The House Retirement Committee is scheduled to meet Thursday, May 2 upon adjournment. Two bills impacting LASERS are on the agenda.
HB 57 (Pearson) increases the employee contribution rate for all members by two percent to pay the system's unfunded accrued liability (UAL). The bill provides for a 60-month final average compensation (FAC) and 15 percent anti-spiking for all LASERS members. 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 opposed the bill in its original form. Though a substitute bill has been submitted, many of LASERS concerns remain.