Monday, June 4, 2012

2012 Legislative Session Over, Impact Minimal to LASERS Actives and Retirees

June 4 marks the end of the 2012 Legislative session and many of the Administration's proposed retirement bills failed to pass. Much of this legislation would have severely impacted LASERS actives and retirees. The most controversial bills to fail are:

SB 47 which would have provided for a 60-month FAC and applied a 15 percent anti-spiking rule for all non-hazardous duty LASERS members

SB 52 would have increased the employee contribution rates for all non-hazardous duty LASERS members by two percent

SB 740 would have separated the experience account into the hazardous duty subaccount and the rank-and-file subaccount and required that the system be 80 percent funded before a COLA could occur

SB 749 which would have increased the minimum retirement eligibility of rank-and-file employees and judges elected after July 1, 2012, to the higher of age 67 or the highest retirement age provided by the Social Security Act.

Future LASERS members will be affected by the passage of HB 61, which provides for a cash balance plan for new hires in non-hazardous duty positions. This new plan will go into effect on July 1, 2013.

Review a complete listing of the legislation that passed or failed affecting LASERS.

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