Legislative Session News Archive
Regular Session News #6: UAL payment bills advance
Apr 25, 2023
On Monday, the House Appropriations Committee favorably reported House Bill 47 (Rep. Nelson). HB 47, a proposed Constitutional amendment, would require a minimum of 25% of nonrecurring state revenue to be appropriated to the unfunded accrued liabilities (UALs) of the four state retirement systems for teachers, state employees, school employees, and state police, beginning FY 2024-25. If enacted, funding allocated for UAL payments in accordance w...
Regular Session News #5: Amended Turner bill moves on; directs portion of sales/use tax to system debt
Apr 20, 2023
On Wednesday, the House Appropriations Committee amended and favorably reported House Bill 170 (Rep. Turner). HB 170 would create a special fund in the state treasury for the purpose of paying down TRSL’s oldest debt schedule, known as the original amortization base (OAB). A portion of the 0.45% state sales and use tax would be deposited into the fund to allow for monthly payments toward the OAB, beginning July 1, 2023. The amendments...
Regular Session News #4: House Appropriations to hear Turner bill this morning; bill aims to reduce initial UAL with sales/use tax receipts
Apr 19, 2023
The House Appropriations Committee added Rep. Chris Turner’s bill, House Bill 170, to the agenda of its next meeting late yesterday afternoon. The bill will be heard at 10 a.m. today, Wednesday April 19 (agenda). HB 170 would create the Teachers' Retirement Initial Unfunded Accrued Liability (IUAL) Fund in the state treasury as a special fund, and deposit a portion of the 0.45% state sales and use tax into the fund for monthly paymen...
Regular Session News #3: Amended PBI funding bill clears first hurdle
Apr 18, 2023
On Monday, the Senate Retirement Committee reported Senate Bill 18 (Sen. Price/co-sponsored by Senate President Cortez) favorably with amendments.SB 18 would establish a new model for providing permanent benefit increases (PBIs) to retirees and beneficiaries of the four state retirement systems for teachers, state employees, school employees, and state police. The new model changes the funding mechanism, granting criteria, and eligi...