House of Representatives

SB 1151

PSPRS; deferred retirement; twenty years

Sponsors: Senators Bundgaard, Cummiskey, Valadez

X	Committee on Retirement and Government Operations
	Committee on Appropriations
	Caucus and COW
	As Passed the House

SB 1151 reduces the required number of years of credited service from 25 to 20 for Public Safety Personnel Retirement System (PSPRS) members who are eligible for a normal pension to participate in the Deferred Retirement Option Plan (DROP)

History

Laws 2000, Chapter 340, established a pilot DROP program for PSPRS members that terminates June 30, 2006. The DROP program is designed to give members an additional option at normal retirement. Currently, PSPRS members are eligible for normal retirement after 20 years of credited service, yet PSPRS members may not participate in the DROP program, as of July 1, 2001, until they have completed 25 years of service.

Provisions

· Reduces the required number of years of credited service from 25 to 20 for PSPRS members to be eligible to participate in the DROP program.

·

·

· ---------- DOCUMENT FOOTER ---------

· 45th Legislature

· First Regular Session 2 March 27, 2001

·

· ---------- DOCUMENT FOOTER ---------