SB 54 Summary

• Urges the legislative council to assign the pension management oversight commission or another appropriate committee to study the status of existing local government unit pension plans.

• Study must examine local government unit participation in the public employees' retirement fund and the financial effects of withdrawing or excluding new hires from pension plans.

• Requires the assigned commission or committee to issue a final report to the legislative council containing findings, recommendations, and any proposed legislation by November 1, 2014.

• Takes effect July 1, 2014 and expires January 1, 2015.

• Senate passed the bill 44-0 on January 24, 2014; House committee approved it on February 11, 2014.