Vote Smart's Synopsis:

Vote to pass a bill that increases the retirement age for certain state employees and amends statutes relating to the state pension system.

Highlights:

• Increases the retirement age as follows (Sec. 11):
• From 60 years of age to 67 years of age for Group 1 employees;
• From 55 years of age to 62 years of age for Group 2 employees; and
• From 50 years of age to 57 years of age for Group 4 employees.

• Requires employees who become members on or after January 1, 2012 and who have at least 30 years of creditable service to contribute 8.5 percent of their salaries to the pension fund (Sec. 15).

• Requires employees who become members on or after January 1, 2012 and who have at least 35 years of creditable service to contribute 6 percent of their salaries to the pension fund (Sec. 15).

• Authorizes an employee who married an individual of the same sex on or before May 17, 2005, and who retired on or before May 17, 2004, to elect a joint and last survivor allowance, which provides two-thirds of the employee's retirement allowance to a surviving beneficiary after the employee's death, for his or her same-sex spouse, whereas existing law prohibited the award of a survivor allowance to a same-sex spouse (Sec. 43).

• Increases the cost-of-living allowance base from $12,000 to $13,000 (Sec. 39).

• Prohibits the calculation of the average annual rate of regular compensation from including regular compensation in excess of 10 percent of the average amount of regular compensation received in the past 2 years of service, for the purpose of determining pension benefits (Sec. 13).

• Increases the number of years of creditable service required for pension eligibility from 3 years to 5 years (Sec. 8).

• Increases the minimum number of years of creditable service used to calculate a reduction in early retirement penalties from 25 years to 30 years (Sec. 11).

Full Bill Text