HB 1499: Actuarial Soundness of Retirement Systems
GENERAL BILL by Brandes
Actuarial Soundness of Retirement Systems; Provides frequency of actuarial reports for retirement systems & plans placed on pension watch list; defines term "funded ratio"; creates pension watch list for retirement & pension plans failing to achieve specified funded ratio; provides strategic requirements for local governmental entities on pension watch list; provides when certain local governmental entities must implement their strategies; prohibits plans on pension watch list from increasing plan benefit levels; requires plans on pension watch list to use certain tax revenues for certain purposes until funded ratio for plan reaches certain percentage; provides for removal of plans from pension watch list; provides that sponsor of local governmental entity with defined benefit pension plan meeting specified requirements shall be deemed to be in financial urgency.
Last Action: 3/9/2012 House - Died in Government Operations Subcommittee
Bill Text: PDF
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Bill History
Date Chamber Action 1/18/2012 House • Filed
1/19/2012 House • Referred to Government Operations Subcommittee; Finance and Tax Committee; State Affairs Committee -HJ 230
• Introduced -HJ 230
3/9/2012 House • Died in Government Operations Subcommittee
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HB 1499, Original Filed Version (Current Bill Version) Posted 1/18/2012 at 12:39 PM