SB 46 Summary

• Allows teachers and public employees hired after June 30, 2006, who are in defined contribution plans to make a one-time election within 90 days of this Act's effective date to switch to defined benefit plans and transfer all accumulated contributions.

• Requires employers participating in either defined contribution plan to also participate in the corresponding defined benefit plan.

• Restores tenure rights for teachers retired due to disability whose disability has been removed or compensated for through rehabilitation, with certification required from the commissioner of administration.

• Requires newly disabled members (hired after June 30, 2006) receiving disability benefits to apply for vocational rehabilitation within 30 days or have benefits terminated.

• Adjusts major medical insurance premium percentages for post-2006 hires, with administrator authority to adjust percentages every five years starting July 1, 2025, to maintain cost targets.