Video & Transcript : 'unfunded accrued liability' :

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LA
LA

Louisiana 2026 Regular Session

Retirement Apr 29th, 2026

Retirement

Transcript Highlights:
  • Senate Bill 21 by Senator Price provides relative to payments toward unfunded accrued liability for the
  • Retirees can earn a full salary and pension while paying into LASERS without accruing new service credit
Bills: SB8 , SB10 , SB11 , SB12 , SB13 , SB14 , SB16 , SB17 , SB18 , SB20 , SB21 , SB22 , SB416 , SB455 , SB456 , SB477
Committee: House Retirement
Keywords: Municipal Employees' Retirement System, Louisiana, participation, employer, retirement, SB 10, Act 222, Louisiana State Police Retirement System, state police retirement, retirement system funding, employer contributions, actuarial gains, amortization, Permanent Benefit Increase, PBI account, benefit increase reserve, supplemental permanent benefit increase, public retirement systems, state pension, pension funding
LA
LA

Louisiana 2026 Regular Session

Finance May 11th, 2026

Finance

Transcript Highlights:
  • A lot of the systems, most of the systems, had frozen unfunded liabilities at one point.
  • Most of the systems had frozen unfunded liabilities at one point.
  • Non-recurring state money and state retirement system unfunded accrued liabilities? Baham.
  • Non-reoccurring state money and state retirement system unfunded crew liabilities? Baham. Um.
  • Funded accrued liabilities. Baham. Anybody here for 308? Okay. I'll take up 290 from McFarland.
Bills: SB25 , SB250 , HB22 , HB27 , HB33 , HB47 , HB233 , HB290 , HB308 , HB324 , HB382 , HB533 , HB559 , HB575 , HB980 , HB1157 , HB1207 , HB1236 , HCR45
Committee: Senate Finance
Keywords: HB22, Act 279, Clerks of Court Retirement and Relief Fund, retirement system, pension, cost-of-living adjustment, COLA, retirees, beneficiaries, survivors, funded ratio, actuarial valuation, Consumer Price Index, CPI-U, employer contributions, funding deposit account, unfunded accrued liability, public retirement, Louisiana retirement law, court clerks
AL
AL

Alabama 2026 Regular Session

Alabama Senate Finance and Taxation General Fund Committee Feb 25th, 2026

Finance and Taxation General Fund

MA
MA

Massachusetts 2025-2026 Regular Session

Joint Committee on Municipalities and Regional Government Jun 23rd, 2026

Joint Committee on Municipalities and Regional Government

Transcript Highlights:
  • funding... ...Newton to issue pension obligation bonds and notes for the purpose of funding the unfunded
  • pension liability of its retirement system.
  • This structure promotes transparency, strengthens public trust, and helps reduce municipal liability
Bills: H5426 , H5434 , S3084 , S3087 , S3088 , S3092
Committee: Joint Joint Committee on Municipalities and Regional Government
Keywords: North Attleborough, town charter, home rule charter, municipal government, local option, charter amendment, Parks and Recreation Commission, Park Commission, write-in candidate, sticker candidate, ballot access, town election, bylaw, ordinance, board membership, local approval, Tisbury, Martha's Vineyard, planning board, associate members
AL
AL

Alabama 2025 Regular Session

Alabama Senate Finance and Taxation General Fund Committee Apr 23rd, 2025

Finance and Taxation General Fund

AZ
AZ

Arizona 2026 Regular Session

02/04/2026 - House Federalism, Military Affairs & Elections

Federalism, Military Affairs & Elections

AL
AL

Alabama 2026 Regular Session

Alabama House Ways and Means General Fund Committee Jan 21st, 2026

Ways and Means General Fund

AL
AL

Alabama 2025 Regular Session

Alabama House Ways and Means General Fund Committee Apr 9th, 2025

Ways and Means General Fund

LA
LA

Louisiana 2026 Regular Session

Retirement May 5th, 2026

Retirement

Transcript Highlights:
  • And it got rid of a big chunk of our unfunded accrued liability out there when he did it.
  • accrued liability out there for this system?
  • So the long-term impact that is more likely to create a large unfunded accrued liability is a change.
  • So the long-term impact that is more likely to create a large unfunded accrued liability is a change.
  • That is more likely to create a large unfunded accrued liability is a change in participant behavior.
Bills: HB17 , HB21 , HB24 , HB41 , HB42 , HB45 , HB1134 , HB1237
Committee: Senate Retirement
Keywords: HB 17, District Attorneys' Retirement System, retirement system, reemployed retiree, reemployment, supplemental retirement benefit, service credit, benefit suspension, public retirement, district attorney, assistant district attorney, Louisiana District Attorneys' Association, employer reporting, annual report, retirement benefits, state employees, local funds, state funds, Municipal Employees' Retirement System, part-time retirees
AL
AL

