STATEMENT TO

 

ASSEMBLY, No. 1372

 

with Assembly Floor Amendments

(Proposed By Assemblyman STUHLTRAGER)

 

ADOPTED: MAY 6, 1996

 

      These floor amendments to this bill, which permits certain public education employees to transfer funds from their accounts with the Supplemental Annuity Collective Trust (SACT) to annuities with certain private retirement plan providers, incorporate into the bill a further provision allowing these employees to transfer funds from such a private plan provider to SACT. The amendments address the March 15, 1996 recommendation by the Pension and Health Benefits Review Commission that the Legislature "consider amending the bill to . . . provide for the opportunity for a participant (in SACT) to transfer funds from accounts with private vendors to the SACT program."