Legislative Update #7

March 24, 2015

Hello:

We wanted to update you on what is going on in the legislature this week. Movement is beginning again on Bills in the Senate. Senator Boots, chair of Pensions and Labor committee, has scheduled HB1481 to be heard tomorrow (Wednesday, March 25) at 9:00 A.M. At this time we have heard various rumors such as: it will be heard with no action; heard and voted on; heard and amended from a COLA to a 13th check…. Nancy will testify on behalf of the bill moving forward with the COLA, but will support the 13th check if it is amended and ask for the amount of the checks to be raised, since they have not been for many years.

Steve, Nancy, and I have been meeting with Senators on the Pensions and Labor committee and Senate Appropriations on behalf of the COLA in HB1481. We have been sharing the information that the 1% COLA formula will cost less than the assumption INPRS established when presenting the 1% COLA for the biennium. That savings can be used to pay down the pre-96 unfunded liability, while still giving a very modest increase on our base pensions. We are attaching a letter that Nancy and Steve put together that was mailed to all senators and senators on the Pensions and Labor Committee also received an email copy.

Final decisions on bills with cost factors and their effect on the general fund will not be finalized until the April Revenue Forecast is received. We are confident that the last two weeks of the session will be very busy. Once we see the how HB1481 stands after the committee hearing, we will be targeting the Senate Appropriation Committee members with meetings.

You will receive another update later this week after we see what shape HB1481 is in after the hearing. If you talk, see, or write to your senators, please encourage them to support HB1481.

Thank you for your continued work on the committee and the support of our legislative agenda.

Sincerely,

Nancy, Tom and Steve