Relating to the calculation of final average salary under the Public Employees Retirement System.
Catchline/Summary:
Changes calculation of final average salary for purposes of Public Employees Retirement System to use five years of salary instead of three years, for salary paid on and after January 1, 2018. Changes calculation of final average salary for purposes of Public Employees Retirement System to use five years of salary instead of three years, for salary paid on and after January 1, 2018.
Directs Public Employees Retirement Board to recalculate employer contribution rates to reflect savings attributable to Act.
Provides for expedited review of Act by Supreme Court upon petition by adversely affected party.
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SB 559 Joint Committee On Ways and Means
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