Loading chat...
ID HCR030
Concurrent Resolution
Status
2/6/2020
Primary Sponsor
Commerce and Human Resources Committee
Click for details
AI Summary
-
Amends the retroactive cost of living adjustment approved by the Public Employees Retirement System (PERSI) Board in December 2019 from a combined 6.54% to 1.7%, effective March 1, 2020.
-
Removes four retroactive cost of living adjustments totaling 4.68% (1.77% from fiscal year 2011, 0.69% from fiscal year 2012, 0.52% from fiscal year 2013, and 1.7% from fiscal year 2018).
-
Approves the mandatory 1.0% and discretionary 0.7% cost of living adjustments granted by the PERSI Board based on positive 2019 investment returns.
-
Cites economic uncertainty, the fund's 92.5% funding level, and the Governor's call for state budget reductions as justification for protecting the PERSI fund from excessive cost of living increases.
-
Asserts the Legislature's authority under Idaho Code Section 59-1355(7) to amend or reject cost of living adjustments by concurrent resolution.
Legislative Description
Stating findings of the Legislature and amending the retroactive cost of living adjustment approved by the PERSI board at its December 2019 meeting.
PERSI
Last Action
Reported Printed and Referred to Commerce & Human Resources
2/7/2020