During the spring legislative session over thirty-two bills affecting the State Employees’ Retirement System were introduced, but the only legislation that passed allows the State to sell $10 billion in general obligation bonds to help meet the funding requirements of the five state-funded retirement systems for part of fiscal year ‘03 and all of fiscal year ‘04.
The remaining money will be distributed to each retirement fund to reduce their unfunded liabilities. The earnings from this money will decrease the state’s required pension contributions in the coming years.
The General Assembly returns in November for two weeks for the fall veto session. We will report on any legislation that passes affecting SERS on this page.