View Daily Data Tracking History
View Bill Text
View Statement of Purpose / Fiscal Impact
HCR037......................................by COMMERCE AND HUMAN RESOURCES PUBLIC EMPLOYEE RETIREMENT SYSTEM - Stating findings of the Legislature and stating the intent of the Legislature that the Public Employee Retirement System continue to be fully funded at a 100% funded ration with a stabilization reserve sufficient to absorb normal market fluctuations, within one standard deviation, without a contribution rate increase, as determined by the Public Employee Retirement Board. 02/04 House intro - 1st rdg - to printing 02/07 Rpt prt - to Com/HuRes 02/10 Rpt out - rec d/p - to 2nd rdg 02/11 2nd rdg - to 3rd rdg 02/15 3rd rdg - ADOPTED - 66-0-4 AYES -- Alltus, Barraclough, Barrett, Bell, Bieter, Black, Boe, Bruneel, Campbell, Chase, Cheirrett, Clark, Crow, Cuddy, Deal, Denney, Ellsworth, Field(13), Field(20), Gagner, Geddes, Gould, Hadley, Hammond, Hansen(23), Hansen(29), Henbest, Jaquet, Jones, Judd, Kellogg, Kempton, Kendell, Kunz, Lake, Linford, Loertscher, Mader, Marley, McKague, Meyer, Montgomery, Mortensen, Moss, Moyle, Pearce, Pomeroy, Reynolds, Ridinger, Ringo, Robison, Sali, Schaefer, Sellman, Shepherd, Smith, Smylie, Stevenson, Stoicheff, Stone, Taylor, Trail(Miller), Wheeler, Wood, Zimmermann, Mr Speaker NAYS -- None Absent and excused -- Callister, Hornbeck, Pischner, Tilman Floor Sponsor - Lake Title apvd - to Senate 02/16 Senate intro - 1st rdg - to Com/HuRes 02/25 Rpt out - to 10th Ord 02/28 10th ord - ADOPTED - voice vote Title apvd - to House 02/29 To enrol 03/01 Rpt enrol - Sp signed 03/02 Pres signed 03/03 To Secretary of State
|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-fifth Legislature Second Regular Session - 2000 IN THE HOUSE OF REPRESENTATIVES HOUSE CONCURRENT RESOLUTION NO. 37 BY COMMERCE AND HUMAN RESOURCES COMMITTEE 1 A CONCURRENT RESOLUTION 2 STATING FINDINGS OF THE LEGISLATIVE COUNCIL INTERIM COMMITTEE ON THE PUBLIC 3 EMPLOYEE RETIREMENT SYSTEM, AFFIRMING THE GOAL OF THE RETIREMENT BOARD TO 4 MAINTAIN A FULLY-FUNDED SYSTEM AT A ONE HUNDRED PERCENT FUNDED RATIO, 5 ENDORSING THE INVESTMENT POLICIES OF THE BOARD, AND STATING THE INTENT OF 6 THE LEGISLATURE THAT THE PUBLIC EMPLOYEE RETIREMENT SYSTEM CONTINUE TO BE 7 FULLY-FUNDED AT A ONE HUNDRED PERCENT FUNDED RATIO WITH A STABILIZATION 8 RESERVE SUFFICIENT TO ABSORB NORMAL MARKET FLUCTUATIONS, WITHIN ONE STAN- 9 DARD DEVIATION, WITHOUT A CONTRIBUTION RATE INCREASE, AS DETERMINED BY THE 10 BOARD. 11 Be It Resolved by the Legislature of the State of Idaho: 12 WHEREAS, the Legislative Council Interim Committee on the Public Employee 13 Retirement System was charged by the 1999 Idaho Legislature in House Concur- 14 rent Resolution No. 21 to undertake and complete a study of the Public 15 Employee Retirement System and options which could provide enhancements or 16 alternatives to existing provisions; and 17 WHEREAS, H.C.R. No. 21 directed the committee to report its findings, rec- 18 ommendations and proposed legislation to the Second Regular Session of the 19 Fifty-fifth Idaho Legislature; and 20 WHEREAS, the committee has conducted a thorough review of the system, 21 including an in-depth examination of the current and anticipated financial 22 status of the retirement fund and the investment policies of the Retirement 23 Board; and 24 WHEREAS, the committee finds that the retirement fund has produced out- 25 standing returns under the investment policies of the board, resulting in a 26 fully-funded system for the first time since the inception of PERSI; and 27 WHEREAS, the committee recommends adoption of a resolution affirming the 28 board's goal of maintaining a fully-funded system at a 100% funded ratio, 29 endorsing the investment policies of the board, and stating the intent of the 30 Legislature that the system continue to be fully-funded at a 100% funded ratio 31 with a stabilization reserve sufficient to absorb normal market fluctuations, 32 within one standard deviation, without a contribution rate increase, as deter- 33 mined by the board. 34 NOW, THEREFORE, BE IT RESOLVED by the members of the Second Regular Ses- 35 sion of the Fifty-fifth Idaho Legislature, the House of Representatives and 36 the Senate concurring therein, that the goal of the Retirement Board of the 37 Public Employee Retirement System to maintain a fully-funded system at a 100% 38 funded ratio is hereby affirmed, that the investment policies of the board are 39 hereby endorsed and that it is the intent of the Legislature that the Public 40 Employee Retirement System continue to be fully-funded at a 100% funded ratio 41 with a stabilization reserve sufficient to absorb normal market fluctuations, 42 within one standard deviation, without a contribution rate increase, as deter- 43 mined by the board.
STATEMENT OF PURPOSE RS09502C1 As recently as July 1, 1995 the Public Employee Retirement System of Idaho (PERSI) had an unfunded liability in excess of One Billion dollars. Based on contribution rates existing at that time it was projected to take 22 years to achieve fully funded status. Due to excellent market performance, as of July 1, 1999 the system was fully funded (approximately Six Billion dollars) and held a surplus of approximately one standard deviation (700 Million dollars). The purpose of this Concurrent Resolution is to affirm that it is the intent of the legislature that the Public Employee Retirement System of Idaho shall remain fully funded and that a reserve sufficient to absorb normal market fluctuations shall be provided. FISCAL IMPACT There is no impact on the general fund. This resolution expresses the will of the legislature regarding prudent financial management of the Public Employee Retirement System of Idaho. CONTACT: Representative Dennis Lake 332-1156 STATEMENT OF,PURPOSE/ FISCAL NOTE HCR 37