SB0353 (CH0528)

Find a 2017 Bill:

2017 Regular Session

 

Entitled:

Optional Retirement Program - Annuity Contracts - Employee Rights

Sponsored by:

Senator Guzzone

Status:

Approved by the Governor - Chapter 528


Synopsis:Repealing a requirement that annuity contracts purchased under the optional retirement program shall be issued to and become the property of participating employees of the program; clarifying that the rights of participating employees who purchase annuity contracts under the program are fully vested and not subject to forfeit; authorizing a participating employee in the optional retirement program to select specified annuity contracts for the transfer of existing balances; applying the Act prospectively; etc.
Analysis:Fiscal and Policy Note (Revised)
All Sponsors:Senator Guzzone (Chair, Joint Committee on Pensions)
Additional Facts:Cross-filed with: HB0304
Bill File Type: Regular
Effective Date(s): July 1, 2017
Committee(s):
Budget and Taxation  View Committee HearingAppropriations  View Committee Hearing
Broad Subject(s):State Pensions and Retirement
Narrow Subject(s):Contracts -see also- Land Installment Contracts; Procurement
Federal Government
Forfeiture
Income Tax
Investments -see also- Securities
Retirement Systems -see also- Mandatory Retirement
Salaries and Compensation -see also- Overtime; Reimb. Rates
Statutes:Article - State Personnel and Pensions
(30-101, 30-206, 30-208)

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Legislative Lingo

Explanation of Floor Motions and Actions


October 24, 2017 9:16 A.M.