A new Senate Bill, SB 1946, changes the provisions of the state pension system for new teacher hires. The bill would: calculate the final average salary for pension purposes using the highest 8 of 10 consecutive years (instead of 4 of the last 10 years), increase the age for full pension benefits to 67 years old, allow for retirement at 62 with lower retirement annuity, limit the annual average salary for pensionable purposes at $106,800, reduce the survivor annuity in certain circumstances and reduce the cost of living adjustment.
March 2010
