Wednesday, June 18, 2008

2008 Legislative Update

Governor signs LASERS sponsored bills

The following LASERS bills have been signed by the Governor:

HB 229- Provides with respect to the number of years and type of service for retirement eligibility in the Corrections Secondary Component. Act 259

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. – Act 260

HB 233-Changes the accrual rate for Act 75 disability retirees from 1.8 percent to 2.5 percent. – Act 262
HB 1078-Updates statutory provisions for computation of maximum benefits to be consistent with the Internal Revenue Code – Act 312

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