Senate Bill 1641
Revision to Elected Officials’ Benefits
Senate Bill 1641 becomes effective Aug. 21, 2008, and closes a benefit provision that allows non-elected service to be counted the same as elected service for retirement. Prior to the passage of this bill, any regular, non-elected member of OPERS who finished their career as an elected official, and had at least six (6) years in elected office, was able to count all of their non-elected service as if they were in office for their entire career. This may have given certain elected officials a larger pension than they actually paid for throughout their career. Members who are elected officials prior to the effective date of the bill are not affected by the change in law. Current OPERS members who are elected after the effective date will have a benefit cap of 100% of their highest annual salary that they received. Members who join OPERS after the effective date of the bill will receive a benefit consisting of two separate calculations. Non-elected years will be multiplied by 2%, and elected years multiplied by the applicable percentage selected and paid for by the member.
House Bill 3112
OPERS Retiree Cost of Living Adjustment
House Bill 3112 provides that any person receiving benefits from OPERS as of June 30, 2007, who is still receiving the benefit on July 1, 2008, will receive a 4% cost of living adjustment applied to their gross benefit amount paid beginning July 2008.
Rules Changes for Retirees Returning to Work
House Bill 3112 prevents a retiring member from returning to work with the same employer from which he or she retired for a period of one (1) year, unless electing to waive the receipt of their OPERS retirement benefit during that re-employment period.