SB333 Summary

• Allows Tier II members employed as correctional officers, firefighters, or law enforcement officers to retire with full benefits upon completion of 25 years of creditable service, rather than requiring them to reach age 56 with 10 years of service.

• Increases the employee contribution rate for Tier II correctional officers, firefighters, and law enforcement officers from 7% to 8.25% of earnable compensation, effective October 1, 2017.

• Applies the 25-year service retirement provision to both the Employees' Retirement System and the Teachers' Retirement System.

• Permits retirement without reduction in benefits for these officers after 25 years of service, with applications for retirement requiring 30-90 days advance notice.

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