Do you have IPERS or know someone that does? SF634 has the potential to affect it.
This bill passed in the wee hours of the morning, after a short debate. An amendment was voted down that would have taken pensions out of the bill.
The question we should be asking, is if SF634 doesn't change anything, why not take pension wording out of the bill? Are you willing to let them leave it in and gamble with your pension?
So we have the IPERS statement saying no effect, right? What's the problem?
Well, State Treasurer Michael Fitzgerald and chair of the IPERS Investment Board issued a statement, after the votes. Fitzgerald stated the initial IPERS statement was issued by the IPERS Administration, not by the IPERS Investment Board, it's chair, or the state treasurer. Fitzgerald has concerns about the long-term implications of the bill. He thinks it's a bad bill. He believes local government officials know best how to serve their communities. One potential outcome of the bill is to put pension funds in competition with other budget priorities. As an example, the pensions of firefighters and police, should not have to compete against repairing roads.
If you are concerned about your IPERS or 411 pensions, call the governor's office at 515-281-5211 or email her. Reynolds has the bill on her desk right now for signing.