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SB 475 - This act provides that certain retirement plans shall be one hundred percent funded in five years. If the specified plans do not maintain a hundred percent funded ratio then the plans cannot adjust or increase benefits. The act also states that when a plan falls below eighty percent then benefit accruals shall cease. When the annual plan investment rate of return falls below zero percent then neither the plan, governing body, nor plan employees shall be held civilly liable for the loss of funds or failure to maintain the one hundred percent funded ratio. JESSICA BAKER
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