Pension Reform Assessment

There had already been several rounds of reform prior to 2011 . . Effective 2005: Introduction of Schedule B for Non- Vested Effective 2008: Extension of Retirement Ages, Schedule B COLA for All members Not Eligible to Retire Effective 2009: Reduction of COLA to first $35,000 for members Not Eligible to Retire Effective 2009: Significant change to post retirement healthcare benefits • Total estimated reduction in value as of June 30, 2010: $500 M (State Employees Only, pension only) GRS 9

View entire presentation