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.

Full Bill Text