House of Representatives

SB 1151

PSPRS; deferred retirement; twenty years

Sponsors: Senators Bundgaard, Cummiskey, Valadez

 

dpa

Committee on Retirement and Government Operations

DP

Committee on Appropriations

DPA

Caucus and COW

 

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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.

 

SB 1151 was amended in the Retirement and Government Operations Committee as follows:

·                      Provides an effective date of June 30, 2004.

·                      Removes the delayed repeal date of July 1, 2004 established in Laws 2000, chapter 340, section 2.

·                      Establishes a delayed repeal date of July 1, 2009.

·                      Allows any member participating in the DROP program before July 1, 2009 to continue until the member’s elected termination date.      

 

SB 1151 passed the Appropriations Committee unamended.      

 

The Retirement and Government Operations Committee amendment to SB 1151 was adopted in the Committee of the Whole with the following changes:    

 

·        Makes for an effective date of July 1, 2001.

·        Repeals specified statutes on July 1, 2006.

·        Allows members participating in a deferred retirement option plan prior to July 1, 2006 to continue to participate until the termination date of their elected deferred retirement option plan. 

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·        45th Legislature                                                                                                                             

·        First Regular Session                                 2                                                               May 8, 2001

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