SB 707 – This act modifies teacher and school employee retirement plans. Members of the Public School Retirement System (PSRS) who have retired, are age 75 or older, and have received certain cost-of-living increases totaling 80% of the retirement allowance established at retirement prior to January 1, 2011, will be made special consultants as described in the act. From January 1, 2011 through January 1, 2016, they will receive an amount equal to $5 per month multiplied by their years of service. This amount will be added to their monthly annuity. Members of the Public Education Employee Retirement System (PEERS) who have retired, are age 75 or older, and have received certain cost-of-living increases totaling 80% of the retirement allowance established at retirement prior to January 1, 2011, will be made special consultants as described in the act. From January 1, 2011, through January 1, 2016, they will receive an amount equal to $3 per month multiplied by their years of service. This amount will be added to their monthly annuity.
This act is substantially similar to SB 198 (2009), SB 1042 (2008) and HCS/HB 661 (2007).
MICHAEL RUFF