Retirement Update

Friday February 19, 2010 – the Senate Floor heard SB Substitute 43 and SB Second Substitute 63. These two retirement bills passed through the Senate Floor and were sent to the House Floor for future debate.

SB Substitute 43 passed with a vote of 20 Yes, 8 No and 1 absent. A link to the latest version of the bill is http://le.utah.gov/~2010/bills/sbillamd/sb0043s01.htm. This bill would affect reemployed retirees.

SB Second Substitute SB 63 passed with a vote of 19 yes, 9 no and 1 absent. The second substitute created two separate new retirement systems for new hires, hired after 7/1/2011. Originally there would have been only one retirement system for all public employees throughout the state. Now the bill would create a public safety / firefighter retirement system and a public employee retirement system. A link to the latest version of the bill is http://le.utah.gov/~2010/bills/sbillint/sb0063s02.htm. This bill would affect all new employees hired after 7/1/2011.

SB 94 was circled and remains on the Senate 3rd Reading Calendar behind 4 other bills. A link to the latest version of the bill is http://le.utah.gov/~2010/bills/sbillamd/sb0094.htm. This bill would affect all current employees hired after 7/1/1986, by eliminating the 1.5% state contribution in employees’ 401k.