Removing the statutory provision that allows members of plan 3 of the public employees' retirement system, school employees' retirement system, and teachers' retirement system to select a new contribution rate option each year.
Summary
Removes the option of Plan 3 members of the Public Employees' Retirement System (PERS), the Teachers' Retirement System (TRS), and the School Employees' Retirement System (SERS) to select a new contribution rate option each year for their individual defined contribution accounts.
From the House Bill Report (SB 6321), written by the Legislature's nonpartisan staff. Read the full report ↗
AN ACT Relating to removing the statutory provision that allows members of plan 3 of the public employees' retirement system, school employees' retirement system, and teachers' retirement system to select a new contribution rate option each year;