Alabama 2026 Regular Session

Alabama House Ways and Means Education Committee Jan 21st, 2026

Ways and Means Education

LA
LA

Louisiana 2026 Regular Session

Public Retirement Systems Actuarial Committee Feb 23rd, 2026

Transcript Highlights:
  • So there's no payment required for an unfunded accrued liability.
  • accrued liability, and there are payment schedules set up for that unfunded accrued liability.
  • The unfunded accrued liability above that, you'll note, down from $794 million to $658 million.
  • This plan does not have an unfunded accrued liability because they did not have an unfunded accrued liability
  • This plan does not have an unfunded accrued liability because they did not have an unfunded accrued liability
Summary: The Public Retirement System Actuarial Committee met on February 23, 2026, approved the December 18, 2025 minutes, and heard actuarial valuation reports and experience studies for several retirement systems. Presenters repeatedly noted strong investment performance, payroll growth, and generally improving funded ratios across the systems, with most plans showing lower minimum recommended employer contribution rates for fiscal 2027. The committee also received explanations of funding deposit accounts, frozen unfunded liabilities in some plans, and how recent legislative changes, including the move to five-year DROP periods in some systems, affected costs and assumptions. For the Clerk of Court, District Attorney, Firefighters, Municipal Employees (Plans A and B), Municipal Police, Registrars of Voters, and Sheriffs systems, the committee reviewed 2025 actuarial evaluations and, where applicable, 2025 experience studies. The actuarial reviewers reported no significant deficiencies and said the valuations were completed in accordance with applicable actuarial standards, generally accepted actuarial practice, and state statutes. The experience studies generally led to modest assumption changes, with some cost decreases from salary, mortality, withdrawal, and asset experience, while some plans saw offsetting increases from retirement or post-DROP behavior. The committee asked a brief question about mortality assumptions and was told the studies use separate male/female and safety/non-safety tables adjusted for Louisiana experience. The committee adopted each valuation and experience study without objection. Key fiscal 2027 minimum recommended employer contribution rates included 14.75% for Clerk of Court, 3.0% for District Attorneys, 25.5% for Firefighters, 20.75% for MERS Plan A, 8.75% for MERS Plan B, 26.5% for Municipal Police, 0% for Registrars of Voters with a $207,683 allocation to the Member Supplemental Savings Fund, and 7.75% for Sheriffs. The committee also recognized DROP crediting rates where applicable and adjourned after completing all agenda items.
LA
LA

Louisiana 2026 Regular Session

Public Retirement Systems Actuarial Committee Feb 23rd, 2026

Transcript Highlights:
  • So there's no payment required for an unfunded accrued liability.
  • accrued liability, and there are payment schedules set up for that unfunded accrued liability.
  • The unfunded accrued liability above that, you'll note, down from $794 million to $658 million.
  • This plan does not have an unfunded accrued liability because they did not have an unfunded accrued liability
  • This plan does not have an unfunded accrued liability because they did not have an unfunded accrued liability
Summary: The Public Retirement System Actuarial Committee met on February 23, 2026, approved the December 18, 2025 minutes, and heard no public comment. The committee then reviewed actuarial valuation reports and, for most systems, accompanying experience studies. The actuaries reported generally favorable investment and demographic experience across the systems, with funded ratios improving and employer contribution rates declining in several plans. They also explained the role of funding deposit accounts, frozen unfunded liabilities in some plans, and how recent legislative changes, especially the move to five-year DROP periods in some systems, affected assumptions and costs. For the Louisiana Clerk of Court Retirement Relief Fund, the committee adopted the valuation and experience study, recognizing a fiscal 2027 minimum recommended employer rate of 14.75%. For the District Attorney’s Retirement System, it adopted the valuation and experience study and recognized a fiscal 2027 minimum rate of 3.00%. For the Firefighters’ Retirement System, the committee adopted the valuation and experience study, recognized a fiscal 2027 minimum rate of 25.5%, and noted that DROP balances left on deposit will earn the market rate of return of 11.7%. The committee also adopted the Municipal Employees’ Retirement System valuation for both Plan A and Plan B, recognizing fiscal 2027 minimum rates of 20.75% and 8.75%, respectively. It adopted the Municipal Police Employees’ Retirement System valuation and experience study, recognizing a fiscal 2027 minimum rate of 26.5%, a DROP crediting rate of 7.4%, and a policy range up to 29.35% for future contributions. For the Registrars of Voters Employees’ Retirement System, the committee adopted the valuation and experience study, recognized a fiscal 2027 minimum rate of 0%, and noted a $207,683 allocation to the Member Supplemental Savings Fund for fiscal 2026. Finally, it adopted the Sheriff’s Pension and Relief Fund valuation and experience study, recognizing a fiscal 2027 minimum rate of 7.75%. All motions passed without objection, and the meeting adjourned.
NM
NM

