Two public pension bills are scheduled for public hearings in the Senate Ways & Means Committee.

SB 5360 changes the retirement plan default for new hires in the Public Employees’ Retirement System (PERS) from Plan 3 to Plan 2. If the bill passes, the Office of the State Actuary (OSA) predicts a 25-year total employer savings of $80.3 million dollars. OSA also expects that the bill could worsen the plan’s solvency risk because increasing the number of future 2 members increases the amount of guaranteed benefits under PERS 2.

SB 5350 authorizes members of the PERS Plans 1, 2, & 3; the Public Safety Employees’ Retirement System Plan; and the School Employees’ Retirement System (SERS) to purchase an annuity benefit at time of retirement.

Dates to remember

The bills are scheduled for public hearings on Wednesday, January 30 at 3:30 pm in the Senate Ways & Means Committee. A live feed or archived video of the hearing can be found on the TVW website.