This bill authorizes a transfer of $25,000,000 from the strategic investment and improvements fund to the public employees retirement system fund. The purpose of this transfer is to help reduce the unfunded liability of the public employees retirement system main system defined benefit plan during the biennium from July 1, 2025, to June 30, 2027.

Additionally, the bill expresses the legislative intent that the public employees retirement system utilize the transferred funds, along with an anticipated $65,000,000 to be deposited in the retirement fund during the same biennium, specifically for the purpose of addressing the unfunded liability. Furthermore, it indicates that these transfers will 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