SB 1649 Summary

• Amends provisions governing local boards and the board of trustees for the Public Safety Personnel Retirement System (PSPRS) and Corrections Officer Retirement Plan (CORP).

• Requires the board of trustees to annually review and adopt a pension funding policy for each defined benefit retirement plan and system it administers, analyzing funding methods and strategies to achieve financial solvency.

• Requires the board to consolidate employers' pension funding policies and post them on the system's public website, and directs the board to submit a popular annual financial report by June 30 each year to the governor and legislature.

• Clarifies that independent legal counsel for local boards may not represent plan members before any local board or judicial appeal of a local board decision.

• Adds requirements for stress testing of retirement systems and plans at the employer and system level using industry standards for investment returns, inflation, population growth, payroll growth, and employer contributions.