The General Assembly has worked longer days this week to move bills that are subject to the cross-over deadline. By Legislative rule, a bill that originates in one chamber must be approved and sent to the other house no later than May 14 unless the bill involves taxes, fees, or the appropriation of state or local funds. Bills that fail to cross over are not eligible for further consideration during this session.
A number of bills of interest to retirees that were subject to the cross-over requirement were approved this week. A summary follows.
House Bill 1507: State Treasurer Investments
This bill expands the options available to the State Treasurer for the investment of retirement systems funds. The Senate approved an identical bill (SB 703) last week.
Senate Bill 658: Modify Supplemental Retirement Board
This bill designates one of the six seats appointed by the Governor for a retired state or local government employee. The Supplemental Retirement Board of Trustees is composed of nine voting members and advises the State Treasurer on the management of the state’s 401(k) Supplemental Retirement Income Plan and the Public Employee Deferred Compensation Plan.
We expect the House of Representatives to return to development of the state budget for the 2009-11 biennium next week. The subcommittees of the House Appropriations Committee are slated to meet early in the week and unveil new budget reduction targets.
Our Legislative Report for May 22 will present a summary of all retirement legislation that remains eligible for passage during this legislative session.
GENERAL ASSEMBLY REACHES CROSS-OVER DEADLINE