|SB 0263||Establishes excess benefit plan in school retirement systems|
|LR Number:||1035S.01I||Fiscal Note:||1035-01|
|Committee:||Pensions and General Laws|
|Last Action:||03/01/01 - Removed from S Consent Calendar||Journal page:||S380|
|Effective Date:||August 28, 2001|
SB 263 - This act authorizes the Public School Retirement System Board of Trustees to use an exemption provided in federal law to establish a benefit plan with benefits in excess of the normal federal maximum benefit amount. The act does not revise the calculation of any PSRS benefit amount, but allows the full, calculated amount to be paid even if in excess of the normal federal maximum benefit amount.
This act is the same as SB 816 (2000).