The Senate Finance Committee has approved a bill that would authorize Boards of Governors of institutions of higher education to develop retirement and incentive packages.
The bill, HB 2887, was previously reported out of the Senate Education Committee with the recommendation that it pass.
Fiscal notes from PEIA and the Higher Education Policy Commission indicate no costs to the state, but the Consolidated Public Retirement Board (CPRB) shows that costs would raise by $222,000 annually for the commission, forcing them to slightly raise fees for all participating employers.
Jeff Fleck, executive director of the CPRB, said the other fiscal notes do not take into consideration individuals who retire when they are older than 65, which raises costs.
However, Finance Chair Mike Hall, R-Putnam, said not all those eligible for the retirement packages would utilize them past age 65, which would significantly reduce the CPRB’s estimated cost.
The bill is on second reading and will be considered for third reading once reported to the full Senate today.
The committee is not expected to meet again this session.
