H0298B0254A00520 MAB:MAC 05/10/23 #90 A00520
AMENDMENTS TO HOUSE BILL NO. 298
Sponsor: REPRESENTATIVE ROAE
Printer's No. 254
Amend Bill, page 1, line 8, by striking out "30(b)(1)" and
inserting
30(b)
Amend Bill, page 2, line 4, by striking out all of said line
and inserting
(2) 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] one
hundred 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] one hundred 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.
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