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Senate debate grows over proposal to increase retirement service credits; amendment to cap benefits fails
Summary
Lawmakers debated HB 59, a proposal to increase retirement service credits and apply a 2% formula; senators split over a proposed cap to prevent final benefits exceeding 100% of final salary, and an amendment to impose a 60% cap failed 8‑20.
The Senate engaged in extensive debate on House Bill 59, which proposes changes to retirement service credit calculation and would, under certain scenarios, materially increase retirement benefits for long‑service public employees.
Senator McAllister and others presented tabulated scenarios showing how the 2% formula interacts with Social Security to produce high‑replacement ratios for some long‑service employees. Senator McAllister said the amendment…
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