How HB 2497 Costs Taxpayers $67 Billion

A supporter writes, saying he called his state Senator about HB 2497, and the lawmaker told him the bill would “save money.” As we’ve learned, lawmakers often don’t know what they are voting on, only the talking points given to them by leadership.

As the chart on page 6 of Rick Dreyfuss’s presentation illustrates, the bill would “save money” over the next 14 years—by paying less into the fund.

Since the pensions are guaranteed, this means taxpayers have to pay more each year from 2026-2042, making it a net cost.

Additionally, once you factor in the earnings lost (assuming an 8% annual return) by not putting money into the fund to be invested, the total net cost is $67 billion over 32 years.

HB 2497 Comments