Opposing sides gave little ground during today's Senate Retirement and Independent Entities Committee meeting at the capitol. Utah Public Employees' Association has made their arguments clear through Saturday's rally and a year's worth of work leading up to today.
There wasn't much left for Liljenquist's presentation except to rehash his proposals and the dire circumstances behind his proposals. UPEAadded voices to the economic impacts families face in light of retirement changes. Sheri Watters testified that her family has a long history of public service and that the retirement system has served their family fairly.
Senator Brent Goodfellow raised questions about Utah's current retirement system. He addressed the scope of SB 63 in light of an improving economy and improving stock market.
Goodfellow said, "Yes we have problems, but they're not the same problems we had when the DOW was at 6500."
SB 63 assumes the worst case scenario for our retirement system over the long run.
Liljenquist added that employees will defer compensation increases well into the future because of the retirement downturn. However, he did not say how any savings in the retirement system will go toward compensation.
Under the pro temp chairmanship of Senator Bramble, the committee opted to continue hearing testimony on Friday, at noon, before taking action on the three senate bills.
UPEA will update you soon!
There wasn't much left for Liljenquist's presentation except to rehash his proposals and the dire circumstances behind his proposals. UPEAadded voices to the economic impacts families face in light of retirement changes. Sheri Watters testified that her family has a long history of public service and that the retirement system has served their family fairly.
Senator Brent Goodfellow raised questions about Utah's current retirement system. He addressed the scope of SB 63 in light of an improving economy and improving stock market.
Goodfellow said, "Yes we have problems, but they're not the same problems we had when the DOW was at 6500."
SB 63 assumes the worst case scenario for our retirement system over the long run.
Liljenquist added that employees will defer compensation increases well into the future because of the retirement downturn. However, he did not say how any savings in the retirement system will go toward compensation.
Under the pro temp chairmanship of Senator Bramble, the committee opted to continue hearing testimony on Friday, at noon, before taking action on the three senate bills.
UPEA will update you soon!
