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SB 0129 - Public Safety and Firefighter Tier II Retirement Enhancements

Tracking Level: Hot
Sponsor: Wayne Harper (R)
Last Action: 4/1/2019 - Governor Signed in Lieutenant Governor's office for filing
Senate Committee: Retirement and Independent Entities
House Committee: Government Operations
Assigned To:
Retirement / BenefitsNext Bill
SupportNext Bill

Staff Analysis of the Legislation

Increases the employer's contribution from 12% to 16% of compensation

Changes the multiplier for years accrued after July 2019

Provides $5.3 million in one-time funding

Provides up to $3 million in on-going funding

It is anticipated on-going $ will cover the State’s obligation

Cities and towns will be obligated to cover much of the contribution increase

Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text