HB 1306-4_ Filed 02/23/2004, 10:47 Meeks R

SENATE MOTION


MADAM PRESIDENT:

    I move
that Engrossed House Bill 1306 be amended to read as follows:

SOURCE: Page 1, line 1; (04)MO130603.1. -->     Page 1, between the enacting clause and line 1, begin a new paragraph and insert:
SOURCE: IC 5-10.2-4-4; (04)MO130603.1. -->     "SECTION 1. IC 5-10.2-4-4, AS AMENDED BY P.L.195-1999, SECTION 16, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE DECEMBER 1, 2003]: Sec. 4. (a) The computation of benefits under this section is subject to IC 5-10.2-2-1.5 and IC 5-10.2-5-34.
    (b) For retirement benefits payable on and after July 1, 1975, for a member retired on and after January 1, 1956, the pension (p) is computed as follows:
        STEP ONE: Multiply one and one-tenths percent (1.1%) times the average of the annual compensation (aac) and obtain a product.
        STEP TWO: To obtain the pension, multiply the STEP ONE product by the total creditable service (scr) completed by the member on his retirement date.
        Expressed mathematically:
        p = (.011) times (aac) times (scr)
    (c) Unless the member has chosen a lump sum payment under section 2 of this chapter or elects to defer receiving in any form the member's annuity savings account under section 2(c) of this chapter, the annuity is the amount purchasable on the member's retirement date by the amount credited to the member in the annuity savings account. The amount purchasable is based on actuarial tables adopted by the board under IC 5-10.2-2-10 at an interest rate determined by the board.
SOURCE: IC 5-10.2-5-34; (04)MO130603.2. -->     SECTION 2. IC 5-10.2-5-34, AS ADDED BY P.L.190-2003, SECTION 4, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE DECEMBER 1, 2003 [(RETROACTIVE)]: Sec. 34. (a) This section:
         (1) applies to a member of the public employees' retirement fund (or to a survivor or beneficiary of a member of the public employees' retirement fund) who retired before December 1, 2003, or who retires after November 30, 2003;

and
         (2) does not apply to a member of the public employees' retirement fund (or to a survivor or beneficiary of a member of the public employees' retirement fund) whose creditable service was earned only as an elected official.
    (b) In addition to any other cost of living increase provided under this chapter, the pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after December 31, 2003, to a member of the public employees' retirement fund (or to a survivor or beneficiary of a member of the public employees' retirement fund) who was a retired member of the fund with at least ten (10) years of creditable service and was entitled to receive a monthly benefit on December 1, 2003, may not be less than one hundred eighty dollars ($180).
    (c) The increases specified in this section:
        (1) are based upon the date of the member's latest retirement or disability;
        (2) do not apply to benefits payable in a lump sum; and
        (3) are in addition to any other increase provided by law.".

SOURCE: Page 2, line 15; (04)MO130603.2. -->     Page 2, after line 15, begin a new paragraph and insert:
SOURCE: ; (04)MO130603.5. -->     "SECTION 5. An emergency is declared for this act.".
    Renumber all SECTIONS consecutively.
    (Reference is to EHB 1306 as printed February 20, 2004.)

________________________________________

Senator MEEKS R


MO130603/DI 102
2004