2019 House Bill 4447

Authorize partial bailout of underfunded county road commission pension systems

Introduced in the House

April 11, 2019

Introduced by Rep. Thomas Albert (R-86)

To authorize state matching grants for county road commissions with grossly underfunded employee retirement benefit systems, subject to the commission closing enrollment of new employees into traditional defined benefit pension and retiree health insurance systems, and adopting other specified reforms. The matching grants would be equal to 50 percent of the amounts that generally accepted accounting principles require be annually contributed to cover future pension and retirement health insurance promises, and to amortize the debt accrued by underfunding these plans in the past.

Referred to the Committee on Local Government and Municipal Finance

Sept. 18, 2019

Reported without amendment

Refer to the Committee on Ways and Means with the recommendation that the substitute (H-3) be adopted.

Referred to the Committee on Ways and Means