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Senate advances two retirement bills with new return-to-work options and Tier 2 changes
Summary
The Utah Senate concurred with House changes and passed two retirement-related measures: SB43 (post-retirement employment) allows retirees separated a year to choose whether to suspend pensions for service credit or keep pension payments without enhancement; SB63 creates a new Tier 2 contributory system with higher employer contributions and other benefit adjustments.
Senators on the floor voted to concur with House amendments to post-retirement employment law and advanced a new Tier 2 public-employee retirement plan, sending both bills back to the House.
Third substitute Senate Bill 43, described by sponsor Senator Lillianquist, lets a public employee who fully separates from covered employment for a year and then returns to full-time state or local work choose between suspending pension payments to earn additional service credit or keeping pension payments while receiving no further enhancement. "They can either suspend their pension, collect…
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