UPDATE ON HB 230 AND HB 231
Rep. Levdansky’s letter clarifies the Finance Committee’s current work schedule on retirement issues. No hearings have been scheduled on specific bills, according to Levdansky.
Please send all inquiries on hearing dates for HB 230 and HB 231 directly to House Finance Chairman Levdansky.
I continue to believe that a hearing on our specific approach to early retirement bills would show the Finance Committee members that there’s an entirely new way to do this – without extra expense to the pension funds.
Rep. Daley speaks about 30 & out legislation at a press conference in the Capitol rotunda
- I would welcome the chance to explain the significant differences between the “pay-as-you-go” approach embodied in these two bills compared to previous early retirement bills.
- Both bills require that enough of the net savings projected from early retirements will be returned to the respective pension funds – PSERS and SERS – so there will be little or no net expense to those funds for the early retirement payouts.
- And, since each payback is actually tied to the early retirement of a specific employee or teacher, we do not have to worry about estimates
The year long HR 299 study by the Legislative Budget and Finance Committee in 2005 estimated an overall combined savings from early retirements for teachers and state employees at a net $215 million dollars over and above the actual cost of the early pension benefits. Those savings can be recaptured in the Budget process – it’s just a matter of having the will to do it.
* There is currently no vote scheduled for either
bill. Please check the Web site for future
updates. Updates are current as of 1/8/2009.
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