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SB 86 - Currently, public retirement plans cannot implement a benefit increase unless the plan's funded ratio is at least 80% and will not be less than 75% after adoption of the benefit increase. This act specifies that plans use the funded ratio as of the most recent periodic actuarial valuation before implementing a benefit increase. The act also authorizes plans to make benefit increases despite having a funded ratio below the require level if necessary to maintain federal tax deferred status on the employer contributions paid into the plan. This act also contains an emergency clause. JESSICA BAKER
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