The Senate has unanimously approved legislation that would increase the monthly contribution of certain public school employees to their retirement system from $4 to $10.
Senate Bill 246 could also increase the amount members earn in benefits from $14.75 to $16 per month for each year of service, as funds become available in the state budget. Appropriations Chairman Jack Hill said the proposal would add $100,000 annually to the retirement fund, which covers school bus drivers, food service personnel, some maintenance workers and other employees who do not qualify for the teacher's retirement system.
Any increase in benefits authorized by the bill would apply only to active members, not those already retired.
The fund has assets of more than $737 million, with 39,000 active members and more than 14,000 retirees.