Monday, May 7, 2012

Newest Summary of Pension Proposals as Amended by Senate Finance Committee

The newest summary of the four pension proposals, as amended by the Senate Finance Committee, includes SBs 749, 52, 47, and HB 61.

SB 749 increases the retirement eligiblity age for rank-and-file members of LASERS to up to age 67.

SB 52 increases the employee contribution rates for all non-hazardous duty LASERS members by two percent.

SB 47 provides for a 60-month FAC and applies a 15 percent anti-spiking rule for all non-hazardous duty LASERS members.

HB 61 creates a cash balance defined benefit plan for new non-hazardous members of LASERS hired on/after July 1, 2013.

Read the latest Summary of the Administration's Pension Proposals in their current form.

Please continue to monitor the LASERS website for updates.

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