- Associated Press - Monday, April 4, 2016

JUNEAU, Alaska (AP) - The Latest on state Senate proposals calling for increased local contributions for retirement plans (all times local):

4:30 p.m.

The Senate majority says a bill calling for increased local contributions for the public employees’ retirement system is on hold following new actuarial estimates.

But the majority, in a release, says the Senate Finance Committee will discuss legislation calling for increased local contributions to the teachers’ retirement system later this week. The committee has proposed using money previously set aside for state-sanctioned scholarships and financial aid grants to help ease the impact.

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11:55 a.m.

A co-chair of the Senate Finance Committee is looking at whether bills that would increase local contributions for two state retirement plans are needed this session given new actuarial estimates.

Sen. Anna MacKinnon says the initial indications are that there’s a significant drop in the state liability. If that’s the case, she says there may not be a need to move the bills forward.

The committee last week introduced bills aimed at further reducing state costs that would increase local contributions to the public employees’ and teachers’ retirement systems.

Legislative Finance Division Director David Teal says an actuary provided numbers but he’s not clear on the reasons behind them. He says the estimated state contribution for both goes down in fiscal year 2018 though by different percentages.


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