SCR 1 (Cortez) was favorably reported. This bill suspends implementation of the Cash Balance Plan for a year to allow time to obtain the Social Security equivalence ruling. The LASERS Board of Trustees supports this bill.
SB 7 (Peacock) failed to advance by a vote of two to four. This bill would have applied a 60-month final average compensation (FAC) to current members of state and statewide retirement systems. Testimony on the bill was provided by LASERS Trustee Judge William Kleinpeter, LASERS Executive Director Cindy Rougeou, and Robert Klausner on behalf of LASERS. The LASERS Board of Trustees opposed this bill.
To see a complete list of bills impacting LASERS and their progress, check our website daily.