New Mexico 2025 Regular Session

IC - Investments and Pensions Oversight Oct 8th, 2025

Investments & Pensions Oversight Committee

Transcript Highlights:
  • So, the unfunded liability as of June 30. 2024 was $8.7 billion.
  • What that unfunded liability represents is essentially our accrued liability minus our assets.
  • liability. number we just discussed, and that's where we get the unfunded liability.
  • So, we look at your unfunded liability. It's an additional $1.4 billion on your unfunded liability.
  • It doesn't have an immediate impact on your unfunded liability because your unfunded liability doesn't
Committee: House Investments & Pensions Oversight Committee
NM
NM

New Mexico 2025 Regular Session

IC - Investments and Pensions Oversight Nov 5th, 2025

Investments & Pensions Oversight Committee

Transcript Highlights:
  • However, our accrued liability has increased.
  • So our unfunded liability, what we are short, is $9.7 billion.
  • of time we're going to pay off that unfunded liability—should continue to shrink.
  • So while we're making improvement, that unfunded liability...
  • And the SB 72 was really to address the unfunded liability.
Committee: House Investments & Pensions Oversight Committee
LA
LA

Louisiana 2026 Regular Session

Retirement May 5th, 2026

Retirement

Transcript Highlights:
  • There's no amount, but it has the cost to both the state of the possibility of creating an unfunded accrued
  • And it got rid of a big chunk of our unfunded accrued liability out there when he did it.
  • accrued liability out there for this system?
  • So the long-term impact that is more likely to create a large unfunded accrued liability is a change.
  • That is more likely to create a large unfunded accrued liability is a change in participant behavior.
Committee: Senate Retirement
Summary: The Senate Committee on Retirement met on May 5 with four members present. HB 41 was deferred until the following week, and the committee approved the April 20, 2026 minutes. The committee then took up several retirement-system bills, many of them negotiated measures involving municipal police, firefighters, teachers, district attorneys, and judges. HB 45, by Rep. Bacallat, was amended and reported favorably. It makes changes to the Municipal Police Employees Retirement System, including retention bonuses, recognition of out-of-state police service, benefits for three officers killed in the line of duty before full enrollment, a DROP fix, and more competitive accrual rates. Testimony from the Louisiana Municipal Association, MEPERS, police representatives, and Mayor Helena Marino was strongly supportive, emphasizing that the bill resolves longstanding disputes and litigation. HB 1237, also by Rep. Bacallat, was reported favorably after testimony that it eliminates partial dissolution penalties for municipal police and adjusts related firefighter provisions; witnesses said it was a negotiated fix supported by municipal and fire stakeholders. HB 42, concerning phased retirement in the Teacher Retirement System, was reported favorably as a permissive framework allowing universities to offer phased retirement options. HB 17, by the District Attorneys’ Retirement System director, was reported favorably to add the Louisiana District Attorneys Association to the definition of employer and require annual reporting on the rehire statute. HB 21, a cleanup bill for the Municipal Employees Retirement System, was also reported favorably. HB 1134, creating a backdrop retirement option for certain judges whose positions are abolished, was amended and reported favorably after LASERS raised questions about early retirement eligibility and the need to bar future judicial candidacy. HB 24, by Rep. Owen, drew the most discussion. It would allow retired or certified teachers to return to work through contracts with school systems, with a three-year sunset. The sponsor argued it would help keep qualified teachers in classrooms and avoid midyear departures, while TRSL, the Louisiana School Board Association, and committee members raised concerns about fiscal impact, contractor status, workers’ compensation, leave rules, and overlap with a separate bill being worked on by the chairman. After an amendment clarifying the independent-contractor definition was adopted, the committee chose to hold the bill in committee for further work rather than advance it immediately. The meeting ended with a motion to adjourn.
MO
MO

