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2019 House Bill 4447: Authorize partial bailout of underfunded county road commission pension systems
Introduced by Rep. Thomas Albert (R) on April 11, 2019
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.   Official Text and Analysis.
Referred to the House Local Government and Municipal Finance Committee on April 11, 2019
Reported in the House on September 18, 2019
Refer to the Committee on Ways and Means with the recommendation that the substitute (H-3) be adopted.
Referred to the House Ways and Means Committee on September 18, 2019