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House set to take up one-time spending bill toward pensions

Published: Tuesday, May 21, 2013 12:08 p.m. CST

DES MOINES (AP) — Iowa House lawmakers are scheduled to debate a number of one-time spending items including a substantial state contribution toward law enforcement pensions.

The bill set for debate Tuesday includes about $91 million in state money to increase funding for the police officer retirement system. The system now has about 61 percent of the dollars needed to pay projected pension obligations, but the proposal would increase that to 80 percent.

Ross Loder, bureau chief of the Department of Public Safety, says the pension fund has been underfunded for the past five to seven years.

The measure would also designate $113 million of state surplus money for the next fiscal year toward paying off state bonds on certain projects like the new penitentiary in Fort Madison.