Title: Increase Retirement Benefits for Public Employees
Vote Smart's Synopsis:
Vote on a motion to declare inexpedient to legislate a bill that increases retirement benefits for public employees.
Highlights:
Establishes a state annuity for Group II members who started working on or after January 1, 2012, which together with his or her member annuity will be equal to 2 ½ percent of his or her average final compensation multiplied by the number of years of his or her credible service, not in excess of 40 years (Sec. 1).
Establishes the Supplemental Savings Plan as a defined contribution plan for Group I members who started working on or after January 1, 2012 for the purposes of providing retirement benefits, effective April 1, 2014. (Sec. 3).
Authorizes the certain individuals including, but not limited to, the following individuals to become members of the Supplemental Savings Plan (Sec. 3):
Any Group I member who started working on or after January 1, 2012 and is employed on or after April 1, 2014;
Any employee initially employed by a participating employer on or after April 1, 2014; and
Any Group I member who was employed by a participating employer before April 1, 2014 but who started working on or after January 1, 2012.
Requires the member’s employer to pay the following contributions to the Supplemental Savings Plan (Sec. 3):
An amount equal to 4 percent of the employee’s base pay for each payroll period; and
An amount equal to 4 percent of the contributions a member would have received upon the member’s return from an unpaid leave of absence on account of military service.