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Compensatory Direct Distribution To PERA

Concerning a requirement that the state make a direct distribution to the public employees' retirement association in addition to a previous additional direct distribution to recompense the association for the cancellation of the July 1, 2020, direct distribution.
2023 Regular Session
State Government
Bill Summary

To recompense the public employees' retirement association (PERA) for the cancellation of a previously scheduled July 1, 2020, direct distribution of $225 million, House Bill 22-1029 required an additional direct distribution to PERA. However, the additional direct distribution did not fully recompense PERA for the cancellation of the previously scheduled direct distribution. To fully further recompense PERA, the bill requires the state treasurer to issue a warrant to PERA in an amount equal to $35,050,000. The bill requires the warrant to consist that consists of the balance of the PERA payment cash fund , and any remaining amount must be plus $10 million paid from the general fund. The bill repeals the PERA payment cash fund, effective July1, 2023.

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)


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