HB 93 Summary

• Allows Tier II Teachers' Retirement System plan members to convert accrued sick leave into creditable service for the purpose of applying for service retirement, up to the maximum number of sick leave days allowed by law.

• Increases member contribution rates for Tier II plan members effective October 1, 2021: from 6.75% to 6.2% for regular members and from 7.75% to 7.2% for correctional officers, firefighters, and law enforcement officers.

• Allows Tier II plan members with 30 years of creditable service to retire and receive service retirement allowance calculated at 1.65% of average final compensation multiplied by years of creditable service, with a maximum of 80% of average final compensation.

• Requires a two-thirds vote of the elected membership of each house of the Legislature to increase the retirement age for Tier II plan members above age 62.

• Becomes effective immediately upon passage and approval by the Governor.