Introduced
by
To increase the pension benefits of state employees whose age and years of employment add up to at least 75 and who retire between Nov. 1, 2007 and Dec. 31, 2007 (or later for some employees). The bill 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. Reportedly, some 14,000 of 52,000 current state employees would be eligible, and the plan would be to realize budget savings by only replacing 25 percent of them. See also Senate Bill 691.
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the Senate 21 to 16 (details)
To increase the pension benefits of state employees whose age and years of employment add up to at least 75 and who retire between Nov. 1, 2007 and Dec. 31, 2007 (or later for some employees). The bill 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
