SB 102 Summary

• Establishes temporary retirement incentive programs for vested members of the Teachers' Retirement System and Public Employees' Retirement System, available through June 30, 2022.

• Eligible participants must be at least 50 years old with at least 17 years of credited service (peace officers/firefighters) or 20 years (other employees), with service credit before July 1, 2006.

• Participating employees receive a three-year service credit toward retirement and incur an indebtedness equal to 25.95% (teachers) or 20.25-22.5% (PERS members) of annual compensation, which can be paid through leave or reduced actuarially from benefits.

• Employers adopting the program must reimburse the retirement plans within three years for the actuarial cost of the retirement benefit increase and must adopt a policy prohibiting new hires for vacant positions.

• Participants are prohibited from state employment for three years following retirement, with limited exceptions for university teaching/research, legislative hourly work, and substitute teaching.