The in box. Glen Brown’s latest on HB 6258. « Fred Klonsky

The in box. Glen Brown’s latest on HB 6258. « Fred Klonsky:

The in box. Glen Brown’s latest on HB 6258.

by Fred Klonsky

From Glen Brown’s blog:

House Bill 6258

Reforms for Tier 1 Members (public employees hired before 2011)

·         Cost-of-living adjustments apply only to the first $25,000 of the employees’ pension

·         That limit is reduced to the first $20,000 for employees eligible for Social Security

·         COLAs are delayed until the employee turns 67 or five years after retirement, whichever comes first

·         This applies to all employees and retirees who are currently receiving COLAs

Retirement age is increased by:

·         No increase for employees age 46 and older

·         One year for employees age 40 to 45

·         Three years for employees age 35 to 39

·         Five years for employees age 34 and younger

Employees would be required to contribute more toward their pensions by:

·         One percent during the first year the legislation is in effect (not before Fiscal Year 2014)

Ten minute drawing. Arne’s toilet joke.

by Fred Klonsky