HB1463 Increases certain retirement benefits for nonteacher school employees.
Sponsor: Franklin, Richard (53) Effective Date:00/00/0000
CoSponsor: Williams, Marilyn A. (159) LR Number: 3362L.01I
Last Action: COMMITTEE: RETIREMENT
02/09/2000 - Public Hearing Held (H)
HB1463
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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Available Bill Summaries for HB1463 Copyright(c)
* Introduced

Available Bill Text for HB1463
* Introduced *

BILL SUMMARIES

INTRODUCED

HB 1463 -- Nonteacher School Employee Retirement System

Co-Sponsors:  Franklin, Williams (159), Scheve, Foley, Gaw,
Murray, Crump

This bill revises the Nonteacher School Employee Retirement
System.  The bill:

(1)  Revises the definition of final average salary from 5 years
to 3 years;

(2)  Increases the maximum allowable contribution rate from 4.5%
to 5%;

(3)  Implements the rule of 80 (retirement eligibility when age
plus years of service equal 80);

(4)  Increases the multiplier from 1.45% to 1.51% of final
average salary;

(5)  Extends the window for the 25-and-out option from July 1,
2000, to July 1, 2003, and increases the multiplier for each
year of service between 25 and 29 years by .06%, ranging from
1.41% at 25 years up to 1.49% at 29 years of service in contrast
to the current 1.35% for 25 years and 1.43% for 29 years;

(6)  Provides a one-time benefit to members who retired before
July 1, 2000, of 3.4%; and

(7)  Creates a temporary multiplier of .4% for members who
retire when they are less than 62 years of age and have 30 years
of service or who are eligible under the rule of 80, until the
member reaches age 62.

The bill has an emergency clause.


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