Bill > S1328

This bill establishes a new "consolidated public employees' retirement system" for state employees hired after July 1, 2016, and creates a nine-member consolidated public employees' retirement board to manage it, which will include the State Treasurer as chairman, the Commissioner of Education, the State Auditor, a retired teacher, a public safety union member, three elected employee representatives, and a ninth member chosen by the other eight. The bill also standardizes retirement age calculations, limits pensionable compensation to 35% of the Social Security compensation and benefit base, and introduces new definitions for funding level analysis, including "funded ratio," "low risk discount rate," and "low risk funded ratio." Additionally, it outlines procedures for transferring to the new system, allows for cost-of-living increases to retirement allowances if the system's funding is strong, and disallows early retirements for members of this new system, while also establishing a Consolidated Pension Reserves Investment Trust Fund (CPRIT Fund) to hold pension reserve assets and a Consolidated Pension Liability Fund within it.