Thursday, June 27, 2013

SUAA Testimony at the Conference Committee Hearing

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Testimony provided to the Conference Committee to Senate Bill 1 Bilandic Building - C600 Chicago, Illinois June 27, 2013 11:00 a.m.

Good morning. I am Linda Brookhart, the Executive Director of the State Universities Annuitants Association. I truly appreciate the opportunity to address the Conference Committee.

Our membership is 16,000 strong. SUAA advocates on behalf of all individuals who are participants and especially those who are beneficiaries of the State Universities Retirement System. Both state supported universities and community colleges are part of this retirement system none of which participate in Social Security while working for the State or a local unit of government. Upon retirement, many fall into the Federal Pension Offset or Windfall provision of the Federal Government if they have considerable time in the Social Security System.

It is important I relay to you that SUAA supports responsible pension reform and the important work before this Conference Committee. Our association is based upon preserving and protecting a strong public pension system, healthcare benefits, and the general well-being of all SURS participants and beneficiaries.

As a representative of SUAA, I would like this committee during the next 11 days to consider the following five items:

First, to the extent possible, the SUAA Executive Committee on behalf of the membership would like this Committee to reach out to us and other stakeholders in order to draft the best legislation possible.

Second, we believe that any legislation should apply the debt service for existing State bond and note issues to the payment of the unfunded pension liability as these loans are repaid.

Additionally, we respectfully ask you to consider revising the terms of the amortization of the current pension ramp schedule, to a percentage that is less than 100% funding. For several years, we have heard experts discuss an acceptable range of what constitutes a well funded pension system. We believe a number less than 100%, perhaps an 85% level of funding, is achievable, given the State’s current fiscal condition.

Third, a survey of the SUAA membership did provide support for the Cost of Living Allocation or more rightfully defined as the Automatic Annual Increases be based on the Social Security formula. However, we believe that further discussion is warranted. Reports need to be made public; the reports that actually show significant savings for the State as well as those that show how the retirees will be significantly affected. In other words, we would ask for transparency and how the numbers were actually determined.

Fourth, retirees receiving less than $25,000/year should be exempt from any legislation modifying the current COLA/AAI. Remember, these people are most likely not eligible for Social Security. Accordingly, this committee should protect their standard of living. If they are not protected, other problems could be created that would cost the State additional money through other hardship support and services that would need to be provided to them.

Fifth, while SUAA is in agreement that those who are working should contribute an additional 2% to their pensions, we would caution against having those in Tier II to contribute additional money. Tier II's benefits are, at this time, below those they could receive from Social Security. In addition, their benefits are not vested until year 10. There could be even more pension earnings lost for them.

Finally, SUAA is here today in an effort to help resolve Illinois’ pension concerns. The public pensions must be protected for future generations. How this is done must be carefully crafted so current problems do not continue to spiral.

Thank you for allowing me to address you today.

Title:Testimony provided to the Conference Committee to Senate Bill 1
Date: June 27, 2013
Source: State Universities Annuities Association

SURS Update: SB 1, Comprehensive Pension Reform


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SB 1 (as amended by House Amendment #1)– Comprehensive Pension Reform

Speaker Madigan (D)

SB 1 contains:
  • Tier 1 Participant and Tier 1 Retiree Benefit Reform
  • State Funding Reform

The bill applies to the General Assembly Retirement System, the State Employees Retirement System, the State Universities Retirement System, and the Teachers’ Retirement System. The following analysis is specific to the State Universities Retirement System.

The bill has an immediate effective date.

Tier 1 Participant and Tier 1 Retiree Benefit Reforms

Pensionable Earnings Limitations

SB 1 caps the pensionable earnings of a Tier 1 participant at the applicable Social Security Wage Base. The limitation does not apply to a participant’s earnings that are determined under an employment contract or collective bargaining agreement in effect on the effective date.

Participants currently receiving salary in excess of the Social Security Wage Base, shall have their
pensionable earnings limited to their salary received 365 days prior to the effective date.

Normal Retirement Age

SB 1 reforms Tier 1 participants’ normal retirement age. The following adjustments apply to Tier 1
participants retiring after July 1, 2013:

  • Members age 45 or older on the effective date shall not be subject to any delay in retirement eligibility;
  • Members age 40-45 on the effective date shall be subject to a 1 year delay in retirement eligibility;
  • Members age 35-40 on the effective date shall be subject to a 3 year delay in retirement eligibility; and
  • Members younger than age 35 on the effective date shall be subject to a 5 year delay in retirement eligibility.

