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.
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