HB2069 - TRANSPORTATION RETIREMENT - O'Toole, James P.
HB2069 Creates a deferred retirement option program for certain state retirement systems.
Sponsor: O'Toole, James P. (68) Effective Date:07/01/2001
CoSponsor: LR Number: 4592L.01I
Last Action: COMMITTEE: RETIREMENT
03/08/2000 - Public Hearing Held (H)
HB2069
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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Available Bill Summaries for HB2069 Copyright(c)
* Introduced

Available Bill Text for HB2069
* Introduced *

BILL SUMMARIES

INTRODUCED

HB 2069 -- Transportation and Highway Patrol Retirement

Sponsor:  O'Toole

Effective July 1, 2001, the Highway and Transportation
Employees' and Highway Patrol Retirement System may develop a
deferred retirement option program (DROP).  The program would
permit members who have reached normal retirement eligibility
under either the closed plan or the Year 2000 Plan to retire and
receive annuity payments from individual accounts while
employed.  Members would not receive direct retirement benefits
or accrue creditable service while participating; the monthly
benefit that the member would have received is directed to the
member's DROP account.  Retirement annuities would be deferred
from one to 5 years from the date of election to participate in
the DROP.  The bill provides for designation of beneficiaries,
stipulates the level of interest on the account, credits unused
sick leave and cost-of-living adjustments, and contains
provisions concerning death or disability during program
participation.  The moneys in the program account may be
withdrawn as a lump sum, as a deferred payment, or as a direct
rollover.  At the end of the participation period, a member may
become reemployed, in which case the retirement annuity will
cease.


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