Home - House Bill 1306
House Bill HB 1306 is a very important bill that needs your immediate attention and quick action. Individuals just like you can make a difference if enough individuals speak up in unison.
What Is This?
It is a law that will force cities to start paying their part or at least a portion of it. We as individuals and small businesses have to pay our bills why should cities get away with not paying the bills they owe and are obligated to pay?
Why Does This Matter?
Cities currently are not putting in the portion they are supposed to into retirement funds. People often consider benefits like retirement when they accept jobs. When those retirement funds are not paid as promised things get sticky. This new law will help enforce employers like cities to put the funds into retirement funds that they are supposed to. it is NOT an increase in tax r increase in pay. It is simply making them pay what they are already supposed to be paying.
Who Does This Affect?
HB 1306 affects everyone and not just Police and Firemen. It affects teachers even. It affects any state employee. Here is the wording from the bill that supports that comment.
4. Any plan, whose actuary determines that the plan has a
funded ratio below sixty percent and the political subdivision has failed to
make one hundred percent of the actuarially required contribution payment for
three successive plan years with a descending funded ratio for three successive
plan years after August 28, 2006, shall be deemed delinquent in the contribution
payment and such delinquency in the contribution payment shall constitute a
first lien on the funds of the political subdivision, and the board as defined
under section 105.660 is authorized to compel payment by application for a writ
of mandamus; and in addition, such delinquency in the contribution payment shall
be certified by the board to the state treasurer and director of the department
of revenue. Until such delinquency in the contribution payment, together with
regular interest, is satisfied, the state treasurer and director of the
department of revenue shall withhold seventy-five percent of the certified
contribution deficiency from the total moneys due the political subdivision from
What Result Will HB 1306 Create?
A law that will force cities to put in the retirement funds they are already supposed to be doing.