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Senate Rules panel considers change to magistrates’ retirement formula; fund remains self-funded
Summary
Lawmakers on the Senate Rules panel discussed Senate Bill 261, which would change how magistrates’ retirement allowances are calculated; presenters said the magistrates’ pension fund is self-funded and the bill would not require state money. A procedural motion later placed the bill on the supplemental calendar.
At a meeting of the Senate Rules panel, members discussed Senate Bill 261, a proposal to change the formula used to calculate magistrates’ retirement allowances.
The presenter described the magistrates’ pension as self-funded and said the substitute would alter the benefit formula. “Does not take any state funds. It's all self funded,” the presenter…
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