House Bill 106

Chair's Name: Ben Bridges

Committee: Retirement

House Sponsor: Ben Bridges

HB 106 is a non-fiscal retirement bill which would amend provisions relating to optional retirement benefits under the Peace Officers' Annuity and Benefit Fund. Specifically, this legislation would allow optional retirement benefits to be calculated based on the interest rate and mortality basis that is approved by the board, rather than a specific mortality table and interest rate set by statute.

This bill received a Do Pass recommendation from the Retirement Committee and comes to the House Floor under the Open Rule. 

Chairman Bridges' opinion of this legislation:

WHAT PROBLEM/OPPORTUNITY DOES THIS LEGISLATION ADDRESS?

The current code section states the specific mortality tables and interest rate that must be used when calculating optional retirement benefits. This bill authorizes the Board of the fund to use the most current tables available and to be able to change the tables they use when newer versions are available without having to ask the legislature to amend the law.

WHAT IS THE DRIVING FORCE BEHIND THIS LEGISLATION?

The bill was asked for by the director of the Fund at the request of the Board of the Fund.