SB 104-03: Compensation for Retired Educators Act of 2021 (Passed)

[The world will shine with light in our nightmare]

Compensation for Retired Educators Act of 2021

A bill to support our retired educators in the Republic.

Section 1. Establishment

Upon retirement from service, a retirement allowance shall consist of:

a) An annuity shall be the equivalent of his or her accumulated contributions at the time of his or her retirement

b) A pension which shall be equal to the annuity allowable at the age of retirement, but not to exceed an annuity allowable at age 65 computed on the basis of contributions made prior to the attainment.

Section 2.

With the provision the election of an option shall be effective on the effective date of retirement, any member may elect prior to retirement to receive, in lieu of his or her retirement allowance payable throughout life. The actuarial equivalent at that time of his or her retirement allowance also provides a provision to grant, in a reduced retirement, allowance payable to a beneficiary in the event of his or her death:

a) If the pensioner dies before he or she has received in annuity payments the present value of his or her annuity as it was at the time of his or her retirement, the balance shall be paid to his or her legal representatives or to the person as he or she shall nominate by written designation.

b) Upon his or her death, his or her reduced retirement allowance shall be continued throughout the life of and paid to the person as he or she shall nominate by written designation.

c) Upon his or her death, half of the reduced retirement allowance will be continued throughout the life of and paid to the person as he or she shall nominate by written designation.

Sponsor: Spark
Status: Debating

The gentleman from Florida is recognized.

[Senator-elect Spark]

Compensation for Retired Educators Act of 2021

A bill to support our retired educators in the Republic.

Section 1. Establishment

Upon retirement from service, a retirement allowance shall consist of:

a) An annuity shall be the equivalent of his or her accumulated contributions at the time of his or her retirement

b) A pension which shall be equal to the annuity allowable at the age of retirement, but not to exceed an annuity allowable at age 65 computed on the basis of contributions made prior to the attainment.

Section 2.

With the provision the election of an option shall be effective on the effective date of retirement, any member may elect prior to retirement to receive, in lieu of his or her retirement allowance payable throughout life. The actuarial equivalent at that time of his or her retirement allowance also provides a provision to grant, in a reduced retirement, allowance payable to a beneficiary in the event of his or her death:

a) If the pensioner dies before he or she has received in annuity payments the present value of his or her annuity as it was at the time of his or her retirement, the balance shall be paid to his or her legal representatives or to the person as he or she shall nominate by written designation.

b) Upon his or her death, his or her reduced retirement allowance shall be continued throughout the life of and paid to the person as he or she shall nominate by written designation.

c) Upon his or her death, half of the reduced retirement allowance will be continued throughout the life of and paid to the person as he or she shall nominate by written designation.

Sponsor: Spark
Status: Debating

The gentleman from Florida is recognized.

This purpose of this bill is to support retired educators and provide some flexibility for the pensioner's beneficiaries. We must support our nation's teachers and former teachers for the work that they do.

[Joseph Cao]

Broadly supportive of the bill. While this may simply be a case of late-night brain, I am a bit confused about Sections 2(b) and (c) – are they supposed to complement each other or be competing options or something else?

Feel free to also correct me if my interpretation is wrong, but this cleanup of Section 1 should also be more helpful for establishing what we're working with in the bill. Assume this is an amendment but I'll withdraw if the sponsor disagrees with it:

Compensation for Retired Educators Act of 2021

A bill to support our retired educators in the Republic.

Section 1. Establishment

Upon retirement from service, a retirement allowance shall consist of:

a) An annuity shall be the equivalent of his or her accumulated contributions at the time of his or her retirement

b) Upon retirement from service, a retirement allowance shall consist of a pension which shall be equal to the annuity allowable at the age of retirement, but not to exceed an annuity allowable at age 65 computed on the basis of contributions made prior to the attainment.

[Senator-elect Spark]

Broadly supportive of the bill. While this may simply be a case of late-night brain, I am a bit confused about Sections 2(b) and (c) – are they supposed to complement each other or be competing options or something else?

Feel free to also correct me if my interpretation is wrong, but this cleanup of Section 1 should also be more helpful for establishing what we're working with in the bill. Assume this is an amendment but I'll withdraw if the sponsor disagrees with it:

Compensation for Retired Educators Act of 2021

A bill to support our retired educators in the Republic.

