HB22-1029

Compensatory Direct Distribution to Public Employees’ Retirement Association

Bill Summary: 

Lawmakers enacted legislation in 2020 to forego the annual $225 million payment to PERA during the height of the COVID-19 pandemic, when the General Assembly cut billions of dollars from the state budget. The state resumed payments in July 2021 but did not make up 2020’s payment. HB22-1029 calls for the state to make a payment totaling $303.57 million — $225 million plus estimated investment gains, had the money been invested — on July 1, 2022.

Sponsors: Rep. Shannon Bird, Rep. Shane Sandridge, Sen. Chris Kolker, Sen. Kevin Priola

Bill status: The House Finance Committee is scheduled to have its first hearing on the bill on Monday, April 25th.

Position: As fiduciaries, the PERA Board supports restoring the missed direct distribution.

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