Automatic Annual Increases

SB 1 reforms automatic annual increases provided to Tier 1 participants and Tier 1 retirees. Moving
forward, such members shall receive an annual increase to his or her retirement annuity that is equal to 3% of the lesser of, the previous year’s retirement annuity, or the sum of $1,000 multiplied by each year of service credit.

Members shall not be eligible for an automatic annual increase until the January 1st following attainment of age 67 or the January 1st following the 5th anniversary of the annuity start date.

Automatic annual increase received prior to the effective date are protected and not diminished.

Employee Contributions

SB 1 requires employees to contribute an additional 1% of payroll in FY 14, plus an additional 1% in FY 15. The total contribution increase is 2% of payroll.

The employee contribution increases are exempt from Money Purchase Plan calculations.

Effective Rate of Interest

The amendment recommends that the Comptroller adopt a more conservative number for what is known as the “effective rate of interest” (“ERI”). Under current law, the Comptroller determines the effective rate of interest for Money Purchase benefits for university and community college employees hired before 2005. The amendment still provides that the Comptroller set this rate, but advises a figure that is to reflect less risk (lower rate) in the rate to be used to determine benefits for certain participants. SB 1 also rovides that the Comptroller shall establish the effective rate of interest for portable plan lump sum payouts, portable plan refunds, purchases of service credit and is to follow the same recommendation as mentioned above. The rate for these purposes is currently set by the SURS board of trustees.

Prohibition of non-public employers and new employees participating in SURS

SB 1 provides that employers that are not defined as an employer under the SURS article shall be excluded from enrolling new employees in SURS. Those employees of such employers that are already SURS participants shall remain participants. SURS is given the authority to determine whether or not a person is an employee and is eligible to participate in SURS.

Eliminate the subject of pensions for collective bargaining.

Bargaining units and employers with participants in the State systems would be prohibited from negotiating changes related to pensions.

Prohibition for new employees converting unused sick and vacation days to service credit and lump sum payouts for such unused days being included in final rate of earnings

SB 1 amends several articles under the Illinois Pension Code (IMRF, Cook County Pension Fund, SERS, SURS, TRS, and Chicago Teachers’ Pension Fund) by prohibiting payment for unused sick days and unused vacation days from being included in final average salary. SB 1 also prohibits unused sick days and vacation days from being used to establish service credit. This provision shall only apply to participants that first become participants on or after the effective date of this Act.

State Funding Reform

SB 1 enhances statutory funding requirements so that the State shall be required to adhere to a funding schedule that provides an annual contribution of an annual amount determined by the System to bring the total assets of the system up to 100% of the total liabilities of the System by 2044. The current statutory amount is to bring the total assets of the System up to 90% of the total liabilities by 2045. Beginning FY 14, the State shall be responsible for i) the state’s portion of projected normal cost for that fiscal year, plus ii) an amount sufficient to amortize 100% of liabilities by FY 2044.

State Funding Enforcement
 

Beginning July 1, 2013, the State shall be contractually obligated to contribute to the System in each State fiscal year an amount not less than the sum of the State's certified contribution. The obligations are contractual obligations protected and enforceable under Article I, Section 16 and Article XIII, Section 5 of the Illinois Constitution.

Notwithstanding any other provision of law, if the State fails to pay in a State fiscal year the amount
guaranteed under this subsection, the System may bring a mandamus action in the circuit court of
Champaign or Sangamon County to compel the State to make that payment, irrespective of other remedies that may be available to the System. In ordering the State to make the required payment, the court may order a reasonable payment schedule to enable the State to make the required payment without significantly imperiling the public health, safety, or welfare.

Any payments required to be made by the State pursuant to this guarantee are expressly subordinated to he payment of the principal, interest, and premium, if any, on any bonded debt obligation of the State or any other State-created entity, either currently outstanding or to be issued, for which the source of repayment or security thereon is derived directly or indirectly from tax revenues collected by the State or any other State-created entity.

