Introduced
by
To authorize a one-time early retirement incentive for certain state employees who retire between July 1 and November 1, 2002. State employees whose combined age and years of service totaled 80 as of November 1, 2002, would be eligible to elect to take advantage of the offer during a signup window of April 1 to April 30, 2002. The incentive would increase the multiplier used to calculate the retirement benefits of these employees from 1.5 percent to 1.75 percent, which would increase the cash portion of their pension benefits by 16.7 percent.
Referred to the Committee on Appropriations
