Legislative Report #2, 2004

January 12, 2004

June 11, 2003

May 9, 2003

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LEGISLATIVE REPORT #2

February 5, 2004

J. Pat Thompson
Director of Legislation/Political Action

Session moving fast

An unusual fast pace has marked the first two weeks of the legislative session. Long hearings and the late nights are typical towards the end of session, but this year is different. Committee chairs have been agreeable to scheduling hearings on numerous bills, so many in fact that it may limit the number of bills that actually move past the committee process and onto the floor. This report is limited to pension bills; more issues will be included on the next report.

Most retirement bills move forward

The new Select Committee on Pension Policy introduced several bills to the legislature and most are progressing.

HB 2535/SB6251

Sponsors: Representatives Alexander, Fromhold, Conway, Rockefeller, Simpson, G., Kessler, Moeller, Chase, Bush and Armstrong; by request of Select Committee on Pension Policy.

Permits members of the Public Employees’ Retirement System and the School Employees’ Retirement System Plans 2 and 3 to purchase up to five years of service credit.
The service credit may be purchased at time of early retirement at full actuarial cost.
A member purchasing service may pay all or part of the cost with a transfer from an eligible retirement account.

HB 2536/SB6252

Sponsors: Representatives Alexander, Fromhold, Conway, Rockefeller, Simpson, G., Moeller, Chase, Bush and Armstrong; by request of Select Committee on Pension Policy.

Permits members of the Public Employees’ Retirement System and the School Employees’ Retirement System Plans 2 and 3 to “buy-down” reductions that are made to pension benefits when a member retires before age 65.
The early retirement reduction buy-down may be purchased at time of retirement at full actuarial cost.
A member purchasing service may pay all or part of the cost with a transfer from an eligible retirement account.

HB 2537/SB 6246

Sponsors: Representatives Alexander, Fromhold, Conway, Simpson, G., Moeller and Chase; by request of Select Committee on Pension Policy.

Creates the “Public Safety Employees’ Retirement System Plan 2” (PSERS 2) and specifically lists the job classes of full-time, fully compensated members of the Public Employees’ Retirement System Plans 2 and 3 (PERS 2/3) that are eligible for membership.
Allows PSERS 2 members a normal retirement age of 60 with 10 years of service, and early retirement beginning at age 53. Members with 20 years of service may retire early with a 3 percent per year reduction to their benefits.
Defines membership in PSERS Plan 2 as prospective. Members who transfer from PERS 2/3 will be dual members, and receive benefits from each plan under the portability rules.
Includes specific job classes: city corrections officers; jailers; police support officers; custody officers and bailiffs; county corrections officers; county probation officers and probation counselors; state correctional officers; correctional sergeants and community corrections officers; liquor enforcement officers; park rangers; commercial vehicle enforcement officers; and gambling special agents.

HB 2538/SB 6253

Sponsors: Representatives Conway, Fromhold, Alexander, Rockefeller, Upthegrove, Simpson, G., Moeller, Chase, Bush and Armstrong; by request of Select Committee on Pension Policy.

Establishes a minimum benefit of $1,000 per month, before optional reductions, for the Teachers’ Retirement System and the Public Employees’ Retirement Plan 1 members with at least 25 years of service and who have been retired for at least 20 years.

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J. Pat Thompson Director of Legislation/Political Action