October 8, 2020
ESJR 8212 would amend the state constitution to allow money in the new long-term care services and supports trust account to be invested in stocks. If approved by voters in November, this would put the new long-term care fund on the same investment footing as the state’s retirement funds, industrial insurance trust funds, and funds held in trust for the benefit of persons with developmental disabilities. Otherwise, the long-term care funds will earn lower rates of return over time.
The new long-term services and supports trust program is to be funded with a payroll tax, at a rate that will maintain actuarial solvency. The more the long-term services and supports trust account earns on the market, the less will need to be raised from taxpayers to maintain its solvency.
Read the report here.Categories: Publications , Tax Policy.