SB 94 - This act provides that statewide elected officials and members of the General Assembly serving for the first time on or after January 1, 2016 shall not be eligible to participate in the Year 2000 Retirement Plan. Such elected officials shall participate in a defined contribution plan established by the act.
Each plan participant and employer shall contribute four percent of the participant's pay to the participant's account. Employers must also pickup and pay the participant's contributions in accordance with federal law.
Newly elected officials shall remain eligible for life insurance and health benefits, but will not be eligible for disability income benefits otherwise available for participants in the Year 2000 Retirement Plan.
This act is similar to SB 925 (2014) and similar to HB 475 (2013).