RELATING TO GOVERNMENT.

Reduced the minimum credited service requirement for Tier 2 members to become vested from ten years to five years, matching the requirement for Tier 1 members.

Adjusted retirement allowance calculations for judges, with different percentages based on when service was earned and age requirements.

Changed retirement eligibility ages for various employee classes, with some requiring age sixty-five instead of sixty for newer members.

Adjusted death benefit provisions for members who die before meeting vesting requirements, distinguishing between those with less than five or ten years of service.

Increased employer contribution rates starting in fiscal year 2025-2026 to offset the liability from reduced vesting requirements.

Added a sunset provision where certain vesting rules for newer members expire on July 1, 2027, after which they would revert to the five-year requirement.

Reduced minimum credited service requirement for Tier 2 employees to receive vested retirement benefits from ten years to five years, matching Tier 1 employee requirements.

Adjusted retirement eligibility ages and service thresholds for judges, with new provisions for judges hired after January 31, 2025 receiving 1.75% of average final compensation per year of service.

Increased employer contribution rates for police officers, firefighters, and corrections officers from 41% to 41.19% and for all other employees from 24% to 24.19% starting fiscal year 2025-2026.

Extended the deadline for former members to return to service and maintain membership status from 2026 to 2027 for certain employees.

Updated definitions of normal retirement age and requisite years of credited service for different employee classes and membership periods.

Reduced the minimum credited service requirement for Tier 2 members to receive vested retirement benefits from ten years to five years, matching Tier 1 member requirements.

Increased employer contribution rates from 41% to 41.19% for police, firefighters, and corrections officers, and from 24% to 24.19% for all other employees, effective fiscal year 2025-2026.

Added sheriffs and deputy sheriffs to the enhanced retirement benefits category alongside police officers and firefighters.

Updated retirement allowance calculations for judges, establishing different percentage rates based on when they first earned credited service (before 1999, 1999-2012, 2012-2031, or after 2031).

Set the effective date of the Act to July 1, 3000, which appears to be a placeholder or clerical error in the draft text.

Reduced minimum credited service requirement for Tier 2 members to receive vested retirement benefits from ten years to five years

Added sheriffs and deputy sheriffs to the category of employees eligible for enhanced retirement benefits

Adjusted retirement age thresholds for certain members, particularly those returning to service after 2027

Increased employer contribution rates to offset liability from reduced service requirements and expanded benefits

Set effective date for the Act to July 1, 3000

Reduced the minimum credited service requirement for Tier 2 employees to receive vested benefits from ten years to five years, matching Tier 1 employee requirements.

Adjusted retirement eligibility ages and service requirements for judges, establishing different benefit percentages based on when judges earned their service credit.

Increased employer contribution rates from 41% to 41.19% for police, firefighters, and corrections officers, and from 24% to 24.19% for all other employees, effective fiscal year 2025-2026.

Modified rules for former members returning to service, changing the timeframes and conditions under which they can restore their membership and service credit.

Set the effective date of the Act to July 1, 3000, which appears to be a placeholder or error that would require correction before implementation.

Replaced the previous single membership structure with four new classes (A, B, C, and H) based on hire dates and specific job roles, such as judges, police officers, and firefighters.

Adjusted retirement allowance calculations for judges hired after June 30, 2031, reducing the benefit rate to 1.75% of average final compensation per year of service.

Requires the Department of Human Resources Development to study the impact of reducing the minimum credited service requirement for vested benefits from ten years to five years for Tier 2 hybrid class members.

Appropriates $300,000 from general state revenues for fiscal year 2025-2026 to fund the required study on benefit eligibility thresholds.

Changed the effective date of the Act from upon approval to July 1, 2025.