Bill > HB1234

This bill provides for a $25 million transfer from the Strategic Investment and Improvements Fund to the Public Employees Retirement System (PERS) Fund during the 2025-2027 biennium. The primary purpose of this transfer is to reduce the unfunded liability of the PERS main system defined benefit plan. The legislative intent section clarifies that this $25 million transfer, combined with a projected $65 million deposit from another source, should be used specifically to decrease the plan's unfunded liability. Additionally, the bill stipulates that these transfers are intended to replace the need for PERS to charge state governmental units an additional actuarially determined rate during the 2025-2027 biennium. This approach represents a proactive financial strategy to strengthen the public employee retirement system by addressing its unfunded liabilities through direct fund transfers, potentially reducing future financial burdens on state governmental units.