Three bills proposed by Senator Walter Boasso and one by Senator Gerald Theunissen were reported favorably by members of the Senate Committee on Retirement this afternoon. Darlene Richard, representing the Retired State Employees Association (RSEA), spoke in support of Senate Bill 116, which would authorize a supplemental cost-of-living adjustment (COLA) increase of 0.5 percent to the previously proposed 2.5 percent. The bills listed below were approved during the committee meeting.
SB48 BOASSO RETIREMENT SYSTEMS Creates the Public Retirement Fund in the state treasury.
SB116 THEUNISSEN RETIREMENT SYSTEMS Authorizes the LASERS and Teachers' boards of trustees to grant a supplemental cost-of-living increase of 0.5 percent, beginning July 1, 2007, from their respective experience accounts for a maximum of 3.0 percent, which would otherwise be limited to 2.5 percent.
SB127 BOASSO RETIREMENT SYSTEMS Constitutional amendment to require increases in benefits for state retirement systems to also provide a funding source.
SB130 BOASSO RETIREMENT SYSTEMS Provides for additional payments to certain state retirement systems to reduce certain unfunded accrued liabilities and to provide funding for cost-of-living adjustments.