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2019 Regular Session
Overview
At the request of:
Chief Sponsors:
Regular Sponsors:
Bill Title: Relating to public employee retirement; declaring an emergency.
Catchline/Summary: Requires members of Public Employees Retirement System to elect to participate in pension programs and traditional individual account program, or to participate in alternative individual account program, on and after July 1, 2020.
For traditional individual account program, requires employee contributions of six percent of salary, to be used to pay costs of pension or other benefits payable to member upon retirement. For alternative individual account program, requires employee contributions of six percent of salary and employer contributions of six percent of salary. Provides for lump sum payment or annuitization of account upon retirement. Directs Public Employees Retirement Board to recalculate employer contribution rates to reflect savings attributable to Act. Provides for expedited review of Act by Supreme Court upon petition by adversely affected party. Declares emergency, effective on passage.
Chapter Number:
Fiscal Impact: May Have Fiscal Impact, But No Statement Yet Issued
Revenue Impact: May Have Revenue Impact, But No Statement Yet Issued
Measure Analysis: Staff Measure Summary / Impact Statements
Current Location: In Senate Committee
Current Committee: Senate Committee On Workforce
Current Subcommittee:
Subsequent Referral(s):
Potential Conflicts of Interest/Vote Explanations: Potential Conflicts of Interest/Vote Explanation Documents
Measure History
Scheduled Events