- Under current law, a formula benefit is based on the average of the three highest years of earnings.
- Under the bill, a formula benefit would be based on the average of the five highest years of earnings.
- This change would take effect five years after the effective date of the bill.
2015 AB 398 was introduced by Rep. August and referred to both the Committee on State Affairs and Government Operations and the Joint Survey Committee on Retirement Systems(JSCRS). 2015 SB 328 was introduced by Sen. Stroebel and referred to the Senate Committee on Labor and Government Reform and the JSCRS.
Neither bill has been scheduled for a hearing.
Please contact Tarna Hunter, ETF’s Government Relations Director, if you have any questions.
- Actuarial Analysis (October 2016) - SB 328 / SB 329 and proposed amendments