On Tuesday, 11/19/2024, the Senate Revenue and Fiscal Affairs committee reported House Bill 7 (Rep. Emerson) favorably with amendments. HB 7 seeks to revise the state constitution to require an additional, one-time payment to the unfunded accrued liability (UAL). The proposed payment is designed to reduce the employer contribution rate for TRSL-participating employers.
While most of the amendments were technical in nature, one amendment added a date – May 1, 2025 – by which the state treasurer shall transfer the one-time UAL payment to TRSL.
HB 7 will be considered by the full Senate after Legislative Bureau review.

In other news…
House Bill 5 (Rep. Bacala) was reported favorably by both the Senate Education and the Senate Finance committees. HB 5 directs the savings realized from the reduced employer contribution rate for TRSL-participating employers, as enacted through HB 7, to fund permanent pay raises for teachers/school personnel and requires the state to provide any additional funds needed for those raises.
HB 5 will now be considered by the full Senate after a Legislative Bureau review.