Highlights of pension funding changes proposed in Bill 26:
- DB plans must submit interim valuation at superintendent’s request
- Increase maximum fines from $25,000 to $100,000 to $200,000
- 80% solvency funding required for jointly sponsored pension plans
- Eliminate mandatory benefit cuts of multi-employer plans unless lack of contributions to support benefit accrual rate
- Extend solvency funding payments exemption of universities until 2013
- Stricter annual disclosure requirements for DB plans.
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