identifying certain school district offices as incompatible for purposes of school district elections.

2026 Regular Session Introduced by Donovan Fenton and 6 co-sponsors

One-time $25M SIIF transfer to PERS to reduce the unfunded liability of the main defined-benefit plan, offsetting additional employer contributions for 2025–27.

Enrolled (in recess of) 06/04/2026

Main purpose

Authorize a one-time transfer from the State’s Strategic Investment and Improvements Fund (SIIF) to the Public Employees Retirement System (PERS) fund for the purpose of reducing the unfunded liability of the PERS main defined‑benefit plan and to state legislative intent on how those monies (and certain projected deposits) are to be used during the 2025–27 biennium.

Key provisions

Transfer authority: The Office of Management and Budget (OMB) is directed to transfer $25,000,000 from the Strategic Investment and Improvements Fund to the Public Employees Retirement System fund during the 2025–27 biennium (the period beginning July 1, 2025 and ending June 30, 2027).

Legislative intent: The bill states the Assembly’s intent that:

The $25,000,000 transfer and the $65,000,000 projected to be deposited in the PERS fund during 2025–27 (pursuant to existing law, section 57‑51.1‑07.5) be used to reduce the unfunded liability of the PERS main defined‑benefit plan.
These transfers are intended to be in lieu of the PERS charging state governmental units an additional actuarially determined contribution rate under section 54‑52‑06 for the 2025–27 biennium.

Who is affected

Public Employees Retirement System (main defined‑benefit plan): primary beneficiary — the funds are dedicated to lowering the plan’s unfunded liability.

State governmental units (employers covered by PERS): intended relief from an additional actuarially determined contribution rate for the 2025–27 biennium.

Office of Management and Budget / State Treasurer: responsible for effecting the transfer from the SIIF into the PERS fund.

Strategic Investment and Improvements Fund: reduced by the transferred amount.

Fiscal and policy impact

Direct fiscal effect: a $25,000,000 reduction in SIIF balance and a $25,000,000 increase to the PERS fund principal during the 2025–27 biennium.

Actuarial/ongoing effects: expected reduction in measured unfunded liability for the PERS main plan; the legislature intends this funding to offset the need for an additional employer contribution rate for the biennium (per cited statutory section).

Earlier drafts: an earlier version proposed a larger transfer ($135,000,000); the enacted amount was amended down to $25,000,000.

Timeline and status

Transfer window specified for the 2025–27 biennium (July 1, 2025 – June 30, 2027).

Legislative history (selected):

Passed both chambers (House vote reported: Yeas 91, Nays 0; Senate vote reported: Yeas 46, Nays 0).
Enrolled and presented to Governor; recorded as signed.
Effective date reported as September 1, 2025 (per enrolled/legislative action records).

Implementation notes

OMB must execute the transfer within the prescribed biennium.

PERS is expected to apply the transferred funds per the legislative intent to reduce unfunded liabilities and to treat these transfers as offsetting additional employer contribution requirements for the 2025–27 biennium.

If you want, I can:
- Extract and display the exact statutory text added/changed,
- Prepare a short one‑page explainer for agency budget staff, or
- Analyze likely actuarial impacts given recent PERS valuation summaries (if you provide the valuation report).

Bill