Pensionable Stabilization Fund

SB 1 revitalizes the Pension Stabilization Fund. The now unused fund begins receiving $1 billion annually in FY 2020. GRF transfers into the Fund will continue until each of the state retirement systems are funded at their targeted funding ratio. Contributions from the fund to the systems are in addition to required contributions, however the systems shall not include such contributions from the fund for the purposes of projecting current and future contributions until the systems receive such payment from the fund.

Entry Age Normal Actuarial Cost method

SB 1 changes the actuarial cost method for the 5 state retirements from “projected unit credit” actuarial cost method, to “entry-age normal” actuarial cost method. The impact this change will have on the liabilities should be minimal, and this method is the most common accurate actuarial cost method as used in the public retirement systems.

Require separate appropriation request for employer normal cost and amortization of unfunded liability.
 

The Governor must introduce and the systems must certify these costs separately.

Status: Passed the House on May 2, 2013, failed to pass Senate on May 30, 2013



SB 1687 (as amended by House Amendment #2) – Shifts Pension Costs to SURS-covered employers
 

Sponsor – Speaker Madigan

Employer Cost Shift and Enforcement

SB 1687 provides that beginning on July 1, 2014, SURS-covered employers shall begin paying the cost of the annual accruing retirement benefits of their employees. Beginning on July 1, 2014, SURS covered employers shall begin phasing in this cost at a rate equal to 0.5% of payroll. Each fiscal year thereafter, this payment shall increase annually at a rate equal to 0.5% of payroll until the SURS Board has certified that the employers are paying the full employer’s share of normal cost (present value of the annual cost of the benefits earned by the member population).

SB 1687 also provides that an employer may accept or reject any future increase to the benefits of the SURS retirement plan, but if an employer accepts such benefit increase, it shall be applied to all of its covered employees. An employer that accepts such benefit increase shall pay the full annual increase in normal cost associated with that increase. An employer that accepts such benefit increase shall also be responsible for amortizing the unfunded liability created as a result of the benefit increase over a 10 year period.

SB 1687 provides that employers shall also be responsible for financing any unfunded liability created on that employer’s share of assets and liabilities resulting from changes in actuarial assumptions, investment losses, or any other actuarial increases to the employer’s share of liabilities. The schedule to finance such unfunded liabilities shall be a 30 year rolling amortization schedule.

In order to achieve the intent of this proposal, notional employer accounts shall be created for the purposes of determining an employer’s notional assets and liabilities to be used in order to determine costs to be paid by each employer. Service credit accrued after July 1, 2014 shall be liabilities of the employers and contributions made after July 1, 2014 shall be assets of the employers. Service credit accrued before July 1, 2014 shall be liabilities of the State and contributions made before July 1, 2014 shall be assets of the State.

If a covered employer fails to transmit to the System contributions required of it under this legislation
within 90 days that such payment is due, then the System shall certify to the State Comptroller or the
applicable county treasurer the amount of the delinquent payment and either the Comptroller or county treasurer shall redirect state or local government revenue payable to the employer that is delinquent to pay the delinquent amount. If State or local funds payable to that employer is not available, the System may proceed against the employer to recover the amounts of such delinquent payments in the circuit court of Champaign county.

The System may provide for an audit of the records of an employer, other than the State, as may be
required to establish the amounts of required contributions. The employer shall make its records available to the System for the purpose of such audit. The cost of such audit shall be added to the amount of the delinquent payments.

State Funding

The State shall make payments to finance its portion of liabilities so that it has funded 100% of its portion of liabilities by 2044. Upon amortizing 100% of its portion of liabilities, the State shall no longer be liable for any payments to the State retirement systems. It should be clarified that the State shall pay the difference between employer normal cost and the amount phased-in by employers at the rate of 0.5% of payroll. It should be mentioned that the system shall not include such contribution for the purposes of projecting current and future contributions until the system receives such contribution.

SURS Board

SB 1687 alters the make-up of the SURS board of Trustees and provides that beginning on July 1, 2014, 1 trustee appointed collectively by universities and 1 trustee appointed collectively by community colleges shall serve on the SURS board of trustees. As the current terms of the appointed trustees expire or become vacant, then such terms shall instead be appointed by universities and community colleges.

As the terms of the elected trustees expire or became vacant, then moving forward, such elected trustees shall be comprised so that such elected trustees are split equally among participants or annuitants of community colleges and universities. Said different, after the expiration of the 4 active member trustee terms, 2 shall be active employees of universities and 2 shall be active employees of community colleges.

