Public Employees' Retirement Association Study Conducted by an Actuarial Firm
| Type | Bill |
|---|---|
| Session | 2024 Regular Session |
| Subjects |
Concerning a requirement that the state auditor retain an actuarial firm with experience in public sector pension plans to conduct a study regarding the public employees' retirement association, and, in connection therewith, making an appropriation.
Bill Summary:
The state auditor, in cooperation with the public employees' retirement association (PERA), is required to contract with a nationally recognized and enrolled actuarial firm with experience in public pension plans to conduct the following analyses of PERA:
- A comprehensive study (comprehensive study) comparing the cost and effectiveness of the current hybrid defined benefit plan design currently administered by PERA to alternative plan designs in both the public and private sector; and
- As part of the comprehensive study, an analysis regarding specified aspects of the defined benefit plan and the defined contribution plan currently administered by PERA.
PERA and the state auditor are required to confer with the office of state planning and budgeting regarding the scope of the comprehensive study and are required to provide a report detailing the findings of the comprehensive study to the governor, the joint budget committee, the legislative audit committee, and the finance committees of the senate and the house of representatives, or any successor committees. PERA is required to provide access to anonymized member information and data under a confidentiality agreement with the retained firm for the comprehensive study.
For the 2024-25 state fiscal year, $380,750 is appropriated from the general fund to the legislative department for use by the office of the state auditor.
APPROVED by Governor April 18, 2024
EFFECTIVE April 18, 2024
(Note: This summary applies to this bill as enacted.)
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 03/27/2024 | PA1 |
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 24-1427 to the Committee of the Whole and with a recommendation that it be placed on the consent calendar. | The motion passed on a vote of 9-0. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment J.001 | The motion passed without objection. | Vote summary |
| Adopt amendment L.001 | The motion passed without objection. | Vote summary |
| Refer House Bill 24-1427, as amended, to the Committee of the Whole. | The motion passed on a vote of 11-0. | Vote summary |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 04/05/2024 | Third Reading | BILL |
24
AYE
0
NO
11
OTHER
|
Vote record |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 04/01/2024 | Third Reading | BILL |
63
AYE
0
NO
2
OTHER
|
Vote record |
| Date | Location | Action |
|---|---|---|
| 04/18/2024 | Governor | Governor Signed |
| 04/12/2024 | Governor | Sent to the Governor |
| 04/12/2024 | Senate | Signed by the President of the Senate |
| 04/11/2024 | House | Signed by the Speaker of the House |
| 04/05/2024 | Senate | Senate Third Reading Passed - No Amendments |
| 04/04/2024 | Senate | Senate Second Reading Special Order - Passed - No Amendments |
| 04/03/2024 | Senate | Senate Committee on Appropriations Refer Unamended - Consent Calendar to Senate Committee of the Whole |
| 04/01/2024 | Senate | Introduced In Senate - Assigned to Appropriations |
| 04/01/2024 | House | House Third Reading Passed - No Amendments |
| 03/28/2024 | House | House Second Reading Special Order - Passed with Amendments - Committee |
| 03/27/2024 | House | House Committee on Appropriations Refer Amended to House Committee of the Whole |
| 03/25/2024 | House | Introduced In House - Assigned to Appropriations |
Prime Sponsor
Sponsor
| Effective Date | Chapter # | Title | Documents |
|---|---|---|---|
| 04/18/2024 | 88 | PERA Study Conducted by an Actuarial Firm |