PEER report finds promise in changes made to PERS, but obstacles remain

After rejecting the House proposal last session, the Senate now considering a recurring funding source to buoy PERS.

Changes made to the state employee retirement system, or PERS, during the last two legislative sessions show promise in reducing in the plan’s liabilities in coming years, a legislative report says. However, research shows more needs to be done to improve PERS’ long-term stability.

Those were the findings outlined in a report issued by the Joint Legislative Committee on Performance Evaluation and Expenditure Review (PEER) Committee titled “ 2024 Update on Financial Soundness of the Public Employees’ Retirement System ” released this week.

“This update reinforces the critical importance of creating Tier 5 during the past legislative session to gradually reduce PERS liabi