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This bill give employees the choice of participating in either the traditional defined benefit pension system or a new defined contribution plan similar to a 401(k), effective July 1, 2020.
Personal Choice and Responsibility
Employees who chose the pension would be required to make a 6 percent contribution toward those benefits. The new defined contribution plan would require employee contributions of 6 percent of salary and employer contributions of 6 percent.
Designed to stop future cost increases to PERS by eliminating the loophole to bump up retirement pay with high compensation in final years of work. Provides for lump sum payment or annuitization of account upon retirement. Directs Public Employees Retirement Board to recalculate employer contribution rates to reflect savings attributable to Act.
Provides for expedited review of Act by Supreme Court upon petition by adversely affected party.