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Senate Bill 699

Membership Provisions
Would restrict Senators taking office after December 1, 2024 to elect to be a participant in the State Employees' Retirement System's Defined Contribution-Only (DC) plan or elect to decline participation in any of the SERS plans. Restricts these Senators from participation in the SERS hybrid pension plan options. Would not apply to any Senator serving prior to December 1, 2024. Any qualified Senator who does not elect the DC option within their first 30 days in office shall forfeit their time as a Senator as eligible service credit in SERS plans.
PN 0781
Referred to FINANCE, May 23, 2023