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HI HB1143
Bill
Status
1/26/2011
Primary Sponsor
Calvin Say
Click for details
AI Summary
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Reduces the investment yield rate assumption for the Employees' Retirement System (ERS) to 7.75% for the fiscal year ending June 30, 2011.
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Transfers authority to set the investment yield rate assumption from the legislature to the ERS Board of Trustees, based on actuarial recommendations, effective after June 30, 2011.
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Clarifies that the Board of Trustees adopts mortality, service, and other assumptions, factors, and tables for actuarial valuations, with recommendations from the actuary.
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Removes the requirement that the legislature adopt the investment yield rate and the actuary's recommendation for a specific eight percent rate.
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Effective date is June 30, 2011.
Legislative Description
Employees' Retirement System; Board of Trustees; Powers and Duties; Actuarial Assumptions
Last Action
(H) The committee(s) recommends that the measure be deferred.
2/26/2011