Teachers Retirement System urges full funding as House bill 500 provides major one‑time payoff but leaves biennial gaps
Beau Barnes of the Teachers Retirement System told the House Budget Review Subcommittee that House Bill 500 funds a large, one‑time payment to pay down legacy unfunded liability in year one but falls short of TRS's full two‑year request, leaving an estimated $79.5 million biennial gap and smaller shortfalls in specific line items.
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Beau Barnes, deputy executive secretary and general counsel for the Teachers Retirement System, told the House Budget Review Subcommittee on Personnel, Public Retirement and Finance that TRS’s budget request for the upcoming biennium sought full funding of pension and health trusts and that House Bill 500, as introduced, provides the single large payment needed to begin paying off legacy unfunded liability.
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