Tuesday, April 17, 2012

LASERS Provides Updated Information on Retirement Legislation

Monday, April 16, the Senate Retirement Committee unanimously passed four bills in the Governor's retirement package affecting LASERS members.

SB 51 has been replaced with a substitute bill. Now known as SB 749, the substitute bill creates a tiered system for higher retirement eligibility ages required to receive the portion of benefits based on service on/after July 1, 2012. Members may retire under the current retirement eligibilities, but the benefit may be actuarially reduced.

SB 52, which requires an additional three percent in employee contributions; SB 47, which applies a five year FAC to non-hazardous duty members hired before July 2006; and SB 740, which changes the COLA mechanism and makes granting increases more difficult, all passed favorably from the Senate Retirement committee.

The Committee also passed SB 33 which requires employer contributions during DROP and SB 727, which prohibits former members of the legislature from participating in LASERS.

All of these bills will move to the Senate floor for debate.

Please continue to monitor the LASERS website for updates and information.

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