Upon the expiration of the current terms of the annuitant trustees, 1 annuitant trustee shall be a retired
community college employee, and 1 annuitant trustee shall be a retired university employee.

Beginning on July 1, 2014 the trustees shall elect among themselves the Chairperson of the board and that Chairperson shall serve 2 year terms. On such date, the IBHE chairperson shall not be a de facto Trustee of the SURS board. It is important to mention that the board will be increased to 12 trustees on January 1, 2014 as the current make-up consists of 11 trustees.

Entry Age Normal Actuarial Cost method

SB 1687 changes the actuarial cost method for the 5 state retirements from “projected unit credit” actuarial cost method, to “entry-age normal” actuarial cost method. This method is the most common and accurate actuarial cost method as used by public retirement systems.

Require separate appropriation request for employer normal cost and amortization of unfunded liability.

The Governor must introduce and the systems must certify these costs separately.

Amendment to Public Act 97-968

SB 1687 extends the effective date of Section 15-139.5 (Return to work restrictions created by PA 97-968) rom August 1, 2013 to August 1, 2014. SB 1687 also provides that such provisions of Public Act 97-968 shall not apply to SURS annuitants that are “status employees” under the Civil Servant Code, and eliminates the “18 paid week condition” of Public Act 97-968. For review, PA 97-968 tightens up the SURS return to work provisions so that if a SURS-covered employer employs a SURS annuitant under certain conditions, the SURS-covered employer is to a pay a penalty to SURS.

Status: Passed House on May 30, 2013 with vote of 60-55-2, failed to pass the Senate with a vote of
21-33-5.




SB 2404 (as amended by Senate Amendment #2) – Comprehensive Pension Reform for the 4 of the 5 State Retirements – SURS included 


Sponsor – Senate President Cullerton (D)

Tier 1 Election

Dependent upon whether a member retired before January 1, 2013, members will be required to make an election among the following choices. Elections must be made by May 31, 2014, with the benefit changes taking effect on July 1, 2014.


Tier I Non-Retired Participants (those who retire on or after January 1, 2013):

Choice A

Those electing Choice A, automatic annual increases shall be equal to the 3% of the originally granted annuity. This will be a non-compounding annual increase (calculated with simple interest). Such individuals electing such choice would also not receive annual increases in the first 2 years following retirement. After such delay, those individuals shall receive annual increases moving forward.

Such members electing Choice A shall remain eligible for access to his or her public retirement healthcare plan. Also, all future increases in earnings shall be included in the calculation of his or her future retirement benefit. Finally, only those who elect this choice shall be eligible to participate in the Optional Cash Balance Plan as described in this summary.

Choice B

Those electing Choice B shall receive annual increases equal to the current rate for Tier 1 members, but shall lose access to his or her public retirement healthcare plan. Also, all future increases in earnings shall not be included in the calculation of his or her future retirement benefit. This is also the default choice for those that fail to make an election before the deadline.

Choice C

Tier 1 active participants electing Choice C shall receive annual increases equal to the current rate for  Tier 1 members, but would not receive annual increases in the first 3 years following retirement. Such members electing this Choice will be required to contribute an additional 2% in employee contributions phased in over 2 years beginning in FY 14. The 2% in additional employee contributions will NOT count for money purchase formula purposes.


Election for Tier I Retirees (those who retire before January 1, 2013)

Choice A

Those that elect this choice are subject to a 2 year delay in receiving an automatic annual increase.

For example, a retiree would not receive the scheduled increase for January 1, 2015. However, he or she would receive the increase payable beginning on January 1, 2016 but the increase scheduled for January 1, 2017 would be suspended. Finally, beginning on January 1, 2018, such individuals shall no longer subject to suspension to their automatic annual increases. For those that have not yet retired, then such staggered delays don’t start until the year that follows the first year in which that retiree has received his or her first annual increase. Retirees making this election shall retain access to his or her public retirement healthcare plan.
 
Choice B

Reject Choice A, but lose access to his or her public retirement healthcare plan. This is also the default choice for those that fail to make an election before the deadline.

Funding Enforcement

If the State fails to contribute required contributions within 90 days of SURS submitting a voucher for payment, SURS shall have the right to commence a mandamus action in the Illinois Supreme Court to compel the Comptroller to satisfy the voucher.

