Legislature(2003 - 2004)

05/10/2004 11:20 AM FIN

Audio Topic
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
CS FOR SENATE BILL NO. 232(FIN)                                                                                                 
                                                                                                                                
     An  Act relating  to federal  tax  requirements for  and                                                                   
     other  provisions of  the  teachers' retirement  system,                                                                   
     the  public   employees'  retirement  system,   and  the                                                                   
     judicial  retirement  system;  removing  village  public                                                                   
     safety  officers from the  public employees'  retirement                                                                   
     system;  eliminating  the public  employees'  retirement                                                                   
     system  conditional duty  to refund contributions  under                                                                   
     $1,000  to inactive employees;  limiting service  credit                                                                   
     for village public safety  officer service in the public                                                                   
     employees'   retirement  system   to  five  years;   and                                                                   
     providing for an effective date.                                                                                           
                                                                                                                                
MELANIE  MILLHORN,  DIRECTOR,   DIVISION  OF  RETIREMENT  AND                                                                   
BENEFITS,  DEPARTMENT  OF ADMINISTRATION,  advised  that  the                                                                   
proposed   legislation  was  extremely   important   for  the                                                                   
Division  and  would insure  tax  compliance  for the  Public                                                                   
Employees  Retirement  Account  (PERS),  Teachers  Retirement                                                                   
System  (TERS)  and the  Judicial  Retirement  System  (JRS).                                                                   
Presently, there  is an agreement  with the Internal  Revenue                                                                   
Service stating that  the State intends to move  forward with                                                                   
the legislation.                                                                                                                
                                                                                                                                
ANSELM  STAACK,   CHIEF  FINANCIAL  OFFICER,   DEPARTMENT  OF                                                                   
ADMINISTRATION,   offered   to   answer  questions   of   the                                                                   
Committee.                                                                                                                      
                                                                                                                                
Representative Foster MOVED to  report CS SB 232 (FIN) out of                                                                   
Committee  with  individual  recommendations   and  with  the                                                                   
accompanying fiscal  note.  There being NO  OBJECTION, it was                                                                   
so ordered.                                                                                                                     
                                                                                                                                
CS SB  232 (FIN)  was reported  out of  Committee with  a "no                                                                   
recommendation" and  with zero note  #2 by the  Department of                                                                   
Administration.                                                                                                                 
                                                                                                                                

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