In the house committee the reemployment bill (SB43) was changed to allow a teacher to retire and after one year away from the system, be rehired and receive their pension and salary. The current 401k contribution of 14.6% that rehirees receive would be ended for the new rehirees.
No changes were made to SB 63 which changes the system for new hires (after July 1, 2011) to a choice between an 8% 401k contribution or a combination of a 3% 401k and a defined benefit of 1% per each service year (35 years before retiring).
We currently receive a 14.6% contribution to a defined benefit now and a 1.5% 401k contribution.
These two bills now go to the house floor for debate.
It was good to see some changes being made, but we need to put pressure on our representatives to oppose the huge revamping of our retirement system.