AN ACT EXCLUDING OVERTIME PAY FROM THE CALCULATION OF STATE EMPLOYEE PENSIONS.

HB 5493 would change how state employee pensions are calculated by removing overtime pay from the formula used to determine final pension benefits. This directly affects current and future state employees whose pension amounts are based on their final average salary. The key provision amends state law to exclude all overtime earnings when computing the salary base for pension calculations. The stated purpose is to improve the financial stability of the state retirement system. This bill focuses on a specific adjustment to pension calculation methodology, not broader retirement policy changes.