Establishing a one thousand dollar minimum monthly benefit for certain plan 1 members of the public employees' retirement system and certain plan 1 members of the teachers' retirement system.
Summary
Expands eligibility for the $1,000 minimum benefit to Public Employees' Retirement System Plan 1 and Teachers Retirement System Plan 1 members who have at least 20 years of service, and who have been retired for at least 25 years.
From the House Bill Report (SB 6453), written by the Legislature's nonpartisan staff. Read the full report ↗
AN ACT Relating to a one thousand dollar minimum monthly benefit for plan 1 members of the public employees' retirement system and plan 1 members of the teachers' retirement system;