Introduced
by
To authorize a one-time early retirement incentive for certain state employees who retire between Nov. 1, 2005 and March 31, 2006. State employees whose combined age and years of service totaled 75 as of March 31, 2006, would be eligible for the offer during a signup window of Nov. 1 to December 31, 2007. The incentive would increase the multiplier used to calculate the retirement benefits of these employees from 1.5 percent to 1.75 percent, which would increase the cash portion of their pension benefits by 16.7 percent.
Referred to the Committee on Government Operations
