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Committee advances retirement-fund changes including higher member contribution and a board-seat tweak
Summary
Senate Bill 261 proposes operational changes for a small, self-funded retirement system — including a stated increase in member contribution rates, an early-retirement option with a stated penalty, and allowing a retired member to serve on the board — and was advanced unanimously by the committee.
Sen. Harbin presented Senate Bill 261 (LC560520S), describing it as a technical and operational update to a small, self-funded retirement system that does not seek state dollars. The committee heard from the fund’s executive director and voted unanimously to advance the bill.
Sen. Harbin summarized the principal changes in the proposal: an increase in member contribution…
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