SB21-228
PERA Public Employees Retirement Association Payment Cash Fund
Concerning the creation of the PERA payment cash fund to be used for future payments to the public employees' retirement association, and, in connection therewith, making an appropriation.
Session:
2021 Regular Session
Subject:
Bill Summary
State Revenue & Budget
The act creates the PERA payment cash fund (fund) and appropriates $380 million from the general fund to the fund for the 2020-21 state fiscal year. The state treasurer is required to use the money in the fund for any portion of the $225 million direct distribution payment to PERA that would have otherwise been paid from the general fund on July 1, 2022, subsequent direct distributions that would have otherwise been paid from the general fund, and any of the state's employer contributions or disbursements.
(Note: This summary applies to this bill as enacted.)