HB457 Summary

• Allows Tier II correctional officers, firefighters, and law enforcement officers in the Employees' Retirement System or Teachers' Retirement System to retire with full benefits after completing 25 years of service, rather than waiting until age 56 with 10 years of service.

• Increases employee contribution rate for Tier II correctional officers, firefighters, and law enforcement officers to 8.25% of earnable compensation, effective October 1, 2016 (increased from 7%).

• Applies the same 25-year service retirement benefit to both the Employees' Retirement System and Teachers' Retirement System for these occupational categories.

• Requires legislative action by two-thirds vote of both houses to increase the retirement age for Tier II plan members above age 62.

• Becomes effective the first day of the third month following passage and approval by the Governor.