Monday, March 17, 2008

Legislators Approve Payment on State Retirement Debt

The Legislature adjourned Friday, ending a six-day special session focused on spending a $1.1 billion surplus left from the 2006-07 fiscal year.

One item approved as part of HB 46 by Representative Jim Fannin was $60 million to help pay off debt incurred to finance liabilities of the state’s largest public retirement systems. The $60 million appropriation was divided with $20 million to LASERS, the remaining $40 million to the Teachers Retirement System.

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