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Senate advances bill allowing local buyouts of partial retirement service; sponsor pledges minimum employee contribution
Summary
Senators debated Senate Bill 34 on Jan. 31, 1995, over whether employers should fund buyouts that let employees purchase partial retirement credit. Sponsor Senator Steele pledged a 5% employee participation amendment for third reading; the Senate voted to advance the bill to third reading.
Senators on the Utah State Senate floor debated Senate Bill 34 on Jan. 31, 1995, a bill that would let employing units join with employees to purchase up to five years of retirement credit toward earlier retirement.
Senator Steele, the bill sponsor, framed the measure as an equity issue, asking why employees who come from other states or have military service would be treated differently than long-time in-state workers. “Why would we enhance someone moving from California allowing that purchase to be made… and not provide the same benefit for employees that are in our state,” Steele said, urging the chamber to consider parity in how retirement purchases are treated.
Opponents warned of unintended fiscal and personnel…
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