April 6, 2011: From FRSOptions.info
SB 2100 passes 2nd reading with amendments!
As best as we can decipher the myriad amendments, amendments to the amendments, and replacements to the amendments, SB 2100 has passed its 2nd reading and is heading to the third and final reading. The changes would seem to indicate the following:
Employee retirement contributions would be a graduated scale; 2% on the first $25,000, 4% for compensation between $25,000 and $50,000, and 6% for compensation over %50,000.
AFC will include up to 300 hours of overtime, and 500 hours of accumulated leave time.
The DROP will continue through July 1, 2016. No new enrollees after that date.
The interest rate for DROP members entering after July 1, 2011 will be reduced to 2%, it will stay at 6.5% for those enrolling before July 1.
Vesting for the Pension goes to 10 years for those hired after July 1. Only those hired in Special Risk may participate in the Pension Plan after July, all other new hires must participate in the Investment Plan.
Special Risk members retain the normal retirement date of age 55 or 25 years of service.
Accrual rates remain the same.
We have done our best to go back and forth with the language, and make the substitutions for all of the changes, and are cautiously optimistic that we have the proposals straight. The bill goes next for the 3rd reading. If approved by the Senate, it will then have to be approved by the House. That would mean HB 1405 must go through a similar process and the terms would ultimately have to be identical to become law.
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