Section 1. Establishment

Upon retirement from service, a retirement allowance shall consist of:

a) An annuity shall be the equivalent of his or her accumulated contributions at the time of his or her retirement

b) Upon retirement from service, a retirement allowance shall consist of a pension which shall be equal to the annuity allowable at the age of retirement, but not to exceed an annuity allowable at age 65 computed on the basis of contributions made prior to the attainment.

I agree with this amendment.

[Senator-elect Spark]

Compensation for Retired Educators Act of 2021

A bill to support our retired educators in the Republic.

Section 1. Establishment

Upon retirement from service, a retirement allowance shall consist of:

a) An annuity shall be the equivalent of his or her accumulated contributions at the time of his or her retirement

b) A pension which shall be equal to the annuity allowable at the age of retirement, but not to exceed an annuity allowable at age 65 computed on the basis of contributions made prior to the attainment.

Section 2.

With the provision the election of an option shall be effective on the effective date of retirement, any member may elect prior to retirement to receive, in lieu of his or her retirement allowance payable throughout life. The actuarial equivalent at that time of his or her retirement allowance also provides a provision to grant, in a reduced retirement, allowance payable to a beneficiary in the event of his or her death:

a) If the pensioner dies before he or she has received in annuity payments the present value of his or her annuity as it was at the time of his or her retirement, the balance shall be paid to his or her legal representatives or to the person as he or she shall nominate by written designation.

b) Upon retirement from service, a retirement allowance shall consist of his or her reduced retirement allowance shall be continued throughout the life of and paid to the person as he or she shall nominate by written designation.

c) Upon his or her death, half of the reduced retirement allowance will be continued throughout the life of and paid to the person as he or she shall nominate by written designation.

Given that there is an error here for Section 2(c), I propose that we eliminate that section and add the Gentleman from Illinois' amendment.

[The world will shine with light in our nightmare]

Compensation for Retired Educators Act of 2021

A bill to support our retired educators in the Republic.

Section 1. Establishment

Upon retirement from service, a retirement allowance shall consist of:

a) An annuity shall be the equivalent of his or her accumulated contributions at the time of his or her retirement

b) Upon retirement from service, a retirement allowance shall consist of a pension which shall be equal to the annuity allowable at the age of retirement, but not to exceed an annuity allowable at age 65 computed on the basis of contributions made prior to the attainment.

Sponsor Feedback: Friendly

Senators have 24 hours to object.

[Joseph Cao]

Is Spark's sponsor amendment automatically adopted? The new rules didn't make it all that clear.

[The world will shine with light in our nightmare]

Hearing no objection, the amendment is adopted.

Is Spark's sponsor amendment automatically adopted? The new rules didn't make it all that clear.

Traditionally after 24 hours, yes, all amendments are adopted if there is no objection.

[Joseph Cao]

Is Spark's sponsor amendment automatically adopted? The new rules didn't make it all that clear.

Traditionally after 24 hours, yes, all amendments are adopted if there is no objection.

I mean, yes, it's possible the previous Senate rules treated sponsor amendments the same as any other amendment and put them through a 24-hour objection period as well. I'm more familiar with the House rules though, and those allowed sponsor amendments to be adopted immediately.

[Southern Senator North Carolina Yankee]

Is Spark's sponsor amendment automatically adopted? The new rules didn't make it all that clear.

Traditionally after 24 hours, yes, all amendments are adopted if there is no objection.

I mean, yes, it's possible the previous Senate rules treated sponsor amendments the same as any other amendment and put them through a 24-hour objection period as well. I'm more familiar with the House rules though, and those allowed sponsor amendments to be adopted immediately.

The Senate required an objection period if their were substantive changes.

[SevenEleven]

Education is one of the most vital societal necessities. Ensuring educators are adequately compensated for their hard work is a respectable goal.

[GM Team Member and Senator WB]

Introducing an amendment to have the language include everyone. NB folks make up a sizable part of our population so restricting language to male/female could have unintended effects for them.

Compensation for Retired Educators Act of 2021

A bill to support our retired educators in the Republic.

