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HB22-1029

Compensatory Direct Distribution To Public Employees' Retirement Association

Concerning a requirement that the state make an additional direct distribution to the public employees' retirement association to fully recompense the association for the cancellation of a previously scheduled July 1, 2020, direct distribution.
Session:
2022 Regular Session
Subject:
State Government
Bill Summary

Pension Review Commission. In order to fully recompense the public employees' retirement association (PERA) for the cancellation of a previously scheduled July 1, 2020, direct distribution of $225 million, the bill requires an additional direct distribution to PERA of $303.57 million to be made on July 1, 2022. $303.57 million is the sum of $225 million plus an estimate of investment gains that would have accrued on that amount from July 1, 2020, through June 30, 2022, based on PERA's actual one-year total fund policy benchmark return from July 1, 2020, through June 30, 2021, plus PERA's assumed one-year rate of return of 7.25% from July 1, 2021, through June 30, 2022.
(Note: This summary applies to this bill as introduced.)

Status

Introduced
Under Consideration

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. S. Bird, Rep. S. Sandridge
Sen. C. Kolker, Sen. K. Priola

Sponsor

Rep. T. Exum, Rep. E. Sirota
Sen. L. Garcia

Co-sponsor