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Committees defer police deferred-retirement option after ERS and AG warn of financial, tax risks
Summary
Senators heard that a proposed deferred retirement option for police officers could increase the Employees' Retirement System's unfunded liability and raise IRS and age-discrimination concerns; committees recommended indefinite deferral.
Senators heard testimony Feb. 3 on a proposed deferred retirement option (SB470) that would let eligible police officers postpone retirement while continuing to work and accrue benefits. The measure was deferred indefinitely after testimony from the Employees' Retirement System and the Attorney General highlighted financing and federal-tax risks.
Tom Williams, executive director of the Employees' Retirement System, told the joint committees the program as drafted would cut off employer and employee…
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