SB 925 - Emery, Ed
Modifies retirement benefits for newly elected members of the General Assembly and statewide elected officials
Bill Details
Sponsor
Emery, Ed
LR Number
5498S.04I
Title
SB 925
House Handler
N/A
Journal Page
Effective Date
August 28, 2014
Current Status
Second Read and Referred S Rules, Joint Rules, Resolutions and Ethics Committee
Quick Links
Amendments
No amendments available
CURRENT BILL SUMMARY
SB 925 - This act provides that statewide elected officials and members of the General Assembly serving for the first time on or after January 1, 2015, 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.
Employers shall match a participant's contribution up to four percent of the participant's annual salary. 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 929 (2014) and HB 475 (2013).
JESSICA BAKER