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Senate approves bill allowing purchase of retirement service credit, adopts 5% minimum member share
Summary
After a day of debate and a Committee of the Whole hearing with retirement office staff, the Utah Senate passed Senate Bill 34 to allow purchase-of-service credit with a 5% minimum member contribution; a substitute motion to raise the minimum to 25% failed.
Senate Bill 34, a change to retirement service‑credit purchase rules, passed the Utah Senate on Feb. 1 after extended floor debate and a Committee of the Whole session with retirement‑system staff.
The bill — described by sponsor Senator Steele during floor remarks as the committee version with two proposed changes — was amended to require that a member purchasing service credit must pay at least 5% of the purchase cost. Senator McAllister proposed a substitute motion raising that floor to 25% to prevent near‑universal use; that substitute motion failed, and Steele’s 5% amendment was then ruled adopted.
Why it matters: The change affects employees who wish to buy years of service credit to reach retirement…
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