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Senate hears emotional, technical debate on 2% retirement-equity bill; consideration continued for more review
Summary
Lawmakers debated SB 12, a proposal to retroactively grant a 2% service credit to earlier retirees; backers called it a fairness correction for about 13,500 retirees, while fiscal analysts and some senators warned of multimillion-dollar actuarial impacts—floor debate was continued for further consideration.
Senate Bill 12, a measure to provide a 2% service-credit equity adjustment for certain retirees, prompted extended floor debate and a committee-of-the-whole presentation before the Senate agreed to continue consideration for further review.
Sponsor Senator Hunter McMullen introduced the measure as a remedy for retirees who worked under earlier benefit formulas and now receive lower monthly payments. "The very people that put the system together are those that are being treated the worst through the retirement system," McMullen said, summarizing supporters' claims that earlier contributors received lower percentage factors under…
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