July 11,2003
Dear Colleagues:
Because of the interest in the early retirement bill and the dearth of press coverage about it, I am sending out this message in advance of a final report from Arline Isaacson about all gubernatorial veto overrides. Please forward this information to your membership if you wish.
The Senate voted 35-5 yesterday to override Romney's veto of the Early Retirement Incentive Program. The House had voted 142-13 on Wednesday to override the veto. The ERIP is now law.
The provisions are almost identical to the provisions contained in the 2002 ERIP. A quick review:
Incentive: Five years of age, service, or combination thereof.
Application Dates: after July 15, 2003 and no later than September 1, 2003.
Retirement Date: December 31, 2003 (The BHE Chancellor may identify job titles eligible to retire sooner.)
Sick Leave Buyback: One-quarter of sick leave buyback paid July 1, 2003; July 1, 2004; July 1, 2005; July 1, 2006. The July 1, 2003, date is clearly a mistake and has been brought to the attention of both the House and Senate. However, since those were the dates reported out of the conference committee, they must be changed legislatively. It is unclear whether the change will be July 1, 2004, through July 1, 2007, or January 1, 2004, through January 1, 2007.
Cap: 5000 state employees. Should more than 5000 opt for the program, eligibility will be determined by seniority.
Health Insurance: I am not completely certain but I believe that retirees will continue to pay 15% of their health insurance premiums.
The actual language from the conference committee report will be posted on the MSCA webpage over the weekend.
PLEASE contact your local human resources department or the State Retirement Board if you have questions about your eligibility or benefits. Please do not contact your local chapter office, as we do not have any forms and cannot provide any more information than is here or on the website.
Pat Markunas MSCA President
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