Pension Stabilization Fund

SB 2404 revitalizes the Pension Stabilization Fund. The now unused fund begins receiving approximately $1.1 billion annually in FY 2020. GRF transfers into the Fund will continue until each of the state retirement systems are funded at their targeted funding ratio. Contributions from the fund to the systems are in addition to required contributions, however the systems to not have to include contributions from the fund for the purposes of projecting current and future contributions until the systems receive payment from the fund.

Prohibition of Non-Public Employers

Employers that are not defined as an employer under the SURS articles shall be excluded from enrolling new employees in SURS. Those employees of such employers that are already SURS participants shall remain participants. SURS is given the authority to determine whether or not a person is an employee.

SURS members shall not be eligible to receive service credit for a leave of absence for service with a teacher organization if that leave of absence begins on or after the effective date.

CIP Reform

The College Insurance Program (CIP) is reformed to increase employer costs, active employee costs, and recipient costs. Employees of community colleges who are members of SURS are currently eligible to participate in CIP upon vesting with SURS.

Beginning July 1, 2013, employers and active employees shall contribute .93% of salary (currently .5% of salary) to CIP.

CIP recipient costs shall be an amount equal to the difference between the projected costs of health benefits under the program and projected contributions from community college districts, active contributors, and other income of the program. Other income of the program excludes contributions made by the State to retire unpaid claims of the program.

Under current law CIP recipients currently receive up to 75% of the total insurance rate in subsidized
premiums.

City Colleges are given the opportunity to voluntarily participate in CIP.

Cash Balance Plan

Tier 1 employees that select option 1, shall be eligible to participate in the notional cash balance plan. The cash balance plan is a notional account credited with employee contributions that will be annually adjusted by an interest credit. Annuities are determined at retirement and the level of annuity is dependent on the notional account balance and other variables, such as the member’s age at retirement and their life
expectancy.

Employee Contributions
  • Members, including Tier 1 employees who elect Option 1, may elect to make additional contributions into an optional Cash Balance Plan at 2.0% of pay.

Employer contributions
  • There shall be no employer contributions

Investment Credit

A complex formula is used determine the investment credit that will annually be determined to credit the cash balance accounts. The credit shall be an amount no less than the assumed treasury rate (the annual 30 year yield of treasury bonds in no event less than 4%). If SURS’ 5 year investment returns and the SURS 1 year return is in excess of the assumed treasury rate, the percentage difference between the System’s 1 year return and the assumed rate of return shall be multiplied by .67% to determine a percentage to be added to the assumed treasury rate and applied as an interest credit. In no event shall a cash balance account interest credit be in excess of 4%.

Retirement Annuity
 

A cash balance plan member may begin collecting an annuity at age 59 ½. The annuity shall be calculated based on the balance in the notional cash balance account as well as other relevant actuarial assumptions. Cash balance plan annuities are life annuities.

Survivor’s annuity

When a cash balance plan member retires, they may elect to reduce their retirement annuity to provide for a survivor’s annuity. The reduction shall be actuarially determined, and the member can elect to provide a survivor’s annuity equal to 50%, 75%, or 100% of the retirement annuity.

If a cash balance plan member who has not yet retired dies with more than 5 years of service, the eligible survivor shall be entitled to an annuity beginning at age 59 ½ that is based upon the members cash balance account at the time of death. The survivor of a cash balance plan member who dies with less than 5 years of service shall be entitled to a refund of employee contributions without interest.

Automatic Annual Increase in Retirement Survivor’s Annuities
 

Retirement and survivor’s annuities shall be subject to a non-compounded annual automatic increase of 3% that will begin on the January 1 occurring on or after the first anniversary of the annuity start date.

Tier 2 Taskforce

SB 2404 establishes a taskforce to review the Tier 2 retirement plan to determine that plan’s effectiveness to provide adequate retirement and whether or not the Tier 2 meets federal compliance.

Status: Passed the Senate on May 9, 2013 with a vote of 40-16-0
 



SB 2591 – Comprehensive Pension Reform to State Universities Retirement System only


Sponsor – Senator Hastings

SB 2591 reflects the pension reform proposal produced by the Institute of Government Public Affairs and endorsed by the university presidents. Such reforms are only applied to the State Universities Retirement System

Automatic annual increases

SB 2591 reforms automatic annual increases provided to Tier 1 participants and Tier 1 retirees. Moving forward, such members shall receive an annual increase to his or her retirement annuity that is equal to ½ the increase in the consumer price index-u with compounding interest.

