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2010 Senate Bill 1239: Authorize state takeover of “distressed” municipal pensions
Introduced by Sen. Michael Switalski (D) on March 23, 2010
To authorize a state takeover of a municipal pension fund if one of several “triggering” conditions specified in the bill indicate that it is “distressed.” These include criminal convictions of trustees for abusing the fund, chronic contributions below actuarial sound levels, chronic contributions that exceed 15 percent of a municipality’s revenue or 30 percent of its payroll, and more. The system’s employee benefits would not be changed under the bill.   Official Text and Analysis.
Referred to the Senate Appropriations Committee on March 23, 2010