2013 1st Special SessionSB 861 A
|At the request of:|
|Regular Sponsors:||Special Session|
|Bill Title:||Relating to cost-of-living adjustments under the Public Employees Retirement System; and declaring an emergency.|
|Catchline/Summary:||Modifies cost-of-living adjustment under Public Employees Retirement System.
Directs Public Employees Retirement Board to make annual supplementary payments to members or member's beneficiaries <i>with yearly allowance or yearly pension or benefit of $20,000 or less. Directs board to develop formula for determining whether it is reasonably prudent to make annual supplementary payments to members and member's beneficiaries with yearly allowance or yearly pension or benefit of more than $20,000 and not more than $60,000</i>Ù. <i>Directs board to report to Legislative Assembly with recommendations relating to cost-of-living adjustment and supplementary payments.</i>Ù Sunsets supplementary payments on December 31, 2019. <b>Directs board to report to Governor, President of Senate and Speaker of House of Representatives on recommendations relating to cost-of-living adjustment and supplementary payments.</b> Provides for expedited review by Supreme Court upon petition by adversely affected party. Declares emergency, effective on passage.
|Fiscal Impact:||Fiscal Impact Issued|
|Revenue Impact:||No Revenue Impact|
|Measure Analysis:||Staff Measure Summary / Impact Statements|