WHAT HAPPENED: At the federal level, the partial government shutdown crossed into its 35th day on Friday as congressional leaders tried to reach consensus. At the state level, General Assembly members were moving or settling into their legislative offices in Raleigh for the long session about to begin.
WHAT IT MEANS: Speaking of the state legisalture, we're getting to know which members will serve on the chambers' various committees. House Speaker Tim Moore on Friday
released a final roster, filling out committees ranging from Aging to Wildlife Resources. Rep. David Lewis of Dunn will continue to lead the House Rules Committee. “I appreciate the hard work of so many House members and staff to prepare for another successful session of the General Assembly,” Speaker Moore said. Senate leader Phil Berger released committee assignments for his chamber
earlier this month.
ON TAP: The long session will kick off on Wednesday, Jan. 30.
THE SKINNY: There's not much else to say at this point. Organizational work at the legislature appears to be ahead of past years' schedules, lawmakers are in position, and we look forward to working with them as the 2019 session lifts off.
The Board of Trustees of the Local Government Employees’ Retirement System (LGERS) will meet on Thursday for a regular meeting. Among agenda items: determining future employer contribution rates for the system. Based on information that will be provided to the board – including documents that can be viewed
here and
here – the board will consider options that could push future employer contribution rates for general employees above 13 percent by fiscal year 2024-25.
Despite local governments providing contributions in excess of what was required to fully fund the system in recent years, a combination of factors – including a projected -1.5 percent return on system investments in 2018 – are forecasted to result in a system funding shortfall in future years. Due to this shortfall, the board will consider options that will amend the Employer Contribution Rate Stabilization Policy (ECRSP), which was
approved in 2016 with League support and until now has allowed for full funding of the system.
If the board goes with the proposed option that would move away from the ECRSP, the employer contribution rate for general employees in fiscal year 2019-20 is projected to be 8.95 percent. That's still a projection at this point; the League will keep you updated on the board’s decision and communicate any information on employer contribution rates as soon as it is available.
