House Bill 4104

Modifies Public Employees Retirement System benefits of school employees. Defines "school employee." Authorizes Public Employees Retirement Board to establish guaranteed interest rate for crediting member accounts of school employees that is lower than assumed interest rate. Provides that Tier 1 and Tier 2 school employees cease to be members of individual account program on effective date of Act. Allows school employee who is already member of individual account program to continue as member for purpose of amounts in employee account, but prohibits further employee contributions to account. Requires board to create school employee account for member who is school employee. Requires that employee contributions and earnings on contributions in account be applied against costs of member's pension or other retirement benefits payable to member. Specifies rules for withdrawal of school employee account by inactive member. Applies cost-of-living percentage change to lesser of $2,000 or retirement allowance, pension or other benefit payable to or on behalf of school employees. Imposes limit on total retirement benefit payable to school employee to 100 percent of final average salary. Reduces limit to 90 percent for members who retire on or after January 1, 2017, and to 80 percent for members who retire on or after January 1, 2022. Provides that limit does not reduce retirement allowance or pension of member as calculated immediately before limitations are imposed. Creates School Savings Account and rate stabilization subaccount. Declares emergency, effective on passage.

In the House of Representatives

• Jason Conger

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Feb 1 – Mar 5

1. Feb 1Introduced
2. Sent to Business and Labor
3. Mar 5Died when the session ended