Makes local government business administrators eligible for memberships in PERS; provides for transfer of business administrators from participation in Defined Contribution Retirement Program to membership in PERS.
Impact
Should S2107 be enacted, it would have a significant impact on local government operations and the benefits provided to business administrators. Individuals currently participating in the DCRP can opt for membership in PERS and also may receive credit for their service under the DCRP, provided they meet certain conditions related to contributions. This transition could result in enhanced retirement security for business administrators, aligning their benefits more closely with those of other state employees.
Summary
Senate Bill S2107 proposes to make business administrators in local government eligible for membership in the Public Employees' Retirement System (PERS). Historically, since July 1, 2007, business administrators have been required to participate in the Defined Contribution Retirement Program (DCRP), which offers different retirement benefits. This bill aims to amend existing laws to allow these administrators to transition into PERS, which typically provides more advantageous retirement benefits than the DCRP.
Contention
During the discussions surrounding this bill, there may be points of contention regarding the financial implications for local governments. The requirement for employers to cover certain contributions or costs associated with this transition could raise concerns about budget constraints or pushback from local officials who may be wary of increased retirement liabilities. Furthermore, the mechanics of the transfer process and the conditions under which individuals can gain full credit for past service could lead to debates about fairness and the equitable treatment of public servants.
Makes local government business administrators eligible for memberships in PERS; provides for transfer of business administrators from participation in Defined Contribution Retirement Program to membership in PERS.
Makes local government business administrators eligible for membership in PERS; provides for transfer from Defined Contribution Retirement Program to PERS.
Makes local government business administrators eligible for membership in PERS; provides for transfer from Defined Contribution Retirement Program to PERS.
Makes local government business administrators eligible for membership in PERS; provides for transfer from Defined Contribution Retirement Program to PERS.
Makes local government business administrators eligible for membership in PERS; provides for transfer from Defined Contribution Retirement Program to PERS.
Permits certain PERS members to collect pension while earning salary; makes certain local administrators and prosecutors eligible for PERS membership; permits State employees not covered by collective negotiations to enroll in negotiated health plans.
Permits certain PERS members to collect pension while earning salary; makes certain local administrators and prosecutors eligible for PERS membership; permits State employees not covered by collective negotiations to enroll in negotiated health plans.
Provides for transfers from General Fund to UI trust fund, reduces employer contributions to UI trust fund, assesses contributions from employers to repay transferred amounts, and provides tax credits to small businesses to offset UI tax increases.
Provides for transfers from General Fund to UI trust fund, reduces employer contributions to UI trust fund, assesses contributions from employers to repay transferred amounts, and provides tax credits to small businesses to offset UI tax increases.
Makes local government business administrators eligible for membership in PERS; provides for transfer from Defined Contribution Retirement Program to PERS.
Makes local government business administrators eligible for membership in PERS; provides for transfer from Defined Contribution Retirement Program to PERS.
Makes local government business administrators eligible for membership in PERS; provides for transfer from Defined Contribution Retirement Program to PERS.
Makes local government business administrators eligible for membership in PERS; provides for transfer from Defined Contribution Retirement Program to PERS.
Makes local government business administrators eligible for memberships in PERS; provides for transfer of business administrators from participation in Defined Contribution Retirement Program to membership in PERS.