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