House Moves Bill Requiring Local Reporting

Liz Gullett

Dec 09, 2016

This week, the House Local Government Committee reported a bill that requires local governments to submit to the Department of Treasury their summary annual report on their retirement system. The requirement for submitting a report will only be made upon those whose actuarial accrued liability for retiree health or pension is less than 60% funded. The legislation also requires the Department to post executive summaries of each report online. The bill was passed unanimously by the House and will be sent to the Senate for further consideration.

The bill was part of a large package that would have overhauled requirements on local governments in regards to retiree’s benefits. However, following outcry from local governments, police, and firefighters, the House scrapped their proposal that would have greatly reduced post-employment benefits.

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