The proposed bill aims to facilitate a transfer of $25,000,000 from the strategic investment and improvements fund to the public employees retirement system fund. This transfer is intended to help reduce the unfunded liability of the public employees retirement system's main defined benefit plan during the biennium from July 1, 2025, to June 30, 2027. The bill also includes a deletion of the term "main" from the current law regarding the retirement system fund.

Additionally, the bill expresses the legislative intent that the transferred funds, along with an anticipated $65,000,000 to be deposited in the public employees retirement fund during the same biennium, will be utilized to further reduce the unfunded liability of the retirement system. Furthermore, it indicates that these financial measures are intended to replace the need for the public employees retirement system to charge state governmental units an additional actuarially determined rate during the 2025-27 biennium.

Statutes affected:
INTRODUCED: 53-06.1-11.2, 57-39.2-26