Staff Analysis of the Legislation
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02.21.2017 The Senate Finance Committee gave this bill a favorable report as amended. The amendment makes Public Employment Benefit Authority actuaries' information shareable with the Retirement System Investment Commission. Summary of the bill as introduced: Reduces the assumed annual rate of return from 7.5 percent to 7.25 percent. It increases the employer contribution rate for SCRS and PORS 2 percent effective July 1. Then increases one percent each year through 2023. The bill also places a cap on employee contribution rate effective July 1 to nine percent. There is no reduction in cost of living adjustments. |