The House Pensions, Investments and Financial Services Committee passed SB 12 today, making it one of the faster-moving bills of the session so far. The bill has already passed the Senate; its next step is consideration by the full House.

Major differences between the House and Senate could slow down the bill, however. As it passed the Senate, SB 12 would:

  • Increase state contributions to TRS from 6.8 percent to 8.25 percent
  • Increase active member contributions from 7.7 percent to 8.25 percent
  • Increase school district contributions from 1.5 percent to 2.0 percent
  • Authorize a 13th check for retirees, capped at $500

In today’s committee hearing, House sponsor Greg Bonnen substituted his own language, which is also contained in HB 9. The new version of SB 12 that will be considered by the House would:

  • Increase state contributions to TRS from 6.8 percent to 8.8 percent
  • Not increase contributions from active employees or school districts
  • Authorize a 13th check for retirees, capped at $2,400

After (presumably) passing the House, SB 12 will return to the Senate, where author Sen. Joan Huffman could accept the House changes or request a conference committee of House and Senate members to negotiate the differences between the two versions. It is possible that for financial reasons, final decisions on this bill will depend on decisions related to other legislation, such as the state budget and/or the school finance bill.