§ 120-111.3. Analysis of legislation.
§120‑111.3. Analysis of legislation.
Every bill, which creates ormodifies any provision for the retirement of public officers or publicemployees or for the payment of retirement benefits or of pensions to publicofficers or public employees, shall, upon introduction in either house of theGeneral Assembly, be referred to the Committee on Pensions and Retirement ofeach house. When the bill is reported out of committee it shall be accompaniedby a written report by the Committee on Pensions and Retirement containing,among other matters which the Committee deems relevant, the actuarial noterequired by Article 15 of Chapter 120 of the General Statutes, and pursuant tothe Rules of the General Assembly, and an evaluation of the proposedlegislation's actuarial soundness and adherence to sound retirement and pensionpolicy. Any bill referred to the Committee on Pensions and Retirement cannot befurther considered by that house until such bill has received a favorablereport, a report without prejudice, or has been recalled from that committee.
Whenever a bill is consideredby the Committee on Pensions and Retirement that proposes changes in thebenefits of any State‑administered retirement or pension plan to befinanced by unencumbered actuarial experience gains generated either through achange in actuarial assumptions adopted by the plan for the previous budgetyear or through a continuation of the actuarial assumptions adopted by the planfor the previous budget year, the Committee shall give equal consideration tothe effects that such unencumbered actuarial gains would have upon annualemployer or State contributions to the plan and to the amount by which theplan's unfunded accrued liabilities, if any, might be reduced. If suchunencumbered actuarial experience gains could be used to modify annual employeror State contributions to the plan resulting in a corresponding effect uponState appropriations, the Committee on Pensions and Retirement shall, upon afavorable report, refer the bill to the Committee on Appropriations of the samehouse before the bill is considered by that house. (1979, 2nd Sess., c. 1250, s.1; 1981, c. 85, s. 4; 1985, c. 187; c. 400, s. 10; 1987 (Reg. Sess., 1988), c.1110, s. 11.1.)