HB354 Summary

• Allows active and contributing members with 10+ years of credible service in the Teachers' Retirement System or Employees' Retirement System to purchase prior service credit for employment with the U.S. Department of Agriculture Farm Service Agency between August 1, 1987 and February 28, 1998.

• Members must pay the full actuarially determined cost to the system's Secretary-Treasurer within one year of the act's effective date for each year of claimed service.

• Purchased service credit cannot duplicate any service already credited in either system or other public retirement plans, except Social Security.

• Purchased service years do not reduce out-of-pocket premium amounts for retirees and do not accelerate eligibility for health insurance benefits under the Public Education Employees' Health Insurance Plan or State Employees' Health Insurance Plan.

• Became effective immediately upon passage and gubernatorial approval on March 2, 2010, passing the House with 98 yes votes, 0 no votes, and 1 abstention.