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Mike Johnston
Colorado General Assembly | 200 E. Colfax Avenue | Denver, CO 80203 | 303.866.4864
Public officials will convert incentives like education expenses, longevity bonuses, and unused vacation time into cash payments in their final year of employment in order to increase their HAS, thereby increasing their retirement benefit. In some instance, public employees will earn more in retirement than they did while employed because of salary spiking. Catherine Saillant, Maloy Moore & Doug Smith, Salary Spiking Drains Public Pension Funds, Analysis Finds, L.A. TIMES (Mar. 3, 2012), http://www.latimes.com/news/local/la-me-county-pensions20120303,0,6677861.story. 2 BOARD OF TRUSTEES OF THE INDIANA PUBLIC RETIREMENT SYSTEM, Resolution No. 2012-2-01: Section 3. 35 IAC 1.2-4-7(b), http://www.in.gov/legislative/iac/20120222-IR-035120095ONA.xml.pdf (last updated Apr. 3, 2012, 7:25 PM EDT).
Bill Provisions: Changes the calculation of a PERA members retirement benefit from 1/12th of the average of an employees HAS over 3 consecutive years, to 1/12th of the employees average HAS as calculated over 7 consecutive years of that employees employment. For a member who does not have the requisite 7 years by which to average the HAS, the HAS for that employee will be calculated based on the number of years that employee was employed by the State. Fiscal Impact: The impact of the proposed legislation on state revenue cannot be estimated at this time. The reduction in future liabilities through 2041 under the proposed legislation totals $322.3 million.
Vote History: This bill passed the House with a vote of 33-32.