Retirement policy bill.

Revised the method for apportioning expenses among retirement funds, shifting from a biennial request for general fund appropriations to a quarterly billing system based on weighted average assets under management.

Added provisions allowing current deputy fire marshals employed after July 2021 to elect coverage under a specific retirement plan, with retroactive effective dates.

Clarified that employees of labor organizations serving on leave remain covered by the correctional employees retirement plan rather than the general plan.

Updated application procedures to require original documents (not electronic copies) and established a 60-day window for submitting supporting documents.

Added exemptions stating that the correctional plan membership committee is not subject to open meeting laws or agency appointment requirements.

Set a specific effective date of July 1, 2026, for the new provisions regarding fire marshal coverage and expense apportionment.

The expense apportionment formula for the State Board of Investment was modified to adjust how costs are allocated among state funds, including specific instructions on calculating charges to retirement funds versus the state general fund.

A new appropriation of $139,000 was added for the State Board of Investment, with a corresponding adjustment to the bill's repealer section.

Clarification was added that correctional employees remain in the correctional employees retirement plan even when they work for a labor organization, ensuring they do not lose their specific plan coverage.

The effective date for the bill's provisions was updated from July 1, 2026 (for sections 1-14) to July 1, 2026 (for sections 1-18), aligning the implementation of all changes to the same date.

The bill's title and summary were updated to reflect the new focus on modifying expense apportionment among funds managed by the State Board of Investment.