LEGISLATIVE ALERT:
Once again, there is a bill that passed the Senate today, SB 2296, which could have long-range negative implications for retirees.
THE BILL: Senate bill 2296 is requesting an exemption from statutory salary caps for the Director of Workforce Development, but for the first time ever, it is also requesting exemption from having to pay into the retirement system.
WHY WE ARE WORRIED: While on the surface, the bill only affects one individual, it sets a dangerous precedent for future requests to exempt individuals, groups, job classes, etc., with the effect of the revenue stream going into the retirement fund being reduced and could lead to going from the defined benefit program we currently have to a 401K, or optional retirement program that many legislators support.
WHAT YOU CAN DO: The bill will come up again for reconsideration on Monday, February 15. Once again, I am asking you to contact your legislators and the Lt. Governor and tell them to remove the language which allows this person to opt-out of paying into the retirement system. The future of our fund could depend on it. You may email any legislator at “first initial.last name.senate.gov” or call 601-359-3770 and ask the person who answers to give your senator a message. Thanks so much for protecting everyone’s retirement benefits.