The Associated Press reports the two would have replaced board members that represent pension funds for teachers and government workers, the state’s two largest pension funds for public employees. The House voted down the bill, 50-43.
According to the AP, the funds suffered steep losses more than two years ago, but State Representative Mike Nathe said their losses were not as bad as those suffered by other funds. He argues that since the public employee pension funds represent more than 60% of the Investment Board’s assets, it isn’t right to weaken their representation.
However, State Representative Jim Kasper supported the change, saying the board would benefit from having members with financial expertise.