Bill
SF 3453
Overview: SF 3453, "Amortizing unfunded liabilities method modification; standards definition for actuarial work establishment", was referred to the State and Local Government comm
Overview: SF 3453, "Amortizing unfunded liabilities method modification; standards definition for actuarial work establishment", was referred to the State and Local Government committee on April 28, 2025.
Purpose and Intent: The bill aims to modify the method for amortizing unfunded liabilities and establish standards for actuarial work in the state. This is intended to improve the financial management and long-term sustainability of public pension and retirement systems.
Key Provisions:
- Requires the use of a closed, level-dollar amortization method for unfunded liabilities, rather than the current open, level-percent-of-payroll method
- Directs the state to establish standards and qualifications for actuarial work, including certification requirements and continuing education
Affected Parties and Impacts: This bill would primarily impact public pension and retirement systems, as well as the actuaries who provide analysis and recommendations for these systems. The changes to amortization and actuarial standards are intended to strengthen the financial footing of these systems over the long term.
Procedural and Timeline Considerations: The bill has been referred to the State and Local Government committee and is currently awaiting further consideration and potential advancement through the legislative process.
Compiled from official sources — confirm details with the bill’s official record.
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