The Senate Retirement and Independent Entities Standing Committee met today (March 1, 2010) to discuss HB 233 - Retirement Office Amendments, SB 171 - Higher Education Retirement Amendments, SB 240 - Retirement Participation Amendments. Dan Anderson presented on all three.
HB 233 - This bill modifies the Utah State Retirement and Insurance Benefit Act by amending provisions related to appointment of board members, purchase of service credit, disability benefits, and termination of employment on the retirement date.
SB 171 - This bill gives a 1 time opportunity to chose URS as their retirement system if the employee has prior service credits with URS. This legislation will only affect a small group of individuals.
SB 240 - This bill allows for USTAR employees to opt out of the benefit retirement system and into a defined contribution retirement system.
All three bills passed out of the Senate Retirement and Independent Entities Committee with favorable recommendation unopposed.
