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Senate advances bill allowing employees to purchase up to five years of retirement service credit
Summary
Senate Bill 23, reported favorably by the retirement committee, would permit employees (and in limited circumstances employers) to purchase up to five years of service credit and open a window for groups to move to the noncontributory retirement system; sponsors said a corrected fiscal note will show no new budget impact.
Senate Bill 23, a retirement measure that would allow employees (and in limited cases employers) to purchase up to five years of service credit and enable some groups to switch to the noncontributory retirement system, advanced after committee recommendation.
Sponsor explained the retirement interim committee examined multiple proposals and concluded purchase of service credit was the most appropriate option. The bill would create a purchase mechanism and a time-limited window for employees and employer groups to opt into the noncontributory system under the newly offered benefit.
On the floor the sponsor and committee reported that a revised fiscal note will show no additional fiscal impact and that the bill can be accommodated within the existing budget. The Senate adopted the committee report and placed SB 23 on the third-reading calendar.
