HB3070 H PR AM #1

Chakmakian 3260

The Committee on Pensions and Retirement moved to amend the bill on page 1, section 6, line 8, by striking subsection (b) in its entirety and inserting in lieu thereof the following:

“(b)  When the board retires a member with full benefits under the provisions of this section, the board, by order in writing, shall make a determination that the member is entitled to receive an annuity equal to two and three-fourths percent of his or her final average salary multiplied by the number of years, and fraction of a year, of his or her service at the time of retirement, : Provided, That beginning July 1, 2019, the member is entitled to receive an annuity equal to three percent of his or her final average salary multiplied by the number of years, and fraction of a year, of his or her service at the time of retirement: Provided, however, That  the amendments to this subsection enacted during the 2019 regular session of the Legislature apply to current retirants. Any annuity calculated pursuant to the provisions of this subsection are subject to reduction if necessary to comply with the maximum benefit provisions of Section 415 of the Internal Revenue Code and section six-a of this article.”.

Adopted

Rejected