Monday, June 2, 2008

2008 Legislative Update

The Senate Retirement Committee today approved four LASERS sponsored bills:

HB 229-provides for 10 years at age 60 eligibility in the Corrections Secondary Component as authorized by an Attorney General’s opinion.

HB 230-Pop-Up provision which allows the automatic change to the maximum benefit of a retiree based upon the death of his named beneficiary on the 1st day of month following death. Current law allows pop-up based on the date of notification of death.

HB 233-Changes the accrual rate for Act 75 disability retirees from 1.8 percent to 2.5 percent.

HB 1078-Updates statutory provisions for computation of maximum benefits to be consistent with the Internal Revenue Code.

No comments: