House Bill 875      

Chair's Name: Ben Bridges

Committee: Retirement

House Sponsor: Brooks Coleman

Chairman Bridges’ opinion of this legislation:

This bill would amend provisions relating to the calculation of service retirement allowances for person who first or again become members of the Employees’ Retirement System on or after July 1, 1982. Currently, the Board of Trustees is authorized to determine the benefit multiplier that is used to calculate retirement allowances, provided the multiplier is more than 1.5 percent, but not greater than 2 percent. This legislation would set by statute the multiplier used to calculate retirement allowance for those members at 2 percent.

This bill would not result in any additional cost to the Employees’ Retirement System since the multiplier currently set by the Board of Trustees for these members is already at 2%. 

The bill comes to the House Floor under the Open Rule.