A substantial change in SB 43 was made during the committee hearing, Wednesday. Instead of taking the 401k away from those current "rehirees" that would be capped it so it doesn't increase as the contribution rates rise. It would still take away the incentive for new retirees who want to be rehired and receive their pension. His bill would require a retiree to return to "active service" if hired for the first time after July 1, 2010. The pension payment would then be suspended and they would continue to earn service credit. I don't see why anyone would retire and be rehired under this bill.
You can listen to the audio of the committee by going to the Utah State Legislative site (www.le.state.ut.us) and looking for the Senate Retirement and Independent Entities Committee for Wednesday, Feb. 10.
Rick
Ogden Teachers Rally for Collective Bargaining
