Following up on last week’s article: What’s Happening with PERS?, the Legislature expedited movement on Senate Bill 1049 A, the Public Employee Retirement (PERS) reform bill, after introducing and adopting a complex amendment with funding.
The previously considered proposal (-2 amendment) for PERS reform broadly included the following policies:
- Redirects the Individual Account Program (IAP), and restores IAP once Unfunded Actuarial Liability (UAL) is funded at 90 percent;
- Reamortization of Tier One and Two UAL over a 22-year period;
- Creates a work after retirement