Senate Bill No. 669 Summary

• General assembly members and statewide elected officials who first take office on or after January 1, 2013 are ineligible for retirement benefits under Chapter 104, instead receiving deferred compensation plan contributions matched by the state up to 5 percent of annual salary.

• Judges who first take office on or after January 1, 2013 are ineligible for retirement benefits under Chapter 476, instead receiving deferred compensation plan contributions matched by the state up to 5 percent of annual salary.

• Individuals who took office before January 1, 2013 retain existing retirement eligibility with normal retirement at age 55 for general assembly members (after 3 biennial terms) and statewide elected officials (after 4 years), or age 50 with combined age and service totaling at least 80 years.

• General assembly members and statewide elected officials serving before January 1, 2013 receive lifetime annuities calculated at one twenty-fourth of monthly pay multiplied by years of credited service, capped at 100 percent of pay; statewide elected officials limited to 12 years of credited service.

• Cost-of-living adjustments (COLAs) for pre-2013 retirees are tied to pay increases for their respective offices, with no COLA less than zero.