S0129B0511A02244 AJM:JSL 06/17/15 #90 A02244
AMENDMENTS TO SENATE BILL NO. 129
Sponsor: SENATOR WILEY
Printer's No. 511
Amend Bill, page 1, line 18, by inserting after "amended"
and the section is amended by adding a subsection
Amend Bill, page 2, by inserting between lines 9 and 10
(c) Before approving any cost-of-living adjustment, the
board shall have an actuarial note prepared regarding the
proposed adjustment. A cost-of-living adjustment shall only be
provided if the county retirement system calculates a funded
ratio based upon an entry age normal methodology of eighty per
cent or higher after the actuarial cost of the adjustment is
determined. Any county retirement system that utilizes an
accounting method that does not determine a funded ratio based
upon an entry age normal methodology shall, each year, use an
entry age normal actuarial cost methodology to calculate a
funded ratio in order to determine if the fund meets the eighty
per cent or higher funding level. The funding level calculation
shall be reported to the Public Employee Retirement Commission
in conjunction with established reporting requirements.
2015/90AJM/SB0129A02244 - 1 -
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