Friday, May 9th, 2008

This morning the Senate voted on their amended version of HB 1645.  The Major changes are the elimination of the extended work years for group II and the elimination of the provision to change the Board of Trustees.  The amendment was further amended to call for a 2.5% COLA on the first $40,000.00 of pension annuity. 

The amendment also provides for a temporary supplemental allowance of $1,000.00 for those with 15 years in the system and an annuity of less than $20,000.00 per year.  Secondly, for those under $20,000.00 a year and taking the medical subsidy (except state employees) they will receive $500.00 toward single person coverage or $1,000.00 for two person coverage.  The intent was to offset the loss of the 8% escalator for those who can least afford the loss.

This ammended version now heads to a conference committee.