SB 0817 Revises Non-Teachers Retirement System
LR Number:3624S.02C Fiscal Note:3624-02
Committee:Pensions and General Laws
Last Action:05/12/00 - S Inf Calendar S Bills for Perfection Journal page:
Title:SCS SB 817
Effective Date:Emergency Clause
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Current Bill Summary

SCS/SB 817 - This act makes the following changes to the benefits of the Non-Teachers Retirement System (NTRS):

1) Establishes an "80 and out" provision.

2) Revises final average salary to be based upon final 3 years, not 5 years.

3) Increases the benefit formula factor from 1.45% to 1.51% per year of service credit.

4) Provides a one-time 3.4% increase for retirees.

5) Extends the "25 and Out" option for 3 more years (until July 1, 2003) and increases the lower "25 and Out" formula factors by the same amount as the normal factor (1.51%) is increased.

6) Establishes a temporary benefit to retirees under the age of 62 years who qualify by "80 and Out" or 30 years of service credit. This benefit ends at age 62 years.

7) Extends the maximum allowed contribution rate for NTRS from 4.5% to 5.0%.

This act contains an emergency clause.

Portions of this act are contained in CCS/SS/SCS/HB 1808 (TAT).