Automatic annual increase received prior to the effective date are protected and not diminished

Tier 1 active employee contributions
 

SB 2591 requires Tier 1 active employees to increase their contributions by 0.5% of pay over the next 4 years so that such active members will eventually be contributing an additional 2.0% of pay towards their retirement plan.

The employee contribution increases are exempt from Money Purchase Plan calculations.

Effective rate of interest

The amendment provides that in future fiscal years, the “effective rate of interest” (“ERI”) shall be an
amount equal to the rate of 30 year US treasury bonds plus 75 basis points. This effective rate of interest shall apply prospectively towards crediting interest to money purchase plan accounts, portable plan lump sum payouts, portable plan refunds, purchases of service credit, etc.

State Funding

The State shall make payments to finance its portion of liabilities so that it has funded 100% of its portion of liabilities by 2044. Upon amortizing 100% of its portion of liabilities, the State shall no longer be liable for any payments to the State retirement systems.

Beginning July 1, 2013, the State shall be contractually obligated to contribute to the System in each State fiscal year an amount not less than the sum of the State's certified contribution. The obligations are contractual obligations protected and enforceable under Article I, Section 16 and Article XIII, Section 5 of the Illinois Constitution.

Notwithstanding any other provision of law, if the State fails to pay in a State fiscal year the amount
guaranteed under this subsection, the System may bring a mandamus action in the circuit court of
Champaign or Sangamon County to compel the State to make that payment, irrespective of other remedies that may be available to the System. In ordering the State to make the required payment, the court may order a reasonable payment schedule to enable the State to make the required payment without significantly imperiling the public health, safety, or welfare.

Any payments required to be made by the State pursuant to this guarantee are expressly subordinated to the payment of the principal, interest, and premium, if any, on any bonded debt obligation of the State or any other State-created entity, either currently outstanding or to be issued, for which the source of repayment or security thereon is derived directly or indirectly from tax revenues collected by the State or any other State-created entity.

Tier 3 Retirement Plan
 

A Tier 3 retirement plan is created for employees who first become participants on or after January 1, 2014. Tier 2 participants are allowed to opt into the plan by making an irrevocable election to participate on or before June 1, 2014.

The Tier 3 plan is a stacked hybrid plan, meaning that participants concurrently participate in a defined benefit plan and a defined contribution plan. It should also be mentioned that Tier 3 participants are
prohibited from participating in the self-managed plan or portable plan.

Defined Benefit

The defined benefit plan of the Tier 3 package is very similar to the Tier 2 benefit but with the following alterations:
• Benefit multiplier is reduced from 2.2% to 1.5% for each year of service.
• Tier 3 participants receive automatic annual increases equal to ½ the increase in the consumer price index-u with compounding interest, rather than simple interest.
• Tier 3 participants are subject to a pensionable salary cap equal to the federal social security wage
base rather than the Tier 2 earnings cap, which increases annually at a more modest rate than the
social security wage base.

Defined Contribution Plan for Tier 3 participants
 

Employers shall contribute a minimum 1% of earnings on behalf of their employees participating in the Tier 3 plan. An employer may choose to contribute a higher rate on behalf of their employees participating in the Tier 3 plan.

Employee Contributions

Employees shall contribute 5.35% of earnings to fund the defined benefit plan, and 2.65% of earnings to fund the defined contribution plan.
Employees may make additional contributions to the defined contribution plan.

Vesting

A participant has a vested right to its employee contributions upon becoming a participant. A participant shall vest employer contributions as follows:
• 20% after accruing 2 years of service credit;
• 40% after accruing 3 years of service credit;
• 60% after accruing 4 years of service credit;
• 80% after accruing 5 years of service credit; and
• 100% after accruing 6 years of service credit.

Status: Assigned to Senate Assignments


HB 206 – Fiscal Year 2014 State Contribution to SURS

HB 206 appropriates $1,509,766,000 to SURS, which represents the fiscal year 2014 certified state
contribution to SURS.

Status: Passed the House on May 28, 2013, passed the Senate on May 30, 2013

Title: SB 1 (as amended by House Amendment #1)– Comprehensive Pension Reform
Date: June 26, 2013
Source: State Universities Retirement System