Introduced by Rep. Bill Rogers (R) on March 11, 2010
School employment early retirement to increase the pension benefits of school employees who have 30 years of “service credits” and choose to retire between July 1, 2010 and Aug. 31, 2010 by 6.7 percent. Eligible employees who do not retire at this time would lose their post-retirement vision and dental insurance benefit. They would also have to pay an additional 3 percent of their salary into the pension fund, but would accumulate no further pension-increasing “service credits” under it, instead receiving contributions to a 401K-type account. New employees would be given a slightly less generous defined-benefit (traditional) pension plan that would pay benefits starting at age 65 rather than 55 under the current system. More details here. Official Text and Analysis.
Referred to the House Oversight And Investigations Committee on March 11, 2010
Motion in the House on May 6, 2010
The motion passed by voice vote in the House on May 11, 2010
Referred to the House Oversight And Investigations Committee on May 18, 2010