Introduced
by
To prohibit new city employees from being enrolled in a defined benefit pension system that pays retirement benefits more than 55 percent of their “base pay.” (This would not necessarily limit additional post-retirement health benefits.) “Base pay” would not include overtime, accrued sick or vacation pay, bonuses, the value of active employee health insurance or other fringe benefits, or any lump sum payments. These provisions would not apply to employees hired before the bill goes into effect if passed.
Referred to the Committee on Intergovernmental, Urban, and Regional Affairs
