House of Representatives

SB 1320

ASRS; benefits; increases

Sponsors: Senators Bennett, Solomon, Soltero, et al

dp	Committee on Government Operations
x	Caucus and COW
	As Passed the House

SB 1320 changes the current requirements for receiving a retirement benefit increase.

History

Currently, a retired member must be 55 years old and receiving retirement benefits by June 30 of the previous calendar year in order to receive a retirement benefit increase. A beneficiary of a member may receive benefit increases if the member turned 55 before death, and was receiving benefits on or before June 30 of the previous year. Benefit increases are contingent upon an 8% return on investments, and are not to exceed a 4% increase in aggregate for all persons eligible.

Provisions

· Allows a retirement compensation benefit increase if the retired member or beneficiary has been receiving benefits by July 31 of the previous calendar year, regardless of age.

HB 1320 passed the Government Operations committee unamended.

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44th Legislature Analyst Initials _______

Second Regular Session March 2, 2000

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