Missouri 2026 Regular Session

Joint Committee on Public Employee Retirement Apr 28th, 2026

Joint Committee on Public Employee Retirement

Transcript Highlights:
  • So, moving to unfunded actuarial accrued liabilities and the amortization schedule, or the payment schedule
  • for those unfunded liabilities, developed by the actuary.
  • So moving to unfunded actuarial crude So moving to unfunded actuarial crude liabilities and the amortization
  • schedule or the payment schedule for those unfunded liabilities developed by the actuary.
  • The actual accrued liability is roughly $17.4 billion.
Committee: House Joint Committee on Public Employee Retirement
Summary: The Joint Committee on Public Employee Retirement held an informational hearing on the Missouri State Employees’ Retirement System (MOSERS) to review its long-term financial condition, funding status, investment performance, experience study results, and possible legislation. MOSERS staff explained that the plan is a statutorily created defined benefit system covering state employees, several colleges and quasi-governmental entities, with an 11-member board and outside actuarial and investment consultants. They reported the June 30, 2025 valuation showed a funded ratio of 55.4%, assets of about $9.6 billion, liabilities of about $17.4 billion, and a FY27 actuarial employer rate of 27.44%, which the board raised to a 32% minimum contribution rate under a policy adopted in 2023. MOSERS attributed the funding decline over time to several factors: reductions in the assumed investment return from 8.5% to 6.95%, mortality assumption updates, a move from open to closed amortization, and especially weak payroll growth and a shrinking active workforce. Staff said the minimum contribution policy is intended to accelerate UAL paydown and could bring the plan to 80% funded by 2037 rather than 2041, assuming all assumptions are met. The committee also discussed the recent experience study, which kept the investment return assumption at 6.95% and made only modest assumption changes, and a proposed 2026 bill package (SB 1557 and SB 1054) that would automatically refund small balances under $1,000 to terminated non-vested members and add auto-escalation to the deferred compensation plan. A substantial portion of the hearing focused on investment strategy and why MOSERS has lagged some peers. The investment consultant said historical underperformance was driven mainly by asset allocation choices that emphasized a more risk-balanced, diversified portfolio with less public equity exposure than peers during a period when equities performed very strongly. He said the board adopted a more equity-oriented allocation in 2024 and is phasing it in over eight quarters, with recent short-term results improving and the portfolio outperforming its policy benchmark. Members also asked about the effect of inactive members, the rationale for the higher employer contribution, and whether the current board should be held responsible for past decisions; MOSERS officials emphasized that the current board is trying to correct course and that pension funding changes take time. The hearing also touched on ongoing litigation against a former private equity manager, Catalyst Capital, with MOSERS saying it has spent about $20 million in legal fees so far and that the case remains on appeal. The committee took no formal vote and adjourned after the informational presentation and questions.
MO
MO

Missouri 2026 Regular Session

Joint Committee on Public Employee Retirement Apr 28th, 2026 at 08:30 am

Joint Committee on Public Employee Retirement

Transcript Highlights:
  • So moving to unfunded actuarial accrued liabilities and the amortization schedule, or the payment schedule
  • for those unfunded liabilities developed by the actuary.
  • So moving to unfunded actuarial crude liabilities and the amortization schedule or the payment schedule
  • for those unfunded liabilities developed by the actuary.
  • We also have huge unfunded liabilities.
Committee: House Joint Committee on Public Employee Retirement
KY
KY

Kentucky 2025 Regular Session

Public Pension Oversight Board (1-27-25)

Transcript Highlights:
  • liability that it the uh the unfunded liability that it adds<00:19:00.480><c> uh</c><00:19:00.679><c
  • </c><00:19:32.760><c> liability</c><00:19:33.320><c> anytime</c> to add to the unfunded liability anytime
  • </c><00:45:42.960><c> taxpayers</c> unfunded liability uh that the taxpayers unfunded liability uh that
  • liability you know additional unfunded liability you know what<00:46:29.280><c> the</c><00:46:29.440
  • c> days</c><00:46:33.680><c> is</c> the unfunded liability for sick days is the unfunded liability for
Summary: The committee first approved the prior month’s minutes after a roll call established a quorum. It then heard testimony on a draft proposal from Senator Robbie Mills to increase CERS retiree health subsidies for members retiring on or after July 1, 2003. The bill would raise the non-hazardous subsidy from $14.63 to $40 per month per year of service and the hazardous-duty subsidy from $21.94 to $50, with employee contribution rates adjusted based on the health trust’s funded status. Supporters from sheriffs, firefighters, police chiefs, and the Kentucky League of Cities said the change would improve recruitment and retention, better align the subsidy with the cost of a single health plan, and preserve the system’s financial footing through shared employer-employee costs and funding triggers. Committee members asked about the fiscal impact, the effect of funding levels above 150%, and how the subsidy would work for rehired retirees or employees who later take private-sector jobs. Mills and other witnesses said preliminary actuarial work was still forthcoming, that the bill was intended to be revenue-neutral or close to it, and that the subsidy would continue to be paid monthly; they also noted existing 2008 rules for rehired retirees and said the benefit would still be available even if a retiree later had other insurance. One member suggested looking at stable accounts as an additional option for special-needs planning in a later bill. The committee then heard Senate Bill 58 from Senator Robin Webb, which would allow state employees to designate a Special Needs Trust as a beneficiary for retirement benefits. Webb said the measure would help employees provide for disabled dependents without jeopardizing SSI or Medicaid eligibility, and that the bill follows federal special-needs trust rules. He said the proposal could be revenue neutral, but actuarial analysis was still pending and KPPA had asked for electronic rather than paper transfer provisions. Members questioned whether the authority already exists, how the trust would work, and whether stable accounts should also be considered; Webb said he would follow up with additional information.
LA
LA

Louisiana 2026 Regular Session

House of Representitives Mar 9th, 2026

Transcript Highlights:
  • accrued liability becomes HJR 27, Appropriations.
  • accrued liability becomes HJR 27, Appropriations.
  • , accru liability, 27.
  • accrued liability.
  • accrued liability transfer.
Summary: The House convened with a quorum, received and accepted multiple resignation notices from members representing Districts 37, 39, 60, 69, 97, and 100, and then recognized the election and qualification of the members-elect who filled those vacancies: Doyle Boudreau, Reese Broussard, Chasity Verrett-Martinez, and Edwin Murray. Each member-elect was sworn in, and the House also appointed committees to notify the Senate and the governor that it was ready to conduct business for the 2026 regular session. The chamber then handled a large number of procedural actions related to prefiled legislation. By motion and without objection, the House suspended rules to refer prefile bills to committee and introduced a broad slate of House bills and resolutions. Topics included the state budget and appropriations, retirement system changes, carbon capture and sequestration, criminal justice and bail, public safety, education, health care, local government matters, transportation, and several memorial or commemorative resolutions. Several resolutions and bills were noted as lying over, and some prefiled bills were withdrawn from the files. The House also received a Senate message that SCR 1 had been adopted, and the resolution was taken up without objection. The chamber then recessed for a joint session with the Senate to hear the governor’s address and a presentation honoring Technical Sergeant Adam W. Brister with the Distinguished Flying Cross. In his remarks, Governor Jeff Landry highlighted his administration’s priorities, including education, tax reform, workforce development, health and nutrition, insurance reform, transportation infrastructure, fiscal discipline, and criminal justice reform, while urging support for his agenda and several related bills and constitutional amendments.
TX
TX

Texas 89th Regular

Senate Committee on Finance Apr 2nd, 2025

Finance

Transcript Highlights:
  • It's been very hard. down unfunded liabilities. The formula just doesn't work.
  • in a given year and pays down the unfunded liabilities over a 30-year period.
  • liability to be amortized over 30 years.
  • It would also require the unfunded actuarial accrued liability to be depreciated.
  • liability and not used to pay for local benefit increases.
Bills: SB868 , SB1337 , SB1371 , SB1377 , SB1426 , SB1620 , SB2064 , SB2065 , SJR4 , SJR 4
Committee: Senate Finance