Bill description: HB 448 strengthens PERSI, the retirement system for employees of some governments and state government agencies, by adjusting the formula for cost-of-living increases.
Rating: +1 Does it increase government spending (for objectionable purposes) or debt? Conversely, does it decrease government spending or debt?
HB 448 adjusts the cost-of-living formula for the Public Employee Retirement System of Idaho, or PERSI. Specifically, the bill requires that cost-of-living adjustments not "cause the value of the actuarial assets of the system to fall below its actuarial liabilities." Making sure that PERSI remains fully funded is the fiscally responsible thing to do.
According to the statement of purpose for HB 448, the state could save $24 million as a result.
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