NOTE: As provided in LFC policy, this report is intended for use by the standing finance committees of the legislature. The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.
Only the most recent FIR version, excluding attachments, is available on the Intranet. Previously issued FIRs and attachments may be obtained from the LFC office in Suite 101 of the State Capitol Building North.
| SPONSOR: | Nava | DATE TYPED: | 03/09/01 | HB | |||
| SHORT TITLE: | Return to Employment with Continued Benefits | SB | 716/aSFC | ||||
| ANALYST: | Eaton | ||||||
| Recurring
or Non-Rec |
Fund
Affected | ||||
| FY01 | FY02 | FY01 | FY02 | ||
(Parenthesis ( ) Indicate Expenditure Decreases)
Relates to HB152
SOURCES OF INFORMATION
Educational Retirement Board (ERB)
SUMMARY
Synopsis of SFC Amendment
The Senate Finance Committee amendment removes the appropriation for 3 FTE.
Synopsis of Original Bill
This bill allows a retired member (beginning in Fiscal Year 2002) who has completed twelve months of retirement to return to employment and continue receiving a retirement benefit. The member is not entitled to acquire service credit or to acquire or purchase service credit in the future for the period of the retired member's re-employment with a local administrative unit. The re-employed member will not make contributions to the retirement fund. However, the administrative unit shall pay an employer contribution as if the retired member was a non-retired employee.
OTHER SUBSTANTIVE ISSUES
This bill will allow seasoned educators to continue working while not giving up their retirement benefits.
JBE/ar