How S1813 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill updates criteria for declaring systems underperforming and modifies the revocation terms of a related provision.

• Chapter 32, Section 22(c1/2)(8)

  Any system found by the commission to have a funded ratio of less than fifty percent and an annual rate of return during the previous ten years that is at least three percentage points less than that of the PRIT Fund rate of return over the same period shall be declared underperforming by the commission. → Any system found by the commission to have a funded ratio of less than fifty percent and an annual rate of return during the previous ten years that is at least three percentage points less than that of the PRIT Fund rate of return over the same period shall be declared underperforming by the commission.

  This change specifies the conditions under which a system is declared underperforming.

• Chapter 32, Section 22(c1/2)(8)

  Shall be in perpetuity. → May not be revoked for five years.

  This change modifies the revocation period from permanent to five years.