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House Bill 1667


House Bill 1667

ARCHIVE (2001)

Latest Information

 

DIGEST OF HB1667 (Updated March 26, 2001 3:45 PM - DI 84)


State employee retirement. Specifies that a retired member of the legislators' retirement system who is receiving a salary from the state may not also receive a retirement benefit. (Current law provides that a retired member who is receiving compensation from the state for work in any capacity may not receive a retirement benefit under the legislators' retirement system.) Provides that a member of the legislators' retirement system may make a retirement fund investment selection or change a selection under rules established by the PERF board. Provides that the PERF board shall allow a member to make a selection or change any existing selection at least once each quarter. Requires a retired member of the legislators' retirement system to begin withdrawing the member's balance in the defined contribution fund no later than the required beginning date under the Internal Revenue Code. Provides that the valuation of a member's balance in the defined contribution fund for a member of the general assembly who terminates service shall be the fair market value of the member's account on the last day of the quarter preceding the date of withdrawal plus employee contributions deducted and employer contributions made since the last day of the quarter preceding the date of withdrawal. Provides that the valuation of a member's balance in the defined contribution fund for a member of the general assembly who dies while a member of the general assembly or after terminating service but before withdrawing the member's balance shall be the fair market value of the member's account on the last day of the quarter preceding the date of payment plus employee contributions deducted and employer contributions made since the last day of the quarter preceding the date of payment. Allows the withdrawal amount from the defined contribution fund of the legislators' retirement system to be paid in a partial lump sum. (Current law allows the withdrawal amount to be paid in a lump sum, a monthly annuity, or a series of monthly installment payments.) Requires the PERF board to give participants in the legislators' retirement system information on the various forms of payments and the effects of various dates of withdrawal. Defines "public employer" or "employer" with respect to the legislative branch of state government for purposes of group insurance for public employees. Specifies that an employer may elect to permit former employees and their spouses (including surviving spouses) to continue participation in certain group health insurance benefits after the former employee or the spouse becomes eligible for Medicare. Specifies eligibility requirements for health insurance coverage for a former member of the general assembly whose last day of service is after December 31, 2000. Requires the state personnel department to provide for at least two retiree health benefit plans for former employees of the state and the legislative branch of government, one of which must include prescription drug coverage comparable to a Medicare plan that provides prescription drug coverage.
Current Status:
 Law Enacted
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