Public Service Superannuation Temporary Amendment Act

What this bill does

This bill temporarily suspends the government's required payments into the public service pension fund for one year (August 2020 to July 2021). It also allows government employees to choose whether or not to keep paying their own pension contributions during this same period, with the option to pay them back later if they want full pension credit.

If passed (voted YES)

• The Bermuda government stops paying its share into the public service pension fund for one year, saving government money but reducing pension fund growth
• Government workers can choose to pause their pension payments for a year to keep more of their paychecks, but won't get pension credit for that time unless they pay it back later
• Workers who retire during this period will have their pensions calculated based on their salary from June 2020 or higher, protecting them from any temporary pay cuts

If rejected (voted NO)

• The government must continue making its regular payments into the public service pension fund as usual
• Government employees must continue paying their required pension contributions with no option to pause them
• All existing pension rules and payment schedules remain unchanged

Who it affects

This bill primarily affects all Bermuda government employees and teachers who pay into the public service pension system. It also impacts the government's budget by temporarily reducing required pension expenses during what appears to be a period of financial strain.