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Rules committee moves to limit optional retirement program for new hires and cap employer contribution share
Summary
The Rules Committee approved a committee substitute for Senate Bill 2449 that would end ORP eligibility for new hires and cap the employer contribution portion for current ORP participants at 9 percent, sponsor Senator Sparks said.
Senator Sundar Sparks told the Rules Committee that Senate Bill 2449 addresses the Optional Retirement Program (ORP), a defined‑contribution option created by the Legislature in 1990 for certain employees at Institutions of Higher Learning and other eligible employers.
Sparks said the committee substitute would end ORP eligibility for new hires after the bill’s effective date and would leave current ORP participants in their existing ORP accounts. Under the substitute, the employer…
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