S0001B0853A01558 PWK:EJH 06/01/17 #90 A01558
AMENDMENTS TO AMENDMENT A01354 TO SENATE BILL NO. 1
Sponsor: SENATOR BROWNE
Printer's No. 853
Amend Amendments, page 18, line 10, by inserting after "July"
1,
Amend Amendments, page 23, lines 2 and 3, by striking out ",
provided the member has attained the age of 62"
Amend Amendments, page 35, lines 7 and 8, by striking out ",
plus the additional contribution rate as computed in subsection
(j)"
Amend Amendments, page 38, line 51, by striking out "has
attained" and inserting
terminates service on or after attaining
Amend Amendments, page 39, line 7, by striking out "attained
age 62 and has"
Amend Amendments, page 39, lines 38 through 45, by striking
out all of said lines and inserting
(e) Special calculation for Class T-G and Class T-H.--For
the calculation under subsection (a) for all Class T-G and Class
T-H members who are under age 62 and have less than 25 years of
credited service, the reduction factor used in the calculation
for an annuity shall be determined so that a maximum single life
annuity with an effective date of retirement before the member
attains age 62 shall be actuarially equivalent to the maximum
single life annuity the member would receive if the member had
become a vestee and applied for an annuity with an effective
date of retirement on the date the member attained age 62. For
purposes of this subsection, the maximum single life annuity
actually being received shall be actuarially equivalent to the
maximum single life annuity with an effective date of attaining
age 62 if the actual maximum single life annuity has the same
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present value as the maximum single life annuity at age 62,
computed on the basis of interest at the rate as calculated by
the board's actuary and the mortality tables adopted by the
board.
Amend Amendments, page 45, lines 44 through 49, by striking
out "For purposes of this section, a Class" in line 44 and all
of lines 45 through 49
Amend Amendments, page 51, line 12, by striking out "member
of" and inserting
participant in
Amend Amendments, page 51, line 14, by striking out "member
of" and inserting
participant in
Amend Amendments, page 55, line 41, by striking out "may" and
inserting
shall
Amend Amendments, page 56, line 38, by striking out "of" and
inserting
in
Amend Amendments, page 56, line 43, by striking out "of" and
inserting
in
Amend Amendments, page 58, line 24, by inserting after
"professionals"
and legal counsel
Amend Amendments, page 62, line 15, by inserting after
"General"
, legal counsel
Amend Amendments, page 83, lines 11 through 15, by striking
out all of said lines and inserting
(5) Recommend the lowest amount of investment fees to be
paid by the board for the board to achieve the board's
anticipated annual rate of return and to develop
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recommendations to reduce expenditures to generate actuarial
savings of $1,500,000,000 over 30 years from the effective
date of this section.
Amend Amendments, page 98, line 7, by inserting after "age"
where it occurs the first time
for the Class A-3 or Class A-4 service
Amend Amendments, page 98, line 8, by inserting after "92,"
and a vestee with Class A-5 or Class A-6 service credit
attains superannuation age for the Class A-5 or Class A-6
service on the birthday the vestee attains the age resulting in
a superannuation score of 97,
Amend Amendments, page 129, lines 22 through 36, by striking
out all of said lines
Amend Amendments, page 145, line 18, by inserting after
"each"
active
Amend Amendments, page 145, line 19, by inserting after
"each"
active
Amend Amendments, page 150, line 38, by striking out ", (b)"
Amend Amendments, page 151, line 11, by inserting after "age"
and subject to the provisions of subsection (e)
Amend Amendments, page 152, lines 2 through 15, by striking
out "In the case of a member with Class A-5 service" in line 2
and all of lines 3 through 15
Amend Amendments, page 153, lines 11 through 25, by striking
out all of said lines
Amend Amendments, page 153, line 40, by striking out "A-5
and" and inserting
Class A-5 and Class
Amend Amendments, page 153, line 41, by striking out "A-5
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and" and inserting
Class A-5 and Class
Amend Amendments, page 153, line 42, by striking out
"interest" and inserting
reduction factor
Amend Amendments, page 153, line 43, by striking out "that"
and inserting
, other than a Class A-5 member who has attained age 57
and 25 eligibility points, who
Amend Amendments, page 153, lines 43 through 46, by striking
out "the amount required" in line 43 and all of lines 44 through
46 and inserting
determined so that a maximum single life annuity with an
effective date of retirement before the member attains age 62
shall be actuarially equivalent to the maximum single life
annuity the member would receive if the member became a vestee
and later applied for an annuity with an effective date of
retirement on the date the member attained age 62. For purposes
of this subsection, the annuity that the member would receive at
age 62 shall not be determined using the 0.25% per month
reduction in subsection (a)(1) based on having 25 years of
service. For purposes of this subsection, the maximum single
life annuity actually being received is actuarially equivalent
to the maximum single life annuity with an effective date of
attaining age 62 if the actual maximum single life annuity has
the same present value as the maximum single life annuity at age
62, computed on the basis of interest at 7.375% per annum,
compounded annually, and the mortality tables adopted by the
board.
Amend Amendments, page 161, lines 3 through 5, by striking
out all of said lines and inserting
Section 320. Section 5707(a), (b) and (f) of Title 71 are
amended and the section is amended by adding a subsection to
read:
Amend Amendments, page 162, by inserting between lines 2 and
3
Section 320.1. Section 5709 heading, (a) and (b) of Title 71
are amended to read:
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Amend Amendments, page 162, lines 20 through 36, by striking
out all of said lines
Amend Amendments, page 171, line 36, by striking out "may"
and inserting
shall
Amend Amendments, page 186, line 48, by striking out ", (g)"
Amend Amendments, page 189, lines 16 through 24, by striking
out all of said lines and inserting
* * *
Amend Amendments, page 205, line 28, by striking out
"Identify" and inserting
Recommend
Amend Amendments, page 212, lines 36 through 43, by striking
out all of said lines
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