend a technical change (SF4588/HF4517) that would move the joint‑and‑survivor actuarial assumption into the pension commission’s appendix of standards to permit easier updates while keeping commission oversight.
Senate File 4588 and House File 4517 would shift the joint‑and‑survivor actuarial assumption from statute into the pension commission’s standards appendix. Sponsors said the appendix already holds many actuarial assumptions and moving this single assumption provides administrative flexibility.
Staff explained the change allows updates through the commission and appendix process rather than full statutory change, while preserving a role for the commission: a request to change the appendix assumption would be brought to the pension commission for approval and would be automatic only if the commission does not act within a year. "This will simply... give us some more flexibility," staff said.
Members discussed whether the appendix number could diverge from the statutory assumed rate used elsewhere; staff clarified the commission would approve changes and that the appendix value could be different for certain calculations. The commission voted to recommend the bill be incorporated into the 2026 omnibus pension bill.
