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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
HCR037
|||| 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