Section 1. Establishment

a) An annuity shall be the equivalent of his or her their accumulated contributions at the time of his or her their retirement

b) Upon retirement from service, a retirement allowance shall consist of a pension which shall be equal to the annuity allowable at the age of retirement, but not to exceed an annuity allowable at age 65 computed on the basis of contributions made prior to the attainment.

Section 2.

With the provision the election of an option shall be effective on the effective date of retirement, any member may elect prior to retirement to receive, in lieu of his or her their retirement allowance payable throughout life. The actuarial equivalent at that time of his or her their retirement allowance also provides a provision to grant, in a reduced retirement, allowance payable to a beneficiary in the event of his or her their death:

a) If the pensioner dies before he or she they has have  received in annuity payments the present value of his or her their annuity as it was at the time of his or her their retirement, the balance shall be paid to his or her their legal representatives or to the person as he or she they shall nominate by written designation.

b) Upon retirement from service, a retirement allowance shall consist of his or her their reduced retirement allowance shall be continued throughout the life of and paid to the person as he or she they shall nominate by written designation.

[SevenEleven]

I support the amendment.

[The world will shine with light in our nightmare]

Senators have 24 hours to object to the amendment.

Sponsor feedback, please.

[Senator-elect Spark]

Introducing an amendment to have the language include everyone. NB folks make up a sizable part of our population so restricting language to male/female could have unintended effects for them.

Compensation for Retired Educators Act of 2021

A bill to support our retired educators in the Republic.

Section 1. Establishment

a) An annuity shall be the equivalent of his or her their accumulated contributions at the time of his or her their retirement

b) Upon retirement from service, a retirement allowance shall consist of a pension which shall be equal to the annuity allowable at the age of retirement, but not to exceed an annuity allowable at age 65 computed on the basis of contributions made prior to the attainment.

Section 2.

With the provision the election of an option shall be effective on the effective date of retirement, any member may elect prior to retirement to receive, in lieu of his or her their retirement allowance payable throughout life. The actuarial equivalent at that time of his or her their retirement allowance also provides a provision to grant, in a reduced retirement, allowance payable to a beneficiary in the event of his or her their death:

a) If the pensioner dies before he or she they has have  received in annuity payments the present value of his or her their annuity as it was at the time of his or her their retirement, the balance shall be paid to his or her their legal representatives or to the person as he or she they shall nominate by written designation.

b) Upon retirement from service, a retirement allowance shall consist of his or her their reduced retirement allowance shall be continued throughout the life of and paid to the person as he or she they shall nominate by written designation.

I support this amendment to make the bill's language more inclusive.

[The world will shine with light in our nightmare]

Senators have 24 hours to object to the amendment.

[The world will shine with light in our nightmare]

Hearing no objection, the amendment is adopted.

[Joseph Cao]

Bill looks complete and fairly uncontroversial, and debate appears to have ceased, so motion for a final vote.

[The world will shine with light in our nightmare]

Barring objections, a final vote will open in 24 hours.

[Southern Senator North Carolina Yankee]

So about that vote?

[The world will shine with light in our nightmare]

Sorry - a final vote is now open. Senators, please vote Aye, Nay, or Abstain.

Compensation for Retired Educators Act of 2021

A bill to support our retired educators in the Republic.

Section 1. Establishment

a) An annuity shall be the equivalent of their accumulated contributions at the time of their retirement

b) Upon retirement from service, a retirement allowance shall consist of a pension which shall be equal to the annuity allowable at the age of retirement, but not to exceed an annuity allowable at age 65 computed on the basis of contributions made prior to the attainment.

Section 2.

With the provision the election of an option shall be effective on the effective date of retirement, any member may elect prior to retirement to receive, in lieu of their retirement allowance payable throughout life. The actuarial equivalent at that time of their retirement allowance also provides a provision to grant, in a reduced retirement, allowance payable to a beneficiary in the event of their death:

a) If the pensioner dies before they have received in annuity payments the present value of their annuity as it was at the time of their retirement, the balance shall be paid to their legal representatives or to the person as they shall nominate by written designation.

b) Upon retirement from service, a retirement allowance shall consist of their reduced retirement allowance shall be continued throughout the life of and paid to the person as they shall nominate by written designation.

[Dr. MB]

Aye

[The world will shine with light in our nightmare]

Aye

[Continential]

Aye

[Senator-elect Spark]

Aye