SB00006 Summary

• Adds administrative stabilization surcharge of 0.05% on taxable wages for contributing employers, effective first quarter 2019, with collections deposited into Employment Security Administration Fund.

• Modifies community investment account distributions to redirect funding toward homeless services, including $700,000 annually for Coordinated Access Network system, $370,000 for cold weather shelter overflow, and $2.1 million total for housing-related programs.

• Adjusts Teachers' Retirement Fund actuarial assumptions beginning with next valuation, including investment return rate capped at 7%, maximum 30-year amortization period for unfunded liability, and conversion to level dollar amortization methodology.

• Converts Passport to the Parks from account structure to special fund with dedicated revenues from motor vehicle registration fees and park operations for state park maintenance, soil and water conservation, and environmental review teams.

• Transfers $2.6 million from Passport to the Parks account to General Fund for fiscal year 2018 and $5 million for fiscal year 2019, with remaining funds credited to new Passport to the Parks fund.