Post by Logan on Feb 21, 2016 7:22:49 GMT -6
New SDRS benefits plan gets final legislative OK
The South Dakota Retirement System should be allowed to proceed in offering a new benefits plan next year for employees hired after June 30, 2017, the state House of Representatives decided Wednesday.
“It will only impact future employees,” Rep. Jim Bolin, R-Canton, said.
Retirement ages would increase to 67 for most employees and 57 for law enforcement. The penalty for early retirement will increase to 5 percent annually from the current 3 percent annually.
Bolin said a nay in the House would be the first negative vote at any stop in the legislative process.
“Rep. Bolin has laid down the gauntlet,” Rep. G. Mark Mickelson, R-Sioux Falls, said. Mickelson was presiding as speaker pro tem.
Read more: www.capjournal.com/news/new-sdrs-benefits-plan-gets-final-legislative-ok/article_d482d7ae-d65a-11e5-8c57-8734cae2c4f4.html
The South Dakota Retirement System should be allowed to proceed in offering a new benefits plan next year for employees hired after June 30, 2017, the state House of Representatives decided Wednesday.
“It will only impact future employees,” Rep. Jim Bolin, R-Canton, said.
Retirement ages would increase to 67 for most employees and 57 for law enforcement. The penalty for early retirement will increase to 5 percent annually from the current 3 percent annually.
Bolin said a nay in the House would be the first negative vote at any stop in the legislative process.
“Rep. Bolin has laid down the gauntlet,” Rep. G. Mark Mickelson, R-Sioux Falls, said. Mickelson was presiding as speaker pro tem.
Read more: www.capjournal.com/news/new-sdrs-benefits-plan-gets-final-legislative-ok/article_d482d7ae-d65a-11e5-8c57-8734cae2c4f4.html