The House Retirement Committee is scheduled
to meet Wednesday, May 15, at 9:00 a.m. Five bills which would impact LASERS are on
the agenda.
HB 61 (Badon) provides for a "divided
benefit" for members whose actual earnings in a calendar month are 30
percent or more above his average monthly earnings for the immediately
preceding 12 months. The LASERS Board opposes this bill.
HB 68 (Pearson) re-enacts the Cash Balance Plan and
makes changes regarding membership, withdrawals, interest, transfers,
reciprocals, disability and survivor benefits, reemployment, purchases and dual
plan membership. The LASERS Board opposes this legislation because of the lack
of retirement security offered to members who have no Social Security safety
net. The bill also fails to address many of LASERS administrative concerns.
HCR 108 (Stokes) requests the state
and statewide public retirement systems to appear before the House and Senate
committees on retirement and report relative to the promulgation and
distribution of forms regarding pension forfeiture.
SB 14 (Martiny) allows a member to upgrade
their accrual rate on transferred service to the accrual rate of the receiving
system by paying the actuarial cost of the upgrade. The bill allows for
reverse transfers in certain instances. (This measure has been amended,
and the new reverse transfer provisions do not apply to state employees.) The
LASERS Board was neutral on the original bill.
SCR 1 (Cortez) suspends the provisions of the Cash
Balance Plan until July 1, 2014. This bill has already passed in the Senate
Chamber. The LASERS Board supports this measure.
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