Earlier this week we alerted you to SB 153 which would have passed on $13 million in annual fees to members for administering PERF/TRF annuity accounts.
Through testimony, it became clear that there were issues that required deeper discussion. Therefore, Sen. Karen Tallian (D-Portage) requested that SB 153 be made a subject to be discussed next summer by the bi-partisan Pension Management Oversight Commission (PMOC).
Sen. Phil Boots; (R-Crawfordsville), the chairperson and author of the bill, agreed and so now it appears as though SB 153 will be amended to urge the Legislative Council to direct PMOC to study this issue.
Prior to the committee hearing, Sen. Boots met with your lobbyists and was open to ISTA’s concerns. We thank Sen. Boots and the entire Senate Pensions and Labor Committee for understanding that this issue needs more focused discussion and thought than can be given during this short legislative session.