HB725 - TRANSPORTATION AND PATROL RETIREMENT - Hagan-Harrell, Mary M.
HB725 ESTABLISHES CAP FOR COST-OF-LIVING INCREASES FOR CERTAIN RETIRED MEMBERS OF HIGHWAYS AND TRANSPORTATION AND HIGHWAY PATROL RETIREMENT SYSTEM.
Sponsor: Hagan-Harrell, Mary M. (75) Effective Date:00/00/00
CoSponsor: LR Number:1579-01
Last Action: COMMITTEE: RETIREMENT
HB725
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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Available Bill Summaries for HB725
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Available Bill Text for HB725
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Available Fiscal Notes for HB725
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BILL SUMMARIES

INTRODUCED

HB 725 -- Highway and Transportation Employees' and Highway
Patrol Retirement System

Sponsor:  Hagan-Harrell

Members of the Highways and Transportation Employees' and
Highway Patrol Retirement System first employed on or after
August 28, 1997, are entitled to an annual benefit increase
based on 80% of the consumer price index increase and limited to
no more than 5% of the monthly benefit before the increase.
Members employed before August 28, 1997, are entitled to an
increase on the same basis once they reach the cumulative cap of
65% of the monthly benefit.  Survivors of members are entitled
to an annual increase calculated in the same way.  Such
increases, as well as special consultant increases, are payable
monthly beginning on a date specified by the board.


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