2020 Omnibus Retirement Bill

2020 Omnibus Retirement Bill

On May 27, the Governor signed SF 3808/ HF 3903, the Omnibus Retirement bill. PERA appreciated the opportunity to work with the Legislative Commission on Pensions and Retirement, legislators, and stakeholders to move forward a bill that included most of PERA’s 2020 legislative agenda. The Omnibus Retirement bill included PERA’s administrative recommendations, changes to future rates of benefit augmentation for privatized members, and administrative items for the Statewide Volunteer Firefighter (SVF) Plan. In addition, the Omnibus Retirement bill included a provision addressing partial payments of refunds for all statewide plans.

PERA’s administrative recommendations removed obsolete provisions, provided additional clarity, and improved the administration of the Plan.

The Omnibus Retirement bill adjusted augmentation rates for current employees of entities that have previously privatized. Augmentation is not available to current members of PERA General that are not members of privatized entities. Effective July 1, 2020, all privatized employees’ augmentation rate will be two percent. Augmentation will cease for all privatized employees December 31, 2023.

The SVF Advisory Board’s recommendations were also included in the Omnibus Retirement Bill. Primarily administrative, the recommendations provided uniformity and clarity to the SVF statutes.

The Omnibus Retirement bill eliminated the ability for members to make partial payments of refunds in all statewide plans. Members will be required to pay back the entire refund at once.