SB23  E. GUILLORY
 Proposal changes age at which a RETIREE can benefit from a cost of living increases-  changing from 60 to 55 the age to participate. Also changes the formula used in determining when an increase maybe given and provides a regular schedule of benefit increases.

SB42  CORTEZ

Proposal to increase the Final Average Compensation from 36 months to 60 months when determining retirement benefits.

SB51  E. GUILLORY

Bill EXEMPTS: Person born prior to July 1, 1957, specified group of law enforcement officers, and judges in office on effected date.

Proposal calls for all current LASER employees to work until the age of  67 in order to obtain full retirement benefits.

However, employees hired prior to January  1, 2013 can still retire under current provision with an added penalty for do so before 67.  Benefits will actuarially reduced from what it would have been if you continue service to 67.

SB52  E. GUILLORY

Proposal increases employees contributions to the state retirement system. 

Persons hired on or before June 30, 2006 will see their contribution rise from 7.5% to 10.5%

Persons hired on or after July 1, 2006: from 8% to 11%.