Vote to pass a bill that redefines the contribution retirement plan for teachers.
Specifies that the teacher's fund for retirement is closed to teachers hired after June 30th, 2012 (Sec. 1).
Prohibits the following from transferring to the public employee retirement system (Sec. 2):
Superintendent of public instruction;
Non-teaching employees of the superintendent; and
Employees of the state board for career and technical education.
Establishes a contribution retirement plan for teachers who entered the payroll after June 30th, 2012, or who have withdrawn from the teachers' fund for retirement and are returning to covered employment (Sec. 4).
Specifies that each participating member shall direct the investment of their accumulated employer and employee contributions and earnings to one or more invested choices within available categories of investment provided by the board (Sec. 4).
Specifies that a participating member of the contribution retirement plan is vested under the following conditions (Sec. 4):
Is immediately 100 percent vested in that member's contributions made to that member's account;
Follows the vesting schedule and vests in the employer contributions made on that member's behalf to an account amounting to 50 percent upon completion of 2 years of service, 75 percent for three years of service, and 100 percent for 4 years of service; and
Becomes 100 percent vested in employer contributions upon reaching the age of 65.
Prohibits a participating member from participating in any other public sector retirement benefits plan for simultaneous service rendered to the same public sector employer (Sec. 4).
NOTE: THIS IS A SECOND READING VOTE TO END DEBATE ON THE BILL AND ADVANCE IT TO THE THIRD READING IN WHICH AN UP-OR-DOWN VOTE FOR PASSAGE WILL OCCUR ONLY IF VOTES CHANGE OR THE THIRD READING OCCURS ON A DIFFERENT LEGISLATIVE DAY.