FRS update #8 (3/29/2011)

FRS update #8 (3/29/2011)

March 30th, 2011 // 4:14 pm @

Greetings all,      

On March 28th the Senate Budget Committee introduced a new bill, SPB7094.  The bill is a re-do of SB1130, this bill brings the Senate version much closer to the House version (HB1405).  It is scheduled to be heard by the committee on Wednesday 3/30/2011.  I have not had a chance to read the entire proposed bill yet, but I have listed below a few highlights.  Once it goes through the committee I will read all 177 pages and give everyone a full report.  

Few Highlights:     – Ends DROP participation 7/1/2011, this means that you would need to have a DROP start date no later than 6/1/2011.     – Investment Plan will be the ONLY option for all new hires after 7/1/2011.  

*** This Bill does not effect anyone who is in DROP prior to 7/1/2011, nor does any Bill currently being proposed.  So if this bill passes your last chance to enter DROP will be 6/1/2011.    

 My advice is that if you think that these proposed changes could impact your decision on when to retire or when to enter DROP, PLEASE email me ASAP to schedule a time to meet and discuss.  We want to make EDUCATED decisions to make sure you have the best retirement possible. 

 If you know anyone who would benefit from my FRS updates please forward my email to them OR send me their name and email address and I will add them to my email list.

 

Thanks, 

  Gary Cucchi

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