Your efforts and the prevailing wisdom of some LCPR members are bringing hope to a critical crossroad.
Make sure Chair, Rep. O’Driscoll, <email>, 451 State Office Building, 651-296-7808, gets the message.
Pappas pushes to include sustainability in pension bill
APRIL 13, 2016 – The Legislative Commission on Pensions and Retirement (LCPR) at its Tues., April 12, meeting did not act on sustainability bills for the Teachers Retirement Association (TRA), the Minnesota State Retirement System (MSRS) and the St. Paul Teachers Retirement Fund Association (SPTRFA). There is still a possibility that sustainability proposals will be taken up at the April 19 LCPR meeting.
LCPR Chair Rep. Tim O’Driscoll, R-Sartell, said that he wished to wait to take any action on the sustainability bills until the House and Senate have developed budget targets and decided the potential amounts of state funding available. There was discussion about taking action on the omnibus retirement bill as assembled – without sustainability – to get it moving through the committee process.
Sen. Sandy Pappas (D-St. Paul) spoke against that strategy and argued that it would be risky for LCPR to move the omnibus bill without the sustainability measures attached to it. Pappas said that the fund directors had made a strong case regarding the high cost of delaying action on sustainability. She also stated that phase-in options for the employer contribution increases are being considered to facilitate adoption of the sustainability proposals.
The commission added a provision to the omnibus pension bill allowing the pension systems to receive gifts, bequests and life insurance death benefits. LCPR adopted a resolution asking the directors of MSRS and LCPR to prepare a report on alternatives to the augmentation reduction proposal for Fairview Hospital privatized employees.
Courtesy of TRA Communications