DIGEST OF INTRODUCED BILL
Legislator pension. Closes the legislators' retirement system to a member of the general assembly who is elected or appointed after June 30, 2007. Eliminates employee and employer contributions to the legislators' defined contribution plan after June 30, 2007. Requires a member of the general assembly who serves after June 30, 2007, to become a member of the public employees' retirement fund (PERF). Defines compensation as including a legislative member's business per diem, allowances, and reimbursements. Provides for creditable service in PERF for each year of legislative service performed before the member became a member of PERF. Provides that a member of the general assembly who is also employed in a covered position receive creditable service for both positions. Provides for a full year of creditable service for each year of legislative service regardless of the number of hours of legislative service performed. Requires the state to make the same employer contribution for a member of the general assembly that the state makes for a state employee.