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Committee reports bill that raises retirement multiplier for police officers
Summary
Committee counsel described changes to the police officers' retirement multiplier from 2.5% to 2.75% of final average salary for members retiring on or after Jan. 1, 2029; the committee voted to report Senate Bill 141 to the Senate with a recommendation that it pass.
Committee counsel explained a proposal to adjust the police officers' retirement multiplier and the committee voted to report the bill to the full Senate.
Counsel told the committee the bill increases the multiplier used to calculate accrued retirement benefits from 2.5% of the final average salary to 2.75% for members who retire on or after Jan. 1, 2029. Counsel defined final average salary as the five highest consecutive plan years out of the last 10 years of earnings and noted the bill carries an actuarial impact that the employer contribution recommendations would increase, partly neutralized by $850,000 in contributions referenced in counsel's explanation.
Counsel said the bill had been before the Senate last year as Senate Bill 76, where it passed unanimously but did not progress through the House. Counsel also said a companion House bill would begin the multiplier increase July 1 and includes a one‑time cash injection of $4,250,000.
The vice chairman moved that Senate Bill 141 be reported to the full Senate with the recommendation that it pass; the motion carried by voice vote and the bill will be reported.
