Supreme Court Decision: PERS 2 Early Retirement Factors Survive
by Council 2 Deputy Director Pat Thompson on August 18, 2014Report #5 August 18, 2014
Many members have been awaiting this ruling because if the court upheld Gainsharing, the Early Retirement Factors could have been eliminated.
It’s finally over and the “legal certainty” required to maintain the benefits we gained has been reached.
In a much anticipated ruling, the Supreme Court has overturned the lower Court’s opinion and upheld a law passed in 2007 which repealed “Gainsharing” and lowered the normal retirement age from 65 to 62 for members with 30 years of service. Council 2 was a major supporter of the measure, See Legislative Report #3. The passage of this bill and the subsequent Supreme Court ruling preserves the largest improvement in Plan 2 since its inception.
Many members have been awaiting this ruling because if the court upheld Gainsharing, the Early Retirement Factors could have been eliminated.
It’s finally over and the “legal certainty” required to maintain the benefits we gained has been reached.
For more info please see “What’s New” at the DRS website.
