Introduced House Bill (H)

Authored by

DIGEST

Unfunded pension liabilities. Provides that if an entity, including a political subdivision, participates in the public employees' retirement fund (PERF) at the discretion of the entity and then takes an action that would restrict employee membership in PERF, the entity becomes liable for the future benefits payable to the entity's current and former employees. Provides that if an entity (other than a political subdivision) that has discretion to participate in PERF seeks to withdraw from PERF, the entity becomes liable for the future benefits payable to the entity's current and former employees. Eliminates an obsolete provision that is no longer Unfunded pension liabilities. Provides that if an entity, including a political subdivision, participates in the public employees' retirement fund (PERF) at the discretion of the entity and then takes an action that would restrict employee membership in PERF, the entity becomes liable for the future benefits payable to the entity's current and former employees. Provides that if an entity (other than a political subdivision) that has discretion to participate in PERF seeks to withdraw from PERF, the entity becomes liable for the future benefits payable to the entity's current and former employees. Eliminates an obsolete provision that is no longer applicable to governmental retirement plans under the Internal Revenue Code. ... View more