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Senate Bill 0149


Senate Bill 0149

ARCHIVE (2005)

Latest Information

 

DIGEST OF SB149 (Updated April 7, 2005 5:28 pm - DI 84)


Trustees of pension funds. Adds the director of the budget agency or the director's designee to the boards of trustees of the public employees' retirement fund (PERF) and the teachers' retirement fund (TRF). Sets limits of compensation for members of each board. Adds language concerning the qualifications for individuals appointed to the PERF board. Provides that four trustees of the PERF board constitute a quorum. Authorizes the boards of TRF and PERF to establish by rule: (1) how administrative costs of alternative investment programs may be paid; (2) certain valuation dates; (3) investment allocation increments; (4) the contribution allocations date; and (5) the annuity savings account distribution date during a month. Increases from $25,000 to $35,000 the annual amount a retired member of PERF or TRF who has not attained the Social Security normal retirement age may earn in a covered position before the member's retirement benefit stops and the member must again make contributions to the member's retirement fund. Provides that interest credited prior to July 1, 2005, in the PERF annuity savings account to suspended members participating in its guaranteed fund shall be treated as properly credited.
    Current Status:
     Law Enacted
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