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House Co-Sponsorship Memoranda
House of Representatives
Session of 2015 - 2016
Regular Session
MEMORANDUM
| Posted: | February 16, 2016 11:31 AM |
|---|---|
| From: | Representative Kerry A. Benninghoff |
| To: | All House members |
| Subject: | Reassign powers/duties of PERC to IFO |
| In the near future, I will be introducing legislation which will reassign the powers and duties of the Public Employee Retirement Commission (PERC) to the Independent Fiscal Office (IFO). At a time when we are actively looking for ways to reduce the cost of state government, increase the efficiency of its operations, consolidate similar or duplicative functions, and eliminate actual or perceived political motivations affecting work product, I believe it makes sense to transfer PERC's responsibilities to the IFO. The IFO, created by Act 120 of 2010, provides thorough and timely analysis of a wide range of fiscal, economic, and budgetary issues in the Commonwealth, and also provides revenue projections for use in the state budget process. The IFO does not support or oppose any policy it analyzes, and discloses all methodologies, data sources, and assumptions used in its published reports and estimates. I believe the IFO possesses, in abundance, the expertise, impartiality, and professionalism to perform PERC's tasks, which include studying and monitoring public retirement plans in the Commonwealth, assuring their actuarial viability through a review of any proposed legislative changes in those plans; and reviewing biennial employee pension system reports by local government, in order to monitor and enforce compliance with a legislatively mandated actuarial funding standard, and to certify municipal pension cost data annually. The IFO would also assume the responsibility of contracting with independent actuaries for the preparation of actuarial notes. My bill will repeal the PERC Act (Act 66 of 1981) and provide for the transfer of all of PERC's current functions, as well as its experienced personnel and all records and contracts, to the IFO. Please join me in sponsoring this practical and cost-saving initiative. Thank you! |
Introduced as HB1929