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Finance advances scaled retirement changes tied to HB 1647 after committee caucus; motion passes narrowly
Summary
After extended debate and a brief caucus, the House Finance Committee approved a scaled package of retirement changes related to HB 1647 that shortens one lower multiplier period (from 15 to 10 years) and includes funding; the motion passed 5–4 following split views on whether to adopt the governor’s alternative formulation.
The House Finance Committee approved a scaled retirement reform package tied to House Bill 1647 after a lengthy discussion and a committee caucus. The amendment passed on a narrow vote, 5–4.
Representative McGuire moved the replacement language, which mirrors elements of HB 1647 adopted last session and reduces the period for a lower multiplier used in Group 2 (public safety/first responders) benefit calculations from 15 years to 10 years.…
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