They didn’t waste any time.

9 Jan

No sooner had the new General Assembly been sworn in, Senate Bill 1 was introduced. What is the saying? Stupidity is doing the same thing over and over and expecting different results. Contact your NEW lawmakers and ask them to oppose this pension proposal.

Part A

  • The pensionable salary cap set at the higher of an employee’s salary when the bill is signed or the Social Security cap ($113,700)
  • An increase in employee contributions of 2 percent over a two-year period
  • A four-year freeze – as opposed to the six-year freeze from a previous proposal — on the cost-of-living adjustment (COLA), and when the COLA resumes not paying it until a retiree reaches age 67 and then allowing the 3 percent compound COLA only on the first $25,000, the first $20,000 for retirees who also receive Social Security
  • A requirement to fully fund the state’s pension systems by 2043
  • A stronger guarantee that the state will make its required payments to the pension system
Part B
  • The provision requiring employees and retirees to choose between the compound COLA or accepting a reduced COLA but having access to the state’s health care plan and being able to count future salary increases for pension benefits.
Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: