(JUNEAU) - The House Health, Education and Social Services Committee introduced legislation today that would appropriate funds for increased costs of the Public Employees Retirement System (PERS) and the Teachers Retirement System (TRS).

The bill, HB 521, calls for a one-time fix to a problem that is facing school districts, the University system and the Court system in Alaska. It would appropriate $46 million in funds to cover financial shortfalls to the PERS and TRS systems caused by the recent poor stock market performance.

Representative Peggy Wilson (R-Wrangell), Chair of the House HESS Committee and prime mover behind HB 521 said of the bill, "Schools all over the state are facing significant cuts to their budgets, partially due to the increased costs of PERS and TRS. We must do something to assure that our children receive the best education possible and this requires adequate financial resources."

She went on to say, "The constitution requires the court system to hear every case that is filed, and about 85% of those cases must be heard within certain time frames. A reduction in resources at the same time the caseload is increasing will make it impossible for the courts to meet this legal mandate."

HB 521 received one referral to the House Finance Committee.

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