Trust me,I work For the Government
DATE: Monday, November 26, 2007TIME:3:00 PMPLACE: Room 220 Cross Office Building
THE PROBLEMIn 1993, the Legislature retroactively changed the retirement rules for all workers hired after July 1, 1983. The Legislature INCREASED their early retirement penalty from 2.25 percent to 6 percent.
THE SOLUTIONAt the work session on Nov. 26, the Labor Committee will consider a proposal to REDUCE that early retirement penalty from 6 percent to 3 percent for all workers hired after July 1, 1983.
FUNDING....we can fund this remedy from our own retirement fund, not from the State budget. The Retirement System. . . advised the Trustees that this solution would be fiscally sound.
..........By providing an early retirement option, savings would result as newer workers replace more experienced workers. Editor's Translation: The higher paid workers could retire and the spots coul be filled by employees starting on the bottom step.
Members of the Labor Committee
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