Senate Bill 0285
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DIGEST OF INTRODUCED BILL
Legislative pensions. Establishes the state's annual contribution for a participant in the legislators' defined contribution plan as a percentage of the participant's salary. Requires the board of trustees of the public employees' retirement fund (PERF) to determine the percentage annually. Requires the budget agency to confirm the percentage determined by the PERF board. Requires that the percentage be determined using: (1) the state's employer contribution rate to fund the pension portion of the retirement benefit for state employees who are members of PERF; and (2) the rate at which the state makes contributions to annuity savings accounts on behalf of state employees who are members of PERF. Provides that the percentage may not exceed the state's total employer contribution rate for state employees who are members of PERF. Repeals a provision establishing the state's annual contribution for a participant in the legislators' defined contribution plan as 20% of the participant's annual salary.
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| ||In Committee - first House|