2005 Senate Bill 775 ↩

Senate Roll Call 734: Passed

To eliminate statutory provisions specifying which persons serve on the board that oversees legislative pensions, and instead allow the board to create its own bylaws specifying who serves on the board, and to revise other details of the legislative retirement system. Also, to raise the cap on the maximum annual legislative retirement benefits from $90,000 or 100 percent of a legislator’s average compensation for the highest-paid three years of service, to $160,000, which is maximum allowed under federal law. However, the bill does not increase the actual benefits. It would also delete provisions allowing members to elect to have the retirement system pay a health insurance premium subsidy to another health insurance plan or a medical savings account.