2017 SB 190 and 2017 AB 324 – Increases the minimum retirement age and changes the formula for calculating a retirement benefit.

Bill(s)

2017 SB 190 and 2017 AB 324 increases the minimum retirement age by two years for protective occupation members and by five years for all other members.

• General employees, teachers, elected officials and executive employees are currently eligible to retire at age 55. The bill would change that to age 60.
• Protective employees, such as police and firefighters, are currently eligible to retire at age 50. The bill would change that to age 52.

The bills also changes the formula method for calculating a WRS retirement benefit from three to five years.

• Under current law, a formula benefit is based on the average of the three highest years of earnings.
• Under the bill, a formula benefit would be based on the average of the five highest years of earnings.

These changes would only apply to members hired on or after the effective date of the bill.

Actuarial Analysis on Proposed Law Changes (October 2016)

Sponsors

2017 SB 190 was introduced by Sen. Stroebel and referred to the Committee on Government Operations, Technology and Consumer Protection. 2017 AB 324 was introduced by Rep. August and referred to the Committee on State Affairs.

Status

Neither bill has been scheduled for a hearing.

Other

Please contact Tarna Hunter, ETF’s Government Relations Director, if you have any questions.