New bill changes public worker retirement calculation
MADISON, Wis. (AP) -- Pension payments to public workers in the Wisconsin Retirement System would be based on the average of their last five years' salary instead of three under a bill being circulated in the state Assembly.
Republican Representative Duey Stroebel of Saukville says in an email seeking co-sponsors sent Friday that he believes the current formula has been abused over the years as employees have taken unusual amounts of overtime to increase their salary shortly before retiring.
Stroebel says averaging the last five years of work rather than three years will be more representative of the person's entire career. The bill wouldn't take effect for five years, so no current employee near retirement would be affected.
Department of Employee Trust Funds spokesman Mark Lamkins says the agency is reviewing the bill.