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SPONSOR: | Gorham | DATE TYPED: | 02/14/00 | HB | |||
SHORT TITLE: | Educational Retirement Contribution Rates | SB | SJM 52 | ||||
ANALYST: | Eaton |
Recurring
or Non-Rec |
Fund
Affected | ||||
FY00 | FY01 | FY00 | FY01 | ||
NFI |
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
LFC Files
SUMMARY
Synopsis of Bill
This joint memorial requests that the Public Employees Retirement Board and the Educational Retirement Board conduct a study of the actuarial and practical feasibility of offering a variety of choices to public employees whereby an employee can elect to make higher or lower contributions into a retirement system in return for eventual lower or higher retirement benefits. The memorial requests that the results of the study including the findings and recommendations be submitted to the first session of the forty-fifth legislature.
Significant Issues
Both the educational retirement plan and the public employee retirement plans are defined benefit plans. Changes in contributions may necessitate changes in benefit calculations to remain actuarially sound. A suggested amendment would be to request both defined benefit and defined contribution scenarios.
JBE/gm